Basis of accounting

The financial statements have been prepared in accordance with applicable UK Accounting Standards on the historical cost basis.

As permitted by the Companies Act 1985, a separate profit and loss account for the Company has not been included in these financial statements. As permitted by FRS 1 no cash flow statement for the Company has been included. As permitted by FRS 8 no related party disclosures for the Company have been included.

Investments in subsidiary undertakings

Investments in subsidiary undertakings are reported at cost less amounts written off.

Own shares for settlement of share-based payment plans

Where the Company acquires its own shares for the purpose of satisfying share-based payment plans, the cost in excess of any exercise price payable by the plan participants is written off to the profit and loss reserve.

Current assets

Amounts are shown at their recoverable amount.

Financial instruments

In accordance with FRS 25 the Company's B Shares are classified as financial liabilities and held at amortised cost from the date of issue until redeemed or converted.

Taxation

Provision for taxation is made at the current rate and for deferred taxation at the projected rate on all timing differences which have originated, but not reversed at the balance sheet date.