Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted
or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. Unrelieved
tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits.
The company has estimated cumulative tax losses of £674,985 (2022 - £529,633), available for carrying forward against
future taxable profits. No provision for deferred tax on the losses has been recognised as it is not known exactly when the
company will make profits against which to use the losses. Had a provision been made a deferred tax asset of £168,746
(2022: £132,408) would have been recognised.