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STORED ENERGY TECHNOLOGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


STORED ENERGY TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: N P Cooney
D R Gibson
J P Hawley
M Whitley





REGISTERED OFFICE: Atlas Works
Litchurch Lane
Derby
Derbyshire
DE24 8AQ





REGISTERED NUMBER: 03571564 (England and Wales)





ACCOUNTANTS: Sibbalds Limited
Chartered Accountants and Business Advisers
Oakhurst House
57 Ashbourne Road
Derby
Derbyshire
DE22 3FS

STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,597,420 1,416,411
Tangible assets 5 34,227 58,544
1,631,647 1,474,955

CURRENT ASSETS
Stocks 96,327 103,937
Debtors 6 353,051 308,626
Cash at bank and in hand 16,956 24,834
466,334 437,397
CREDITORS
Amounts falling due within one year 7 629,677 661,602
NET CURRENT LIABILITIES (163,343 ) (224,205 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,468,304 1,250,750

CREDITORS
Amounts falling due after more than one
year

8

510,135

299,630
NET ASSETS 958,169 951,120

CAPITAL AND RESERVES
Called up share capital 10 23,860 23,860
Share premium 909,307 909,307
Retained earnings 25,002 17,953
SHAREHOLDERS' FUNDS 958,169 951,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





M Whitley - Director


STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Stored Energy Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis which assumes the continued support of the directors and funders.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33% on cost

Stocks and work in progess
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is either written off in the year in which it is incurred or capitalised as an intangible asset if it is considered that the technology can be developed and generate income in future periods.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INTANGIBLE FIXED ASSETS
Patents
Development and
costs licences Totals
£    £    £   
COST
At 1 March 2022 1,617,572 3,040 1,620,612
Additions 285,607 - 285,607
At 28 February 2023 1,903,179 3,040 1,906,219
AMORTISATION
At 1 March 2022 201,161 3,040 204,201
Amortisation for year 104,598 - 104,598
At 28 February 2023 305,759 3,040 308,799
NET BOOK VALUE
At 28 February 2023 1,597,420 - 1,597,420
At 28 February 2022 1,416,411 - 1,416,411

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2022
and 28 February 2023 265,187 14,138 81,189 360,514
DEPRECIATION
At 1 March 2022 209,104 14,103 78,763 301,970
Charge for year 23,216 7 1,094 24,317
At 28 February 2023 232,320 14,110 79,857 326,287
NET BOOK VALUE
At 28 February 2023 32,867 28 1,332 34,227
At 28 February 2022 56,083 35 2,426 58,544

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 258,745 294,433
Other debtors 94,306 14,193
353,051 308,626

STORED ENERGY TECHNOLOGY LIMITED (REGISTERED NUMBER: 03571564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 45,921 119,127
Trade creditors 183,036 219,237
Taxation and social security 42,167 19,709
Other creditors 358,553 303,529
629,677 661,602

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 510,135 299,630

9. SECURED DEBTS

Any bank borrowings are secured by a fixed and floating charge over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,385,978 Ordinary 1p 23,860 23,860