Silverfin false false 31/12/2024 01/03/2024 31/12/2024 Rob Chisholm Alan King 07/05/2025 28 August 2025 no description of principal activity 12437038 2024-12-31 12437038 bus:Director2 2024-12-31 12437038 2024-02-29 12437038 core:CurrentFinancialInstruments 2024-12-31 12437038 core:CurrentFinancialInstruments 2024-02-29 12437038 core:ShareCapital 2024-12-31 12437038 core:ShareCapital 2024-02-29 12437038 core:SharePremium 2024-12-31 12437038 core:SharePremium 2024-02-29 12437038 core:RetainedEarningsAccumulatedLosses 2024-12-31 12437038 core:RetainedEarningsAccumulatedLosses 2024-02-29 12437038 core:PlantMachinery 2024-02-29 12437038 core:PlantMachinery 2024-12-31 12437038 core:CostValuation 2024-02-29 12437038 core:CostValuation 2024-12-31 12437038 bus:OrdinaryShareClass1 2024-12-31 12437038 2024-03-01 2024-12-31 12437038 bus:FilletedAccounts 2024-03-01 2024-12-31 12437038 bus:SmallEntities 2024-03-01 2024-12-31 12437038 bus:AuditExemptWithAccountantsReport 2024-03-01 2024-12-31 12437038 bus:PrivateLimitedCompanyLtd 2024-03-01 2024-12-31 12437038 bus:Director1 2024-03-01 2024-12-31 12437038 bus:Director2 2024-03-01 2024-12-31 12437038 1 2024-03-01 2024-12-31 12437038 core:PlantMachinery core:TopRangeValue 2024-03-01 2024-12-31 12437038 2023-03-01 2024-02-29 12437038 core:PlantMachinery 2024-03-01 2024-12-31 12437038 bus:OrdinaryShareClass1 2024-03-01 2024-12-31 12437038 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12437038 (England and Wales)

NOVEEDA LIMITED
(Formerly Reform Therapeutics Limited)

Unaudited Financial Statements
For the financial period from 01 March 2024 to 31 December 2024
Pages for filing with the registrar

NOVEEDA LIMITED

Unaudited Financial Statements

For the financial period from 01 March 2024 to 31 December 2024

Contents

NOVEEDA LIMITED

COMPANY INFORMATION

For the financial period from 01 March 2024 to 31 December 2024
NOVEEDA LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 March 2024 to 31 December 2024
Directors Rob Chisholm
Alan King (Appointed 07 May 2025)
Registered office 128 City Road
London
EC1V 2NX
United Kingdom
Company number 12437038 (England and Wales)
Accountant Kreston Reeves LLP
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
NOVEEDA LIMITED

BALANCE SHEET

As at 31 December 2024
NOVEEDA LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 29.02.2024
£ £
Fixed assets
Tangible assets 3 1,077 1,691
Investments 4 400 400
1,477 2,091
Current assets
Debtors 5 145,647 125,104
Cash at bank and in hand 6 12,868 12,221
158,515 137,325
Creditors: amounts falling due within one year 7 ( 60,431) ( 30,229)
Net current assets 98,084 107,096
Total assets less current liabilities 99,561 109,187
Net assets 99,561 109,187
Capital and reserves
Called-up share capital 8 1,103 1,088
Share premium account 938,652 788,667
Profit and loss account ( 840,194 ) ( 680,568 )
Total shareholders' funds 99,561 109,187

For the financial period ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Noveeda Limited (registered number: 12437038) were approved and authorised for issue by the Board of Directors on 28 August 2025. They were signed on its behalf by:

Rob Chisholm
Director
NOVEEDA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 March 2024 to 31 December 2024
NOVEEDA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 March 2024 to 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Noveeda Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The registered company number is 12437038. The address of the Company's registered office is 128 City Road, London, EC1V 2NX, United Kingdom.

The company changed its name to Noveeda Limited from Reform Therapeutics Limited on 28 February 2025.

The company changed its year end to align with the Czech subsidiary being that of 31 December.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The company's ability to trade is dependent on the support of the director and shareholders. If this assumption proves to be inappropriate, then adjustments may have to be made to adjust the value of assets to their recoverable amounts, to provide for any further liabilities which might arise and reclassify fixed assets as current assets.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Research and development costs

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2. Employees

Period from
01.03.2024 to
31.12.2024
Year ended
29.02.2024
Number Number
Monthly average number of persons employed by the Company during the period, including directors 1 1

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 March 2024 3,682 3,682
At 31 December 2024 3,682 3,682
Accumulated depreciation
At 01 March 2024 1,991 1,991
Charge for the financial period 614 614
At 31 December 2024 2,605 2,605
Net book value
At 31 December 2024 1,077 1,077
At 29 February 2024 1,691 1,691

4. Fixed asset investments

Investments in subsidiaries

31.12.2024
£
Cost
At 01 March 2024 400
At 31 December 2024 400
Carrying value at 31 December 2024 400
Carrying value at 29 February 2024 400

Noveeda Limited own 100% of the subsidiary Reform Therapeutics CZ s.r.o., a company registered in Czech Republic.

5. Debtors

31.12.2024 29.02.2024
£ £
Amounts owed by Group undertakings 125,091 125,091
Other debtors 20,556 13
145,647 125,104

6. Cash and cash equivalents

31.12.2024 29.02.2024
£ £
Cash at bank and in hand 12,868 12,221

7. Creditors: amounts falling due within one year

31.12.2024 29.02.2024
£ £
Trade creditors 4,890 0
Amounts owed to associates 25,000 0
Other creditors 30,541 30,229
60,431 30,229

8. Called-up share capital

31.12.2024 29.02.2024
£ £
Allotted, called-up and fully-paid
11,033,893 Ordinary shares of £ 0.0001 each (29.02.2024: 10,883,893 shares of £ 0.0001 each) 1,103 1,088

During the year, the company allotted a further 150,000 shares for a consideration of £150,000.

9. Related party transactions

Transactions with the entity's directors

31.12.2024 29.02.2024
£ £
One of the directors continued to provide an interest free loan to the company. The outstanding amount was: 28,041 27,729

All related party transactions within the group have been conducted at arms-length and on a market rate basis.

10. Ultimate controlling party

The company is controlled by Rob Chisholm who owns the majority of the called up share capital.