Company No: 16095691 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	J O'Neill (Appointed 22 November 2024)
	P Stirling (Appointed 16 June 2026)

REGISTERED OFFICE	Unit 109 Ducie House 37 Ducie Street
	Manchester
	M1 2JW
	United Kingdom

COMPANY NUMBER

16095691 (England and Wales)

CHARTERED ACCOUNTANTS	PM+M Solutions for Business LLP
	New Century House
	Greenbank Technology Park
	Challenge Way
	Blackburn
	BB1 5QB

	Note	30.11.2025
		£
Fixed assets
Intangible assets	4	67,877
		67,877
Current assets
Cash at bank and in hand		2,501
		2,501
Creditors: amounts falling due within one year	5	( 71,228)
Net current liabilities		(68,727)
Total assets less current liabilities		(850)
Net liabilities		( 850)
Capital and reserves
Called-up share capital	6	100
Profit and loss account		( 950 )
Total shareholders' deficit		( 850)

For the financial period ending 30 November 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial period 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Dielectric Solutions Limited (registered number: 16095691) were approved and authorised for issue by the Board of Directors on 21 August 2026. They were signed on its behalf by:

J O'Neill Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Dielectric Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 109 Ducie House 37 Ducie Street, Manchester, M1 2JW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

At 30 November 2025 the company had net liabilities of £850, no trading revenue and creditors of £71,228. The company is therefore dependent on continued financial support while development and commercialisation of its intellectual property continues.

These draft financial statements have been prepared on a going concern basis on the assumption that the directors and related parties will continue to provide financial support and will not seek repayment of amounts due in a manner that would prevent the company from meeting its liabilities as they fall due.

Reporting period length

The company's first accounting period commenced on incorporation on 22 November 2024 and ended on 30 November 2025. Accordingly, these financial statements cover the period from 22 November 2024 to 30 November 2025, being a period of just over twelve months. No comparative figures are presented as these are the company's first financial statements.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs

not amortised

Research and development

Expenditure on research is recognised as an expense when incurred. Development expenditure is capitalised from the point at which the directors conclude that the project is technically feasible, there is an intention and ability to complete and use or commercialise the asset, future economic benefits are expected, adequate resources are available to complete the project and the attributable expenditure can be measured reliably. Capitalised cost includes directly attributable university development expenditure, patent attorney costs, legal costs directly related to creation or protection of the IP, and irrecoverable VAT. General administration and costs that do not satisfy the recognition criteria are expensed.
In accordance with IAS 38, amortisation has not commenced as the assets were not yet available for use. Management has assessed the carrying value of the development assets at the reporting date and is satisfied that no impairment provision is required.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

The principal judgement made by the directors is whether expenditure incurred on the Company's development project meets the recognition criteria for an internally generated intangible asset in accordance with FRS 102.

In concluding that the expenditure should be capitalised, the directors have considered that:

- the project is directed towards a clearly defined technical objective;
- specialist research and development activities have been undertaken;
- the project has generated patent-related intellectual property owned by the Company;
- the Company intends to protect and commercially exploit the technology through licensing and other commercial arrangements;
- the directors consider that the project is capable of generating probable future economic benefits;
- the expenditure attributable to the project can be reliably identified and measured ; and
- the Company has access to the technical expertise and commercial resources necessary to complete the development project and bring the technology to market.

Accordingly, the directors consider that the criteria for capitalisation of development expenditure have been met.

Key source of estimation uncertainty

The carrying value of the capitalised development costs is dependent upon the directors' assessment of the future technical success and commercial viability of the project. The recovery of the asset is reliant upon the successful completion of development activities and the generation of future economic benefits from the commercial exploitation of the related intellectual property.

Should the project fail to achieve its anticipated technical or commercial outcomes, or if future economic benefits are lower than currently forecast, an impairment of part or all of the carrying value of the development asset may be required.

3. Employees

	Period from 22.11.2024 to 30.11.2025
	Number
Monthly average number of persons employed by the Company during the period, including directors	2

4. Intangible assets

	Development costs		Total
	£		£
Cost
At 22 November 2024	0		0
Additions	67,877		67,877
At 30 November 2025	67,877		67,877
Accumulated amortisation
At 22 November 2024	0		0
At 30 November 2025	0		0
Net book value
At 30 November 2025	67,877		67,877

5. Creditors: amounts falling due within one year

	30.11.2025
	£
Amounts owed to related parties	48,075
Amounts owed to directors	13,853
Accruals	900
Other creditors	8,400
	71,228

6. Called-up share capital

	30.11.2025
	£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100

7. Related party transactions

Other related party transactions

During the period the company entered into transactions with a company controlled by one of the directors. At 30 November 2025 an amount of £48,075 was owing to that company and is included within creditors. The balance is unsecured, interest free and repayable on demand.