Company Registration No. SC184117 (Scotland)
IMV TECHNOLOGIES UK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
IMV TECHNOLOGIES UK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
W Whitelaw
G Mitchell
H Berger
(Appointed 20 March 2024)
C Hill
O Kohlhaas
(Appointed 1 April 2025)
Secretary
MBM Secretarial Services Limited
Company number
SC184117
Registered office
Imaging House
Phoenix Crescent
Strathclyde Business park
Bellshill
ML4 3NJ
Auditor
RSM UK Audit LLP
4th Floor, G1
5 George Square
Glasgow
G2 1DY
IMV TECHNOLOGIES UK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 18
IMV TECHNOLOGIES UK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

IMV Technologies UK Holdings Limited is a non-trading holding company. During the year the company made a profit of £3.1 m (2023: 6.2 m) as a result of dividends received from its investments. Net assets increased from £7.0 m to £10.2 m.

Principal risks and uncertainties

The group board of directors meets on a regular basis to review the progress of the business. The principle risks and uncertainties facing the company relate to carrying value of investments and intergroup loans receivable. The risks associated with the investment carrying value are monitored by reviewing the performance of each investment for signs of impairment.

Development and performance

The company will continue to act as a non-trading holding company going forward. Management does not consider there to be any other significant planned future developments.

Key performance indicators

The business is a non-trading intermediate holding company and management do not consider there to be or monitor any relevant KPIs.

On behalf of the board

C Hill
Director
19 February 2026
IMV TECHNOLOGIES UK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company is that of a holding company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

AJ Picken
(Resigned 31 January 2025)
W Whitelaw
G Mitchell
A De Lambilly
(Resigned 1 April 2025)
H Berger
(Appointed 20 March 2024)
C Hill
O Kohlhaas
(Appointed 1 April 2025)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

RSM UK Audit LLP have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
C Hill
Director
19 February 2026
IMV TECHNOLOGIES UK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF IMV TECHNOLOGIES UK HOLDINGS LIMITED
- 4 -
Adverse opinion

We have audited the financial statements of IMV Technologies Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, because of the significance of the matters described in the Basis for adverse opinion section of our report, the financial statements:

- Do not give a true and fair view of the state of the group's affairs as at 31 December 2024 and of the group's results for the year then ended;

- The group financial statements have not been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

- The group financial statements have not been prepared in accordance with the requirements of the Companies Act 2006.

In all other respects, in our opinion, the financial statements of the company:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for adverse opinion

As more fully explained in the accounting policies section on page 12, no consolidated financial statements have been prepared. In our opinion, consolidated financial statements should be presented as the group does not qualify for any of the exemptions from preparing consolidated financial statements included within sections 400 to 402 of the Companies Act 2006.

In addition, the strategic report and directors' report have been prepared in respect of the company only. Had the company prepared group financial statements these reports would have been required to have regard to the group.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IMV TECHNOLOGIES UK HOLDINGS LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the Basis for adverse opinion section of our report, group financial statements have not been prepared. We have concluded that the other information is materially misstated for the same reason with respects to amounts or other items in the annual report affected by the failure to consolidate.

Opinions on other matters prescribed by the Companies Act 2006

Because of the significance of the matter described in the basis for adverse opinion section of our report, In our opinion, based on the work undertaken in the course of the audit:

- the strategic report and the directors' report have not been prepared in accordance with applicable legal requirements.

Notwithstanding the matter described in the basis for adverse opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

As a result of the matters described in the basis for adverse opinion section of our report, in the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have identified material misstatements in the strategic report and the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IMV TECHNOLOGIES UK HOLDINGS LIMITED
- 6 -
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the group and parent company operate in and how the group and parent company are complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from internal/external tax advisors.

The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities This description forms part of our auditor's report.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF IMV TECHNOLOGIES UK HOLDINGS LIMITED
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work for this report, or for the opinions we have formed.

