TaxationCurrent tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss)for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred tax represents the future tax consequences of transactions and events recognised in thefinancial statements of current and previous periods. It is recognised in respect of all timing differences,with certain exceptions. Timing differences are differences between taxable profits and totalcomprehensive income as stated in the financial statements that arise from the inclusion of income andexpense in tax assessments in periods different from those in which they are recognised in the financialstatements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent thatit is probable that they will be recovered against the reversal of deferred tax liabilities or other futuretaxable profits.Deferred tax is measured using the tax rates and laws that have been enacted or substantively enactedby the balance sheet date that are expected to apply to the reversal of timing differences. Deferred taxon revalued non-depreciable tangible fixed assets and investment properties is measured using therates and allowances that apply to the sale of the asset.StocksStocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costincludes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.ProvisionsProvisions are recognised when the company has an obligation at the balance sheet date as a result ofa past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.Loans and borrowingsLoans and borrowings are initially recognised at the transaction price including transaction costs.Subsequently, they are measured at amortised cost using the effective interest rate method, lessimpairment. If an arrangement constitutes a finance transaction it is measured at present value.Defined contribution plansThe company operates a defined contribution plan for the benefit of its employees. Contributions areexpensed as they become payable.Going concernOn 11 March 2020 the World Health Organisation declared a worldwide pandemic due to theCovid-19 virus. Although future revenue may be impacted due to the current and potentialadditional further restrictions imposed by the government, the directors are satisfied that the goingconcern basis of preparation of accounts remains appropriate.