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REGISTERED NUMBER: 10736975 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 April 2025

for

ANTIVERSE LTD

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Contents of the Financial Statements
for the year ended 30 April 2025










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ANTIVERSE LTD

Company Information
for the year ended 30 April 2025







Directors: R M Fates
B T T Holland
Dr. P Pack
Dr K Papenfuss
M Tunaboylu
J Gebeily
J Zahrádka





Registered office: 34 Roath Court Road
Cardiff
CF24 3SD





Registered number: 10736975 (England and Wales)





Accountants: Cooper Parry Advisory Limited
New Derwent House
69-73 Theobalds Road
London
WC1X 8TA

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Balance Sheet
30 April 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 4 160,562 31,788
Investments 5 8 8
160,570 31,796

Current assets
Debtors 6 1,047,912 405,432
Cash at bank 1,035,802 29,692
2,083,714 435,124
Creditors
Amounts falling due within one year 7 900,707 2,792,513
Net current assets/(liabilities) 1,183,007 (2,357,389 )
Total assets less current liabilities 1,343,577 (2,325,593 )

Creditors
Amounts falling due after more than one
year

8

73,961

-
Net assets/(liabilities) 1,269,616 (2,325,593 )

Capital and reserves
Called up share capital 10 18 7
Share premium 6,909,697 1,157,403
Other reserves 206,632 135,350
Retained earnings (5,846,731 ) (3,618,353 )
Shareholders' funds 1,269,616 (2,325,593 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 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.

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Balance Sheet - continued
30 April 2025


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2025 and were signed on its behalf by:




B T T Holland - Director



M Tunaboylu - Director


ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Notes to the Financial Statements
for the year ended 30 April 2025


1. Statutory information

Antiverse 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 the going concern basis. The company incurred losses during the year, however the directors believe that the company has sufficient financial resources to be able to meet its obligations, if and when, they become due and that the company can continue in operational existence for a period of at least 12 months from the balance sheet date. On this basis, the directors are of the opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

The company made a loss in the year of £2,735,997 (2024: £1,713,491) and at the balance sheet date had net assets/(liabilities) of £761,997 (2024: (£2,325,593)).

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Share based payments have been made to employees of the company. The fair value of any vested share options is recognised in the income statement. The fair value of share options is estimated using the Black Scholes model. The fair value of the ordinary shares in issue at the date of granting the options is used as an input to the model.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment - 4 years straight line
Plant and machinery - 1.5 years straight line

Government grants
During the year the company was in receipt of government grant income. The company makes claims for grants under a reimbursement model and it receives grant income as compensation for expenses or losses already incurred. The company therefore recognises its grant income in the Income statement in the period in which it becomes receivable.

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Notes to the Financial Statements - continued
for the year ended 30 April 2025


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises of current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Tax credits shown on the Income Statement represent tax credits received from HMRC as a result of claims made under HMRC’s R&D tax relief schemes.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Share-based payments
The company operates an equity-settled compensation plan for its employees. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense in the income statement. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted at the date of grant, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves because the share options are equity-settled.

Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses.

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Notes to the Financial Statements - continued
for the year ended 30 April 2025


3. Employees and directors

The average number of employees during the year was 15 (2024 - 13 ) .

4. Tangible fixed assets
Plant and Computer
machinery equipment Totals
£ £ £
Cost
At 1 May 2024 75,315 16,664 91,979
Additions 192,408 17,297 209,705
At 30 April 2025 267,723 33,961 301,684
Depreciation
At 1 May 2024 54,110 6,081 60,191
Charge for year 73,977 6,954 80,931
At 30 April 2025 128,087 13,035 141,122
Net book value
At 30 April 2025 139,636 20,926 160,562
At 30 April 2024 21,205 10,583 31,788

5. Fixed asset investments
Other
investments
£
Cost
At 1 May 2024
and 30 April 2025 8
Net book value
At 30 April 2025 8
At 30 April 2024 8

The Company owns 100% of the equity share capital of Antiverse US Inc. The address of the registered office of Antiverse US Inc is 1 Broadway, 14th floor, Cambridge, MA 02142.

6. Debtors: amounts falling due within one year
2025 2024
£ £
Trade debtors 30,014 26,875
Amounts owed by group undertakings 307,175 33,005
Other debtors 710,723 345,552
1,047,912 405,432

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Notes to the Financial Statements - continued
for the year ended 30 April 2025


7. Creditors: amounts falling due within one year
2025 2024
£ £
Hire purchase contracts (see note 9) 46,614 -
Trade creditors 366,516 230,164
Taxation and social security 49,253 80,005
Other creditors 438,324 2,482,344
900,707 2,792,513

A convertible loan issued during the year ended 30 April 2023, has been converted to equity on 13 June 2024.

8. Creditors: amounts falling due after more than one year
2025 2024
£ £
Hire purchase contracts (see note 9) 73,961 -

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£ £
Net obligations repayable:
Within one year 46,614 -
Between one and five years 73,961 -
120,575 -

Non-cancellable
operating leases
2025 2024
£ £
Within one year 73,197 44,891
Between one and five years 21,790 7,827
94,987 52,718

10. Called up share capital


Number:

Class:
Nominal
value:

2025

2024
5,219,156 (2024: 5,794,556) Ordinary 0.000001 5 6
1,559,764 (2024: 1,559,764) A Ordinary 0.000001 2 1
6,171,033 Series Seed 1 0.000001 6 -
5,456,557 Series Seed 2 0.000001 5 -
18 7

On 13 June 2024 the company issued 6,171,033 series seed 1 preferred shares with a nominal value of £0.000001 per share for a total consideration of £3,480,463.

On 13 June 2024 the company issued 5,456,557 series seed 2 preferred shares with a nominal value of £0.000001per share for a total consideration of £2,421,911.

On 4 December 2024 575,400 ordinary shares with a nominal value of £0.000001 per share were cancelled.

ANTIVERSE LTD (REGISTERED NUMBER: 10736975)

Notes to the Financial Statements - continued
for the year ended 30 April 2025


11. Share-based payment transactions

The company operates an EMI qualifying share option scheme and during the period the company granted 4,785,619 EMI qualifying share options to employees of the company (2024: 400,785). At the statement of financial position date, the company had granted a total of 5,924,491 share options (2024: 1,138,872) at an average weighted exercise price of £0.000001 per share (2024: £0.000001). At the statement of financial position date, 1,106,822 options had lapsed (2024: 56,346 ), 0 options were exercised (2024: 0), 1,306,685 options had vested and remained exercisable (2024: 862,305) and 3,510,984 options had yet to vest (2024: 220,221). An amount of £71,281 has been charged to the income statement in respect of the EMI qualifying share options (2024: £47,467).

The share options generally vest over a 4 year period with a 1 year cliff and are exercisable over the shares of the company.