STL Tech Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 10055041 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

STL TECH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Stirling

D Clutterbuck

REGISTERED OFFICE:

Science Creates Old Market,

Midland Road

Bristol

BS2 OJZ

REGISTERED NUMBER:

10055041 (England and Wales)

ACCOUNTANTS:

Thompson Taraz Rand Ltd

Chartered Accountants

10 Jesus Lane

Cambridge

Cambridgeshire

CB5 8BA

FIXED ASSETS

Intangible assets

5

1,711,688

1,530,634

Tangible assets

6

27,406

23,138

Investments

7

20,000

20,000

1,759,094

1,573,772

CURRENT ASSETS

Debtors

8

234,853

321,393

Cash at bank and in hand

35,704

22,250

270,557

343,643

CREDITORS

Amounts falling due within one year

9

(405,587

)

(458,204

)

NET CURRENT LIABILITIES

(135,030

)

(114,561

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,624,064

1,459,211

CREDITORS

Amounts falling due after more than one year

10

(21,667

)

(31,667

)

PROVISIONS FOR LIABILITIES

(445,322

)

(295,217

)

NET ASSETS

1,157,075

1,132,327

CAPITAL AND RESERVES

Called up share capital

12

1

1

Retained earnings

1,157,074

1,132,326

SHAREHOLDERS' FUNDS

1,157,075

1,132,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:

P Stirling - Director

1.	STATUTORY INFORMATION

Stl Tech 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover relates to the sale of pre-production equipment for the purpose of further development and testing. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership

of the goods has transferred to the buyer. This is usually at the point that the customer has signed

for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of

the contract. The stage of completion of a contract is measured by comparing the costs incurred

for work performed to date to the total estimated contract costs. Turnover is only recognised to

the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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.

Development assets are being amortised evenly over their estimated useful life of nil 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 etc

-

33.33% on cost and 20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Research and development

Expenditure on research is written off in the year it is incurred. Costs on development of new

products for commercial resale is capitalised and amortised over the usual life of the product from

when the products are brought into use.

None of the intangible assets shown as development costs have yet been brought into use or

amortised.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model.

The grant will therefore be recognised in other income when the grant proceeds are received or receivable provided the terms of the grant do not impose future performance related conditions.

If the terms of the grant do impose future performance related conditions, the grant is only recognised in income when the performance related conditions are met.

Any grants that are received before the recognition criteria is met are recognised in the entity's financial statements as a liability.

Investments

Shares in unlisted companies are recorded at cost less accumulated impairment losses. Unlisted investments are reviewed at each reporting date for signs of impairment. Losses arising from impairment are recorded in the profit and loss in the year in which the impairment is believed to have arisen.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 17 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2022

1,530,634

Additions

181,054

At 31 March 2023

1,711,688

NET BOOK VALUE

At 31 March 2023

1,711,688

At 31 March 2022

1,530,634

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

39,559

Additions

17,371

At 31 March 2023

56,930

DEPRECIATION

At 1 April 2022

16,421

Charge for year

13,103

At 31 March 2023

29,524

NET BOOK VALUE

At 31 March 2023

27,406

At 31 March 2022

23,138

7.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2022

and 31 March 2023

20,000

NET BOOK VALUE

At 31 March 2023

20,000

At 31 March 2022

20,000

8.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

118,859

90,241

Other debtors

72,814

211,099

191,673

301,340

Amounts falling due after more than one year:

Other debtors

43,180

20,053

Aggregate amounts

234,853

321,393

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,000

Trade creditors

40,328

106,544

Taxation and social security

140,212

93,611

Other creditors

215,047

248,049

405,587

458,204

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

21,667

31,667

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

61,917

61,917

Between one and five years

159,951

221,868

221,868

283,785

STL has an option to cancel its lease with three months notice.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

1,000

Ordinary

0.000

1p

1

1

Total share capital has been rounded up from 10p to £1 to allow it to be displayed in the accounts.

13.	RELATED PARTY DISCLOSURES

The directors have loaned the company £83,092 (2022: £117,392). The amount bears no interest, is repayable on demand and disclosed in creditors due in less than one year.

14.	DIRECTORS REMUNERATION

During the year, retirement benefits were accruing to 5 directors (2022: 4) in respect of money purchase schemes.