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REGISTERED NUMBER: 10967566 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Minety Battery Storage Limited

Minety Battery Storage Limited (Registered number: 10967566)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Statement of Changes in Equity 3

Notes to the Financial Statements 4


Minety Battery Storage Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Z Chen
J Guo





REGISTERED OFFICE: Office 1.13/1.14
Fora Reading Thames Tower
Station Road
Reading
RG1 1LX





REGISTERED NUMBER: 10967566 (England and Wales)





AUDITORS: Shinewing Wilson Accountancy Limited
Chartered Certified Accountants
and Statutory Auditors
9 St Clare Street
London
EC3N 1LQ

Minety Battery Storage Limited (Registered number: 10967566)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,460,690 15,541,240

CURRENT ASSETS
Debtors 5 574,030 1,095,508
Cash at bank and in hand 3,921,906 5,798,554
4,495,936 6,894,062
CREDITORS
Amounts falling due within one year 6 9,784,591 11,060,852
NET CURRENT LIABILITIES (5,288,655 ) (4,166,790 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,172,035

11,374,450

CREDITORS
Amounts falling due after more than one
year

7

(4,927,204

)

(6,256,552

)

PROVISIONS FOR LIABILITIES (759,287 ) (538,128 )
NET ASSETS 3,485,544 4,579,770

CAPITAL AND RESERVES
Called up share capital 1,400,000 1,400,000
Share premium 20,984 20,984
Retained earnings 2,064,560 3,158,786
3,485,544 4,579,770

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 30 July 2024 and were signed on its behalf by:





Z Chen - Director


Minety Battery Storage Limited (Registered number: 10967566)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 1,400,000 1,417,841 20,984 2,838,825

Changes in equity
Dividends - (1,400,000 ) - (1,400,000 )
Total comprehensive income - 3,140,945 - 3,140,945
Balance at 31 December 2022 1,400,000 3,158,786 20,984 4,579,770

Changes in equity
Dividends - (2,244,100 ) - (2,244,100 )
Total comprehensive income - 1,149,874 - 1,149,874
Balance at 31 December 2023 1,400,000 2,064,560 20,984 3,485,544

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Minety Battery Storage 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.

Going concern
The company had net current liabilities of £5 million as at the balance sheet date, mainly due to an amount of £7.75 million owed to the shareholders, which shareholders confirmed no immediate call on the repayment until the company has the ability to do so, together with cash reserve of £3.9 million, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors consider that there are no material uncertainties relating to events or conditions that could cast significant doubt upon the company's ability to continue as a going concern, and continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.

Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future years affected.

Decommissioning provision
The existence of contingent liabilities requires from management making assumptions and estimate continuously related to the possibility that future events may or may not occur as well as the effects that those events may have on the activities of the Company.

On or before the fifteenth anniversary of the date of the lease the Company is required to obtain two estimates from suitably qualified chartered surveyors of the costs of complying with its obligations, no provision has been included in the financial statements due to the uncertainty surrounding future costs.

Useful lives of property, plant and equipment
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly. The carrying amount of property, plant and equipment by each class is included in note 4 and details of the useful lives are included within the accounting policy.

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

The rendering of services represents the value of services provide under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. All monies received from customers relate to contracts that are ultimately with the UK National Gris. The revenue is presented on a gross basis, with the cost of sales separately presented for the amounts paid to flex providers

Fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery - 6.67% - 12.5% straight line with residual value rate of 0-11%

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments'.

Financial instruments are recognised 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.

Basic financial assets
Basic financial assets, which include trade and other receivables 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, and loans from group undertakings, 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.

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

Share capital
Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

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.

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.

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Operating lease: the company as lessee
Rentals paid under operating leases are charged to the Income Statements on a straight line basis over the lease term.

Contingencies-Decommissioning provision
Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company’s control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Decommissioning provision is not recognised until commencement date under the term.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial Position.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 17,304,231
Additions 91,394
At 31 December 2023 17,395,625
DEPRECIATION
At 1 January 2023 1,762,991
Charge for year 1,171,944
At 31 December 2023 2,934,935
NET BOOK VALUE
At 31 December 2023 14,460,690
At 31 December 2022 15,541,240

All company's fixed assets were used to secured the loan see Note 9.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 574,030 1,095,508

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 8) 1,329,348 2,096,095
Amounts owed to group undertakings 326,741 -
Taxation and social security 55,515 698,808
Other creditors 8,072,987 8,265,949
9,784,591 11,060,852

The amounts owed to group undertakings are unsecured, interest free, without a fixed date of repayment and repayable on demand.

Included in other creditors, there were shareholders' loans of £7,750,000 (2022: £7,750,000), see Note 9.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 8) 4,927,204 6,256,552

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,329,348 2,096,095
Other loans 7,750,000 7,750,000
9,079,348 9,846,095

Amounts falling due between one and two years:
Bank loans - 1-2 years 950,000 950,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,977,204 5,306,552

Included in the loans, amounts of £4,306,552 (2022: £5,802,647) were from China Huaneng Group Treasury Management (Hong Kong) Limited and £1,950,000 (2022: £2,550,000) from DBS Bank LTD., London Branch. The loans are secured on the property and incurs interest at 3.2%. Interest of £224,745 (2022: £281,594) were provided on the principal.

Included in the shareholders' loans, amounts of £3,952,500 (2022: £3,952,500) were from Pro-Power Investment Limited and £3,797,500 (2022: £3,797,500) from Synent Holdings Corporation Limited. Pro-Power Investment Limited owns 51% of ordinary shares of Power Act Limited and Synent Holdings Corporation Limited owns 49% of ordinary shares of Power Act Limited. The loan is unsecured, interest free and repayable on demand.

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 40,000 40,000
Between one and five years 200,000 200,000
In more than five years 793,315 833,315
1,033,315 1,073,315

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Julie Zhuge Wilson (Senior Statutory Auditor)
for and on behalf of Shinewing Wilson Accountancy Limited

11. RELATED PARTY DISCLOSURES

Except for disclosures in note 9, the company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12. POST BALANCE SHEET EVENTS

A dividend of £1,019,000.00 was declared to the shareholder in July 2024.

Minety Battery Storage Limited (Registered number: 10967566)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. ULTIMATE CONTROLLING PARTY

The immediate parent company is Power Act Limited, a company registered in Hong Kong.

The ultimate parent company is China Huaneng Group Co., Ltd, a state owned company registered in P.R.China.

There is no one ultimate controlling party.