Abbreviated Company Accounts - THORNHILL COMMUNITY CENTRE LTD.

1Accounting Policies

Basis of measurement and preparation of accounts
The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold property improvements - 2% straight line
Plant and machinery - 20% reducing balance
Fixtures and fittings - 15% reducing balance
Office equipment - 33% straight line

Other accounting policies
Going concern

The accounts have been prepared on a going concern basis which assumes that the company will continue in operation for the foreseeable future. The validity of this assumption relies on the continued support of Thornhill Trojans Amateur Rugby League Football Club.

Operating Leases

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the rent is expected to be adjusted to the prevailing market rate.

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.