Financial statements for Lems Pharmaceutical Limited for the years ended 28 February 2017, 28 February 2018, 28 February 2019 and 29 February 2020 Shareholders are referred to the RNS dated 14 May 2021 - which set out the financial statements for the years ended 28 February 2017, 28 February 2018, 28 February 2019 and 29 February 2020 Shareholders should note that the audit reports contained in the annual reports as referred to in the RNS of 14 May 2021 and uploaded on the Umuthi website on 10 May 2021, have been updated in this RNS, to confirm and clarify that the audit report in the 2020 Annual Report pertains to the statutory audits for both 28 February 2020 and February 2019 year ends. The 2018 Annual Report pertains to the statutory audits for both 28 February 2018 and February 2017 year ends.
The preparation of financial information in conformity with IFRS requires management, from time to time, to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. These estimates and associated assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on- going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Management did not make critical judgements in the application of accounting policies, apart from those involving estimations, which would significantly affect the financial statements.
The Company was incorporated on 15 Feb 2018 as private company in England and Wales with Registered Number 11208220 under the Companies Act 2006. The Company re-registered as a plc. on 20 February 2019.
The Company has not yet commenced business and no dividends have been declared or paid since the date of incorporation. The address of its registered office is Eastcastle House, 27/28 Eastcastle Street, London, W1W 8DH.
The Financial statements are presented in Sterling, which is the Company s functional and presentational currency and has been prepared under the historical cost convention.
1.1 Basis of preparation
The financial statements are prepared in accordance with applicable International Financial Reporting Standards ( IFRS ) including standards and interpretations issued by the International Accounting Board, as adopted by the European Union.
A
Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;