Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Included within freehold land and properties is the sports club's club house and surrounding land. The market value of this land is well in excess of the carrying value in these accounts. The directors are therefore of the opinion that it is not necessary to provide for depreciation on this asset.