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REGISTERED NUMBER: 02779946 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

HAMMERSMITH MEDICINES RESEARCH LIMITED

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


HAMMERSMITH MEDICINES RESEARCH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Dr M J Boyce MD FRCP FPM HonFBPhS
Dr S J Warrington MA MD FRCP FFPM





REGISTERED OFFICE: 44 Cumberland Avenue
London
NW10 7EW





REGISTERED NUMBER: 02779946 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
The results for the year and the financial position of the group are shown in the annexed financial statements.

Turnover in the year to 31 January 2024 was up 4.2% on the previous year (2023: down 5.9%). However, we registered exceptionally few new trials in 2024: most of our income came from trials started in 2021 and 2022. The lack of new trials was due to slow turnaround times by the Medicines and Healthcare products Regulatory Agency (MHRA), which discouraged potential sponsors from placing their trials in the UK. MHRA's performance has greatly improved, but our rate of registration of new trials has yet to recover fully to pre-2023 levels.

The group earned income from a broad range of customers, as in the previous year.

Staff salaries and pension costs are up 1.5% on the previous year (2023: up 10.2%), due to wage inflation.

Liquidity is good, and the group is free of debt. The group has not declared any dividends to shareholders. Net assets have decreased by 2.9% (2023: down by 5.4%), driven by a significant decrease in Debtors, in line with the slow down in new trials. The group is currently seeking an investor to take the company forward.

The group continues to face global competition for its services, and cost is a major determinant of where sponsors place their trials. The company aims to maintain its strong reputation for the timely completion of difficult phase 1 trials, to an excellent standard, in order to keep winning new business.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's income depends on the research and development expenditure of the international pharmaceutical industry. There is a risk to business from inflation, as our quotations for medium and long-term projects quickly become outdated. However, the UK has a strong reputation for high-quality, early-phase clinical research, and benefits from its forward-thinking, pragmatic, and supportive regulator (the MHRA). International sponsors further benefit from the weakness of the pound. Thus, the UK remains an attractive place for early-phase clinical trials. Furthermore, Hammersmith Medicines Research (HMR) has a proven track record of adapting quickly to regulatory change. We will devote all necessary resources to ensure the continued success of our clinical trials.

The group must comply with the UK Clinical Trials Regulations in order to obtain approval for clinical trials from the MHRA and Research Ethics Committees. Also, sponsors of our trials have their own exacting standards with which we must comply. The MHRA and our sponsors audit us frequently for compliance with the regulations for Good Clinical Practice and Good Manufacturing Practice. Failure to comply could have a detrimental impact on the financial performance of the group.

Serious injury or death of a subject could severely affect the group. Our staff are trained in the appropriate management of medical emergencies.

We handle sensitive personal and medical data of subjects, so the UK General Data Protection Regulation poses a financial risk to the group. However, the directors are satisfied that the group has robust systems in place to mitigate risks. We have suitably qualified and trained staff, a Quality Management System, a Quality Assurance group, a Data Protection Officer, and a Data Privacy Committee. We have 24-hour cybersecurity monitoring contracts with trusted providers, and certification of compliance with the ISO 27001 Information Security Management standard.


HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

SECTION 172(1) STATEMENT
The directors have regarded the following considerations of section 172 (1) of the Companies Act, when fulfilling their duty to promote the success of the group:

The long-term consequences of any decision, by consultation with internal management and external advisers, e.g.:

- Internal meetings of senior managers and managers;
- Access to external advice on employment law;
- Internal Data Privacy Committee, Information Management Security Officer, and Data Protection Officer;
-External specialist legal advisers;
- Internal Health and Safety Committee, including Health and Safety Manager, Fire Wardens, Radiation Protection Officers, and Biological Safety Officer, and external legal advisers.

The interests of the group's employees, by promoting robust HR and training policies:

- Company policies on training and on all aspects of discrimination and grievance;
- Dedicated training team raising awareness of the above during induction and beyond.

The need to foster the group's business relationships with suppliers, customers and others, by ensuring that our contracts with customers and subcontractors require all parties to comply with applicable regulations and law.

