Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 October 2023 false 1 January 2024 31 December 2024 31 December 2024 13606487 Prof Dan Peer Dr Yael Margolin Prof Adrian Hill Mr Douglas Hansen-Luke Mr Halil Emecen Dr Eran Eilat Ms Suzana Nahum Zilberberg Mr Martin Wodak Ms Tova Sharon iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13606487 2023-12-31 13606487 2024-12-31 13606487 2024-01-01 2024-12-31 13606487 frs-core:CurrentFinancialInstruments 2024-12-31 13606487 frs-core:Non-currentFinancialInstruments 2024-12-31 13606487 frs-core:BetweenOneFiveYears 2024-12-31 13606487 frs-core:ComputerEquipment 2024-12-31 13606487 frs-core:ComputerEquipment 2024-01-01 2024-12-31 13606487 frs-core:ComputerEquipment 2023-12-31 13606487 frs-core:FurnitureFittings 2024-12-31 13606487 frs-core:FurnitureFittings 2024-01-01 2024-12-31 13606487 frs-core:FurnitureFittings 2023-12-31 13606487 frs-core:PlantMachinery 2024-12-31 13606487 frs-core:PlantMachinery 2024-01-01 2024-12-31 13606487 frs-core:PlantMachinery 2023-12-31 13606487 frs-core:WithinOneYear 2024-12-31 13606487 frs-core:OtherReservesSubtotal 2024-12-31 13606487 frs-core:ShareCapital 2024-12-31 13606487 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 13606487 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13606487 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 13606487 frs-bus:SmallEntities 2024-01-01 2024-12-31 13606487 frs-bus:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 13606487 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13606487 frs-bus:Director1 2024-01-01 2024-12-31 13606487 frs-bus:Director2 2024-01-01 2024-12-31 13606487 frs-bus:Director3 2024-01-01 2024-12-31 13606487 frs-bus:Director4 2024-01-01 2024-12-31 13606487 frs-bus:Director5 2024-01-01 2024-12-31 13606487 frs-bus:Director6 2024-01-01 2024-12-31 13606487 frs-bus:Director7 2024-01-01 2024-12-31 13606487 frs-bus:Director8 2024-01-01 2024-12-31 13606487 frs-bus:CompanySecretary1 2024-01-01 2024-12-31 13606487 frs-countries:EnglandWales 2024-01-01 2024-12-31 13606487 2023-09-30 13606487 2023-12-31 13606487 2023-10-01 2023-12-31 13606487 frs-core:CurrentFinancialInstruments 2023-12-31 13606487 frs-core:Non-currentFinancialInstruments 2023-12-31 13606487 frs-core:BetweenOneFiveYears 2023-12-31 13606487 frs-core:WithinOneYear 2023-12-31 13606487 frs-core:OtherReservesSubtotal 2023-12-31 13606487 frs-core:ShareCapital 2023-12-31 13606487 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 13606487
Neovac Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Finerva
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13606487
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 164,633 62,859
164,633 62,859
CURRENT ASSETS
Debtors 5 353,279 1,112,498
Cash at bank and in hand 1,258,208 3,289,556
1,611,487 4,402,054
Creditors: Amounts Falling Due Within One Year 6 (14,492,703 ) (1,176,479 )
NET CURRENT ASSETS (LIABILITIES) (12,881,216 ) 3,225,575
TOTAL ASSETS LESS CURRENT LIABILITIES (12,716,583 ) 3,288,434
Creditors: Amounts Falling Due After More Than One Year 7 - (11,072,612 )
NET LIABILITIES (12,716,583 ) (7,784,178 )
CAPITAL AND RESERVES
Called up share capital 8 9 9
Convertible loans reserve 619,696 541,217
Profit and Loss Account (13,336,288 ) (8,325,404 )
SHAREHOLDERS' FUNDS (12,716,583) (7,784,178)
Page 1
Page 2
For the year ending 31 December 2024 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 June 2025 and were signed on its behalf by:
Prof Dan Peer
Director
5 June 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
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 £12,717k (Dec 23: £7,784k) including convertible loan liabilities of £13,658k with a maturity date of 30 November 2025, 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. Research and Development
Expenditure on research and development is written off in the year it is incurred.
2.4. 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. 
2.5. 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.
...CONTINUED
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2.5. Financial Instruments - continued
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.
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.
2.6. 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.
2.7. 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.
Current tax for the year is recognised in profit or loss.
2.8. 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.
2.9. 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: 19 (2023: 17)
19 17
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 79,737 3,788 14,817 98,342
Additions 164,048 8,300 4,257 176,605
Disposals - - (1,192 ) (1,192 )
As at 31 December 2024 243,785 12,088 17,882 273,755
Depreciation
As at 1 January 2024 26,066 2,420 6,997 35,483
Provided during the period 65,883 3,196 5,289 74,368
Disposals - - (729 ) (729 )
As at 31 December 2024 91,949 5,616 11,557 109,122
...CONTINUED
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Page 5
Net Book Value
As at 31 December 2024 151,836 6,472 6,325 164,633
As at 1 January 2024 53,671 1,368 7,820 62,859
5. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors - 406,412
Other debtors 353,279 706,086
353,279 1,112,498
£112,352 in Other Debtors relates to a grant receivable.
6. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Trade creditors 94,172 1,113,968
Convertible loans 13,657,856 -
Other creditors 740,675 62,511
14,492,703 1,176,479
Included within other creditors are outstanding pension contributions of £12,465 (2023: £15,011). 
A fixed charge was registered on 18 August 2023 in favour of HSBC Innovation Banking and was outstanding as at 31 December 2024.
7. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
£ £
Other loans - 11,072,612
8. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 9 9
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9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
31 December 2024 31 December 2023
£ £
Not later than one year 355,616 36,173
Later than one year and not later than five years 965,876 7,996
1,321,492 44,169
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