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Registered number: 13606487
Neovac Ltd
Unaudited Financial Statements
For the Period 1 October 2023 to 31 December 2023
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13606487
31 December 2023 30 September 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 62,859 70,988
62,859 70,988
CURRENT ASSETS
Debtors 5 1,112,498 86,338
Cash at bank and in hand 3,289,556 1,529,826
4,402,054 1,616,164
Creditors: Amounts Falling Due Within One Year 6 (1,176,479 ) (10,137,320 )
NET CURRENT ASSETS (LIABILITIES) 3,225,575 (8,521,156 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,288,434 (8,450,168 )
Creditors: Amounts Falling Due After More Than One Year 7 (11,072,612 ) -
NET LIABILITIES (7,784,178 ) (8,450,168 )
CAPITAL AND RESERVES
Called up share capital 8 9 9
Convertible loans reserve 541,217 424,073
Profit and Loss Account (8,325,404 ) (8,874,250 )
SHAREHOLDERS' FUNDS (7,784,178) (8,450,168)
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For the period ending 31 December 2023 the company was entitled to exemption from audit 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 5 November 2024 and were signed on its behalf by:
Prof Dan Peer
Director
5 November 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Neovac Ltd is a private company,  limited by shares, incorporated in England & Wales, registered number 13606487 . The registered office is Suites 1 and 2, 127 Olympic Avenue, Milton Park, Abingdon, OX14 4SA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors are of the opinion that, notwithstanding the Company having total net liabilities of £7,784k (Sep 2023 - £8,450k) including convertible loan liabilities of £11,073k with a maturity date of 30 November 2025  (the previous maturity date being 9 November 2023), the Company is expected to have sufficient liquid assets, including cash, to meet short-term obligations. 
Furthermore, the Company is actively pursuing ongoing funding plans to strengthen its financial position. These plans include seeking new equity investors, applying for additional grant funding, and raising funding from the issuance of additional convertible loans.  
The directors have a reasonable expectation that, through these measures alongside the Company's current assets, there are adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.  Depreciation  is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 3 years on a straight line basis
Fixtures & Fittings 3 years on a straight line basis
Computer Equipment 3 years on a straight line 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. 
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred. 
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. 
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss. 
2.4. Financial Instruments
Trade and other debtors / creditors
Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.
Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.
For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.
...CONTINUED
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2.4. Financial Instruments - continued
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.   Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow  all or  part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate  manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
3. Average Number of Employees
Average number of employees during the year was as follows: 17 (2023: 15)
17 15
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 79,737 3,788 15,117 98,642
Additions - - 468 468
Disposals - - (768 ) (768 )
As at 31 December 2023 79,737 3,788 14,817 98,342
Depreciation
As at 1 October 2023 19,421 2,104 6,129 27,654
Provided during the period 6,645 316 1,209 8,170
Disposals - - (341 ) (341 )
As at 31 December 2023 26,066 2,420 6,997 35,483
Net Book Value
As at 31 December 2023 53,671 1,368 7,820 62,859
As at 1 October 2023 60,316 1,684 8,988 70,988
5. Debtors
31 December 2023 30 September 2023
£ £
Due within one year
Trade debtors 406,412 -
Other debtors 706,086 86,338
1,112,498 86,338
£406k in Trade Debtors relates to a grant receivable.
£528k in Other Debtors relates to the R&D claim for the prior year which was received post Balance Sheet.
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 30 September 2023
£ £
Trade creditors 1,113,968 308,565
Convertible loans - 9,117,061
Other creditors 62,511 711,694
1,176,479 10,137,320
Included within other creditors are outstanding pension contributions of £15,011 (Sep 2023: £13,750). 
A fixed charge was registered on 18 August 2023 in favour of HSBC Innovation Banking.
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7. Creditors: Amounts Falling Due After More Than One Year
31 December 2023 30 September 2023
£ £
Other loans 11,072,612 -
8. Share Capital
31 December 2023 30 September 2023
£ £
Allotted, Called up and fully paid 9 9
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2023 30 September 2023
£ £
Not later than one year 36,173 18,649
Later than one year and not later than five years 7,996 -
44,169 18,649
10. Post Balance Sheet Events
In September and October 2024, the Company raised $1.3m of funding by issuing additional convertible loan notes with a maturity date of 30 November 2025.
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