Cellmid 2018 Annual Report 45
The depreciation rates used for each class of asset are:
Estimation of useful lives of assets
The Group determines the estimated useful lives and related depreciation and amortisation charges for its plant and
equipment. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Class of asset Depreciation Rate
Furniture and fittings 20%
Office equipment 6.7% – 33.33%
Midkine Based on usage
2018 2017
(Restated)
$ $
At cost 1,614,734 1,507,567
Accumulated depreciation/amortisation (843,744) (762,863)
770,990 744,704
Movements in carrying amounts Computers and Furniture and
of plant and equipment 30 June 2018 office equipment Fittings Midkine Total
At cost 572,436 42,298 1,000,000 1,614,734
Accumulated depreciation/amortisation (464,760) (32,221) (346,763) (843,744)
107,676 10,077 653,237 770,990
Balance at 1 July 2017 55,944 12,777 675,983 744,704
Additions 107,167 - - 107,167
Depreciation/amortisation (46,521) (2,700) (22,746) (71,967)
Foreign exchange movements (8,914) - - (8,914)
Balance at 30 June 2018 107,676 10,077 653,237 770,990
Movements in carrying amounts
of plant and equipment 30 June 2017
At cost 465,269 42,298 1,000,000 1,507,567
Accumulated depreciation/amortisation (409,325) (29,521) (324,017) (762,863)
55,944 12,777 675,983 744,704
Balance at 1 July 2016 67,069 1,948 - 69,017
Prior period error - - 688,120 688,120
Balance at 1 July 2016 (Restated) 67,069 1,948 688,120 757,137
Additions 24,240 11,637 - 35,877
Depreciation/amortisation (34,776) (808) - (35,584)
Foreign exchange movements (589) - - (589)
Midkine COS-Prior period error - - (12,137) (12,137)
Balance at 30 June 2017 (Restated) 55,944 12,777 675,983 744,704