Company registration number 15961780 (England and Wales)
TROW 002 LTD
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
TROW 002 LTD (CONSOLIDATION)
COMPANY INFORMATION
Directors
A Aaronson
(Appointed 17 September 2024)
D Patel
(Appointed 1 October 2024)
P Semke
(Appointed 27 November 2024)
J Lowe
(Appointed 1 October 2024)
Company number
15961780
Registered office
20 Falkland Avenue
London
England
N3 1QR
Auditor
Azets Audit Services
Ashcombe Court
Woolsack Way
Godalming
England
GU7 1LQ
TROW 002 LTD (CONSOLIDATION)
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Notes to the financial statements
11 - 23
TROW 002 LTD (CONSOLIDATION)
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JANUARY 2025
- 1 -

The directors present their annual report and financial statements for the period ended 31 January 2025.

Principal activities

The principal activity of the Company was that of a holding company and for the Group was that of audiological services.

The Company was incorporated on 17 September 2024.

Results and dividends

The results for the period are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

A Aaronson
(Appointed 17 September 2024)
D Patel
(Appointed 1 October 2024)
P Semke
(Appointed 27 November 2024)
J Lowe
(Appointed 1 October 2024)
Auditor

Azets Audit Services were appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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). 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 group and company, 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 UK 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

TROW 002 LTD (CONSOLIDATION)
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
P Semke
Director
12 September 2025
TROW 002 LTD (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TROW 002 LTD (CONSOLIDATION)
- 3 -
Opinion

We have audited the financial statements of TROW 002 Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2025 which comprise the group income statement, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including 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 the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2025 and of the group's loss for the period 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 opinion

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- the information given in the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

TROW 002 LTD (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TROW 002 LTD (CONSOLIDATION)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

TROW 002 LTD (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TROW 002 LTD (CONSOLIDATION)
- 5 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Robert Southey (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
22 September 2025
Chartered Accountants
Statutory Auditor
Ashcombe Court
Woolsack Way
Godalming
England
GU7 1LQ
TROW 002 LTD (CONSOLIDATION)
GROUP INCOME STATEMENT
FOR THE PERIOD ENDED 31 JANUARY 2025
- 6 -
Period
ended
31 January
2025
Notes
£
Turnover
4,048,548
Cost of sales
(1,180,402)
Gross profit
2,868,146
Administrative expenses
(4,615,351)
Operating loss
(1,747,205)
Interest receivable and similar income
6
26,106
Interest payable and similar expenses
(1,032,941)
Loss before taxation
(2,754,040)
Tax on loss
7
4,918
Loss for the financial period
(2,749,122)
(Loss)/profit for the financial period is all attributable to the owners of the parent company.

The notes on pages 11 to 23 form part of these financial statements.

TROW 002 LTD (CONSOLIDATION)
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025
31 January 2025
- 7 -
2025
Notes
£
£
Fixed assets
Intangible assets
8
20,147,319
Tangible assets
9
301,147
20,448,466
Current assets
Stocks
744,379
Debtors
13
2,002,847
Cash at bank and in hand
1,007,643
3,754,869
Creditors: amounts falling due within one year
14
(3,241,792)
Net current assets
513,077
Total assets less current liabilities
20,961,543
Creditors: amounts falling due after more than one year
15
(23,512,712)
Net liabilities
(2,551,169)
Capital and reserves
Called up share capital
17
197,953
Profit and loss reserves
(2,749,122)
Total equity
(2,551,169)

The notes on pages 11 to 23 form part of these financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 12 September 2025 and are signed on its behalf by:
12 September 2025
P Semke
Director
Company registration number 15961780 (England and Wales)
TROW 002 LTD (CONSOLIDATION)
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2025
31 January 2025
- 8 -
2025
Notes
£
£
Fixed assets
Investments
11
1
Current assets
Debtors
13
18,163,952
Creditors: amounts falling due within one year
14
(847,599)
Net current assets
17,316,353
Total assets less current liabilities
17,316,354
Creditors: amounts falling due after more than one year
15
(17,966,000)
Net liabilities
(649,646)
Capital and reserves
Called up share capital
17
197,953
Profit and loss reserves
(847,599)
Total equity
(649,646)

The notes on pages 11 to 23 form part of these financial statements.

