During the year, the company entered into transactions with related parties as defined by FRS 102 Section 33. A related party is a person or entity that has control, joint control, or significant influence over the company, or is a member of key management personnel.

The company has taken advantage of the exemption under FRS 102 Section 33.1A, whereby transactions with wholly-owned members of the group and other entities that are wholly-owned by the same parent are not required to be disclosed.

All transactions with related parties were made on an arm’s length basis. At the balance sheet date, there were no outstanding balances with related parties requiring disclosure, other than amounts included within current assets & liabilities.

No guarantees were given or received in respect of related party transactions.

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.