Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.
Deferred tax
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 year 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.
Foreign currencies
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the balance sheet
date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of
transaction. Exchange differences are taken into account in arriving at the operating result.
Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual
provisions of the instrument.
Financial assets and financial liabilities are recognised initially at fair value. Financial assets are reduced for
provision, for impairment, if required