Neovac Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 13606487

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		115,027		164,633

			115,027		164,633
CURRENT ASSETS
Debtors	5	803,957		353,279
Cash at bank and in hand		1,811,245		1,258,208

		2,615,202		1,611,487
Creditors: Amounts Falling Due Within One Year	6	(1,195,923 )		(14,492,703 )

NET CURRENT ASSETS (LIABILITIES)			1,419,279		(12,881,216 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,534,306		(12,716,583 )

NET ASSETS/(LIABILITIES)			1,534,306		(12,716,583 )

CAPITAL AND RESERVES
Called up share capital	7		22		9
Share premium account			16,741,565		-
Convertible loans reserve			-		619,696
Profit and Loss Account			(15,207,281 )		(13,336,288 )

SHAREHOLDERS' FUNDS			1,534,306		(12,716,583)

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Neovac Ltd

Balance Sheet (continued)

As At 31 December 2025

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved by the board of directors on 23 September 2026 and were signed on its behalf by:

D Peer

Director

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Neovac Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13606487 . The registered office is Suites 1 and 2, 127 Olympic Avenue, Milton Park, Abingdon, OX14 4SA.

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.

2.2. Going Concern Disclosure

The directors are of the opinion that, notwithstanding the Company having total net assets of £1,534k (Dec 24 net liabilities: £12,717k), the Company is expected to have sufficient liquid assets, including cash, to meet short-term obligations.

Furthermore, the Company is actively pursuing ongoing funding plans to strengthen its financial position. These plans include seeking new equity investors and applying for additional grant funding.

The directors have a reasonable expectation that, through these measures alongside the Company's current assets, there are adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3. Research and Development

Expenditure on research and development is written off in the year it is incurred.

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:

Plant & Machinery	3 years on a straight line basis
Fixtures & Fittings	3 years on a straight line basis
Computer Equipment	3 years on a straight line basis

The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised immediately as an expense within the profit or loss.

2.5. Financial Instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

...CONTINUED

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Neovac Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Financial Instruments - continued

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Current tax for the year is recognised in profit or loss.

2.8. Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions in a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss in the periods during which services are rendered by employees.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

3. Average Number of Employees

Average number of employees during the year was as follows: 19 (2024: 19)

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2025	243,785	12,088	17,882	273,755
Additions	39,339	-	-	39,339
Disposals	-	-	(1,475 )	(1,475 )

As at 31 December 2025	283,124	12,088	16,407	311,619

...CONTINUED

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Neovac Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

Depreciation
As at 1 January 2025	91,949	5,616	11,557	109,122
Provided during the period	82,312	2,872	3,683	88,867
Disposals	-	-	(1,397 )	(1,397 )

As at 31 December 2025	174,261	8,488	13,843	196,592

Net Book Value
As at 31 December 2025	108,863	3,600	2,564	115,027

As at 1 January 2025	151,836	6,472	6,325	164,633

5. Debtors

	2025	2024
	£	£
Due within one year
Other debtors	803,957	353,279

£382,388 (2024: £112,352) in Other Debtors relates to a grant receivable.

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	986,443	94,172
Convertible loans	-	13,657,856
Other creditors	209,480	740,675

	1,195,923	14,492,703

Included within other creditors are outstanding pension contributions of £Nil (2024: £12,465).

A fixed charge was registered on 18 August 2023 in favour of HSBC Innovation Banking and was outstanding as at 31 December 2025.

7. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	22	9

8. Other Commitments

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

	2025	2024
	£	£
Not later than one year	319,104	355,616
Later than one year and not later than five years	646,772	965,876

	965,876	1,321,492

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