GOING CONCERN These financial statements have been prepared on a going concern basis. The Director has made an assessment of the Company's ability to continue as a going concern taking into account all available information about its future development, performance and position and have no reason to believe that the Company will not be a going concern for at least twelve months from the date that these financial statements were authorised for issue. FINANCE COSTS Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. BORROWING COSTS All borrowing costs are recognised in profit and loss in the year in which they are incurred. TAXATION Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. ASSOCIATES AND JOINT VENTURES Associates and Joint Ventures are held at cost less impairment. DEBTORS Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. CASH AND CASH EQUIVALENTS Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. CREDITORS Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.