Abbreviated Company Accounts - PLAYGOLF LONDON LIMITED

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Lease - Over 125 years
Plant & Machinery - 25% straight line
Fixtures & Fittings - 25% straight line
Motor Vehicles - 25% straight line
Equipment - 25% straight line
Golf Equipment - 20% straight line
Golf Range & Baseball Equipment - 20% Straight Line
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill - Over 125 years

Valuation information and policy
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies
These Financial Statements have been prepared under the Going Concern basis, subject to the continued support of the company's bank and directors.