Going concernThe directors have reviewed the Company's going concern position considering its current businessactivities, budgeted performance, and factors likely to affect its future performance. Based on theinformation available at the date of approval of the accounts, and including specific consideration ofthe risks associated with the current economic climate the directors are confident that the Companyhas adequate access to resources and working capital, to continue in operational existence for atleast twelve months from the date of approval of these financial statements.Operating leases: the Company as lesseeRentals paid under operating leases are charged to profit or loss on a straight-line basis over thelease term.Interest incomeInterest income is recognised in profit or loss using the effective interest method.Finance costsFinance costs are charged to profit or loss over the term of the debt using the effective interestmethod so that the amount charged is at a constant rate on the carrying amount. Issue costs areinitially recognised as a reduction in the proceeds of the associated capital instrument.PensionsDefined contribution pension planThe Company operates a defined contribution plan for its employees. A defined contribution plan is pension plan under which the Company pays fixed contributions into a separate entity. Once thecontributions have been paid the Company has no further payment obligations.The contributions are recognised as an expense in the Statement of Comprehensive Income whenthey fall due. Amounts not paid are shown in other creditors as a liability in the Statement ofFinancial Position. The assets of the plan are held separately from the Company in independentlyadministered funds.Defined benefit pension planThe Company also participates in another, separate, pension plan for certain of its employees. Qualifying teachers are automatically enrolled into the Teachers' Pension Scheme administered by the Teachers' Pension Agency. Contributions to the scheme are charged to theStatement of Financial Position as they fall due. The TPS is an unfunded scheme and although ithas some of the characteristics of a defined benefit scheme, as it is a multi-employer scheme theCompany accounts for the plan as if it were a defined contribution scheme. Contributions on a 'payas you go' basis are credited to the Exchequer under arrangements governed by theSuperannuation Act 1972. Actuarial valuations are carried out by Government's Actuary Department.Under the definitions set out in FRS 102 the TPS is a multi-employer plan.Current and deferred taxationThe tax expense for the year comprises current and deferred tax. Tax is recognised in profit or lossexcept that a charge attributable to an item of income and expense recognised as othercomprehensive income or to an item recognised directly in equity is also recognised in othercomprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have beenenacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.Deferred tax balances are recognised in respect of all timing differences that have originated but notreversed by the reporting date, except that:The recognition of deferred tax assets is limited to the extent that it is probable that they willbe recovered against the reversal of deferred tax liabilities or other future taxable profits; andAny deferred tax balances are reversed if and when all conditions for retaining associated taxallowances have been met.Deferred tax balances are not recognised in respect of permanent differences except in respect ofbusiness combinations, when deferred tax is recognised on the differences between the fair valuesof assets acquired and the future tax deductions available for them and the differences between thefair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax isdetermined using tax rates and laws that have been enacted or substantively enacted by thereporting date.DebtorsShort term debtors are measured at transaction price, less any impairment.Cash and cash equivalentsCash is represented by cash in hand and deposits with financial institutions repayable withoutpenalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments thatmature in no more than three months from the date of acquisitionCreditorsShort term creditors are measured at the transaction price. Other financial liabilities, including bankloans, are measured initially at fair value, net of transaction costs, and are measured subsequentlyat amortised cost using the effective interest method.