Company registration number 14268272 (England and Wales)
GREEN SOL-GEL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GREEN SOL-GEL LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
GREEN SOL-GEL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Fixed assets
Intangible assets
3
438,815
Current assets
-
Creditors: amounts falling due within one year
4
(438,814)
Net current liabilities
(438,814)
Net assets
1
Capital and reserves
-
Called up share capital
1
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 period ended 31 December 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 period 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 1 May 2024 and are signed on its behalf by:
Dr F Ismail
Director
Company registration number 14268272 (England and Wales)
GREEN SOL-GEL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Green Sol-Gel 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
Reporting period
The company was incorporated on the 1st August 2022, the companies year end was then changed to coincide with the Parent company.
1.2
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
Up to 20 years over the life of the application
1.4
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.
GREEN SOL-GEL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
3
Intangible fixed assets
Other
£
Cost
At 1 August 2022
Additions
438,815
At 31 December 2023
438,815
Amortisation and impairment
At 1 August 2022 and 31 December 2023
Carrying amount
At 31 December 2023
438,815
4
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
438,814
The amounts owed to group undertakings are interest free, with no security and no fixed repayment terms.
5
Parent company
The ultimate parent company of Green Sol-Gel Ltd is Sol-Gel Materials & Applications Ltd. The registered office is B1093A Galley Drive, Kent Science Park, Sittingbourne, Kent ME9 8GA.