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Company registration number: 12639458







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


GEORGE MEDICINES UK LIMITED






































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GEORGE MEDICINES UK LIMITED
REGISTERED NUMBER:12639458



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,173,777
780,500

Cash at bank and in hand
  
176,805
121,026

  
1,350,582
901,526

Creditors: amounts falling due within one year
 5 
(666,318)
(409,999)

Net current assets
  
 
 
684,264
 
 
491,527

Total assets less current liabilities
  
684,264
491,527

  

Net assets
  
684,264
491,527


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
684,164
491,427

  
684,264
491,527


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Featherston
Director

Date: 13 March 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


GEORGE MEDICINES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares and 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

 
2.1

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors believe that the going concern basis is appropriate for the preparation and presentation of the financial statements, notwithstanding that the company is owed £1,056,880 by its immediate parent George Medicines PTY Limited, which has a continued deficit from operations and negative operating cash flows. The Directors of that company believe however that the Company has sufficient access to funds to continue operations, and the ability to repay the intercompany loan when cash flow from the successful commercialisation of the GMRx2 product is achieved. Access to funds include: i) tranche three funds under the convertible note agreements that is in place (drawn down post year end); ii) commercialisation agreements that have been agreed with partners in markets like Canada, Mexico and Brazil, and the anticipated likelihood of further agreements in the United States; iii) external capital; and ultimately iv) further investments from shareholders.
In the unlikely event that the above does not eventuate, the parent company may not be able to repay the intercompany borrowing then the going concern basis may not be appropriate for the UK company with the result that the Company may have to realise its assets and extinguish its liabilities other than in the ordinary course of business and in amounts different from those stated in the Financial Report. No allowance for such circumstances has been made in the Financial Report.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 2

 


GEORGE MEDICINES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue in respect of recharged costs is recognised as the costs are incurred on a cost plus basis with other
group companies. 

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financialassets and liabilities like trade and other debtors and creditors.


Page 3

 


GEORGE MEDICINES UK LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 9).


4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,056,880
674,946

Other debtors
83,879
105,554

Prepayments and accrued income
33,018
-

1,173,777
780,500



5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
252,364
138,746

Amounts owed to group undertakings
70,415
23,552

Corporation tax
64,191
64,259

Other taxation and social security
32,786
22,835

Other creditors
3,178
3,205

Accruals and deferred income
243,384
157,402

666,318
409,999



6.


Controlling party

The ultimate parent company is considered to be The George Institute for Global Health, a company incorporated in
Australia, by virtue of its controlling interest in George Medicines UK Limited, the immediate parent. The principal place of business is Level 5, 1 King Street, Newtown, NSW 2042, Australia.


7.


Auditors' information

The auditors' report on the financial statements for the year ended 30 June 2024 was unqualified.

The audit report was signed on 13 March 2025 by Janice Matthews FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 4