Company registration number: 14096752
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 10 form part of these financial statements.
Page 1
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
Page 2
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
Page 3
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Siro Clinpharm UK Limited is a private company, limited by shares, registered in England and Wales, company registration number 14096752. The registered office and principal place of business is 4th Floor, Silverstream House 45 Fitzroy Street, Fitzrovia, London, England, W1T 6EB.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
These financial statements have been prepared on a going concern basis.
The Company realised a net loss before tax of £45,365 and had net liabilities of £173,524 for the year end 31 March 2025.
The Directors have received confirmation that the ultimate parent company, Aetios Holdings Pte. Ltd, will continue to support the Company for at least twelve months from the date of the financial statements being approved and signed to meet its liabilities as they fall due and that it has sufficient resources to provide this financial support.
The Company realised a net loss before tax of £45,365 and had net liabilities of £173,524 for the year end 31 March 2025.
The Directors have received confirmation that the ultimate parent company, Aetios Holdings Pte. Ltd, will continue to support the Company for at least twelve months from the date of the financial statements being approved and signed to meet its liabilities as they fall due and that it has sufficient resources to provide this financial support.
Page 4
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Page 5
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 6
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Basic 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 Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Compulsory convertible preference shares are recognised as a liability where they require conversion under fixed terms. They are initially recorded at fair value and measured at amortised cost over time.
A notional dividend is accrued each period and treated as a finance cost in the income statement, not as a distribution of profit.
When the convertible preference shares are converted into equity, this will transfer at fair value at the date of transfer.
A notional dividend is accrued each period and treated as a finance cost in the income statement, not as a distribution of profit.
When the convertible preference shares are converted into equity, this will transfer at fair value at the date of transfer.
Page 7
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Page 8
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 9
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
A prior year adjustment has been made to reclassify amounts of £1,175,000 previously allocated within equity as compulsory convertible preference shares into non-current liabilities. A further prior year adjustment has been made to accrue for dividends against interest in the profit & loss of £91,063 in the 2024 financial year, and of £7,235 in the 2023 financial year, impacting the comparative opening retained earnings.
This adjustment has had an impact on profit by the interest amount and has decreased net assets on the balance sheet. Creditors due in more than one year have increased due to dividends accrued. Comparative figures have been restated accordingly and referenced.
This adjustment has had an impact on profit by the interest amount and has decreased net assets on the balance sheet. Creditors due in more than one year have increased due to dividends accrued. Comparative figures have been restated accordingly and referenced.
The audit report was signed on 30 October 2025 by Nimita Chan FCCA (Senior Statutory Auditor) on behalf of Menzies LLP .
Page 10