STROMA BIOSCIENCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
The Company is a private company limited by shares. The Company is incorporated in England and Wales and its registered office address is C/O Milner Therapeutics Institute, Jeffrey Cheah Biomedical Centre, Puddicombe Way, Cambridge, CB2 0AW.
The Companys functional and presentational currency is GBP.
2.ACCOUNTING POLICIES
|
|
BASIS OF PREPARATION OF FINANCIAL STATEMENTS
|
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 following principal accounting policies have been applied:
The Company incurred a loss for the year and had net liabilities of £238,234 (2022 - £133,653)
as at 31 May 2023. The Company is expected to continue to be loss making and in a net cash outflow position in the future. The directors expect that the Company will have insufficient cash resources, taking into account anticipated future receipts, to fund its current and projected level of expenditure for the foreseeable future.
Having considered the above factors, the directors are unable to provide sufficient evidence to suggest that the Company will be able to continue in operational existence for the foreseeable future, being a period of not less than 12 months from the date of approval of the financial statements, and accordingly the financial statements have not been prepared on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Research and development expenditure is recognised in the Profit and Loss Accounts in the period in which it is incurred.
|