REGISTERED NUMBER: NI636113 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

TRIMEDIKA LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Dr R Molloy

P Molloy

REGISTERED OFFICE:

739 Springfield Road

Whiterock Business Park

Belfast

Co. Antrim

BT12 7FP

REGISTERED NUMBER:

NI636113 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

FIXED ASSETS

Intangible assets

4

1,184,906

941,236

Tangible assets

5

39,880

49,491

1,224,786

990,727

CURRENT ASSETS

Stocks

408,366

456,594

Debtors

6

161,140

49,826

Cash at bank

87,504

145,563

657,010

651,983

CREDITORS

Amounts falling due within one year

7

431,581

418,135

NET CURRENT ASSETS

225,429

233,848

TOTAL ASSETS LESS CURRENT LIABILITIES

1,450,215

1,224,575

CREDITORS

Amounts falling due after more than one year

8

2,168,341

1,653,960

NET LIABILITIES

(718,126

)

(429,385

)

CAPITAL AND RESERVES

Called up share capital

128

128

Share premium

290,388

290,388

Retained earnings

(1,008,642

)

(719,901

)

(718,126

)

(429,385

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 July 2025 and were signed on its behalf by:

P Molloy - Director

1.	STATUTORY INFORMATION

Trimedika Limited is a private company, limited by shares , registered in Northern Ireland. 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" 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 company is currently in the process of developing a new product and has incurred costs in relation to this, making a loss in the year of £288,741 (2023: £900,812). At year end it has net current assets of £225,429 and net liabilities of £718,126. The company has loans of £2,228,341 of which £60,000 is due within one year. Post year end the company has continued to repay all loans in accordance with the terms of the loan agreements. The directors have considered the future plans for the company, including cashflows and projections, combined with the continued support of the shareholders and are satisfied that that it is appropriate to prepare the financial statements on a going concern basis.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licenses are being amortsied at 20% reducing balance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to Property - 20% reducing balance

Fixtures, Fittings and Equipment - 20% reducing balance

Computer Equipment - 20% reducing balance

Stocks

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

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Development expenditure

Development expenditure represents the cost of designing products which will be sold by the Company. The production of the product has not commenced and the product has not been brought into use therefore the balance capitalised is not currently being amortised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

999,439

Additions

257,654

At 31 December 2024

1,257,093

AMORTISATION

At 1 January 2024

58,203

Charge for year

13,984

At 31 December 2024

72,187

NET BOOK VALUE

At 31 December 2024

1,184,906

At 31 December 2023

941,236

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

74,734

Additions

327

At 31 December 2024

75,061

DEPRECIATION

At 1 January 2024

25,243

Charge for year

9,938

At 31 December 2024

35,181

NET BOOK VALUE

At 31 December 2024

39,880

At 31 December 2023

49,491

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

15,382

21,697

Other debtors

145,758

28,129

161,140

49,826

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

-

7,262

Trade creditors

259,602

132,408

Taxation and social security

58,923

32,467

Other creditors

113,056

245,998

431,581

418,135

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Other creditors

2,168,341

1,653,960

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Innovate UK Loans Ltd

1,462,411

1,241,337

Whiterock Finance Ltd

585,929

518,288

2,048,340

1,759,625

Both the Innovate UK loan and the Whiterock finance loan are secured by separate fixed and floating charges over all the property or undertaking of the company.

10.	CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.