V-NOVA SERVICES LIMITED

• ⚠

  Material uncertainty over going concern

  The Directors have reviewed the Company's going concern position, taking into account its own and its parent's current business activities, budgeted performance, and the factors likely to affect its future development. At the Statement of Financial Position date, the Company has net liabilities of £72,262k (2024: £61,536k), of which £82,381k (2024: £66,163k) is owed to other group companies. Given the relationship between the Company and its parent, it is reliant on its parent to maintain sufficient working capital. Post balance-sheet date, the Company's parent raised a further £2.3m in equity funding from existing and new investors. This, in combination to existing cash and accounts receivable balances, allows the Group to cover its current forecast monthly cash requirements of circa £1.2m to the end of the current financial year. Since the roll-out of licensing contracts already signed is dependent on clients' product priorities and the current pipeline opportunities are concentrated in high value deals with selected prospects, it is still difficult to accurately predict revenue performance and timing. In light of the above, the Group may seek additional funding to support its continued investment in R&D and commercial operations. The parent's Directors have a history of successfully raising funding from new investors and the existing shareholders have been consistently supportive. Whilst there is no certainty, the parent's Directors are confident that they will be able to raise further amounts as required. The Directors have concluded that the circumstances set forth above indicate the existence of material uncertainty, which may cast doubt about the Company's ability to continue as a going concern, and therefore, that may be unable to realise its assets and discharge its liabilities in the normal course of business. However, they believe that taken as a whole, the factors described above make it probable that the Company will be able to continue as a going concern for the foreseeable future. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  —

  Not reported

• Cash

  +10.5%

  £345,083 → £381,304

• Net assets

  -17.4%

  -£61,535,821 → -£72,261,694

• Employees

  +1.3%

  76 → 77

• Operating profit

  -30.6%

  -£9,550,765 → -£12,477,721

• Profit before tax

  -26.9%

  -£10,301,328 → -£13,075,748

• Wages

  +6%

  £5,960,436 → £6,315,221

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers

Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. V-NOVA SERVICES LIMITED 2017-12-22 → present
2. V-NOVA LIMITED 2012-06-27 → 2017-12-22

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

James Cowper Kreston Audit

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Directors have reviewed the Company's going concern position, taking into account its own and its parent's current business activities, budgeted performance, and the factors likely to affect its future development. At the Statement of Financial Position date, the Company has net liabilities of £72,262k (2024: £61,536k), of which £82,381k (2024: £66,163k) is owed to other group companies. Given the relationship between the Company and its parent, it is reliant on its parent to maintain sufficient working capital. Post balance-sheet date, the Company's parent raised a further £2.3m in equity funding from existing and new investors. This, in combination to existing cash and accounts receivable balances, allows the Group to cover its current forecast monthly cash requirements of circa £1.2m to the end of the current financial year. Since the roll-out of licensing contracts already signed is dependent on clients' product priorities and the current pipeline opportunities are concentrated in high value deals with selected prospects, it is still difficult to accurately predict revenue performance and timing. In light of the above, the Group may seek additional funding to support its continued investment in R&D and commercial operations. The parent's Directors have a history of successfully raising funding from new investors and the existing shareholders have been consistently supportive. Whilst there is no certainty, the parent's Directors are confident that they will be able to raise further amounts as required. The Directors have concluded that the circumstances set forth above indicate the existence of material uncertainty, which may cast doubt about the Company's ability to continue as a going concern, and therefore, that may be unable to realise its assets and discharge its liabilities in the normal course of business. However, they believe that taken as a whole, the factors described above make it probable that the Company will be able to continue as a going concern for the foreseeable future. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.”

Significant events

• “Post balance sheet date, the Company's ultimate parent, V-Nova International Limited, received additional investment subscriptions from new investors for £2.3m. The funds are being used mostly to support the Group's operating activities to commercialisation of its solutions.”
• “On 1 April 2025 V-Nova International Limited appointed Dr Mary Meaney Haynes to its Board of Directors, further strengthening the Group leadership.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.