Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies (continued)

  Other accounting policies

  1) Stocks are measured at the lower of costs and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. 2) Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised costs determined using the effective interest method, less any impairment losses for bad and doubtful debts. 3) Short term creditors are measured at transactions price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transactions price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. 4) Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised costs, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included it the interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to deter settlement of the liability for at least twelve months after the reporting date. 5) A current tax liability is recognised for the tax payable on the taxable profits of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expense in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. 6) Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of past events, it is probable that economic benefit will be transferred to settle the obligation, and the amount of the obligation can be estimated reliably. 7) Dividend distributions to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in with the dividends are declared. 8) Contributions to defined contribution plans are expensed in the period to which they relate.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	2023
  Average number of employees during the period	2	2

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 3. Off balance sheet disclosure

  No

Notes to the Financial Statements

for the Period Ended 31 December 2024