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 recoveredusing the tax rates and laws that have been enacted or substantively enacted by the balance sheetdate.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.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.