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Registered number: 12032342









NOVOIC LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
NOVOIC LTD
REGISTERED NUMBER: 12032342

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
1,794
4,621

  
1,794
4,621

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 5 
657,624
264,542

Cash at bank and in hand
  
861,041
1,968,025

  
1,518,665
2,232,567

Creditors: amounts falling due within one year
 6 
(120,927)
(69,434)

NET CURRENT ASSETS
  
 
 
1,397,738
 
 
2,163,133

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,399,532
2,167,754

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

  

NET LIABILITIES
  
(988,968)
(220,746)


CAPITAL AND RESERVES
  

Called up share capital 
 8 
118
118

Share premium account
  
2,062,419
2,062,419

Profit and loss account
  
(3,051,505)
(2,283,283)

  
(988,968)
(220,746)


Page 1

 
NOVOIC LTD
REGISTERED NUMBER: 12032342
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

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: 15 April 2025

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 2024

1.


GENERAL INFORMATION

Novoic Ltd is a private company lmited by shares and incorporated in England and Wales. Its registered office is Stables Market, Chalk Farm Road, London NW1 8AB. 
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 2024

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.


Page 4

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 6 (2023 - 5).


4.


TANGIBLE FIXED ASSETS





Office equipment
Computer equipment
Total

£
£
£



COST OR VALUATION


At 1 July 2023
154
18,021
18,175


Additions
-
540
540



At 30 June 2024

154
18,561
18,715



DEPRECIATION


At 1 July 2023
43
13,511
13,554


Charge for the year on owned assets
31
3,336
3,367



At 30 June 2024

74
16,847
16,921



NET BOOK VALUE



At 30 June 2024
80
1,714
1,794



At 30 June 2023
111
4,510
4,621

Page 5

 
NOVOIC LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


DEBTORS: AMOUNTS FALLING DUE IN ONE YEAR

2024
2023
£
£


Trade debtors
27,001
-

Amounts owed by group undertakings
319,414
108,258

Other debtors
301,165
144,176

Called up share capital not paid
1
1

Prepayments and accrued income
10,043
12,107

657,624
264,542



6.


CREDITORS: AMOUNTS FALLING DUE IN ONE YEAR

2024
2023
£
£

Bank overdrafts
2,799
-

Trade creditors
55,369
42,052

Other taxation and social security
27,022
12,169

Other creditors
22,647
-

Accruals and deferred income
13,090
15,213

120,927
69,434


Other creditors include contributions of £909 (2023 - £Nil) payable to the Company's defined contribution scheme at the balance sheet date.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Other creditors
2,388,500
2,388,500

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 2024

8.


SHARE CAPITAL

2024
2023
£
£
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 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
-
38,981

-
38,981

 
Page 7