Jennifer Lewis BA (Hons) CA
(Senior Statutory Auditor)
For and on behalf of RSM UK Audit LLP, Statutory Auditor
4th Floor, G1
5 George Square
Glasgow
G2 1DY
19 February 2026
IMV TECHNOLOGIES UK HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Interest receivable and similar income
3
3,117,619
6,175,201
Interest payable and similar expenses
4
(120)
(304)
Profit before taxation
3,117,499
6,174,897
Tax on profit
5
1,315
-
0
Profit for the financial year
3,118,814
6,174,897
Total comprehensive income for the year
3,118,814
6,174,897

The profit and loss account has been prepared on the basis that all operations are continuing operations.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
6
8,491,779
856,403
Current assets
Debtors
8
1,657,868
6,175,341
Cash at bank and in hand
578
699
1,658,446
6,176,040
Creditors: amounts falling due within one year
9
-
0
(1,032)
Net current assets
1,658,446
6,175,008
Net assets
10,150,225
7,031,411
Capital and reserves
Called up share capital
10
1,000
1,000
Capital redemption reserve
11
1
1
Profit and loss reserves
12
10,149,224
7,030,410
Total equity
10,150,225
7,031,411
The financial statements were approved by the board of directors and authorised for issue on 19 February 2026 and are signed on its behalf by:
C Hill
Director
Company Registration No. SC184117
IMV TECHNOLOGIES UK HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
1,000
1
855,513
856,514
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
6,174,897
6,174,897
Balance at 31 December 2023
1,000
1
7,030,410
7,031,411
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
3,118,814
3,118,814
Balance at 31 December 2024
1,000
1
10,149,224
10,150,225
IMV TECHNOLOGIES UK HOLDINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
14
(236,352)
(6,174,201)
Interest paid
(120)
(304)
Net cash outflow from operating activities
(236,472)
(6,174,505)
Investing activities
Dividends received
236,351
6,175,201
Net cash generated from investing activities
236,351
6,175,201
Net (decrease)/increase in cash and cash equivalents
(121)
696
Cash and cash equivalents at beginning of year
699
3
Cash and cash equivalents at end of year
578
699
IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

IMV Technologies UK Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Imaging House, Phoenix Crescent, Strathclyde Business park, Bellshill, ML4 3NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Basis of consolidation

The company had intended to take the exemptions under Section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements on the basis that IMV Technologies Holdings Limited and all of its subsidiary undertakings are substantially included in the consolidated financial statements of Minotaure Invest, a company incorporated in France with a registered office Z.I. No.1 Est, 61300, Saint-Ouen-Sur-Iton, L'Aigle, Normandy, France.

However, these consolidated accounts are not lodged at Companies House. As the Minotaure Invest consolidated financial statements are not made publicly available on Companies House, the intention was to produce UK consolidated financial statements at the IMV Technologies Holdings Limited level. However, due to time restrictions this was not possible for 31 December 2024.

1.2
Going concern

The directors have assessed the post year end management information including management accounts, budgets and forecasts extending to a period of greater than 12 months from the date of signing these financial statements. Based on this analysis, the directors have a reasonable expectation that the company has adequate resources to meet its obligations as they fall due for greater than the next 12 months. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its investments to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.6
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.

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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received, net of direct issue costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Interest receivable and similar income
2024
2023
£
£
Income from fixed asset investments
Income from shares in group undertakings
3,117,619
6,175,201
4
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
120
304
5
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
-
0
Adjustments in respect of prior periods
(1,315)
-
0
IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Taxation
(Continued)
- 15 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,117,499
6,174,897
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
779,375
1,451,101
Tax effect of income not taxable in determining taxable profit
(779,405)
(1,451,172)
Adjustments in respect of prior years
(1,315)
-
0
Group relief
30
-
0
Short term timing differences
-
0
71
Taxation credit for the year
(1,315)
-
6
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
7
8,491,779
856,403
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
1,036,400
Additions
7,635,376
At 31 December 2024
8,671,776
Impairment
At 1 January 2024 & 31 December 2024
179,997
Carrying amount
At 31 December 2024
8,491,779
At 31 December 2023
856,403

During the year, the company transferred its shares in IMV Imaging Ireland Ltd to IMV Companion Holdings Limited in return for additional shares in IMV Companion Holdings Limited. Additions to investments relate to an increase in investment in IMV Companion Holdings Limited.

IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
7
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
BCF Technology India Private Limited
1
Sale and service of
ultrasounds for the
veterinary market
Ordinary
99.98
-
IMV Technologies UK Limited
2
Design, manufacture and sale of diagnostic equipment and consumables for veterinary applications
Ordinary
100.00
-
IMV Imaging South Africa Pty Ltd
3
Sale and service of
ultrasounds for the
veterinary market
Ordinary
100.00
-
IMV Technologies US LLC
4
Sale and service of
ultrasounds for the
veterinary market
Ordinary
100.00
-
IMV Companion Holdings Limited
2
Non-trading company
Ordinary
100.00
-
IMV Companion Animal Ltd
2
Sale and service of
diagnostic equipment
consumables for
veterinary applications
Ordinary
0
100.00
IMV Imaging Ireland Ltd
5
Sale and service of
ultrasounds for the
veterinary market
Ordinary
0
100.00
Veterinary Solutions BV
6
Sale and service of
ultrasounds for the
veterinary market
Ordinary
0
100.00
Medivet Scandinavian AB
7
Sale and service of
ultrasounds for the
veterinary market
Ordinary
0
100.00
UD Vet B.V.
8
Sale and service of
ultrasounds for the
veterinary market
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
405, Level 4, Regus, Rectangle 1 Commercial Complex, D-4 Saket, New Delhi, Delhi 110017, India
2
Imaging House, Strathclyde Business Park, Bellshill, ML4 3NJ, United Kingdom
3
6 Crieff Rd, Parkview, Johannesburg, 2193, South Africa
4
2900 43rd St NW 600, Rochester, MN 55901, United States
5
Unit 2, Block 3, City North Business Campus, Gormanston, Co. Meath, K32 ER81, Ireland
6
Schoonwinkelstraat 9, 3500 Hasselt, Belgium
7
Hammargatan 8, 262 71 Ängelholm, Sweden
8
Atoomweg 476, 3542 AB Utrecht, The Netherlands
IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Subsidiaries
(Continued)
- 17 -
The company has not prepared consolidated financial statements for the year ended 31 December 2024 as permitted by section 399 of the Companies Act 2006. The exemption under section 401 of the Companies Act 2006 (relating to inclusion in the consolidated financial statements of an overseas parent) is not applicable to the company.
In accordance with the Companies Act 2006, the following information is provided for each subsidiary undertaking that is not consolidated. The amounts disclosed represent the aggregate capital and reserves and profit or loss for the financial year of each entity, extracted from their respective financial statements for the year ended 31 December 2024.
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
BCF Technology India Private Limited
2,119,936
386,183
IMV Technologies UK Limited
4,795,909
1,982,247
IMV Imaging South Africa Pty Ltd
43,759
(46,065)
0
IMV Technologies US LLC
2,119,936
386,183
IMV Companion Holdings Limited
7,635,562
-
0
IMV Companion Animal Ltd
(446,524)
0
(446,624)
0
IMV Imaging Ireland Ltd
639,182
17,041
Veterinary Solutions BV
1,710,446
458,223
Medivet Scandinavian AB
503,645
97,818
UD Vet B.V.
1,088,851
123,883
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
283
-
0
Amounts owed by group undertakings
1,657,585
6,175,341
1,657,868
6,175,341

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

9
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
-
0
1,032
10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100,000
100,000
1,000
1,000
IMV TECHNOLOGIES UK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Share capital
(Continued)
- 18 -

The company has one class of ordinary shares which carry no right to fixed income and each carry the right to vote at general meetings.

11
Capital redemption reserve

The nominal value of shares repurchased and still held at the end of the reporting period.

12
Profit and loss reserves

This represents the cumulative profit and loss net of distributions to shareholders.

13
Ultimate controlling party

The ultimate parent company of IMV Technologies UK Holdings Limited is Minotaure Invest. Minotaure Invest is the largest company for which consolidated accounts including IMV Technologies UK Holdings Limited are prepared. The consolidated accounts of Minotaure Invest are available from their registered office, Z.I. No.1 Est, 61300, Saint-Ouen-Sur-Iton, L'Aigle, Normandy, France.

IMV Technologies S.A. is the parent of the smallest group for which consolidated accounts including IMV Technologies UK Holdings Limited are prepared. The consolidated accounts for IMV Technologies S.A. are available from its registered office, Z.I. No.1 Est, 61300, Saint-Ouen-Sur-Iton, L'Aigle, Normandy, France.

There is no ultimate controlling party.

14
Cash absorbed by operations
2024
2023
£
£
Profit for the year after tax
3,118,814
6,174,897
Adjustments for:
Taxation credited
(1,315)
-
Finance costs
120
304
Investment income
(3,117,619)
(6,175,201)
Movements in working capital:
Increase in debtors
(236,352)
(6,174,116)
Decrease in creditors
-
(85)
Cash absorbed by operations
(236,352)
(6,174,201)
15
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
699
(121)
578
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