Company registration number 13044150 (England and Wales)
TMRW LIFE SCIENCES, LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TMRW LIFE SCIENCES, LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
TMRW LIFE SCIENCES, LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
449,664
221,192
Cash at bank and in hand
4,836
34,201
454,500
255,393
Creditors: amounts falling due within one year
4
(3,192,035)
(1,863,925)
Net current liabilities
(2,737,535)
(1,608,532)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,737,536)
(1,608,533)
Total equity
(2,737,535)
(1,608,532)

The directors of the company have elected not to include a copy of the profit and loss account 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 31 October 2024 and are signed on its behalf by:
Mr L S Villalba
Director
Company registration number 13044150 (England and Wales)
TMRW LIFE SCIENCES, LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

TMRW Life Sciences, LTD. is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding the negative reserves position of the company at the reporting date and the directors being aware of certain material uncertainties that may cause doubt on the company's ability to continue as a going concern, these financial statements are prepared on the going concern basis.

 

The company meets its working capital requirement by way of support from its parent company. The parent company's operations have been significantly affected by market activity. To mitigate these impacts, the directors of the parent company have taken various measures such undertaking a review of costs and are seeking to raise finance, so that it may provide the necessary financial support to its subsidiaries.

 

The parent company has confirmed that it will continue to support the company so that it will settle liabilities as they fall due for a period of 12 months from the date of signing the financial statements. Accordingly, the directors are confident that the going concern basis of accounting is appropriate.

 

These financial statements do not include any adjustments that may be needed should the above measures not be successful or the company is not able to provide the necessary financial support.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover 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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.5
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

TMRW LIFE SCIENCES, LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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.

1.6
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.

1.7
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.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.11
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2022 - 5).

TMRW LIFE SCIENCES, LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
385,250
-
0
Other debtors
64,414
221,192
449,664
221,192
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1,620
Amounts owed to group undertakings
3,159,954
1,770,918
Corporation tax
201
200
Other creditors
31,880
91,187
3,192,035
1,863,925
5
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.

Material uncertainty related to going concern
We draw your attention to note 1.2 in the financial statements, which discloses a material uncertainty on the company's ability to continue as a going concern. The company is reliant on the parent company's ability to raise financing.

Our opinion is not modified in respect of the material uncertainty related to going concern.
Senior Statutory Auditor:
Alex Chidwick FCCA
Statutory Auditor:
Sumer Audit
Date of audit report:
31 October 2024
Sumer Audit is the trading name of Sumer Auditco Limited
6
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
35,288
TMRW LIFE SCIENCES, LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Parent company

TMRW Life Sciences, Inc. is regarded by the directors as being the Company's immediate and ultimate parent company whose registered office is at 250 Hudson, Suite 102, New York, New York 10013, United States.

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