The impact of the group's operations on the community and the environment, by minimising waste and recycling whenever possible.

The desirability of the group maintaining a reputation for high standards of business conduct, through training of staff and the maintenance of an anti-bribery policy.

KEY PERFORMANCE INDICATORS
2024 2023
Turnover growth 4.2% (5.9% )
GP margins 33% 28%
Daily average subjects resident 11 13
Daily average outpatients 3 8

ON BEHALF OF THE BOARD:





Dr M J Boyce MD FRCP FPM HonFBPhS - Director


19 May 2025

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of testing products developed by the pharmaceutical industry.

Hammersmith Medicines Research (HMR) is a contract clinical research organisation (CRO) that does studies of new and existing medicines in healthy human volunteers (Phase 1) and in patients (Phase 2), on behalf of the international pharmaceutical industry. HMR has two subsidiaries, Trio Medicines Limited (Trio) which is developing its own medicines and Hammersmith Medicines Research (Properties) Limited which is a property investment company. The group intends to continue and grow this work in the future.

The group's financial strategy is to spread its financial investments among high street banks and in property, with the twin aims of maintaining liquidity to fund its business and minimizing risks of investment loss.

POLICY REGARDING DISABLED PERSONS
HMR has a disabled workers policy to give equal opportunities for disabled people to enter and progress within the group. All staff must follow this policy, encourage others to follow it, and report any incident of discrimination. New staff are told about the policy during induction training and are asked to reread the policy each time it is reviewed and reissued. Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Group continues and the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.

EMPLOYEE CONSULTATION
HMR places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company. The group achieves this through regular directors' meetings, managers' meetings, team meetings and through consultation with employee representatives.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

RESEARCH AND DEVELOPMENT
The group's research and development expenditure for the year totalled £15,035,991 (2023: £14,430,494).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

Dr M J Boyce MD FRCP FPM HonFBPhS
Dr S J Warrington MA MD FRCP FFPM


HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities.

Price risk
The group carefully monitors costs incurred from suppliers and constantly reviews the pricing of its services to ensure that margins remain favourable.

Credit risk
The risk of financial loss due to third parties failing to honour their obligations arises where the group provides services to customers. The group has implemented policies to minimize such losses and require that terms are only granted to customers who meet the internal requirements for having suitable payment history and adequate creditworthiness.

Liquidity risk
The group manages daily the cost requirements and is not reliant on external borrowing.

Cash flow risk
The group maintains strong cash reserves to meet all of its costs.

STREAMLINED ENERGY AND CARBON REPORTING
The group is required to disclose information on annual Greenhouse Gas emissions and annual energy consumption within the Report of the Directors where it is practical for management to obtain information.

The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from the use of electricity by the company was 242 tonnes during the year (2023: 216 tonnes). That figure was calculated multiplying the energy usage disclosed on our electricity bills by the fuel mix disclosures published on their website.The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from the use of gas by the company was 235 tonnes during the year (2023: 202 tonnes).

The emission intensity ratio of turnover to emissions was £45,043 per tonne (2023: £49,971 per tonne).

The annual quantity of electricity consumed in the UK was 1,166,466 kWh (2023: 1,117,176 kWh). The annual quantity of gas consumed in the UK was 1,284,247 kWh (2023: 1,104,702 kWh).

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Dr M J Boyce MD FRCP FPM HonFBPhS - Director


19 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMMERSMITH MEDICINES RESEARCH LIMITED


Qualified opinion
We have audited the financial statements of Hammersmith Medicines Research Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 possible effects of the matter described in the Basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the group's and of the parent company's affairs as at 31 January 2024 and of the group's loss 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
The financial statements include within Other income and Debtors a Research and Development Corporation Tax claim of £1,974,750 in respect of the year ended 31 January 2024. At the date of the Report of the Independent Auditors we had been unable to obtain sufficient appropriate audit evidence about the accuracy of this claim because we had insufficient time to perform the necessary audit procedures. Consequently, we were unable to determine whether any adjustments to these amounts were necessary.

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 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.

