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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 51GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2022(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2. Significant accounting policies (continued)i. Basis of preparation (continued)Current versus non-current classification (continued)A liability is current when:%u2022 It is expected to be settled in the normal operating cycle;%u2022 It is held primarily for the purpose of trading;%u2022 It is due to be settled within twelve months after the reporting period; or%u2022 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting periodThe Group classifies all other liabilities as non-current.Deferred tax assets and liabilities are classified as non-current assets and liabilities.ii. Basis of consolidationThe consolidated financial statements comprise the financial statements of Guardian Media Limited and its subsidiaries. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.Specifically, the Group controls an investee if and only if the Group has:%u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee);%u2022 Exposure, or rights, to variable returns from its involvement with the investee; and%u2022 The ability to use its power over the investee to affect its returns.When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:%u2022 The contractual arrangement with the other vote holders of the investee;%u2022 Rights arising from other contractual arrangements; and%u2022 The Group%u2019s voting rights and potential voting rights.