REJUVETECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
Rejuvetech Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 08760642). Its registered office is Kroto Research Institute, Red Hill, Broad Lane, Sheffield, S3 7HQ. The principal activity of the Company throughout the year continued to be that of scientific solutions consultancy.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The Company's functional and presentation currency is pounds sterling.
The following principal accounting policies have been applied:
The Company has net liabilities at 30th November 2020 of £198,139 (2019: £178,115). However, the financial statements have been prepared on a going concern basis, on the understanding that the director and shareholder will continue to financially support the company during this uncertain period.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
The depreciation rates used are:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Grants relating to expenditure on tangible fixed assets are credited to the Statement of Income and Retained Earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
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