REGISTERED NUMBER: 11922783 (England and Wales)

INNERVATE THERAPEUTICS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Prof S S Gill

Mrs S Kane

Mrs T M Bruce

REGISTERED OFFICE:

St Brandon's House

29 Great George Street

Bristol

BS1 5QT

REGISTERED NUMBER:

11922783 (England and Wales)

FIXED ASSETS

Intangible assets

4

334,507

253,769

CURRENT ASSETS

Debtors

5

4,364

25,404

Cash at bank

8,141

119,145

12,505

144,549

CREDITORS

Amounts falling due within one year

6

98,582

115,715

NET CURRENT (LIABILITIES)/ASSETS

(86,077

)

28,834

TOTAL ASSETS LESS CURRENT LIABILITIES

248,430

282,603

CREDITORS

Amounts falling due after more than one year

7

455,149

421,029

NET LIABILITIES

(206,719

)

(138,426

)

CAPITAL AND RESERVES

Called up share capital

8

5

5

Retained earnings

(206,724

)

(138,431

)

(206,719

)

(138,426

)

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

Mrs S Kane - Director

1.	STATUTORY INFORMATION

Innervate Therapeutics 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 a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Research and development

Development costs that are expected to generate probable future economic benefits are capitalised as intangible assets. All other research and development expenditure is recognised in the income statement as incurred.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Capitalised development expenditure and patent costs are yet to be amortised and will commence once the product has been fully developed and marketed.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Development costs have been capitalised where there is an expectation that company will receive future economic benefits directly attributable to the asset being developed.

The following conditions have been satisfied when recognising development costs as an asset:

- It is technically feasible to complete and that the asset will be available for use or sale;

- It is intended for use or sale;

- It has been demonstrated that the asset will generate future economic benefits;

- Adequate technical, financial and other resources exist so that the product development can be completed and subsequently used or sold;

- Expenditure attributed to the asset can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development expenditure is amortised over the useful economic life of the asset.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market value of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 May 2024

253,769

Additions

80,738

At 30 April 2025

334,507

NET BOOK VALUE

At 30 April 2025

334,507

At 30 April 2024

253,769

The company is engaged in the development of gene therapies for the central nervous systems.

Amortisation of development costs will commence when the asset is available for use, which is the point at which the product has been fully developed and marketed.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Other debtors

4,364

25,404

Deferred Tax

Deferred tax has not been recognised in respect of trading losses carried forward of approximately, due to uncertainty over the availability of future taxable profits against which the losses can be utilised.

The unrecognised deferred tax asset is estimated at £41,725, based on a corporation tax rate of 25%. The asset will be recognised when it becomes probable that sufficient taxable profits will be available.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.25

30.4.24

£

£

Trade creditors

6,284

63,265

Other creditors

92,298

52,450

98,582

115,715

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.25

30.4.24

£

£

Other creditors

455,149

421,029

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

2024

2023

£

£

251

Ordinary 'A'

0.01

2.51

2.51

24

Ordinary 'B'

0.01

0.24

0.24

125

Ordinary 'C'

0.01

1.25

1.25

75

Ordinary 'D'

0.01

0.75

0.75

25

Ordinary 'E'

0.01

0.25

0.25

5

5

9.	CONTINGENT LIABILITIES

In the previous year the company received grant funding in relation to preclinical development work.

The purpose of the grants is to support ongoing eligible project expenditure. Should any conditions of the grant be contravened or unspent, then the grant could become repayable to the funder.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Neurochase Limited is a related company through common directorship. At 30 April 2025, the company owed £84,800 (April 2024: £50,000) to Neurochase Ltd.

11.	ULTIMATE CONTROLLING PARTY