Stored Energy Technology Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03571564

Stored Energy Technology Limited

Filleted Unaudited Financial Statements

28 February 2025

Stored Energy Technology Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Intangible assets	5	1,197,554	1,586,673
Tangible assets	6	24,941	21,008
		------------	------------
		1,222,495	1,607,681

Current assets

Stocks		163,268	109,148
Debtors	7	430,558	360,951
Cash at bank and in hand		52,055	220,490
		---------	---------
		645,881	690,589

Creditors: amounts falling due within one year	8	485,723		800,746
		---------		---------
Net current assets/(liabilities)			160,158	( 110,157)
			------------	------------
Total assets less current liabilities			1,382,653	1,497,524

Creditors: amounts falling due after more than one year	9	274,570	415,325
		------------	------------
Net assets		1,108,083	1,082,199
		------------	------------

Capital and reserves

Called up share capital	23,860	23,860
Share premium account	909,307	909,307
Profit and loss account	174,916	149,032
	------------	------------
Shareholders funds	1,108,083	1,082,199
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Stored Energy Technology Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 3 November 2025 , and are signed on behalf of the board by:

Mr M Whitley

Director

Company registration number: 03571564

Stored Energy Technology Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Atlas Works, Litchurch Lane, Derby, DE24 8AQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Patents and licences are amortised evenly over their estimated useful life of four years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Development costs	-	Over estimated useful life of the asset of between 3 and 20 years
Patents, trademarks and licences	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Fixtures and fittings	-	20% reducing balance
Equipment	-	33 % straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2024: 13 ).

5. Intangible assets

	Development costs	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 March 2024	2,118,488	3,040	2,121,528
Additions	149,625	–	149,625
	------------	-------	------------
At 28 February 2025	2,268,113	3,040	2,271,153
	------------	-------	------------
Amortisation
At 1 March 2024	531,815	3,040	534,855
Charge for the year	182,177	–	182,177
Impairment losses	356,567	–	356,567
	------------	-------	------------
At 28 February 2025	1,070,559	3,040	1,073,599
	------------	-------	------------
Carrying amount
At 28 February 2025	1,197,554	–	1,197,554
	------------	-------	------------
At 29 February 2024	1,586,673	–	1,586,673
	------------	-------	------------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 March 2024	266,728	15,991	84,642	367,361
Additions	11,032	2,259	9,785	23,076
	---------	--------	--------	---------
At 28 February 2025	277,760	18,250	94,427	390,437
	---------	--------	--------	---------
Depreciation
At 1 March 2024	251,145	14,212	80,996	346,353
Charge for the year	15,689	647	2,807	19,143
	---------	--------	--------	---------
At 28 February 2025	266,834	14,859	83,803	365,496
	---------	--------	--------	---------
Carrying amount
At 28 February 2025	10,926	3,391	10,624	24,941
	---------	--------	--------	---------
At 29 February 2024	15,583	1,779	3,646	21,008
	---------	--------	--------	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	284,060	243,046
Other debtors	146,498	117,905
	---------	---------
	430,558	360,951
	---------	---------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	115,033	78,969
Trade creditors	41,202	150,353
Social security and other taxes	45,888	35,757
Other creditors	283,600	535,667
	---------	---------
	485,723	800,746
	---------	---------

The Business Bounceback Loan is secured by the UK government. Any other bank borrowings are secured by a fixed and floating charge over the assets of the company.

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	274,570	415,325
	---------	---------

The Business Bounceback Loan is secured by the UK government. Any other bank borrowings are secured by a fixed and floating charge over the assets of the company.

10. Deferred tax

At the year end the company had unused tax losses of £555,642 (2024 - £921,188) which are available to be offset against the company's future taxable profits.

11. Directors' advances, credits and guarantees

The total amount owed to the directors at 29 February 2025 is £33,561 (2024: £33,561). The directors' loan accounts are repayable on demand.