IRIS Accounts Production v25.3.0.601 11504964 Board of Directors 1.9.24 31.8.25 31.8.25 false true false false true false Ordinary 0.01000 Growth 0.01000 B Ordinary 0.01000 0.01000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 11504964 2024-08-31 11504964 2025-08-31 11504964 2024-09-01 2025-08-31 11504964 2023-08-31 11504964 2023-09-01 2024-08-31 11504964 2024-08-31 11504964 ns15:EnglandWales 2024-09-01 2025-08-31 11504964 ns14:PoundSterling 2024-09-01 2025-08-31 11504964 ns10:Director1 2024-09-01 2025-08-31 11504964 ns10:PrivateLimitedCompanyLtd 2024-09-01 2025-08-31 11504964 ns10:SmallEntities 2024-09-01 2025-08-31 11504964 ns10:AuditExempt-NoAccountantsReport 2024-09-01 2025-08-31 11504964 ns10:SmallCompaniesRegimeForDirectorsReport 2024-09-01 2025-08-31 11504964 ns10:SmallCompaniesRegimeForAccounts 2024-09-01 2025-08-31 11504964 ns10:FullAccounts 2024-09-01 2025-08-31 11504964 ns10:OrdinaryShareClass1 2024-09-01 2025-08-31 11504964 ns10:OrdinaryShareClass2 2024-09-01 2025-08-31 11504964 ns10:OrdinaryShareClass3 2024-09-01 2025-08-31 11504964 13 ns10:OrdinaryShareClass3 2024-09-01 2025-08-31 11504964 ns10:Director2 2024-09-01 2025-08-31 11504964 ns10:Director4 2024-09-01 2025-08-31 11504964 ns10:Director5 2024-09-01 2025-08-31 11504964 ns10:Director6 2024-09-01 2025-08-31 11504964 ns10:Director7 2024-09-01 2025-08-31 11504964 ns10:CompanySecretary1 2024-09-01 2025-08-31 11504964 ns10:RegisteredOffice 2024-09-01 2025-08-31 11504964 ns5:CurrentFinancialInstruments 2025-08-31 11504964 ns5:CurrentFinancialInstruments 2024-08-31 11504964 ns5:ShareCapital 2025-08-31 11504964 ns5:ShareCapital 2024-08-31 11504964 ns5:SharePremium 2025-08-31 11504964 ns5:SharePremium 2024-08-31 11504964 ns5:RetainedEarningsAccumulatedLosses 2025-08-31 11504964 ns5:RetainedEarningsAccumulatedLosses 2024-08-31 11504964 ns5:PlantMachinery 2024-09-01 2025-08-31 11504964 ns5:PlantMachinery 2024-08-31 11504964 ns5:PlantMachinery 2025-08-31 11504964 ns5:PlantMachinery 2024-08-31 11504964 ns5:AdditionsToInvestments 2025-08-31 11504964 ns5:CostValuation 2025-08-31 11504964 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-08-31 11504964 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-08-31 11504964 ns10:OrdinaryShareClass1 2025-08-31 11504964 ns10:OrdinaryShareClass2 2025-08-31 11504964 ns10:OrdinaryShareClass3 2025-08-31

REGISTERED NUMBER: 11504964 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 August 2025

for

Ikarovec Limited

| Ikarovec Limited (Registered number: 11504964) |

Contents of the Financial Statements

for the Year Ended 31 August 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Ikarovec Limited |

Company Information

for the Year Ended 31 August 2025

| DIRECTORS: | Parkwalk Advisors Ltd

| POW Sexton

| Dr KM Binley

| J Combal

| D Guyer

| CM Baker

| SECRETARY: | H Jackson

| REGISTERED OFFICE: | Innovation Centre, Norwich Research Park

| Colney Lane

| Colney

| Norwich

| NR4 7GJ

| REGISTERED NUMBER: | 11504964 (England and Wales)

| ACCOUNTANTS: | Jacksons Accountants (Ascot) Limited

| The Old Bakehouse

| Course Road

| Ascot

| Berkshire

| SL5 7HL

| Ikarovec Limited (Registered number: 11504964) |

Balance Sheet

31 August 2025

| 31.8.25 | 31.8.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 77,647 |  | 62,579 |  |