Material uncertainty relating to going concern
We draw attention to Note 2 in the financial statements, which explains that the group has experienced a decline in new trials after the year end, resulting in significant cashflow issues. As stated in Note 2, these circumstances along with other matters referred to in Note 2 give rise to a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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. As described in the Basis for qualified opinion section of our report, the directors have included a Research and Development Corporation Tax claim of £1,974,750 in the financial statements. We have not been able to obtain sufficient and appropriate audit evidence regarding the accuracy of this amount and we are therefore unable to conclude that the movement in net assets reported in the Strategic Report and the Research and Development expenditure reported in the Report of the Directors are materially correct in respect of this matter.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMMERSMITH MEDICINES RESEARCH LIMITED


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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMMERSMITH MEDICINES RESEARCH LIMITED


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks.

Audit approach to identifying and assessing potential risks related to irregularities
Our procedures for identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, included the following:

- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating to:


- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances
of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud; and
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group.

The key laws and regulations we considered to have a direct effect on the financial statements included the Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006, distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Key laws and regulations relating to the company's industry include the Human Medicines Regulations 2012 and the Medicines For Human Use (Clinical Trials) regulations 2004, with compliance under the Medicines and Healthcare products Regulatory Agency guidelines a legal requirement to conduct medical trials in the UK.

Audit approach in response to identified risks
Our procedures to respond to risks identified included the following:

- Enquiring of management and, where appropriate, those charged with governance, as to whether the entity is in compliance with such laws and regulations.

- Inspecting correspondence, if any, with the relevant licensing or regulatory authorities.

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with reporting requirements.

- Reviewing meeting minutes where available for any indication of non-compliance.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HAMMERSMITH MEDICINES RESEARCH LIMITED

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

Through these procedures, we have not become aware of any actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements. This is particularly true for those laws and regulations far removed from transactions reflected in the financial statements. As with any audit, there remained a higher risk of non-detection of irregularities that result from fraud, due to an implied intent behind this, than from those that result from error. As stated in the audit standards, we are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

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.




Guy Rolliston (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

20 May 2025

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 21,477,373 20,614,693

Cost of sales 14,301,204 14,841,073
GROSS PROFIT 7,176,169 5,773,620

Administrative expenses 10,246,312 9,053,502
(3,070,143 ) (3,279,882 )

Other operating income 1,974,750 1,230,974
OPERATING LOSS 5 (1,095,393 ) (2,048,908 )

Interest receivable and similar income 46,713 4,689
(1,048,680 ) (2,044,219 )
Gain/loss on revaluation of assets 20,816 (45,708 )
LOSS BEFORE TAXATION (1,027,864 ) (2,089,927 )

Tax on loss 7 (298,661 ) (692,996 )
LOSS FOR THE FINANCIAL YEAR (729,203 ) (1,396,931 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(729,203

)

(1,396,931

)

Loss attributable to:
Owners of the parent (729,203 ) (1,396,931 )

Total comprehensive income attributable to:
Owners of the parent (729,203 ) (1,396,931 )

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

CONSOLIDATED BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 11,282,454 11,645,971
Investments 10 - -
Investment property 11 1,010,000 1,003,000
12,292,454 12,648,971

CURRENT ASSETS
Debtors: amounts falling due within one year 12 8,658,463 12,007,888
Debtors: amounts falling due after more than
one year

12

2,318,315

1,943,113
Investments 13 1,369,384 475,568
Cash at bank and in hand 3,735,190 1,985,589
16,081,352 16,412,158
CREDITORS
Amounts falling due within one year 14 2,800,670 2,626,519
NET CURRENT ASSETS 13,280,682 13,785,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,573,136

26,434,610

PROVISIONS FOR LIABILITIES 16 1,907,639 2,039,910
NET ASSETS 23,665,497 24,394,700

CAPITAL AND RESERVES
Called up share capital 17 100 100
Investment property fair value
reserve 18 7,028 28
Retained earnings 18 23,658,369 24,394,572
SHAREHOLDERS' FUNDS 23,665,497 24,394,700

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:





