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REGISTERED NUMBER: 09293856 (England and Wales)


Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 October 2023

for

Trion Pharma Limited

Trion Pharma Limited (Registered number: 09293856)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


Trion Pharma Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: Mr Vipulkumar Patel
Mr Chirag Mafatlal Patel





REGISTERED OFFICE: Bridge House
9 - 13 Holbrook Lane
Coventry
United Kingdom
CV6 4AD





REGISTERED NUMBER: 09293856 (England and Wales)





AUDITORS: Andrew Murray & Co
Chartered Accountants & Statutory Auditors
144-146 Kings Cross Road
Kings Cross
London
London
WC1X9DU

Trion Pharma Limited (Registered number: 09293856)

Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

REVIEW OF BUSINESS
The company is a wholesaler of pharmaceutical, medical, healthcare products based in London, UK and over past several years has seen a rapid organic growth, in its business. It is now considered a medium sized enterprise and this year has reached the threshold for audit requirements. The directors feel that this growth will be maintained over the coming years as the company reached new horizons in seeking out new products and new clients.

Furthermore, the company is now poised to making improvements in its market presence and also streamlining its operational procedures by providing training and computer software developments for its operations.

Post year-end, the company has performed in line with expectations and continue to grow from strength to strength. With the introduction of new products in the pipeline, the directors are also confident of improving the margins obtained on its products and improved efficiency put in place will see continued better results in future.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have identified the following as the principal risks and uncertainties for the company.

FINANCIAL RISKS

The company's major customers are large corporations with good credit rating and therefore the financial risk to the company is limited. For overseas client the company insists on a deposit with the order, which also reduces its credit risk to the client.

The company has adequate financial resources for its continued growth and therefore not dependant on external finances and therefore does not have major concerns about the financial risks to the company.

COMPETITIVE RISKS

The company is prone to competitive risk through pricing because of foreign currency fluctuations or obsolescence through innovation products. However, due to the fact that many of the company's products are regulated through government regulatory agencies the company keeps keen eye on market development of the products and take active steps to minimise any such loss to the company.

COMMERCIAL RISKS

The company's directors have considered expertise in this industry over a period of several years and are rofessionally qualified to understand the complexity of the sector in which the company operates. Where considered necessary the company will employ consultants to safeguard its exposure to commercial risks especially in the case of new product lines. The company's supplier chain are vetted thoroughly for their competency and their trade record and are closely monitored, by the senior managements.

Overall, the directors feel that any exposure to risks and uncertainties are well managed and satisfied with the procedures and practices in place.


Trion Pharma Limited (Registered number: 09293856)

Strategic Report
for the Year Ended 31 October 2023

KEY PERFORMANCE INDICATOR
The key financial performance indicators used to determine the progress and performances of the company are as set out below:

YE 31.10.2023 YE 31.10.2022
Turnover £14,552,431 £9,596,893
Gross Profit £7,245,358 £4,604,565
Gross Profit Margin 49.79% 47.98%
Profit before Tax £5,971,584 £3,117,079
Shareholder's Equity £8,675,554 £4,056,175


For year ended 31 October 2023, the company continued to increase its turnover by (51.64%) and its gross profit margin to (49.79%) for the previous year of (47.98 %).

The company continues to maintain a healthy balance of reserves to meet its business requirements and development of new products.

ON BEHALF OF THE BOARD:





Mr Vipulkumar Patel - Director


26 November 2024

Trion Pharma Limited (Registered number: 09293856)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 250 per share.

The total distribution of dividends for the year ended 31 October 2023 will be £ 25,000 .

DIRECTOR
Mr Vipulkumar Patel was the sole director during the year under review.

