REGISTERED NUMBER: 11410955 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Untold Studios Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

J W Irwin

C S Dorfman

D O'Kelly

N Davies

M B Wolfson

P Joseph

F Golant

REGISTERED OFFICE:

White Collar Factory

Old Street Yard

London

EC1Y 8AF

REGISTERED NUMBER:

11410955 (England and Wales)

SENIOR STATUTORY AUDITOR:

Michael Marcus FCA FCCA

AUDITORS:

TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The group is an independent Creative Studio specialising in origination, production and visual effects in high-end moving image content. The group delivers these services through world class artists and staff and unparalleled cloud based technology. The group looks to provide these services on a global basis.

With writers and actors strike of 2023 continuing to cast a shadow in 2024, market conditions were harder and combined with a general economic slowdown which impacted advertising. Despite this Untold continued to trade robustly and closed the year out trading at a similar level to 2023 and with an exceptional volume of US SuperBowl work.

The Group achieved a turnover of £41.1m (2023: £40.7m) and gross profit of £12.7m (2023: £11.9m). The loss for the year was £0.3m (2023 profit: £0.4m). Untold continues to invest in people and talent to grow revenue. The headcount of the business increased in the year to 282 (2023: 214)

Untold continues to focus on growing top line revenue in its verticals, Production, Advertising Visual Effects and Film and Episodic Visual Effects and in particular will look to further establish and grow its American and Indian operations in 2025.

KPI's

The main KPI's used by the group are:

Turnover £41.1m (2023: £40.7m) and Gross Profit £12.7m (2023:£11.9m).

PRINCIPAL RISKS AND UNCERTAINTIES

Operating within a creative and technology driven industry means the recruitment and retention of talent is vital. The business is also committed to continue to develop its technology to stay ahead of the competition. The main risks that effect the company are failure to win projects and retain the talent to deliver this work. The business uses a number of KPI's to continue to monitor these areas. The business is also exposed to other risks:-

Foreign Currency Risk - The business seeks to create natural hedges in foreign currency inflows and to the extent a material position remains open forward contracts are used to hedge the exposure.

Liquidity Risk - The business has a number of undrawn credit facilities to provide additional liquidity if it is required.

Interest Rate Risk - Where possible all interest rates risks are hedged or fixed.

ON BEHALF OF THE BOARD:

M B Wolfson - Director

7 April 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

J W Irwin

C S Dorfman

D O'Kelly

N Davies

M B Wolfson

P Joseph

Other changes in directors holding office are as follows:

K M Glazer - resigned 26 September 2024

F Golant - appointed 1 November 2024

A A Agyemfra ceased to be a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M B Wolfson - Director

7 April 2025

Opinion

We have audited the financial statements of Untold Studios Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Marcus FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

7 April 2025

REVENUE

3

41,072,831

40,708,694

Cost of sales

(28,376,867

)

(28,824,856

)

GROSS PROFIT

12,695,964

11,883,838

Administrative expenses

(12,414,246

)

(10,926,781

)

OPERATING PROFIT

6

281,718

957,057

Interest receivable and similar income

10,559

881

292,277

957,938

Interest payable and similar expenses

7

(559,642

)

(498,285

)

(LOSS)/PROFIT BEFORE TAXATION

(267,365

)

459,653

Tax on (loss)/profit

8

(56,413

)

(12,020

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(323,778

)

447,633

(Loss)/profit attributable to:

Owners of the parent

(323,778

)

447,633

(LOSS)/PROFIT FOR THE YEAR

(323,778

)

447,633

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(323,778

)

447,633

Total comprehensive income attributable to:

Owners of the parent

(323,778

)

447,633

FIXED ASSETS

Property, plant and equipment

10

290,781

323,138

Investments

11

-

-

290,781

323,138

CURRENT ASSETS

Debtors

12

4,522,098

5,546,535

Cash at bank and in hand

664,699

1,157,234

5,186,797

6,703,769

CREDITORS

Amounts falling due within one year

13

(8,375,974

)

(10,414,204

)

NET CURRENT LIABILITIES

(3,189,177

)

(3,710,435

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,898,396

)

(3,387,297

)

CREDITORS

Amounts falling due after more than one year

14

(5,931,475

)

(5,178,974

)

PROVISIONS FOR LIABILITIES

18

(150,000

)

(90,000

)

NET LIABILITIES

(8,979,871

)

(8,656,271

)

CAPITAL AND RESERVES

Called up share capital

19

9,198

9,017

Share premium

20

1,291,405

1,291,405

Retained earnings

20

(10,280,474

)