Investments | 5 | 1 |  | - |  |

77,648 |  | 62,579 |  |

CURRENT ASSETS

Debtors | 6 | 599,196 |  | 136,902 |  |

Cash at bank | 3,097,240 |  | 86,456 |  |

3,696,436 |  | 223,358 |  |

CREDITORS

Amounts falling due within one year | 7 | 438,750 |  | 51,690 |  |

NET CURRENT ASSETS | 3,257,686 |  | 171,668 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,335,334 |  | 234,247 |  |

CAPITAL AND RESERVES

Called up share capital | 8 | 2,167 |  | 947 |  |

Share premium | 7,455,596 |  | 2,483,576 |  |

Retained earnings | (4,122,429 | ) | (2,250,276 | ) |

SHAREHOLDERS' FUNDS | 3,335,334 |  | 234,247 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 25 February 2026 and were signed on its behalf by:

POW Sexton - Director

| Ikarovec Limited (Registered number: 11504964) |

Notes to the Financial Statements

for the Year Ended 31 August 2025

1. | STATUTORY INFORMATION

| Ikarovec Limited 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.

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.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery etc | - | 33% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| 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

| Capitalisation of expenditure on product development commences from the point at which technical feasibility and commercial viability of the product can be demonstrated and the company is satisfied that it is probable that future economic benefits will result from the product once completed. No such costs have been capitalised to date, given the early stage of the company's product development

| Expenditure on research and development activities that do not meet the above criteria is charged to the Income Statement as incurred.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Ikarovec Limited (Registered number: 11504964) |

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

2. | ACCOUNTING POLICIES - continued

| Going concern

| The financial statements have been prepared on the going concern basis, which assumes that the company will continue trading for the foreseeable future and for at least twelve months from the date of approval of the financial statements.

| The company incurred a loss after tax for the year of £1,872,153 (2024: £617,401) which was expected since the company is still at an early stage of its life cycle and the loss reflects the continuing investment in its gene therapy programmes.

| As at 31 August 2025, net assets were £3,335,334 (2024: £234,247) and included bank balances of £3,097,240 (2024: £86,456) and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 7 (2024 - 4 ) .

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 September 2024 | 285,886 |  |

| Additions | 78,215 |  |

| At 31 August 2025 | 364,101 |  |

| DEPRECIATION

| At 1 September 2024 | 223,307 |  |

| Charge for year | 63,147 |  |

| At 31 August 2025 | 286,454 |  |

| NET BOOK VALUE

| At 31 August 2025 | 77,647 |  |

| At 31 August 2024 | 62,579 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| Additions | 1 |  |

| At 31 August 2025 | 1 |  |

| NET BOOK VALUE

| At 31 August 2025 | 1 |  |

| Ikarovec Limited (Registered number: 11504964) |

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Amounts owed by group undertakings | 117,687 |  | - |  |

| Other debtors | 481,509 |  | 136,902 |  |

599,196 |  | 136,902 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.8.25 |  | 31.8.24

£ | £ |

| Trade creditors | 240,644 |  | 30,753 |  |

| Taxation and social security | 11,724 |  | 7,237 |  |

| Other creditors | 186,382 |  | 13,700 |  |

438,750 |  | 51,690 |  |

8. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.8.25 |  | 31.8.24

| value: | £ | £ |

| 89,709 | Ordinary | £0.01 | 897 |  | 897 |  |

| 5,045 | Growth | £0.01 | 50 |  | 50 |  |

| 121,951 | B Ordinary | £0.01 | 1,220 |  | - |  |

2,167 |  | 947 |  |

| 121,951 B Ordinary shares of £0.01 each were allotted as fully paid at a premium of £40.99 per share during the year.

9. | RELATED PARTY DISCLOSURES

| No single individual or entity controls Ikarovec Limited and during the year no related party transactions took place.