The director holding office at 31 October 2023 did not hold any beneficial interest in the issued share capital of the company at 1 November 2022 or 31 October 2023.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Andrew Murray & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr Vipulkumar Patel - Director


26 November 2024

Report of the Independent Auditors to the Members of
Trion Pharma Limited

Qualified opinion
We have audited the financial statements of Trion Pharma Limited (the 'company') for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion except for the effects of the matter described in the Basis for qualified opinion section the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006

Basis for qualified opinion
We have not attained the stock take for the year-ended 31.10.2023. Therefore, we could not obtain sufficient audit evidence for the stock value.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Trion Pharma Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and understanding the design of the company’s internal control for the stock.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation;

Reading the minutes of meetings of those charged with governance;

Enquiring of management as to actual and potential litigation and claims

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Trion Pharma Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Naren Desai FCA (Senior Statutory Auditor)
for and on behalf of Andrew Murray & Co
Chartered Accountants & Statutory Auditors
144-146 Kings Cross Road
Kings Cross
London
London
WC1X9DU

27 November 2024

Trion Pharma Limited (Registered number: 09293856)

Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

REVENUE 3 14,552,431 9,596,893

Cost of sales 7,307,073 4,992,328
GROSS PROFIT 7,245,358 4,604,565

Administrative expenses 1,358,468 1,556,521
5,886,890 3,048,044

Other operating income 4 62,900 68,749
OPERATING PROFIT 7 5,949,790 3,116,793

Interest receivable and similar income 21,794 286
PROFIT BEFORE TAXATION 5,971,584 3,117,079

Tax on profit 9 1,327,205 565,089
PROFIT FOR THE FINANCIAL YEAR 4,644,379 2,551,990

Trion Pharma Limited (Registered number: 09293856)

Other Comprehensive Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

PROFIT FOR THE YEAR 4,644,379 2,551,990


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,644,379

2,551,990

Trion Pharma Limited (Registered number: 09293856)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 11 399,419 321,760

CURRENT ASSETS
Inventories 12 765,500 251,180
Debtors 13 1,964,405 2,882,163
Cash at bank and in hand 17,100,751 6,634,889
19,830,656 9,768,232
CREDITORS
Amounts falling due within one year 14 11,554,521 6,033,817
NET CURRENT ASSETS 8,276,135 3,734,415
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,675,554

4,056,175

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 8,675,454 4,056,075
SHAREHOLDERS' FUNDS 8,675,554 4,056,175

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mr Vipulkumar Patel - Director


Trion Pharma Limited (Registered number: 09293856)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 100 1,529,085 1,529,185

Changes in equity
Dividends - (25,000 ) (25,000 )
Total comprehensive income - 2,551,990 2,551,990
Balance at 31 October 2022 100 4,056,075 4,056,175

Changes in equity
Dividends - (25,000 ) (25,000 )
Total comprehensive income - 4,644,379 4,644,379
Balance at 31 October 2023 100 8,675,454 8,675,554

Trion Pharma Limited (Registered number: 09293856)

Statement of Cash Flows
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 9,039,873 3,956,307
Tax paid - (225,834 )
Net cash from operating activities 9,039,873 3,730,473

Cash flows from investing activities
Purchase of tangible fixed assets (173,683 ) (234,861 )
Interest received 21,794 286
Net cash from investing activities (151,889 ) (234,575 )

Cash flows from financing activities
Amount introduced by directors 1,626,540 26,440
Amount withdrawn by directors (23,662 ) 124,138
Equity dividends paid (25,000 ) (25,000 )
Net cash from financing activities 1,577,878 125,578

Increase in cash and cash equivalents 10,465,862 3,621,476
Cash and cash equivalents at beginning of
year

2

6,634,889

3,013,413

Cash and cash equivalents at end of year 2 17,100,751 6,634,889

Trion Pharma Limited (Registered number: 09293856)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.10.23 31.10.22
£    £   
Profit before taxation 5,971,584 3,117,079
Depreciation charges 96,024 76,609
Finance income (21,794 ) (286 )
6,045,814 3,193,402
Increase in inventories (514,320 ) (251,180 )
Decrease/(increase) in trade and other debtors 917,758 (772,674 )
Increase in trade and other creditors 2,590,621 1,786,759
Cash generated from operations 9,039,873 3,956,307

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 17,100,751 6,634,889
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 6,634,889 3,013,413


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 6,634,889 10,465,862 17,100,751
6,634,889 10,465,862 17,100,751
Total 6,634,889 10,465,862 17,100,751

Trion Pharma Limited (Registered number: 09293856)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Trion Pharma Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
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 directors having considered the company's position for the year ended 31 December 2022, have given
indication of their willingness to give group support to the company in the foreseeable future.

