Company No:
Contents
| 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 |
| Note | 31.12.2024 | 29.02.2024 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investments | 4 |
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| 1,477 | 2,091 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand | 6 |
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| 158,515 | 137,325 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 98,084 | 107,096 | ||
| Total assets less current liabilities | 99,561 | 109,187 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Noveeda Limited (registered number:
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Rob Chisholm
Director |
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.
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 £.
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
| Plant and machinery |
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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.
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.
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.
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.
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.
| Period from 01.03.2024 to 31.12.2024 |
Year ended 29.02.2024 |
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| Number | Number | ||
| Monthly average number of persons employed by the Company during the period, including directors |
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| Plant and machinery | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 March 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 March 2024 |
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| Charge for the financial period |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 1,077 | 1,077 | |
| At 29 February 2024 | 1,691 | 1,691 |
Investments in subsidiaries
| 31.12.2024 | |
| £ | |
| Cost | |
| At 01 March 2024 |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 29 February 2024 |
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Noveeda Limited own 100% of the subsidiary Reform Therapeutics CZ s.r.o., a company registered in Czech Republic.
| 31.12.2024 | 29.02.2024 | ||
| £ | £ | ||
| Amounts owed by Group undertakings |
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| Other debtors |
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| 31.12.2024 | 29.02.2024 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 31.12.2024 | 29.02.2024 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to associates |
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| Other creditors |
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| 31.12.2024 | 29.02.2024 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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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.
The company is controlled by Rob Chisholm who owns the majority of the called up share capital.