Dr M J Boyce MD FRCP FPM HonFBPhS - Director


HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

COMPANY BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 11,282,188 11,645,573
Investments 10 100 100
Investment property 11 - -
11,282,288 11,645,673

CURRENT ASSETS
Debtors: amounts falling due within one year 12 9,636,969 12,924,984
Debtors: amounts falling due after more than
one year

12

2,318,315

1,943,113
Investments 13 1,369,384 475,568
Cash at bank and in hand 3,714,410 1,867,325
17,039,078 17,210,990
CREDITORS
Amounts falling due within one year 14 2,748,548 2,421,953
NET CURRENT ASSETS 14,290,530 14,789,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,572,818

26,434,710

PROVISIONS FOR LIABILITIES 16 1,907,639 2,039,910
NET ASSETS 23,665,179 24,394,800

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 23,665,079 24,394,700
SHAREHOLDERS' FUNDS 23,665,179 24,394,800

Company's loss for the financial year (729,621 ) (1,331,438 )

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:





Dr M J Boyce MD FRCP FPM HonFBPhS - Director


HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Investment
property
Called up fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 100 25,790,098 1,433 25,791,631

Changes in equity
Total comprehensive income - (1,395,526 ) (1,405 ) (1,396,931 )
Balance at 31 January 2023 100 24,394,572 28 24,394,700

Changes in equity
Total comprehensive income - (736,203 ) 7,000 (729,203 )
Balance at 31 January 2024 100 23,658,369 7,028 23,665,497

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 100 25,726,138 25,726,238

Changes in equity
Total comprehensive income - (1,331,438 ) (1,331,438 )
Balance at 31 January 2023 100 24,394,700 24,394,800

Changes in equity
Total comprehensive income - (729,621 ) (729,621 )
Balance at 31 January 2024 100 23,665,079 23,665,179

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,734,350 (3,210,000 )
Tax paid (919,194 ) 831,759
Net cash from operating activities 2,815,156 (2,378,241 )

Cash flows from investing activities
Purchase of tangible fixed assets (248,759 ) (494,558 )
Sale of tangible fixed assets 16,995 (214 )
Current asset investments (880,000 ) -
Interest received 46,713 4,689
Net cash from investing activities (1,065,051 ) (490,083 )

Cash flows from financing activities
Amount introduced by directors - 24,828
Amount withdrawn by directors (504 ) -
Net cash from financing activities (504 ) 24,828

Increase/(decrease) in cash and cash equivalents 1,749,601 (2,843,496 )
Cash and cash equivalents at beginning
of year

2

1,985,589

4,829,085

Cash and cash equivalents at end of
year

2

3,735,190

1,985,589

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024


1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (1,027,864 ) (2,089,927 )
Depreciation charges 612,284 678,422
(Profit)/loss on disposal of fixed assets (17,003 ) 1,224
(Gain)/loss on revaluation of fixed assets (20,816 ) 45,708
Movement in provisions 166,390 146,910
Corporation Tax debtor provision - (1,228,124 )
Finance income (46,713 ) (4,689 )
(333,722 ) (2,450,476 )
Decrease/(increase) in trade and other debtors 3,893,921 (1,501,947 )
Increase in trade and other creditors 174,151 742,423
Cash generated from operations 3,734,350 (3,210,000 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 3,735,190 1,985,589
Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 1,985,589 4,829,085


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/2/23 Cash flow At 31/1/24
£    £    £   
Net cash
Cash at bank and in hand 1,985,589 1,749,601 3,735,190
1,985,589 1,749,601 3,735,190

Liquid resources
Current asset investments 475,568 893,816 1,369,384
475,568 893,816 1,369,384
Total 2,461,157 2,643,417 5,104,574

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard FRS 102 "The Financial Reporting applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

The significant accounting policies applied in the preparation of these financial statement are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The financial statements have been prepared on a going concern basis. At the year end, the group had net current assets of £13,280,682 (2023: £13,785,639), including cash at bank and in hand of £3,735,190 (2023: £1,985,589), and net assets of £23,665,497 (2023: £24,394,700). After the year end, the group experienced a marked decline in new trials, as noted in the Strategic Report. This has resulted in significant cashflow issues which have threatened the going concern status of the group. The owner of Hammersmith Medicines Research Limited is in advanced negotiations to sell 100% of the shares in the company to an investor whose intention is for the company to continue its operations. The investor has the ability to provide financial support and cashflow assistance to the company. Conditions of the proposed sale are that the shares in the subsidiaries, Hammersmith Medicines Research (Properties) Limited and Trio Medicines Limited, will be transferred from Hammersmith Medicines Research Limited to the current ultimate controlling party and intercompany balances will be written off.

