LIR THERAPEUTICS LIMITED


Directors	HANLON, Killian, Dr
	O'BRIEN, Hugh, Dr


Registered Address	3rd Floor 1 Ashley Road
	Altrincham
	WA14 2DT


Registered Number	15383230 (England and Wales)

Balance Sheet as at
31 January 2026

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		156,665		70,475
			156,665		70,475
Current assets
Debtors	4	211,130		84,743
Cash at bank and on hand		1,037,280		1,940,537
		1,248,410		2,025,280
Creditors amounts falling due within one year	5	(25,266)		(41,204)
Net current assets (liabilities)			1,223,144		1,984,076
Total assets less current liabilities			1,379,809		2,054,551
Net assets			1,379,809		2,054,551
Capital and reserves
Called up share capital			2		2
Other reserves			2,225,000		2,225,000
Profit and loss account			(845,193)		(170,451)
Shareholders' funds			1,379,809		2,054,551

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 2 September 2026, and are signed on its behalf by:

HANLON, Killian, Dr
Director
Registered Company No. 15383230

LIR THERAPEUTICS LIMITED

Notes to the Financial Statements
for the year ended 31 January 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

	Defined contribution pension plan
	The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	4
	Office Equipment	4

	Government grants or assistance
	Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Government grants or assistance

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	6		2

3.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 February 25	72,932	3,831	76,763
Additions	110,315	4,337	114,652
At 31 January 26	183,247	8,168	191,415
Depreciation and impairment
At 01 February 25	5,990	298	6,288
Charge for year	26,998	1,464	28,462
At 31 January 26	32,988	1,762	34,750
Net book value
At 31 January 26	150,259	6,406	156,665
At 31 January 25	66,942	3,533	70,475

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Other debtors	209,739	78,053
Prepayments and accrued income	1,391	6,690
Total	211,130	84,743

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	17,648	26,482
Taxation and social security	-	9,792
Other creditors	5,193	2,878
Accrued liabilities and deferred income	2,425	2,052
Total	25,266	41,204


	At the balance sheet date, the Company owed £256 (2025: £311) to the directors and this amount is included within Other creditors. The loan is unsecured, interest free and repayable on demand.

6.	Operating lease commitments
	Minimum lease payments under non-cancellable operating leases due within one year total £11,283 (2024: £3,893).

7.	Further information regarding the company's financial position
	Included in other reserves are Convertible Loan Notes totaling £2,225,000 (2024: £2,225,000). The notes are unsecured, subordinated to all other creditors and are expected to convert into equity shares upon a future qualifying funding round. Repayment is only triggered on certain events of default and accordingly the directors have classified the instruments as equity.