On the basis, the directors consider it is appropriate to prepare the financial statements on going concern basis.

The financial statements do not include any adjustment that would result if future cash flows are insufficient or officeholder support was withdrawn.The principal accounting policies of the company have remained unchanged during the year.The financial statements have been prepared under the going concern basis.

Significant judgements and estimates
In the application of the company’s accounting policies, the directors are required to make judgements,estimates 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 at period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trion Pharma Limited (Registered number: 09293856)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Basic financial assets
Basic financial assets, which include trade and other 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.

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, including trade and other 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 receipts discounted at a market rate of interest.

Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Trion Pharma Limited (Registered number: 09293856)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market for the year ended 31 October 2023 is given below:

£   
United Kingdom 14,309,431
Europe 178,000
Rest of World 65,000
14,552,431

This analysis is not considered to be applicable to the year ended 31 October 2022.

4. OTHER OPERATING INCOME
31.10.23 31.10.22
£    £   
Other Income 62,900 68,749

5. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 395,417 248,610

The average number of employees during the year was as follows:
31.10.23 31.10.22

Finance 2 1
Operation 3 2
Sales and marketing 2 2
Direct labour 7 5
14 10

6. DIRECTORS' EMOLUMENTS
31.10.23 31.10.22
£    £   
Director's remuneration 12,000 12,000

7. OPERATING PROFIT

The operating profit is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 96,024 76,609

Trion Pharma Limited (Registered number: 09293856)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

8. AUDITORS' REMUNERATION


2023 2022
£ £
Audit fee 30,000 0
30,000 0

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 1,327,205 565,089
Tax on profit 1,327,205 565,089

10. DIVIDENDS
31.10.23 31.10.22
£    £   
Ordinary share capital shares of 1 each
Final 25,000 25,000

11. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 15,326 22,199 404,516 4,336 446,377
Additions - - 163,171 10,512 173,683
At 31 October 2023 15,326 22,199 567,687 14,848 620,060
DEPRECIATION
At 1 November 2022 - 4,440 117,843 2,334 124,617
Charge for year - 3,552 89,969 2,503 96,024
At 31 October 2023 - 7,992 207,812 4,837 220,641
NET BOOK VALUE
At 31 October 2023 15,326 14,207 359,875 10,011 399,419
At 31 October 2022 15,326 17,759 286,673 2,002 321,760

Trion Pharma Limited (Registered number: 09293856)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

12. INVENTORIES
31.10.23 31.10.22
£    £   
Stocks 765,500 251,180

The stock has been recorded at a lower of cost or net realisable value.

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 1,435,119 666,778
Other debtors 385,001 2,143,014
Deposit 62,500 65,336
Prepayments 81,785 7,035
1,964,405 2,882,163

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 6,963,555 4,676,190
Wages Payable 24,046 14,962
Tax 1,892,294 565,089
Social security and other taxes 7,847 4,557
VAT 750,991 490,271
Directors' current accounts 1,885,626 282,748
Accrued expenses 30,162 -
11,554,521 6,033,817

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
100 Ordinary share capital 1 100 100

16. RESERVES
Retained
earnings
£   

At 1 November 2022 4,056,075
Profit for the year 4,644,379
Dividends (25,000 )
At 31 October 2023 8,675,454

Trion Pharma Limited (Registered number: 09293856)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

17. RELATED PARTY

Mr C Patel is a 100% shareholder of Trinav Ltd.

Before Mr C Patel was appointed as director, Trion Pharma Ltd paid £81,600 in consultancy fees to Trinav Ltd during the year-end 31.10.2023