b'Notes to the Company financial statements continuedFor the year ended 31 March 202033. Accounting policies continuedDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.34. Critical accounting judgements and key sources of estimation uncertaintyDetails of critical accounting judgements, estimates and associated assumptions are disclosed in note 1 to the consolidated financial statements.35. Summary of disclosure exemptions adoptedThe following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:paragraphs 45(b) and 46 to 52 of IFRS 2, Share-based payments (details of the number and weighted-average exercise prices of share options, and how the fair value of goods or services received was determined); IFRS 7, Financial Instruments: Disclosures; IAS 7, Statement of Cash Flows; paragraphs 28 to 30 of IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors specifically in respect of the disclosure of new standards in issue but not yet effective; the requirement in IAS 24, Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; and the following paragraphs of IAS 1, Presentation of Financial Statements:10(d) (statement of cash flows),16 (statement of compliance with all IFRS),111 (cash flow statement information), and134-136 (capital management disclosures). 36. Results for the CompanyThe Directors have taken advantage of the exemption available under Section 408 of the Companies Act 2006 and have not presented a statement of comprehensive income or a cash flow statement for the Company.The auditors remuneration for audit and other services is disclosed in note 7 to the consolidated financial statements.37. Property, plant and equipmentLeasehold Furniture Officeimprovements and fixtures equipment Total000 000 000 000CostAs at 1 April 2019 42 38 274 354Additions1 45 46As at 31 March 2020 42 39 319 400Accumulated depreciationAs at 1 April 2019 15 35 165 215Charge for the year 5 2 63 70As at 31 March 2020 20 37 228 285Net book value as at 31 March 2019 27 3 109 139Net book value as at 31 March 2020 22 2 91 115104 Mercia Asset Management PLCAnnual Report and Accounts 2020'