Company registration number 05616306 (England and Wales)
TRIO MEDICINES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
TRIO MEDICINES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TRIO MEDICINES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Current assets
Debtors
4
46,479
102,242
Cash at bank and in hand
20,547
20,679
67,026
122,921
Creditors: amounts falling due within one year
5
(2,980,487)
(2,125,452)
Net current liabilities
(2,913,461)
(2,002,531)
Capital and reserves
Called up share capital
14,750,000
14,750,000
Profit and loss reserves
(17,663,461)
(16,752,531)
Total equity
(2,913,461)
(2,002,531)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered 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 30 June 2026 and are signed on its behalf by:
Dr M J Boyce
Director
Company registration number 05616306 (England and Wales)
TRIO MEDICINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information

Trio Medicines Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
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.

1.2
Going concern

The financial statements have been prepared on a going concern basis. After the year end, 100% of the company's shares were transferred from Hammersmith Medicines Research Limited to Dr Malcolm Boyce. The amount due from Trio Medicines Limited to Hammersmith Medicines Research Limited was fully written off by deed of release. Under the previous ownership, Trio Medicines Limited's operations were funded by the parent company. Following the change in ownership, the company no longer receives financial support from Hammersmith Medicines Research Limited. Although the shareholder's intention is to continue to support the company for a period of at least 12 months from the date on which the financial statements are authorised for issue, given the withdrawal of of the substantial funding previously received from Hammersmith Medicines Research Limited, there exists a material uncertainty regarding the company's ability to continue as a going concern.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
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.

1.5
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

TRIO MEDICINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -
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 method 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 company 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 company after deducting all of its liabilities.

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. A m ounts 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.

TRIO MEDICINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

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

1.7
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.

1.8
Retirement benefits

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

1.9

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2024 - 2).

TRIO MEDICINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
0
101,996
Other debtors
46,479
246
46,479
102,242
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
155,806
2,699
Amounts owed to group undertakings
2,792,355
2,035,947
Taxation and social security
1,342
-
0
Other creditors
30,984
86,806
2,980,487
2,125,452
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Guy Rolliston
Statutory Auditor:
Sumer Audit
Date of audit report:
30 June 2026
Sumer Audit is the trading name of Sumer Auditco Limited
7
Events after the reporting date

On 4 July 2025, 100% of the company's share capital was transferred from Hammersmith Medicines Research Limited to Dr M J Boyce. On 31 July 2025, a Deed of Release was issued and the amount owing from the company to Hammersmith Medicines Research Limited (£2,788,822 at the year end) was released and discharged.

TRIO MEDICINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
8
Prior period adjustment

Prior period adjustments have been made to correct the classification and recognition of certain balances in the comparative period. These adjustments have been treated in accordance with FRS 102 Section 10 Accounting Policies, Estimates and Errors, with the comparative figures restated and the opening reserves adjusted accordingly.

On review of expenditure incurred in the year, it was ascertained that some expenses included within research and development costs should have been recognised on a straight-line basis over a three year period rather than being recognised in full in the year when invoiced.

To correct this error the comparative figures for research and development and accruals have each been restated by £52,448.

The adjustments have impacted the opening reserves.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Jan 2024
£
£
£
Creditors due within one year
Other creditors
(2,073,004)
(52,448)
(2,125,452)
Capital and reserves
Profit and loss reserves
(16,700,083)
(52,448)
(16,752,531)
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 January 2024
£
£
£
Administrative expenses
(832,785)
(52,448)
(885,233)
Loss for the financial period
(832,591)
(52,448)
(885,039)
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