Company Registration No. 11086985 (England and Wales)
Troy Biosciences UK Limited
Financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
Troy Biosciences UK Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
Troy Biosciences UK Limited
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
151,521
173,886
Current assets
Stocks
224,032
342,993
Debtors
5
1,039,737
483,194
1,263,769
826,187
Creditors: amounts falling due within one year
6
(1,098,785)
(708,479)
Net current assets
164,984
117,708
Net assets
316,505
291,594
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
315,505
290,594
Total equity
316,505
291,594

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Roland Burgers
Director
Company Registration No. 11086985
Troy Biosciences UK Limited
Statement of changes in equity
For the year ended 31 December 2023
2
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2021
1,000
300,484
301,484
Period ended 31 December 2022:
Profit and total comprehensive income
-
90,110
90,110
Dividends
-
(100,000)
(100,000)
Balance at 31 December 2022
1,000
290,594
291,594
Year ended 31 December 2023:
Profit and total comprehensive income
-
24,911
24,911
Balance at 31 December 2023
1,000
315,505
316,505
Troy Biosciences UK Limited
Notes to the financial statements
For the year ended 31 December 2023
3
1
Accounting policies
Company information

Troy Biosciences UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value where applicable. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have considered the financial impact of future financial projections and have not considered there to be any issues. The company have operated cash flows and management forecasts which do not provide any indication of any material cash flow concerns. The company has a letter of ongoing financial support from its parent company Herens Topco S.a.r.l. Based on this assessment the directors have considered the company is a going concern.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Licence costs
Over the life of the licence
Troy Biosciences UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Troy Biosciences UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Troy Biosciences UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
6
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was 4 (2022 - 4).

2023
2022
Number
Number
Total
4
4
Troy Biosciences UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
7
4
Intangible fixed assets
Licence costs
£
Cost
At 1 January 2023
173,886
Additions
10,462
At 31 December 2023
184,348
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
32,827
At 31 December 2023
32,827
Carrying amount
At 31 December 2023
151,521
At 31 December 2022
173,886
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
499,016
289,571
Corporation tax recoverable
6,861
6,546
Amounts owed by group undertakings
531,857
186,077
Other debtors
2,003
1,000
1,039,737
483,194
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
52,251
44,957
Amounts owed to group undertakings
883,508
516,341
Taxation and social security
127,660
109,651
Other creditors
35,366
37,530
1,098,785
708,479
Troy Biosciences UK Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
8
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Roger Weston
Statutory Auditors:
Saffery LLP
Date of audit report:
24 September 2024
9
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary of the group.

10
Ultimate controlling party

The company is a wholly owned subsidiary of Troy Chemical Company BV, registered in the Netherlands. The consolidated accounts for the group are available from Poortweg 4C, 2612 PA, Delft, The Netherlands.

 

The company’s ultimate parent company is Herens Topco S.a.r.l. registered in Luxembourg.

2023-12-312023-01-01false24 September 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedRoland BurgersThomas WisnerA KellyP S DelsonC A BoyleRoland Burgersfalse110869852023-01-012023-12-31110869852023-12-31110869852022-12-3111086985core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3111086985core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3111086985core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3111086985core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3111086985core:CurrentFinancialInstruments2023-12-3111086985core:CurrentFinancialInstruments2022-12-3111086985core:ShareCapital2023-12-3111086985core:ShareCapital2022-12-3111086985core:RetainedEarningsAccumulatedLosses2023-12-3111086985core:RetainedEarningsAccumulatedLosses2022-12-3111086985core:ShareCapital2021-06-3011086985core:RetainedEarningsAccumulatedLosses2021-06-3011086985bus:Director12023-01-012023-12-3111086985core:RetainedEarningsAccumulatedLosses2021-07-012022-12-31110869852021-07-012022-12-3111086985core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3111086985core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3111086985core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3111086985core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3111086985core:WithinOneYear2023-12-3111086985core:WithinOneYear2022-12-3111086985bus:PrivateLimitedCompanyLtd2023-01-012023-12-3111086985bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111086985bus:FRS1022023-01-012023-12-3111086985bus:Audited2023-01-012023-12-3111086985bus:Director22023-01-012023-12-3111086985bus:Director32023-01-012023-12-3111086985bus:Director42023-01-012023-12-3111086985bus:Director52023-01-012023-12-3111086985bus:CompanySecretary12023-01-012023-12-3111086985bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP