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Notes to the Accounts - 3

Notes to the financial statements continued            
                         
6. Tangible Fixed Assets                  
                         
        Long                
        Leasehold   Computer   Motor   Fixtures &    
        Premises   Equipment   Vehicles   Fittings   Total
        £   £   £   £   £
  Cost or valuation                    
  At 1 January 2007       400,000         84,633          6,500       165,482       656,615
  Additions                   -          6,920                 -         12,191         19,111
  Disposals                   -   (868)                 -                 -                 -
                         
  At 31 December 2007       400,000         90,685          6,500       177,673       675,726
                         
  Depreciation                    
  At 1 January 2007                 -         68,037          4,063       152,539       224,639
  Charge for the year                 -          9,255          1,625          3,452         14,332
  Eliminated on disposals                 -   (868)                 -                 -                 -
                         
  At 31 December 2007                 -         76,424          5,688       155,991       238,971
                         
  Net book value                    
  At 31 December 2007       400,000         14,261             812         21,682       436,755
  At 31 December 2006       400,000         16,596          2,437         12,943       431,976
                         
                         
                         
                         
  A grant of £125,000 was received from the English Sports Council in 1991 and was netted off
  against the initial purchase price of the long leasehold property.  The grant is deemed by the
  English Sports Council to be amortised over 21 years.  In the event of the long leasehold property
  being sold, any unamortised element of the £125,000 grant would become repayable to the Sports
  Council.  The contingent liability at 31 December 2007 is £27,284 (2006: £33,236).    
                         
                         
  The long leasehold property was valued by Beresford Adams Commercial on 2nd December 2003
  on an open market basis as office accommodation at £400,000.        
                         
                         
  The historical cost of this property at the balance sheet date is £362,588.      
                         
                         
  The property is subject to a leasehold period of 125 years and was initially purchased in 1989.
  The lease will expire in 2114.                
 
7. Investments              
              Group   Company
              £   £
                   
  At 1 January & 31 December 2007:              
  Shares in subsidiary undertakings                       -                 2
  Unlisted investments at cost                       8                 8
                            8               10
                   
                   
  The unlisted investment at 31 December 2007 is 15% of the ordinary share capital of
  Telford's Quay Management Company Limited.            
                   
  The investment in subsidiary undertakings at 31 December 2007 represents 100% of
  the ordinary issued share capital of BSAC International Limited.        
 
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