Company registration number 10625758 (England and Wales)
SOL-GEL MATERIALS & APPLICATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,660
18,794
Investments
5
43,274
21,555
65,934
40,349
Current assets
Stocks
27,870
16,607
Debtors
6
2,327,088
1,698,098
Cash at bank and in hand
723,320
2,436,363
3,078,278
4,151,068
Creditors: amounts falling due within one year
7
(327,452)
(621,191)
Net current assets
2,750,826
3,529,877
Net assets
2,816,760
3,570,226
Capital and reserves
Called up share capital
258
258
Share premium account
5,277,972
5,277,972
Profit and loss reserves
(2,461,470)
(1,708,004)
Total equity
2,816,760
3,570,226

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 20 July 2026 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 2025
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
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
19
3,958,395
-
3,958,414
Balance at 31 December 2024
258
5,277,972
(1,708,004)
3,570,226
Year ended 31 December 2025:
Loss and total comprehensive income
-
-
(753,466)
(753,466)
Balance at 31 December 2025
258
5,277,972
(2,461,470)
2,816,760
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 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
Basis of preparation

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 a mounts 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.

1.2
Revenue

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.

SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
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 payabl e

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
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:

2025
2024
Number
Number
Total
6
5
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
3
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(89,540)
(71,228)

The tax refund received in the year is in relation to R & D tax credits for 2023 and 2024.

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
19,894
65,629
85,523
Additions
-
0
4,967
4,967
At 31 December 2025
19,894
70,596
90,490
Depreciation and impairment
At 1 January 2025
15,337
51,392
66,729
Depreciation charged in the year
-
0
1,101
1,101
At 31 December 2025
15,337
52,493
67,830
Carrying amount
At 31 December 2025
4,557
18,103
22,660
At 31 December 2024
4,557
14,237
18,794
SOL-GEL MATERIALS & APPLICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
43,274
21,555
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
21,555
Additions
21,719
At 31 December 2025
43,274
Carrying amount
At 31 December 2025
43,274
At 31 December 2024
21,555
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,049,070
629,785
Other debtors
1,278,018
1,068,313
2,327,088
1,698,098

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
2025
2024
£
£
Trade creditors
273,706
590,414
Amounts owed to group undertakings
2
2
Taxation and social security
35,589
9,346
Other creditors
18,155
21,429
327,452
621,191

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 2025
- 7 -
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
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:

2025
2024
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
1,049,070
629,785
9
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Loans
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
-
66,717
66,717
-
66,717
66,717
10
Ultimate controlling party

The ultimate controlling party is Dr F Ismail.

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