SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Property and equipment
Property and equipment are recorded at cost less accumulated depreciation and any impairment losses. Depreciation is charged on a straight-line basis over the estimated useful lives of the property and equipment.
The rates of depreciation used are based on the following estimated useful lives of the assets:
|Computers and software||3 – 4|
|Office equipment and decoration||4|
Material residual value estimates and estimates of useful life are updated as required, but at least annually.
Gains or losses arising on the disposal of property and equipment are determined as the difference between the disposal proceeds and the net carrying amount of the assets and are recognised in the income statement.