As the proposed sale has not yet been completed, a material uncertainty exists regarding the group's ability to continue as a going concern.

The directors expect the sale, with the aforementioned conditions, to go ahead. On that basis, the directors are satisfied that the going concern basis of preparing the group's financial statements is appropriate.

Basis of consolidation
The group financial statements are the result of the consolidation of the financial statements of the company and its subsidiaries, namely Trio Medicines Limited and Hammersmith Medicines Research (Properties) Limited, drawn up to 31 January 2024. Intra-group transactions are eliminated on consolidation and all figures relate to external transactions only.

Significant judgements and estimates
In the application of the group's accounting policies, which are described below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based in 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

The areas for which estimation has been applied are considered to be in calculating depreciation and the useful economic lives of assets, deferred tax and other provisions, accrued and deferred income and accrued and prepaid expenditure and determining the fair values of investment property. Although these areas are subject to judgement, they are not considered to be subject to significant estimation.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the group's activities. Turnover is shown net of value added tax, returns and rebates.

Revenue is attributable to testing products developed by the pharmaceutical industry. Revenue is recognised at staged intervals when certain conditions are met during a particular study, as determined by the contract with the sponsor. At the completion of the particular study, a final reconciliation is undertaken to ensure that revenue is complete, including all pass-through costs.

Specifically, revenue from the provision of pharmaceutical studies is recognised at certain trigger points throughout the process.

Since the group undertakes all phases of medical research as and when required by customers they are included together as continuing operations in the statement of comprehensive income.

Where stage payments are received from sponsors in advance of services provided, the amounts are recorded as deferred income and included as part of creditors: amounts falling due within one year. Furthermore, where stage payments are due at the balance sheet date but not received, the amounts are recorded as accrued income within debtors: amounts falling due within one year.

Interest receivable is recognised using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Medical and computer equipment - 20% on cost
Furniture, fixtures and fittings - 20% on cost
Computer and office equipment - 25% on cost

Depreciation is not provided on the cost of freehold land.

Tangible fixed assets are stated at cost less accumulated depreciation less accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

At each balance sheet date, the group reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that at items have suffered and impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Research and development
Research expenditure is written off to the statement of comprehensive income in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Foreign currencies
The financial statements are presented in Sterling, the presentational and functional currency of the company. Transactions in currencies, other than Sterling, are recorded at the exchange rate on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rates of exchange prevailing at the balance sheet date. All differences are taken to the statement of comprehensive income. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Current asset investments
Current asset investments are held at fair value with any movement being charged to profit and loss.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,452,137 10,082,568
Europe 5,079,980 5,967,139
USA and Canada 6,883,885 4,548,928
Asia and the Far East 61,371 16,058
21,477,373 20,614,693

The turnover figures for the United Kingdom include exports invoiced via UK agents. A further geographical analysis of turnover by exports shows that our exports as a percentage of turnover was 62% in the year ended 31 January 2024 (2023: 60%).

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 11,563,952 11,479,669
Other pension costs 920,863 879,690
12,484,815 12,359,359

The average number of employees during the year was as follows:
2024 2023

Medical Research 256 273
Administration 35 35
291 308

The average number of Full Time Equivalent employees for the year were 261 (2023: 273).

