Company No: 13986347 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated
Current assets
Debtors	3	69,938		28,213
Cash at bank and in hand		267,054		3,978
		336,992		32,191
Creditors: amounts falling due within one year	4	( 945,577)		( 104,005)
Net current liabilities		(608,585)		(71,814)
Total assets less current liabilities		(608,585)		(71,814)
Net liabilities		( 608,585)		( 71,814)
Capital and reserves
Called-up share capital		1		1
Profit and loss account		( 608,586 )		( 71,815 )
Total shareholder's deficit		( 608,585)		( 71,814)

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Novaspore Limited (formerly known as Psyence UK Group Ltd) (registered number: 13986347) were approved and authorised for issue by the Board of Directors on 29 December 2025. They were signed on its behalf by:

W R Corden-Lloyd Director

1. Accounting policies

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

General information and basis of accounting

Psyence UK Group Ltd (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 address of the Company's registered office is Level 1, Brockbourne House 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Psyence UK Group Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and forecasted cash flows covering a period of 12 months from the date of approval these financial statements. The directors note that the Company has net liabilities of £608,585. The Company is supported through loans from the Parent Company. The directors have received a confirmation that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the Parent Company will continue to support the Company. After making enquiries, the directors believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

This represents a change from the previous year, in which the financial statements were prepared under FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime. The transition to FRS 102 Section 1A has resulted in changes to the presentation and disclosure requirements. There were no material adjustments to the reported financial position or financial performance.

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 on monetary items.

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.

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

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

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. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		1

3. Debtors

	2025		2024
	£		£
Amounts owed by Group undertakings	0		15,632
VAT recoverable	69,938		12,580
Other debtors	0		1
	69,938		28,213

4. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	82,218		3,981
Amounts owed to Group undertakings	856,959		78,330
Accruals	6,400		2,928
Other creditors	0		18,766
	945,577		104,005

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

5. Related party transactions

Related party transactions with group undertakings have not been disclosed in accordance with the exemption conferred by Financial Reporting Standard 102 section 33.

6. Ultimate controlling party

The ultimate parent undertaking is Psyence Labs Ltd, a company incorporated in the British Virgin Islands.