Abbreviated Company Accounts - PC LICENSING 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.

These financial statements have been prepared on a going concern basis. The company is dependent on the support of the directors, who have loan accounts totalling £69,687 included in creditors due within one year. The directors have given written confirmation that they do not intend to withdraw the existing funds within the next twelve months. The going concern basis is therefore believed to be appropriate. The financial statements do not include any adjustments that might result from a withdrawal of funds.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life. Freehold land and buildings are depreciated at 25% straight line basis. Fixtures, fittings and equipment are depreciated at 15% reducing balance basis.

Intangible assets amortisation policy
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.