TaxationIncome tax expense represents the sum of the tax currently payable and deferred tax.The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit asreported in the profit and loss account because of items of income or expense that are taxable ordeductible in other years and items that are never taxable or deductible. The Company's liability forcurrent tax is calculated using tax rates that have been enacted or substantively enacted by the end ofthe reporting period.Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities inthe financial statements and the corresponding tax bases used in the computation of taxable profit.Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assetsare generally recognised for all deductible timing differences to the extent that it is probable that taxableprofits will be available against which those deductible temporary differences can be utilised. Thecarrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to theextent that it is no longer probable that sufficient taxable profits will be available to allow all or part ofthe asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period inwhich the liability is settled or the asset realised, based on tax rates (and tax laws) that have beenenacted or substantively enacted by the end of the reporting period.Current or deferred tax for the year is recognised in profit or loss, except when they relate to items thatare recognised in other comprehensive income or directly in equity, in which case, the current anddeferred tax is also recognised in other comprehensive income or directly in equity respectively.Trade and other debtors:Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost usingthe effective interest method, less impairment losses for bad and doubtful debts.Trade and other creditors:Short 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 subsequently atamortised cost using the effective interest method.Foreign currencies:The functional and presentational currency of the company is Sterling. The accounts are rounded to thenearest pound.Transactions in currencies, other than the functional currency of the Company, are recorded at the rate ofexchange on the date the transaction occurred. Monetary items denominated in other currencies aretranslated at the rate prevailing at the end of the reporting period. all differences are taken to the profitand loss account. Non-monetary items that are measured at historic cost in a foreign currency are notretranslated.Leased assets:Where the company enters into a lease which entails taking substantially all the risks and rewards ofownership of an asset, the lease is treated as a finance lease.Leases which do not transfer substantially all the risks and rewards of ownership to the Company areclassified as operating leases.Assets held under finance leases are initially recognised as assets of the Company at their fair value at theinception of the lease or, if lower, at the present value of the minimum lease payments. Thecorresponding liability to the lessor is included in the balance sheet date as a finance lease obligation.Lease payments are apportioned between finance expenses and reduction of the lease obligation so as toachieve a constant rate of interest on the remaining balance of the liability. Finance expenses arerecognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in whichcase they are capitalised in accordance with the Company's policy on borrowing costs (see the accountingpolicy above).Assets held under finance leases are depreciated in the same way as owned assets.Operating lease payments are recognised as an expense on a straight-line basis over the lease term.In the event that lease incentives are received to enter into operating leases, such incentives arerecognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenseon a straight-line basis.Defined contribution pensions:The Company operates a defined contribution plan for its employees. A defined contribution plan is apension plan under which the company pays fixed contributions into a separate entity. Once thecontributions have been paid the company has no further payments obligations.The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accrualsin the balance sheet. The assets of the plan are held separately from the company in independentlyadministered funds.Provisions:Provisions are made where an event has taken place that gives the Company a legal or constructiveobligation that probably requires settlement by a transfer of economic benefit, and a reliable estimatecan be made of the amount of the obligation.Provisions are charged as an expense to the profit and loss account in the year that the Companybecomes aware of the obligation, and are measured at the best estimate at balance sheet date of theexpenditure required to settle the obligation, taking into account relevant risks and uncertainties.When payments are eventually made, they are charged to the provision carried in the balance sheet.Change in length of the reporting period:The 2020 annual accounts cover a 12 month period as opposed to the prior year 2019 accounts whichcover 7 months. This is due to a change in financial year end during 2019, and should be taken intoconsideration when comparing prior year figures