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Registered number: 12032342









NOVOIC LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
NOVOIC LTD
REGISTERED NUMBER: 12032342

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
4,621
9,114

  
4,621
9,114

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
264,542
195,703

Cash at bank and in hand
  
1,968,025
600,138

  
2,232,567
795,841

Creditors: amounts falling due within one year
 6 
(69,434)
(94,665)

NET CURRENT ASSETS
  
 
 
2,163,133
 
 
701,176

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,167,754
710,290

Creditors: amounts falling due after more than one year
 7 
(2,388,500)
-

  

NET (LIABILITIES)/ASSETS
  
(220,746)
710,290


CAPITAL AND RESERVES
  

Called up share capital 
 8 
118
118

Share premium account
  
2,062,419
2,064,762

Profit and loss account
  
(2,283,283)
(1,354,590)

  
(220,746)
710,290


Page 1

 
NOVOIC LTD
REGISTERED NUMBER: 12032342
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 profit and loss account 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: 




E Fristed
Director

Date: 9 April 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


GENERAL INFORMATION

Novoic Ltd is a private company lmited by shares and incorporated in England and Wales. Its registered office is 124 City Road, London, EC1V 2NX. 
The Company's functional and presentational currency is GBP. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on the going concern basis which assumes that the Company will continue as a going concern for the foreseeable future. The trading losses reported to date are consistent with the Company's business plan as it progresses its research and development activities.
Given the investment received to date, together with the development progress achieved, the directors have a reasonable expectation that the Company will be able to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Office equipment
-
5 years straight-line
Computer equipment
-
3 years straight-line

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.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

Page 3

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

OPERATING LEASES

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.8

RESEARCH AND DEVELOPMENT

Research and development expenditure is recognised in the Profit and Loss Account in the period in which the expenditure is incurred.

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 6).

Page 4

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


TANGIBLE FIXED ASSETS





Office equipment
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 July 2022
104
16,702
16,806


Additions
50
1,319
1,369



At 30 June 2023

154
18,021
18,175



DEPRECIATION


At 1 July 2022
16
7,676
7,692


Charge for the year on owned assets
27
5,835
5,862



At 30 June 2023

43
13,511
13,554



NET BOOK VALUE



At 30 June 2023
111
4,510
4,621



At 30 June 2022
88
9,026
9,114

Page 5

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


DEBTORS: AMOUNTS FALLING DUE IN ONE YEAR

2023
2022
£
£


Trade debtors
-
40,659

Amounts owed by group undertakings
108,258
-

Other debtors
144,176
149,593

Called up share capital not paid
1
1

Prepayments and accrued income
12,107
5,450

264,542
195,703



6.


CREDITORS: AMOUNTS FALLING DUE IN ONE YEAR

2023
2022
£
£

Trade creditors
42,052
70,167

Other taxation and social security
12,169
14,828

Accruals and deferred income
15,213
9,670

69,434
94,665



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Other creditors
2,388,500
-

2,388,500
-


Other creditors comprise simple agreements for future equity (SAFE). These will convert to equity in the event of a qualifying round or liquidity event. 

Page 6

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



834,545 Ordinary shares of £0.0001 each
83
83
344,502 Seed Preferred shares of £0.0001 each
34
34

117

117

ALLOTTED, CALLED UP AND UNPAID



4,81210,000 Ordinary shares of £0.0001 each
1
1





9.


COMMITMENTS UNDER OPERATING LEASES

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
38,981
40,669

Later than 1 year and not later than 5 years
-
38,981

38,981
79,650

 
Page 7