Classification
The company holds the following financial instruments:
- Short term trade and other debtors and creditors; and
- Cash and bank balances
All financial instruments are classfied as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS 102.
Finanacial instruments are recognised when in the case of assets, the contractual rights to cash flows from the assetsexpire or substantially all the risks and rewards of ownership are transferred to another party, or in the cash of liabilites,when the comany's obligations are discharged, expire or are cancelled.
Such instruments are intially measured at transaction price, including transaction costs, and are subsequently carried atthe undicsounted amount of cash or other consideration expected to be paid or received, after taking account of