2024 2023
£    £   
Directors' remuneration 121,863 70,912

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

2024 2023
£    £   
Hire of equipment 8,777 11,512
Depreciation - owned assets 612,284 678,472
(Profit)/loss on disposal of fixed assets (16,995 ) 1,224
Auditors' remuneration 57,104 25,620
Auditors' remuneration for non audit work 12,150 11,237
Research and development expenditure 15,035,991 14,430,494

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Exceptional items (297,060 ) (146,910 )

Exceptional items in the year were comprised of settlement fees for legal claims against the company in relation to the data breach that occurred in March 2020.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - (101,996 )

Deferred tax (298,661 ) (591,000 )
Tax on loss (298,661 ) (692,996 )

UK corporation tax was charged at 19 %) in 2023.

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Loss before tax (1,027,864 ) (2,089,927 )
Loss multiplied by the standard rate of corporation tax in the UK of 24 %
(2023 - 19 %)

(246,687

)

(397,086

)

Effects of:
Expenses not deductible for tax purposes (490 ) 17,154
Income not taxable for tax purposes (1,680 ) (4,121 )
Capital allowances in excess of depreciation (3,601 ) -
Depreciation in excess of capital allowances - 5,167


Research and development enhanced expenditure - (158,959 )
Tax losses incurred / (utilised) (46,303 ) 404,195
R&D tax credit at 14.5% - 31,654
investments

Deferred tax movement - (591,000 )
movement
Adjustments to tax on consolidation 100 -
Total tax credit (298,661 ) (692,996 )

Deferred tax at the year end is measured using the enacted tax rate of 25% (2023: 25%).

The main rate of corporation tax was 19% until 31st March 2023. The main rate is 25% from 1st April 2023. The company is not aware of any factors that would materially affect the future tax charge other than the proposed change in corporation tax rates.

The unused tax losses carried forward for the year are £4,683,007 for the group and £466,125 for the company.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


9. TANGIBLE FIXED ASSETS

Group
Medical Furniture, Computer
and fixtures and
Freehold computer and office
property equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 14,162,990 3,531,033 642,643 1,299,657 19,636,323
Additions - 180,340 23,612 44,807 248,759
Disposals - (144,893 ) - - (144,893 )
At 31 January 2024 14,162,990 3,566,480 666,255 1,344,464 19,740,189
DEPRECIATION
At 1 February 2023 3,517,150 2,841,150 515,335 1,116,717 7,990,352
Charge for year 268,212 212,260 41,834 89,978 612,284
Eliminated on disposal - (144,893 ) - - (144,893 )
Reclassification/transfer - (8 ) - - (8 )
At 31 January 2024 3,785,362 2,908,509 557,169 1,206,695 8,457,735
NET BOOK VALUE
At 31 January 2024 10,377,628 657,971 109,086 137,769 11,282,454
At 31 January 2023 10,645,840 689,883 127,308 182,940 11,645,971

Company
Medical Furniture, Computer
and fixtures and
Freehold computer and office
property equipment fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 14,162,990 3,531,033 633,874 1,299,657 19,627,554
Additions - 180,340 23,612 44,807 248,759
Disposals - (144,893 ) - - (144,893 )
At 31 January 2024 14,162,990 3,566,480 657,486 1,344,464 19,731,420
DEPRECIATION
At 1 February 2023 3,517,150 2,841,150 506,964 1,116,717 7,981,981
Charge for year 268,212 212,260 41,702 89,978 612,152
Eliminated on disposal - (144,893 ) - - (144,893 )
Reclassification/transfer - (8 ) - - (8 )
At 31 January 2024 3,785,362 2,908,509 548,666 1,206,695 8,449,232
NET BOOK VALUE
At 31 January 2024 10,377,628 657,971 108,820 137,769 11,282,188
At 31 January 2023 10,645,840 689,883 126,910 182,940 11,645,573

Included in cost of land and buildings is freehold land of £ 752,500 (2023 - £ 752,500 ) which is not depreciated.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 14,750,100
PROVISIONS
At 1 February 2023
and 31 January 2024 14,750,000
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Trio Medicines Limited
Registered office: Pavilion View, 19 New Road Brighton, East Sussex, BN1 1EY
Nature of business: R&D of pharmaceutical products
%
Class of shares: holding
Ordinary 100.00