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £847,599.

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

The financial statements were approved by the board of directors and authorised for issue on 12 September 2025 and are signed on its behalf by:
12 September 2025
P Semke
Director
Company registration number 15961780 (England and Wales)
TROW 002 LTD (CONSOLIDATION)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 September 2024
-
0
-
0
-
0
Period ended 31 January 2025:
Loss and total comprehensive income
-
(2,749,122)
(2,749,122)
Issue of share capital
17
197,953
-
197,953
Balance at 31 January 2025
197,953
(2,749,122)
(2,551,169)

The notes on pages 11 to 23 form part of these financial statements.

TROW 002 LTD (CONSOLIDATION)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 September 2024
-
0
-
0
-
0
Period ended 31 January 2025:
Profit and total comprehensive income
-
(847,599)
(847,599)
Issue of share capital
17
197,953
-
197,953
Balance at 31 January 2025
197,953
(847,599)
(649,646)

The notes on pages 11 to 23 form part of these financial statements.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2025
- 11 -
1
Accounting policies
Company information

TROW 002 Ltd (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 20 Falkland Avenue, London, England, N3 1QR.

The group consists of TROW 002 Ltd and all of its subsidiaries.

1.1
Reporting period

These financial statements are prepared for the 19 week period from incorporation to 31 January 2025.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company TROW 002 Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover r epresents net invoiced sales of goods and medical supplies provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% reducing balance
1.9
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% on reducing balance
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 13 -
1.10
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.11
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in or .

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 14 -
1.15
Financial instruments

The G roup 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 a 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the group.

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax movement.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Management has estimated that stock remains saleable over a period of 15 years based on historical demand and anticipated future servicing requirements. Therefore, no provision for obsolete and slow moving items has been recorded in the accounts.

TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 17 -
3
Exceptional item
2025
£
Expenditure
Exceptional item - Admin costs (incl in Admin range)
73,919
73,919

As a result of the sale of the business, there were a number of transaction related costs incurred by the entity, described as follows:

- Completion bonuses

- Temporary staff costs

- Infrastructure and security upgrades

- Legal and professional fees

The above costs are not expected to recur in future years, and therefore have been shown separately on the face of the profit and loss account to aid the comparability of the financial statements.

4
Auditor's remuneration
2025
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the group and company
23,750
For other services
All other non-audit services
11,000
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2025
2025
Number
Number
Total
48
4
6
Interest receivable and similar income
2025
£
Other interest receivable and similar income
26,106
TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 18 -
7
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
(4,918)

