Cash and cash equivalents comprise cash at bank and subject to an insignificant risk of change in value.
2.10. Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.11. Members' remuneration and division of profits
Profits attributable to members are determined, allocated and divided between members at the year end in accordance with the agreement. Profit allocation of members is charged as an expense in the profit and loss account. At the year end any undrawn allocated profits are included within loans and other debts due to members.