Related party exemption: The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group. Investments in subsidiaries: Investments in subsidiary undertakings are recognised at cost. Financial Instruments: basic financial instruments as covered by section 11 of FRS102 are measured at amortised cost. The company docs not have any other financial instruments as covered by Section 12 of FRSI02. Taxation: taxation for the year comprises current and deterred tax. Tax is recognised in the 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 arc 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. 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 liabilities or other future taxable profits.