AUXETEC LTD


Directors	GLEESON, Helen Frances, Professor
	GOODIER, Philip James
	NAYLOR, Andrew


Registered Address	Nexus
	Discovery Way
	Leeds
	LS2 3AA


Registered Number	12925662 (England and Wales)

Statement of Financial Position
31 October 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		26,182		4,651
			26,182		4,651
Current assets
Stocks		-		376
Debtors	4	82,814		42,351
Cash at bank and on hand		404,471		408,639
		487,285		451,366
Creditors amounts falling due within one year	5	(645,056)		(39,592)
Net current assets (liabilities)			(157,771)		411,774
Total assets less current liabilities			(131,589)		416,425
Creditors amounts falling due after one year	6		-		(100,000)
Net assets			(131,589)		316,425
Capital and reserves
Called up share capital			40		35
Share premium			1,005,781		1,000,732
Profit and loss account			(1,137,410)		(684,342)
Shareholders' funds			(131,589)		316,425

The company was entitled to exemption from audit for this reporting period 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 19 December 2025, and are signed on its behalf by:

GOODIER, Philip James
Director
Registered Company No. 12925662

AUXETEC LTD

Notes to the Financial Statements
for the year ended 31 October 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company is developing and marketing a range of novel liquid crystal elastomers with multiple applications in advanced materials markets.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The company is currently raising further equity and early feedback on discussions with potential investors is positive. As a result, the directors are confident that the company will have adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and shareholders and therefore continue the adopt the going concern basis of accounting in preparing the financial statements.

Going concern

The company is currently raising further equity and early feedback on discussions with potential investors is positive.  As a result, the directors are confident that the company will have adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and shareholders and therefore continue the adopt the going concern basis of accounting in preparing the financial statements.

	Employee benefits
	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 into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

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 into a separate entity. Once the contributions have been paid the company has no further obligation.

Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	5
	Office Equipment	3

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	Government grants or assistance
	Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	9		7

3.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 November 24	2,056	4,970	7,026
Additions	24,605	1,265	25,870
At 31 October 25	26,661	6,235	32,896
Depreciation and impairment
At 01 November 24	216	2,159	2,375
Charge for year	2,462	1,877	4,339
At 31 October 25	2,678	4,036	6,714
Net book value
At 31 October 25	23,983	2,199	26,182
At 31 October 24	1,840	2,811	4,651

4.	Debtors: amounts due within one year

	2025	2024
	£	£
Other debtors	80,771	40,703
Prepayments and accrued income	2,043	1,648
Total	82,814	42,351


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	13,928	16,539
Taxation and social security	6,249	6,988
Other creditors	602,458	2,443
Accrued liabilities and deferred income	22,421	13,622
Total	645,056	39,592


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Included within creditors, amounts falling due within one year, is £600,000 (2024 - £100,000 due over one year) relating to convertible share capital which is expected to convert within the next 12 months.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Included within creditors, amounts falling due within one year, is £600,000 (2024 - £100,000 due over one year) relating to convertible share capital which is expected to convert within the next 12 months.

6.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	-	100,000
Total	-	100,000

7.	Pension commitments
	The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,425 (2024 - £1,704) were due to the fund. They are included in other creditors.

8.	Related party transactions
	Included within administration expenses is consultancy fees of £19,632 (2024 - £19,681) paid to the University of Leeds in respect of services provided by Professor H F Gleeson, a director.