(9,956,693

)

SHAREHOLDERS' FUNDS

(8,979,871

)

(8,656,271

)

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:

M B Wolfson - Director

FIXED ASSETS

Property, plant and equipment

10

136,468

177,041

Investments

11

51,597

51,597

188,065

228,638

CURRENT ASSETS

Debtors

12

5,859,886

7,108,670

Cash at bank

424,717

893,309

6,284,603

8,001,979

CREDITORS

Amounts falling due within one year

13

(7,975,763

)

(10,309,964

)

NET CURRENT LIABILITIES

(1,691,160

)

(2,307,985

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,503,095

)

(2,079,347

)

CREDITORS

Amounts falling due after more than one year

14

(5,931,475

)

(5,178,974

)

PROVISIONS FOR LIABILITIES

18

(150,000

)

(90,000

)

NET LIABILITIES

(7,584,570

)

(7,348,321

)

CAPITAL AND RESERVES

Called up share capital

19

9,198

9,017

Share premium

20

1,291,405

1,291,405

Retained earnings

20

(8,885,173

)

(8,648,743

)

SHAREHOLDERS' FUNDS

(7,584,570

)

(7,348,321

)

Company's (loss)/profit for the financial year

(236,430

)

356,919

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:

M B Wolfson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

9,017

(10,404,326

)

1,291,405

(9,103,904

)

Changes in equity

Total comprehensive income

-

447,633

-

447,633

Balance at 31 December 2023

9,017

(9,956,693

)

1,291,405

(8,656,271

)

Changes in equity

Issue of share capital

181

-

-

181

Total comprehensive income

-

(323,778

)

-

(323,778

)

Balance at 31 December 2024

9,198

(10,280,471

)

1,291,405

(8,979,868

)

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 January 2023

9,017

(9,005,662

)

1,291,405

(7,705,240

)

Changes in equity

Total comprehensive income

-

356,919

-

356,919

Balance at 31 December 2023

9,017

(8,648,743

)

1,291,405

(7,348,321

)

Changes in equity

Issue of share capital

181

-

-

181

Total comprehensive income

-

(236,430

)

-

(236,430

)

Balance at 31 December 2024

9,198

(8,885,173

)

1,291,405

(7,584,570

)

Cash flows from operating activities

Cash generated from operations

1

260,735

1,233,960

Interest paid

(559,642

)

(498,285

)

Tax paid

(56,413

)

(12,020

)

Net cash from operating activities

(355,320

)

723,655

Cash flows from investing activities

Purchase of tangible fixed assets

(157,275

)

(292,716

)

Sale of tangible fixed assets

9,320

-

Interest received

10,559

881

Net cash from investing activities

(137,396

)

(291,835

)

Cash flows from financing activities

Loan repayments in year

-

79,104

Share issue

181

-

Net cash from financing activities

181

79,104

(Decrease)/increase in cash and cash equivalents

(492,535

)

510,924

Cash and cash equivalents at beginning of year

2

1,157,234

646,310

Cash and cash equivalents at end of year

2

664,699

1,157,234

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

(Loss)/profit before taxation

(267,365

)

459,653

Depreciation charges

184,724

178,322

Profit on disposal of fixed assets

(4,549

)

-

Finance costs

559,642

498,285

Finance income

(10,559

)

(881

)

461,893

1,135,379

Decrease in trade and other debtors

682,300

723,966

Decrease in trade and other creditors

(883,458

)

(625,385

)

Cash generated from operations

260,735

1,233,960

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

664,699

1,157,234

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,157,234

646,310

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

1,157,234

(492,535

)

664,699

1,157,234

(492,535

)

664,699

Debt

Debts falling due within 1 year

(274,681

)

(10

)

(274,691

)

Debts falling due after 1 year

(5,178,974

)

(752,501

)

(5,931,475

)

(5,453,655

)

(752,511

)

(6,206,166

)

Total

(4,296,421

)

(1,245,046

)

(5,541,467

)

1.	STATUTORY INFORMATION

Untold Studios Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a loss before tax for the financial year of £0.2m (2023 - profit of £0.4m).

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination.

The consolidated financial statements of the group have been prepared using the acquisition accounting method, include the financial statements of the company, and its subsidiaries, Untold Studios US INC, Untold Studios Private Limited, Sparro Technologies and Prism Animations Ltd to 31 December 2024.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Judgements in respect of deferred income, accrued income and cut-off of costs and estimation of costs to complete projects have had the most significant effects on amounts recognised in the financial statements.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within tne year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.