Novai Ltd 12457690 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is research and experimental development in biotechnology. Digita Accounts Production Advanced 6.30.9574.0 true 12457690 2024-04-01 2025-03-31 12457690 2025-03-31 12457690 core:CurrentFinancialInstruments 2025-03-31 12457690 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 12457690 core:Non-currentFinancialInstruments 2025-03-31 12457690 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 12457690 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-03-31 12457690 core:WithinOneYear 2025-03-31 12457690 core:MotorVehicles 2025-03-31 12457690 core:OfficeEquipment 2025-03-31 12457690 core:PlantMachinery 2025-03-31 12457690 bus:SmallEntities 2024-04-01 2025-03-31 12457690 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 12457690 bus:FilletedAccounts 2024-04-01 2025-03-31 12457690 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 12457690 bus:RegisteredOffice 2024-04-01 2025-03-31 12457690 bus:Director1 2024-04-01 2025-03-31 12457690 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 12457690 1 2024-04-01 2025-03-31 12457690 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 1 2024-04-01 2025-03-31 12457690 core:MotorVehicles 2024-04-01 2025-03-31 12457690 core:OfficeEquipment 2024-04-01 2025-03-31 12457690 core:PlantMachinery 2024-04-01 2025-03-31 12457690 countries:EnglandWales 2024-04-01 2025-03-31 12457690 2024-03-31 12457690 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 12457690 core:MotorVehicles 2024-03-31 12457690 core:OfficeEquipment 2024-03-31 12457690 core:PlantMachinery 2024-03-31 12457690 2023-04-01 2024-03-31 12457690 2024-03-31 12457690 core:CurrentFinancialInstruments 2024-03-31 12457690 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12457690 core:Non-currentFinancialInstruments 2024-03-31 12457690 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 12457690 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 12457690 core:WithinOneYear 2024-03-31 12457690 core:MotorVehicles 2024-03-31 12457690 core:OfficeEquipment 2024-03-31 12457690 core:PlantMachinery 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 12457690

Novai Ltd
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2025

Novai Ltd

Contents

Balance Sheet | 1 to 2
Notes to the Unaudited Financial Statements | 3 to 8

Novai Ltd

(Registration number: 12457690)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 1,958,876 | 1,881,462
Tangible assets | 5 | 71,575 | 263,274
|  | 2,030,451 | 2,144,736
Current assets |  |  |
Stocks | 6 | 787,265 | 795,924
Debtors | 7 | 193,495 | 751,142
Cash at bank and in hand |  | 38,081 | 22,238
|  | 1,018,841 | 1,569,304
Creditors: Amounts falling due within one year | 8 | (2,778,152) | (2,794,018)
Net current liabilities |  | (1,759,311) | (1,224,714)
Total assets less current liabilities |  | 271,140 | 920,022
Creditors: Amounts falling due after more than one year | 8 | (159,374) | (221,354)
Net assets |  | 111,766 | 698,668
Capital and reserves |  |  |
Called up share capital |  | 6 | 6
Share premium reserve |  | 4,585,978 | 4,227,944
Retained earnings |  | (4,474,218) | (3,529,282)
Shareholders' funds |  | 111,766 | 698,668

Novai Ltd

(Registration number: 12457690)
Balance Sheet as at 31 March 2025

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 October 2025 and signed on its behalf by:

......................................... Prof M F Cordeiro Director

Novai Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Greyfriars Road
Reading
Berkshire
RG1 1NU
United Kingdom

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Revenue on clinical and pre-clinical projects is recognised by reference to the proportion of product or services delivered to determine the stage of work completed on the project.
Rental Income occurs where the Company provides imaging equipment in connection with the client projects and is recognised on a straight line basis across the duration of the operating lease agreement. Where equipment is sold to the client the turnover comprises the fair value of the consideration received or receivable.
Revenue on grants is recognised on the basis of the accruals concept.
Prize and competition income is recorded as Other Income when received.
Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Novai Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Tangible assets

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is calculated on a straight-line basis based on the asset class such as office equipment or machinery. Assets held under finance leases are depreciated in the same way as owned assets.
Asset impairment reviews are performed at each period-end, and on an ad-hoc basis when reports of potential damages to the asset are received. If any such indication exists, the recoverable amount of an asset is estimated to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Computer equipment | 5 years straight line basis
Office equipment | 7 years straight line basis
Plant and machinery | 5 years straight line basis

Research and development

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 is 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 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 to administrative expenses on a straight-line basis over their expected useful economic lives. Amortisation begins when the intangible asset is available for use, i.e., when it is in the location and condition necessary for it to be usable in the manner intended by management.
The expected useful economic lives of development costs are estimated based on business plans which set out the development plan and time to market for the associated project.
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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life commencing from the period when the asset becomes available for use and is able to generate economic benefits.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Novai Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in cost of sales, in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the number of stocks recognised as an expense in the period in which the reversal occurs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2024 - 18).

Novai Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4 | Intangible assets

| Research and development costs £ | Total £
Cost or valuation
At 1 April 2024 | 1,881,462 | 1,881,462
Additions | 77,414 | 77,414
At 31 March 2025 | 1,958,876 | 1,958,876
Carrying amount
At 31 March 2025 | 1,958,876 | 1,958,876
At 31 March 2024 | 1,881,462 | 1,881,462

5 | Tangible assets

| Plant and machinery £ | Office equipment £ | Computer equipment £ | Total £
Cost or valuation
At 1 April 2024 | 446,116 | 3,831 | 31,767 | 481,714
Disposals | (290,484) | - | (1,045) | (291,529)
At 31 March 2025 | 155,632 | 3,831 | 30,722 | 190,185
Depreciation
At 1 April 2024 | 199,987 | 1,583 | 16,870 | 218,440
Charge for the year | 45,791 | 1,209 | 6,179 | 53,179
Eliminated on disposal | (152,399) | - | (610) | (153,009)
At 31 March 2025 | 93,379 | 2,792 | 22,439 | 118,610
Carrying amount
At 31 March 2025 | 62,253 | 1,039 | 8,283 | 71,575
At 31 March 2024 | 246,129 | 2,248 | 14,897 | 263,274

Novai Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6 | Stocks

| 2025 £ | 2024 £
Other inventories | 787,265 | 795,924

7 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 167,160 | 320,233
Prepayments | 18,260 | 34,379
Other debtors | 8,075 | 396,530
| 193,495 | 751,142

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 116,081 | 108,353
Trade creditors |  | 710,522 | 1,347,695
Taxation and social security |  | 31,480 | 87,087
Other creditors |  | 1,920,069 | 1,250,883
|  | 2,778,152 | 2,794,018

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 10 | 159,374 | 221,354

Novai Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

9 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 13,916 | 16,149

10 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 80,328 | 108,353
Bank overdrafts | 35,753 | -
| 116,081 | 108,353

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 159,374 | 221,354

11 | Related party transactions

Other transactions with directors

Prof M F Cordeiro (director), made a loan to the company. At the balance sheet date the amount due to Prof M
F Cordeiro was £309,423 (2024: £75,023).