The actual (credit)/charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2025
£
Loss before taxation
(2,754,040)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00%
(688,510)
Tax effect of expenses that are not deductible in determining taxable profit
425,347
Permanent capital allowances in excess of depreciation
(2,881)
Amortisation on assets not qualifying for tax allowances
173,523
Other permanent differences
105,950
Over provision at acquisition
(18,347)
Taxation credit
(4,918)
8
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 17 September 2024
-
0
-
0
-
0
Additions
20,822,787
22,332
20,845,119
At 31 January 2025
20,822,787
22,332
20,845,119
Amortisation and impairment
At 17 September 2024
-
0
-
0
-
0
Amortisation charged for the period
694,093
3,707
697,800
At 31 January 2025
694,093
3,707
697,800
Carrying amount
At 31 January 2025
20,128,694
18,625
20,147,319
The company had no intangible fixed assets at 31 January 2025.
TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 19 -
9
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 17 September 2024
-
0
-
0
-
0
-
0
-
0
-
0
Additions
68,630
122,189
47,130
88,874
181,315
508,138
Disposals
-
0
-
0
(5,539)
-
0
(88,990)
(94,529)
At 31 January 2025
68,630
122,189
41,591
88,874
92,325
413,609
Depreciation and impairment
At 17 September 2024
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
-
0
16,033
25,076
32,907
74,546
148,562
Eliminated in respect of disposals
-
0
-
0
(1,283)
-
0
(34,817)
(36,100)
At 31 January 2025
-
0
16,033
23,793
32,907
39,729
112,462
Carrying amount
At 31 January 2025
68,630
106,156
17,798
55,967
52,596
301,147
The company had no tangible fixed assets at 31 January 2025.
10
Investment property
Group
Company
2025
2025
£
£
Cost
At 17 September 2024
-
-
Additions
569,397
-
Disposals
(569,397)
-
At 31 January 2025
-
-
11
Fixed asset investments
Group
Company
2025
2025
£
£
Investments in subsidiaries
12
-
0
1
TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
11
Fixed asset investments
(Continued)
- 20 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 17 September 2024
-
Additions
1
At 31 January 2025
1
Carrying amount
At 31 January 2025
1
12
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
TROW 003 Ltd
20 Falkland Avenue, London, England N3 1QR
Ordinary
100.00
-
Audiological Science Limited
20 Falkland Avenue, London, England N3 1QR
Ordinary
0
100.00
13
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
1,002,819
-
0
Amounts owed by group
-
0
18,163,952
Other debtors
1,000,028
-
0
2,002,847
18,163,952
14
Creditors: amounts falling due within one year
Group
Company
2025
2025
£
£
Trade creditors
900,548
-
0
Corporation tax payable
365,828
-
0
Other taxation and social security
74,226
-
0
Other creditors
1,901,190
847,599
3,241,792
847,599
TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
- 21 -
15
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
£
£
Other creditors
23,512,712
17,966,000
16
Loans and overdrafts
Group
Company
2025
2025
£
£
Preference shares
2,333,571
2,333,571
Loans from related parties
15,632,429
15,632,429
Other loans
5,546,712
-
23,512,712
17,966,000
Payable after one year
23,512,712
17,966,000

Other loans of £5,546,712 are secured by a fixed charge and a floating charge over all the property or undertaking of the Group.

A cross-guarantee comprising the logos and domain names www.audiologicalscience.com, www.oxonbucks-nhs-. Audiology.com and a fixed charge and floating charge over all the property or undertaking of the Company was registered in the year.

During the period ended 31 January 2025, the company issued £15,632,429 of secured fixed rate loan notes to shareholders. Interest is paid monthly in arrears at a rate of 14% per annum. During the period, interest of £847,599 was charged. The loan notes are repayable by 2029.

17
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary A shares of £1 each
123,500
123,500
Ordinary B shares of £1 each
55,500
55,500
Ordinary C shares of £1 each
18,953
18,953
197,953
197,953
TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
17
Share capital
(Continued)
- 22 -
2025
2025
Preference share capital
Number
£
Issued and fully paid
Preference shares of £1 each
2,333,571
2,333,571
Preference shares classified as liabilities
2,333,571

The Company was incorporated on 17 September 2024 with 1 £1 Ordinary share paid at par.

On 1 October 2024, the Ordinary share was converted into 1 £1 Ordinary B share.

On 1 October, 123,500 £1 Ordinary A shares , 55,499 £1 Ordinary B shares and 18,953 £1 Ordinary C shares were issued at par.

18
Acquisition of a business

On 1 October 2024 the group acquired 100 percent of the issued capital of Audiological Science Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Intangible assets
17,876
-
17,876
Property, plant and equipment
203,682
-
203,682
Inventories
748,414
-
748,414
Trade and other receivables
5,799,623
-
5,799,623
Cash and cash equivalents
2,041,572
-
2,041,572
Trade and other payables
(1,855,107)
-
(1,855,107)
Tax liabilities
(1,277,945)
-
(1,277,945)
Total identifiable net assets
5,678,115
-
5,678,115
Goodwill
20,822,787
Total consideration
26,500,902
The consideration was satisfied by:
£
Cash
20,633,461
Issue of ordinary shares
55,000
Issue of preference shares
2,333,571
Issue of loan notes
3,111,429
Debt repayment
367,441
26,500,902
TROW 002 LTD (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2025
18
Acquisition of a business
(Continued)
- 23 -
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
4,048,548
Profit after tax
847,200
19
Controlling party

TROW 002 Ltd is owned by YFM Equity Partners Buyout III (GP) LLP on behalf of YFM Equity Partners Buyout III LP, a limited partnership registered in England and Wales.

The controlling parties are Mr D Bell and Mr D Hall.

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