Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Contributions to defined contribution plans are expensed in the period to which. they relate.

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 cost determined  using the effective interest method,  less any impairment  losses for bad and doubtful debts.

Short term creditors are measured  at transaction  price (which is usually the invoice  price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at  the  reporting  date  as  a  result  of  a  past  event,  it  is  probable  that  economic  benefit  will  be transferred to settle the obligation and the amount of the obligation can be estimated reliably.