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REGISTERED NUMBER: 05616306 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

TRIO MEDICINES LIMITED

TRIO MEDICINES LIMITED (REGISTERED NUMBER: 05616306)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TRIO MEDICINES 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: Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY





REGISTERED NUMBER: 05616306 (England and Wales)





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

TRIO MEDICINES LIMITED (REGISTERED NUMBER: 05616306)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 102,242 171,294
Cash at bank 20,679 118,164
122,921 289,458
CREDITORS
Amounts falling due within one year 5 2,073,003 1,406,950
NET CURRENT LIABILITIES (1,950,082 ) (1,117,492 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,950,082

)

(1,117,492

)

CAPITAL AND RESERVES
Called up share capital 6 14,750,000 14,750,000
Retained earnings 7 (16,700,082 ) (15,867,492 )
SHAREHOLDERS' FUNDS (1,950,082 ) (1,117,492 )

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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


TRIO MEDICINES LIMITED (REGISTERED NUMBER: 05616306)

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


1. STATUTORY INFORMATION

Trio Medicines 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 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis, despite the net current liabilities of £1,950,082 (2023: £1,117,492). At the year end, the company owed £2,035,947 (£1,212,052) to its parent company, Hammersmith Medicines Research Limited. The owner of the parent company is in advanced negotiations to sell 100% of the shares in Hammersmith Medicines Research Limited. Upon completion of the sale, the shares in Trio Medicines Limited will be transferred from Hammersmith Medicines Research Limited to the current ultimate controlling party. A condition of the proposed sale is that Hammersmith Medicines Research Limited will write off the amount due from Trio Medicines Limited. A further condition of the proposed sale is that, subject to conditions, Hammersmith Medicines Research Limited will provide financial support to Trio Medicines Limited for a number of years to enable it to continue with its research and development activities.

Due to the company's financial position at the year end and thereafter, and due to the proposed sale of the parent company not yet having been completed, and the intercompany balance not yet having been written off, a material uncertainty exists regarding the company's ability to continue as a going concern.

The directors expect the sale to go ahead, the intercompany balance to be written off, and for ongoing financial support to be provided from Hammersmith Medicines Research Limited to enable the company to continue its activities. The current ultimate shareholder has expressed his willingness to support the company in respect of its remaining minimal external liabilities upon transfer of the shares. On that basis, the directors are satisfied that the going concern basis of preparing the financial statements is appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Current 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.

Research and development
Research expenditure is written off to profit and loss account 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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

TRIO MEDICINES LIMITED (REGISTERED NUMBER: 05616306)

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


2. ACCOUNTING POLICIES - continued

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 profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 102,242 171,294

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,699 2,600
Amounts owed to group undertakings 2,035,947 1,212,052
Other creditors 34,357 192,298
2,073,003 1,406,950

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
14,750,000 Ordinary £1 14,750,000 14,750,000

7. RESERVES

Reserves include all current and prior period profits and losses.

TRIO MEDICINES LIMITED (REGISTERED NUMBER: 05616306)

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


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
Note 2 in the financial statements draws attention to the advanced negotiations that are occurring in respect of the shares in the company's parent company, Hammersmith Medicines Research Limited, being sold, and the transfer of the shares in Trio Medicines Limited. On the basis that these events occur, which is expected by the directors, the company will be making a substantial and material Research and Development claim for the year ended 31 January 2024. The company's financial statements do not include a provision for a Research and Development Corporation Tax credit, which would be recognised within Debtors and Tax within the Income Statement. At the date of the audit report we have not been able to quantify the anticipated claim, however in the previous three years this has been in the range of £66,000- £102,000 per year.

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.

Guy Rolliston (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP

9. ULTIMATE PARENT COMPANY

Hammersmith Medicines Research Limited is regarded by the directors as being the company's ultimate parent company. Consolidated group financial statements are prepared by Hammersmith Medicines Research Limited.

Registered office and principal place of business: 44 Cumberland Avenue, London NW10 7EW.