Aivivo Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Aivivo Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10694447 . The registered office is 25 Bioinnovation Centre, Cambridge Science Park, Milton, Cambridge, England, CB4 0FW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Trademarks and Patents. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures & Fittings	Straight line, 3 years
Computer Equipment	Straight line, 3 years

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. 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.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

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, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

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Aivivo Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.

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

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Convertible Debt

Compound financial instruments issued by the Company comprise convertible loan notes that can be converted to share capital at the option of the holder. The interest on the loan notes is compounding annually and as such the number of shares to be issued will vary with changes in the fair value.

Due to the varying number of shares to be issued the loan notes are treated as liabilities and not split between equity and liabilities. The liability is initially and subsequently measured at fair value, with the fair value movements recognised in the Statement of Comprehensive Income.

Transaction costs that relate to the issue of the instrument are expensed to the Statement of Comprehensive Income.

2.10. 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 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.

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.

2.11. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 3 (2024: 2)

4. Intangible Assets

	Trademarks & Patents
	£
Cost
As at 1 April 2024	2,370

As at 31 March 2025	2,370

Amortisation
As at 1 April 2024	120
Provided during the period	237

As at 31 March 2025	357

...CONTINUED

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Aivivo Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Net Book Value
As at 31 March 2025	2,013

As at 1 April 2024	2,250

5. Tangible Assets

	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	662	13,576	14,238
Additions	1,974	2,586	4,560

As at 31 March 2025	2,636	16,162	18,798

Depreciation
As at 1 April 2024	662	8,618	9,280
Provided during the period	371	2,775	3,146

As at 31 March 2025	1,033	11,393	12,426

Net Book Value
As at 31 March 2025	1,603	4,769	6,372

As at 1 April 2024	-	4,958	4,958

6. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	25,363	47,582
Corporation tax recoverable assets	172,552	225,278
VAT	5,454	5,629
Directors' loan accounts	9,618	9,678

	212,987	288,167

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	21,329	24,435
Other loans	46,000	46,000
Other taxes and social security	34,255	15,541
Other creditors	1,993,019	1,218,087
Accruals and deferred income	10,100	14,575

	2,104,703	1,318,638

8. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Other loans	46,000	46,000

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Aivivo Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	121	121

10. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	28,909	34,148
Later than one year and not later than five years	-	28,909

	28,909	63,057

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		2,013		2,250
Tangible Assets	5		6,372		4,958

			8,385		7,208
CURRENT ASSETS
Debtors	6	212,987		288,167
Cash at bank and in hand		646,649		315,437

		859,636		603,604
Creditors: Amounts Falling Due Within One Year	7	(2,104,703 )		(1,318,638 )

NET CURRENT ASSETS (LIABILITIES)			(1,245,067 )		(715,034 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(1,236,682 )		(707,826 )

NET LIABILITIES			(1,236,682 )		(707,826 )

CAPITAL AND RESERVES
Called up share capital	9		121		121
Share premium account			464,979		464,979
Other Reserves			46,847		32,431
Profit and Loss Account			(1,748,629 )		(1,205,357 )

SHAREHOLDERS' FUNDS			(1,236,682)		(707,826)