Company registration number 10625758 (England and Wales)
SOL-GEL MATERIALS & APPLICATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SOL-GEL MATERIALS & APPLICATIONS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
SOL-GEL MATERIALS & APPLICATIONS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
18,794
34,903
Investments
5
21,555
3
40,349
34,906
Current assets
Stocks
16,607
8,987
Debtors
6
1,698,098
446,340
Cash at bank and in hand
2,436,363
26,184
4,151,068
481,511
Creditors: amounts falling due within one year
7
(621,192)
(244,120)
Net current assets
3,529,876
237,391
Net assets
3,570,225
272,297
Capital and reserves
Called up share capital
257
239
Share premium account
5,277,972
1,319,577
Profit and loss reserves
(1,708,004)
(1,047,519)
Total equity
3,570,225
272,297
For the financial year ended 31 December 2024 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Dr F Ismail
Director
Company registration number 10625758 (England and Wales)
SOL-GEL MATERIALS & APPLICATIONS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2023
239
1,319,577
(800,049)
519,767
Period ended 31 December 2023:
Loss and total comprehensive income
-
-
(247,470)
(247,470)
Balance at 31 December 2023
239
1,319,577
(1,047,519)
272,297
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(660,485)
(660,485)
Issue of share capital
18
3,958,395
-
3,958,413
Balance at 31 December 2024
257
5,277,972
(1,708,004)
3,570,225
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 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
Reporting period
The previous year end was shortened to December 2023 as part of the Group reorganisation, therefore the two years are not entirely comparable.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
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.
1.4
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.
1.5
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
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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.
1.8
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.
1.9
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
4
3
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
(71,228)
(44,430)
The tax refund received in the year is in relation to R & D tax credits for 22 and 23.
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
19,894
65,214
85,108
Additions
415
415
At 31 December 2024
19,894
65,629
85,523
Depreciation and impairment
At 1 January 2024
10,363
39,842
50,205
Depreciation charged in the year
4,974
11,550
16,524
At 31 December 2024
15,337
51,392
66,729
Carrying amount
At 31 December 2024
4,557
14,237
18,794
At 31 December 2023
9,531
25,372
34,903
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
21,555
3
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
3
Additions
21,552
At 31 December 2024
21,555
Carrying amount
At 31 December 2024
21,555
At 31 December 2023
3
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
629,785
438,814
Other debtors
1,068,313
7,526
1,698,098
446,340
The amounts owed by group undertakings are interest free, with no security and no fixed repayment terms.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
590,414
102,190
Amounts owed to group undertakings
2
2
Taxation and social security
9,346
454
Other creditors
21,430
141,474
621,192
244,120
The amounts owed to group undertakings are interest free, with no security and no fixed repayment terms.
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
2
2
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
629,785
438,814
9
Ultimate controlling party
The ultimate controlling party is Dr F Ismail.
2024-12-312024-01-01falsefalsefalse16 May 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityDr F IsmailMs T Pereira Correia106257582024-01-012024-12-31106257582024-12-31106257582023-12-3110625758core:LandBuildings2024-12-3110625758core:OtherPropertyPlantEquipment2024-12-3110625758core:LandBuildings2023-12-3110625758core:OtherPropertyPlantEquipment2023-12-3110625758core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3110625758core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110625758core:CurrentFinancialInstruments2024-12-3110625758core:CurrentFinancialInstruments2023-12-3110625758core:ShareCapital2024-12-3110625758core:ShareCapital2023-12-3110625758core:SharePremium2024-12-3110625758core:SharePremium2023-12-3110625758core:RetainedEarningsAccumulatedLosses2024-12-3110625758core:RetainedEarningsAccumulatedLosses2023-12-3110625758core:ShareCapital2023-02-2810625758core:SharePremium2023-02-2810625758core:RetainedEarningsAccumulatedLosses2023-02-2810625758bus:Director12024-01-012024-12-3110625758core:RetainedEarningsAccumulatedLosses2023-03-012023-12-31106257582023-03-012023-12-3110625758core:RetainedEarningsAccumulatedLosses2024-01-012024-12-3110625758core:ShareCapital2024-01-012024-12-3110625758core:SharePremium2024-01-012024-12-3110625758core:LeaseholdImprovements2024-01-012024-12-3110625758core:PlantMachinery2024-01-012024-12-3110625758core:FurnitureFittings2024-01-012024-12-3110625758core:ComputerEquipment2024-01-012024-12-3110625758core:UKTax2024-01-012024-12-3110625758core:UKTax2023-03-012023-12-3110625758core:LandBuildings2023-12-3110625758core:OtherPropertyPlantEquipment2023-12-31106257582023-12-3110625758core:LandBuildings2024-01-012024-12-3110625758core:OtherPropertyPlantEquipment2024-01-012024-12-3110625758core:WithinOneYear2024-12-3110625758core:WithinOneYear2023-12-3110625758bus:PrivateLimitedCompanyLtd2024-01-012024-12-3110625758bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3110625758bus:FRS1022024-01-012024-12-3110625758bus:AuditExemptWithAccountantsReport2024-01-012024-12-3110625758bus:Director22024-01-012024-12-3110625758bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP