Cellmid 2017 Annual Report
NOTES TO THE
Inventories are measured at the lower of cost and net realisable value. The cost of manufactured products includes direct
materials, direct labour and an appropriate portion of variable and ﬁxed overheads. Overheads are applied on the basis of
normal operating capacity. Costs are assigned on the basis of standard costing and are reviewed regularly. Costs of purchased
inventory are determined after deducting rebates and realisable value is the estimated selling price in the ordinary course of
business less the estimated costs of completion and the estimated cost necessary to make the sale.
13. PLANT AND EQUIPMENT
Plant and equipment is measured at historical cost less accumulated depreciation and any accumulated impairment.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic beneﬁts associated with the item will ﬂow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance are charged to the statement of proﬁt and loss and other comprehensive
income during the ﬁnancial period in which they are incurred.
Depreciation is calculated on a straight line basis over the asset’s useful life to the Group commencing from the time the asset
is held ready for use. Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or
the estimated useful lives of the improvements.
12. OTHER ASSETS
Midkine and MK ELISA 1,015,492 1,006,471
Consumer Health-Finished goods 798,991 671,831
Consumer Health-Raw materials 264,840 331,490
Prepayments 110,054 136,644