Company registration number 10625758 (England and Wales)
SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
47,498
40,487
Investments
4
3
-
0
47,501
40,487
Current assets
Stocks
19,454
-
Debtors
5
401,651
173,511
Cash at bank and in hand
148,756
100,167
569,861
273,678
Creditors: amounts falling due within one year
6
(97,595)
(10,286)
Net current assets
472,266
263,392
Net assets
519,767
303,879
Capital and reserves
Called up share capital
239
234
Share premium account
1,319,577
764,459
Profit and loss reserves
(800,049)
(460,814)
Total equity
519,767
303,879

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
Dr F Ismail
Director
Company registration number 10625758 (England and Wales)
SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2021
231
764,319
(265,114)
499,436
Period ended 28 February 2022:
Loss and total comprehensive income
-
-
(195,700)
(195,700)
Issue of share capital
3
140
-
143
Balance at 28 February 2022
234
764,459
(460,814)
303,879
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(339,235)
(339,235)
Issue of share capital
5
555,118
-
555,123
Balance at 28 February 2023
239
1,319,577
(800,049)
519,767
SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Sol-Gel Materials & Applications Ltd is a private company limited by shares incorporated in England and Wales. The registered office is B1093A Galley Drive, Kent Science Park, Sittingbourne, Kent, ME9 8GA.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% Straight line
Plant and equipment
25% Straight line
Fixtures and fittings
25% Straight line
Computers
33% Straight line
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Stocks

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2022
19,894
38,107
58,001
Additions
-
0
24,946
24,946
Disposals
-
0
(329)
(329)
At 28 February 2023
19,894
62,724
82,618
Depreciation and impairment
At 1 March 2022
1,244
16,270
17,514
Depreciation charged in the year
4,974
12,638
17,612
Eliminated in respect of disposals
-
0
(6)
(6)
At 28 February 2023
6,218
28,902
35,120
Carrying amount
At 28 February 2023
13,676
33,822
47,498
At 28 February 2022
18,650
21,837
40,487
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
3
-
0
SOL-GEL MATERIALS & APPLICATIONS LTD
(FORMERLY SOL-GEL COATINGS & ADVANCED MATERIALS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2022
-
Additions
3
At 28 February 2023
3
Carrying amount
At 28 February 2023
3
At 28 February 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
7,003
276
Other debtors
394,648
173,235
401,651
173,511
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
91,840
5,100
Amounts owed to group undertakings
3
-
0
Taxation and social security
474
104
Other creditors
5,278
5,082
97,595
10,286
7
Ultimate controlling party

The ultimate controlling party is Dr F Ismail.

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