| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Jove Technology Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 August 2024 |
| for |
| Jove Technology Limited |
| Jove Technology Limited (Registered number: 12846957) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Jove Technology Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Jove Technology Limited (Registered number: 12846957) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Share premium |
| Other reserves |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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. |
| Jove Technology Limited (Registered number: 12846957) |
| Balance Sheet - continued |
| 31 August 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Jove Technology Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| 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. |
| Going concern |
| At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
| Judgements and key sources of estimation uncertainty |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Computer software is being amortised on a reducing balance basis at a rate of 20% per annum. |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
| Computer equipment 25% on reducing balance |
| Plant and machinery 25% on reducing balance |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less accumulated impairment. |
| 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. |
| Foreign currencies |
| 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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial instruments are recognised in the company's balance sheet 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. |
| Basic financial assets |
| Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Cash at bank and in hand |
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 September 2023 |
| and 31 August 2024 |
| AMORTISATION |
| At 1 September 2023 |
| Amortisation for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Unlisted |
| Investments |
| £ |
| COST |
| Additions |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 315, Regents Park Road, Finchley Central, London, England, N3 1DP |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Rua Duques de Braganca, No5 J, 2 Esq., 1200-162 Lisboa, Portugal |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: 16192 Coastal Highway, Lewes, Delaware 19958, USA |
| Nature of business: |
| % |
| Class of shares: | holding |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.8.24 | 31.8.23 |
| value: | £ | £ |
| Ordinary Shares | £0.00000001 | 1 | 1 |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | CALLED UP SHARE CAPITAL - continued |
| On 15 November 2021, the Company allotted 61,500 Ordinary shares of £0.00001 for cash at par. |
| On 15 November 2021, the Company allotted 4,000 Ordinary shares of £0.00001 for cash at par. |
| On 15 November 2021, the Company allotted 2,500 Ordinary shares of £0.00001 for cash at par. |
| On 15 November 2021, the Company allotted 4,433 Ordinary shares of £0.00001 for cash at par. |
| On 15 November 2021, the Company allotted 3,000 Ordinary shares of £0.00001 for cash at par. |
| On 15 November 2021, the Company allotted 400 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 1,000 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 800 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 2,000 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 600 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 2,000 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 4,000 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 600 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 400 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 600 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 1,200 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 2,000 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 2,400 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 3,181 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 400 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| Jove Technology Limited (Registered number: 12846957) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 9. | CALLED UP SHARE CAPITAL - continued |
| On 15 November 2021, the Company allotted 400 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 400 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 560 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 200 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 15 November 2021, the Company allotted 859 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| On 7 February 2022, the Company allotted 1,538 Ordinary shares of £0.00001 at a premium of £32.50 per share. |
| On 20 February 2022, the Company allotted 6,000 Ordinary shares of £0.00001 at a premium of £25.00 per share. |
| £1,300,000 included in other reserves related to funds received under an Advanced Subscription Agreement. |
| 10. | RELATED PARTY DISCLOSURES |
| LZCA Ventures Ltd |
| LZCA Ventures Ltd, a company under the control of the director, Ms L Cai has provided consultancy services to the company and has charged an amount of £62,804 during the financial year. |
| Innoventure Insight Limited |
| Innoventure Insight Limited, a company under the control of the director, Ms L Cai has provided professional services to the company and has charged an amount of £30,000 during the financial year. |
| 11. | POST BALANCE SHEET EVENTS |
| Subsequent to the year end, the company issued 121,814,375 ordinary shares of £0.00000001 per share and 21,770,092 preference shares of £0.00000001 per share at a premium, for cash, totalling £3,815,771 to provide funds for working capital and expansion of its operations. |