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REGISTERED NUMBER: 11922783 (England and Wales)









INNERVATE THERAPEUTICS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INNERVATE THERAPEUTICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Prof S S Gill
Mrs S Kane
Mrs T M Bruce
A S C Cooper





REGISTERED OFFICE: St Brandon's House
29 Great George Street
Bristol
BS1 5QT





REGISTERED NUMBER: 11922783 (England and Wales)

INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 253,769 -

CURRENT ASSETS
Debtors 5 25,404 6,377
Cash at bank 119,145 95,993
144,549 102,370
CREDITORS
Amounts falling due within one year 6 115,715 127,086
NET CURRENT ASSETS/(LIABILITIES) 28,834 (24,716 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

282,603

(24,716

)

CREDITORS
Amounts falling due after more than one
year

7

421,029

75,000
NET LIABILITIES (138,426 ) (99,716 )

CAPITAL AND RESERVES
Called up share capital 8 5 5
Retained earnings (138,431 ) (99,721 )
(138,426 ) (99,716 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:





Mrs S Kane - Director


INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The financial statements have been prepared on a going concern basis whish assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Research and development
Development costs that are expected to generate probable future economic benefits are capitalised as intangible assets. All other research and development expenditure is recognised in the income statement as incurred.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisiation and any accumulated impairment losses.

Capitalised development expenditure and patent costs are yet to be amortised and will commence once the product has been fully developed and marketed.


INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Development costs have been capitalised where there is an expectation that company will receive future economic benefits directly attributable to the asset being developed.

The following conditions have been satisfied when recognising development costs as an asset:
- It is technically feasible to complete and that the asset will be available for use or sale;
- It is intended for use or sale;
- It has been demonstrated that the asset will generate future economic benefits;
- Adequate technical, financial and other resources exist so that the product development can be completed and subsequently used or sold;
- Expenditure attributed to the asset can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure is amortised over the useful economic life of the asset.

Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". Financial instruments are recognised 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.

INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Basic financial assets
Basic financial assets, which include trade debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market value of interest.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
Additions 253,769
At 30 April 2024 253,769
NET BOOK VALUE
At 30 April 2024 253,769

The company is engaged in the development of gene therapies for the central nervous systems.

Amortisation of development costs will commence when the asset is available for use, which is the point
at which the product has been fully developed and marketed.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 25,404 6,377

INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 63,265 14,862
Other creditors 52,450 112,224
115,715 127,086

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 421,029 75,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal Value: 2024 2023

£    £   
251 Ordinary 'A' 0.01 2.51 2.51
24 Ordinary 'B' 0.01 0.24 0.24
125 Ordinary 'C' 0.01 1.25 1.25
75 Ordinary 'D' 0.01 0.75 0.75
25 Ordinary 'E' 0.01 0.25 0.25
5 5

9. CONTINGENT LIABILITIES

During the year the company received grant funding in relation to preclinical development work.
The purpose of the grants is to support ongoing eligible project expenditure. Should any conditions
of the grant be contravened or unspent, then the grant could become repayable to the funder.

10. RELATED PARTY DISCLOSURES

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.

Xpaed Ltd is a related company through common directorship. At 30 April 2024, the company was owed £Nil (April 2023: £600) by Xpaed Ltd.

Neurochase Ltd is a related company through common directorship. At 30 April 2024, the company owed £50,000 (April 2023: £50,000) to Neurochase Ltd.

INNERVATE THERAPEUTICS LTD (REGISTERED NUMBER: 11922783)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Professor Steven Gill.