Hammersmith Medicines Research (Properties) Limited
Registered office: Pavilion View, 19 New Road, Brighton, East Sussex, BN1 1EY
Nature of business: Property investment
%
Class of shares: holding
Ordinary 100.00


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 February 2023 1,003,000
Revaluations 7,000
At 31 January 2024 1,010,000
NET BOOK VALUE
At 31 January 2024 1,010,000
At 31 January 2023 1,003,000

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


11. INVESTMENT PROPERTY - continued

Group

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2017 (2,617 )
Valuation in 2018 26,576
Valuation in 2019 (64,302 )
Valuation in 2020 41,776
Valuation in 2023 (1,405 )
Valuation in 2024 7,000
Cost 1,002,972
1,010,000

Investment property was valued on an open market basis on 31 January 2024 by the directors .

12. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,859,779 3,762,256 2,859,779 3,762,256
Amounts owed by group undertakings - - 1,087,926 1,095,306
Directors' current accounts 23,080 22,576 23,080 22,576
Corporation tax 2,695,475 2,151,483 2,593,479 1,982,955
Prepayments and accrued income 3,080,129 6,071,573 3,072,705 6,061,891
8,658,463 12,007,888 9,636,969 12,924,984

Amounts falling due after more than one year:
Tax 2,318,315 1,943,113 2,318,315 1,943,113

Aggregate amounts 10,976,778 13,951,001 11,955,284 14,868,097

Tax due after more than one year represents the Research & Development Above The Line tax credit carried forward against future corporation tax liabilities arising.

13. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Listed investments 489,384 475,568 489,384 475,568
Unlisted investments 880,000 - 880,000 -
1,369,384 475,568 1,369,384 475,568

Market value of listed investments at 31 January 2024 held by the group and the company - £ (489,384) (2023 - £ (475,568) ).

Market value of listed investments at 31 January 2023 held by the group and the company was £475,568.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 988,448 1,180,141 980,098 1,177,144
Social security and other taxes 289,013 289,248 289,013 289,248
VAT 132,704 6,769 132,704 6,769
Other creditors 4,561 782 2,721 84
Accrued expenses 1,385,944 1,149,579 1,344,012 948,708
2,800,670 2,626,519 2,748,548 2,421,953

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 72,348 80,894
Between one and five years 186,200 249,271
258,548 330,165

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 72,348 80,894
Between one and five years 186,200 249,271
258,548 330,165

Total operating lease expenditure of £107,708 (2023: £115,452) is included within the P&L.

HAMMERSMITH MEDICINES RESEARCH LIMITED (REGISTERED NUMBER: 02779946)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


16. PROVISIONS FOR LIABILITIES

Group and Company
2024 2023
£ £
Deferred tax 1,594,339 1,893,000
Other provisions 313,300 146,910
Aggregate amounts 1,907,639 2,039,910

Group and Company

Deferred
tax

Other
provisions
£ £
Balance brought forward 1,893,000 -
Charge (credit) to Profit and loss account during year (298,661 ) 313,300
Balance carried forward 1,594,339 313,300

Deferred tax liability carried forward
Accelerated capital allowances 1,594,339
Balance carried forward 1,594,339
Other provisions of £313,300 (2023: £146,910) are in respect of settlement fees for legal claims made against the company in relation to the data breach that occurred in March 2020.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary shares £1 100 100

Each share is entitled to one vote in any circumstances, pari passu to dividend payments or any other distribution, pari passu to participate in a distribution arising from a winding up of the company and no rights of redemption.

18. RESERVES

Reserves include all current and prior period profits and losses included within Retained Earnings and all movements in investment property revaluations included within the Investment Property Fair Value Reserve.

19. RELATED PARTY DISCLOSURES

At the balance sheet date £23,080 was owed by Dr M J Boyce MD FRCP FFPM HonFBPh to the company (2023 - £22,576). This balance is repayable on demand and not subject to interest.

During the year, a total of key management personnel compensation of £ 688,273 (2023 - £ 421,450 ) was paid.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Dr M J Boyce MD FRCP FPM HonFBPhS.