EPIDAREX MANAGEMENT LTD

Company Registration Number:
SC640075 (Scotland)

Unaudited abridged accounts for the year ended 31 December 2025

Period of accounts

Start date: 01 January 2025

End date: 31 December 2025

EPIDAREX MANAGEMENT LTD

Contents of the Financial Statements

for the Period Ended 31 December 2025

Balance sheet
Notes

EPIDAREX MANAGEMENT LTD

Balance sheet

As at 31 December 2025


Notes
2025
2024


£
£
Fixed assets
Tangible assets: 3 4,397 5,853
Total fixed assets: 4,397 5,853
Current assets
Debtors: 4 98,686 125,337
Cash at bank and in hand: 5,803 10,802
Total current assets: 104,489 136,139
Creditors: amounts falling due within one year: 5 (466,758) (607,583)
Net current assets (liabilities): (362,269) (471,444)
Total assets less current liabilities: (357,872) (465,591)
Creditors: amounts falling due after more than one year: 6 (301,436) (288,460)
Total net assets (liabilities): (659,308) (754,051)
Capital and reserves
Called up share capital: 7,500 7,500
Other reserves: (114,583) (114,583)
Profit and loss account: (552,225) (646,968)
Shareholders funds: (659,308) (754,051)

The notes form part of these financial statements

EPIDAREX MANAGEMENT LTD

Balance sheet statements

For the year ending 31 December 2025 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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 & loss account.

This report was approved by the board of directors on 20 April 2026
and signed on behalf of the board by:

Name: Kyparissia Sirinakis
Status: Director

The notes form part of these financial statements

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue represents income generated by operating as the manager of the Funds. Revenue is recognised at the fair value of the consideration received or receivable on fee income. Fees are recognised when the outcome can be reliably estimated. When the outcome cannot be reliably estimated, fees are recognised to the extent such amounts are recoverable. All operations are conducted in the United Kingdom.

Other accounting policies

Going concern The financial statements are prepared on a going concern basis after consideration of the contractual guaranteed management fees due to the Company. Creditors payable within one year Creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

2. Employees

2025 2024
Average number of employees during the period 7 6

In addition to salary, several of the directors received health insurance coverage from the Company amounting to £5,833 (2024: £4,974).

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

3. Tangible Assets

Total
Cost £
At 01 January 2025 40,618
Additions 3,413
Disposals (4,138)
At 31 December 2025 39,893
Depreciation
At 01 January 2025 34,765
Charge for year 4,869
On disposals (4,138)
At 31 December 2025 35,496
Net book value
At 31 December 2025 4,397
At 31 December 2024 5,853

Tangible assets are initially recorded at cost and are subsequently stated at the cost less accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Computer Equipment – 3 years, Fixtures and Fittings - 4 years If there is an indication that there has been a significant change on depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

4. Debtors

2025 2024
££
Debtors due after more than one year: 98,686 125,337

Amounts owed by Epidarex Exeed Limited, Epidarex Capital II LP, Epidarex Partners Limited, Epidarex Capital CP LLP, Epidarex Capital Partners Limited, Epidarex Capital III UK GP LP, Epidarex Capital III UK LP, EIF Co-Invest LP, Epidarex Capital UK GP LLP, EPX II Co-Invest LP, and Epidarex Capital IV LP are for reimbursement of expenses paid for on behalf of these related entities. The entities are related due to common ownership or management contracts.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

5. Creditors: amounts falling due within one year note

At 31 December 2025: Accounts payable: £30,009 Bank loan: £248,520 Accrued expenses: £37,085 Other current liabilities: £151,144 Accounts payable are due to vendors for services received during the year in the ordinary course of business. The Company has a bank loan with GrassHopper Bank N.A. to cover short term cash fluctuations. The loan bears interest at a rate thegreater of (i) the US Prime Rate plus one quarter of one percent (0.25%) and (ii) three and one half of one percent (3.50%). The bankloan is guaranteed by the Company’s management fee income.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

6. Creditors: amounts falling due after more than one year note

At the Company’s inception, a long term loan was advanced by Ms. Sirinakis as part of the transfer of assets from Epidarex Capital Management LLP, the prior management company. The loan is to be repaid by January 2031. Interest is accruing on the loan at a rate of the Sterling Overnight Index Average (SONIA) plus one percent. As of 31 December 2025, £33,562 (2024: £19,245) of interest has accrued on the loan.

EPIDAREX MANAGEMENT LTD

Notes to the Financial Statements

for the Period Ended 31 December 2025

7. Loans to directors

Name of director receiving advance or credit: Elizabeth Roper
Description of the loan: The Company issued a £70,019 loan to one of its Directors on 29 January 2021 to be repaid by 31 December 2029, accruing interest at a rate of 1.08288%
£
Balance at 01 January 2025 65,267
Advances or credits made: 662
Advances or credits repaid: 5,000
Balance at 31 December 2025 60,929

The Company issued a £70,019 loan to one of its directors on 29 January 2021 to be repaid by 31 December 2029, accruing interest at a rate of 1.08288%. As of 31 December 2025, £3,624 (2024: £2,962) of interest has accrued on the loan and £12,714 (2024: £7,714) of the balance has been repaid. As of 31 December 2025, the balance due on the loan is £60,929 (2024: £65,267). As the loan was offered to one of the directors of the Company, the loan is subject to a tax under Section 455 of the Corporation Tax Act 2010, amounting to £22,756. Such tax can be reclaimed upon repayment.