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REGISTERED NUMBER: 11504964 (England and Wales)















Unaudited Financial Statements

for the Year Ended

31 August 2024

for

Ikarovec Limited

Ikarovec Limited (Registered number: 11504964)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ikarovec Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Parkwalk Advisors Ltd
POW Sexton
Dr KM Binley
J Combal
D Guyer
CM Baker





REGISTERED OFFICE: Innovation Centre
Colney Lane
Colney
Norwich
NR4 7GJ





REGISTERED NUMBER: 11504964 (England and Wales)





ACCOUNTANTS: Jacksons Accountants (Ascot) Limited
The Old Bakehouse
Course Road
Ascot
Berkshire
SL5 7HL

Ikarovec Limited (Registered number: 11504964)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 62,579 117,302

CURRENT ASSETS
Debtors 5 136,902 168,794
Cash at bank 86,456 641,770
223,358 810,564
CREDITORS
Amounts falling due within one year 6 51,690 74,121
NET CURRENT ASSETS 171,668 736,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,247

853,745

CAPITAL AND RESERVES
Called up share capital 8 947 940
Share premium 2,483,576 2,485,680
Retained earnings (2,250,276 ) (1,632,875 )
SHAREHOLDERS' FUNDS 234,247 853,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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.

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 9 December 2024 and were signed on its behalf by:





POW Sexton - Director


Ikarovec Limited (Registered number: 11504964)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Ikarovec Limited 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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
Capitalisation of expenditure on product development commences from the point at which technical feasibility and commercial viability of the product can be demonstrated and the company is satisfied that it is probable that future economic benefits will result from the product once completed. No such costs have been capitalised to date, given the early stage of the company's product development

Expenditure on research and development activities that do not meet the above criteria is charged to the Income Statement as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Ikarovec Limited (Registered number: 11504964)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on the going concern basis, which assumes that the company will continue trading for the foreseeable future and for at least twelve months from the date of approval of the financial statements.

The company incurred a loss after tax for the year of £617,401 (2023: £502,840) which was expected since the company is still at an early stage of its life cycle and the loss reflects the continuing investment in its gene therapy programmes.

As at 31 August 2024, net assets were £234,247 (2023: £853,745) and included bank balances of £86,456. Since the year end, further share subscriptions amounting to £4,999,991 have been received and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 285,886
DEPRECIATION
At 1 September 2023 168,584
Charge for year 54,723
At 31 August 2024 223,307
NET BOOK VALUE
At 31 August 2024 62,579
At 31 August 2023 117,302

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Other debtors 136,902 168,794

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 30,753 53,865
Taxation and social security 7,237 10,959
Other creditors 13,700 9,297
51,690 74,121

Ikarovec Limited (Registered number: 11504964)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year - 5,908

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.24 31.8.23
value: £    £   
89,009 Ordinary £0.01 897 890
5,045 A Ordinary £0.01 50 50
947 940

9. RELATED PARTY DISCLOSURES

No single individual or entity controls Ikarovec Limited and during the year no related party transactions took place.

10. POST BALANCE SHEET EVENTS

Since the year end, further share subscriptions amounting to £4,999,991 have been received with 121,951 B Ordinary shares issued at £41 each.