Cellmid 2018 Annual Report 47

Intangible assets have ﬁnite useful lives. The Group has determined the useful life of the intangible assets at 20 years. The

remaining useful life is 15 years.

15. TRADE AND OTHER PAYABLES

Accounting Policy

These amounts represent liabilities for goods and services provided to the Group prior to the end of ﬁnancial year which are

unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Due to their short term nature they are

measured at amortised cost and are not discounted.

Provisions are recognised when the Group has a present legal or constructive obligation, as a result of past events, for which it

is probable that an outﬂow of economic beneﬁts will result and that outﬂow can be reliably measured.

Provisions are measured using the best estimate of the amounts required to settle the obligation at the end of the reporting period.

Accounting Policy

(a) Non Derivative

Non-derivative loans and borrowings are ﬁnancial liabilities with ﬁxed or determinable payments that are not quoted in an

active market and are subsequently measured at amortised cost using the effective interest rate method. Gains or losses are

recognised in proﬁt or loss through the amortisation process and when the ﬁnancial liability is derecognised.

Amortised cost is calculated as the amount at which the ﬁnancial asset or ﬁnancial liability is measured at initial recognition

less principal repayments and any reduction for impairment, and adjusted for any cumulative amortisation of the difference

between that initial amount and the maturity amount calculated using the effective interest method.

The effective interest method is used to allocate interest income or interest expense over the relevant period and is equivalent to

the rate that exactly discounts estimated future cash payments or receipts (including fees, transaction costs and other premiums

or discounts) through the expected life (or when this cannot be reliably predicted, the contractual term) of the ﬁnancial instrument

to the net carrying amount of the ﬁnancial asset or ﬁnancial liability. Revisions to expected future net cash ﬂows will necessitate an

adjustment to the carrying amount with a consequential recognition of an income or expense item in proﬁt or loss.

16. LOANS AND BORROWINGS

2018 2017

$ $

Trade payables 603,759 680,822

Other payables 935,983 932,846

1,539,742 1,613,668

2018 2017

$ $

Current (derivative & non-derivative) 2,007,427 1,840,533

Non-current (derivative & non-derivative) 1,166,447 314,572

3,173,874 2,155,105

2018 2017

$ $

Current 107,655 56,711

Non-current 1,166,447 314,572

1,274,102 371,283