REGISTERED NUMBER: |
Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
for |
REGAL MAINTENANCE SOLUTIONS LTD |
REGISTERED NUMBER: |
Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
for |
REGAL MAINTENANCE SOLUTIONS LTD |
REGAL MAINTENANCE SOLUTIONS LTD (REGISTERED NUMBER: 08399324) |
Contents of the Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
REGAL MAINTENANCE SOLUTIONS LTD |
Company Information |
for the Period 28 February 2022 to 26 February 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Dukes Court |
Duke Street |
Woking |
Surrey |
GU21 5BH |
REGAL MAINTENANCE SOLUTIONS LTD (REGISTERED NUMBER: 08399324) |
Balance Sheet |
26 February 2023 |
26.2.23 | 27.2.22 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
REGAL MAINTENANCE SOLUTIONS LTD (REGISTERED NUMBER: 08399324) |
Notes to the Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
1. | STATUTORY INFORMATION |
Regal Maintenance Solutions Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company operates on a 51 to 53 week fiscal year that ends on the Sunday closest to the last day of February. The financial statements herein are for the years ended 26 February 2023 and 27 February 2022. |
Preparation on a basis other than going concern |
The company ceased to trade on 1 April 2022. The directors intend to liquidate the company and therefore do not consider it is appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern. No adjustments were necessary to write down the company's assets to net realisable value or provide for onerous contracts, which would be required under this basis if applicable. No provision has been made for future costs of terminating the business as no costs were committed at the reporting date. |
Related party exemption |
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 members of the group. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax. |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of the revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
REGAL MAINTENANCE SOLUTIONS LTD (REGISTERED NUMBER: 08399324) |
Notes to the Financial Statements - continued |
for the Period 28 February 2022 to 26 February 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
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. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of the reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
4. | EMPLOYEES |
The average number of employees during the period was NIL (2022 - NIL). |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
26.2.23 | 27.2.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
26.2.23 | 27.2.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 26.2.23 | 27.2.22 |
value: | £ | £ |
Ordinary | £1 | 100,502 | 100,502 |
REGAL MAINTENANCE SOLUTIONS LTD (REGISTERED NUMBER: 08399324) |
Notes to the Financial Statements - continued |
for the Period 28 February 2022 to 26 February 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
Emphasis of matter - basis of preparation other than going concern: |
We draw attention to Note 3 to the financial statements (Basis of preparation) which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 3. Our opinion is not modified in respect of this matter. |
Paul Williams (Senior Statutory Auditor) |
for and on behalf of BWBCA Limited (Chartered Accountants and Statutory Auditors) |
9. | CONTINGENT LIABILITIES |
In September 2021 the company received a letter alleging that it was a spin-off of a company now in liquidation, a number of years prior to its purchase by Stratus Technologies Ireland Ltd. The liquidators alleged that the spin-off was at below fair value and sought £1,111,587 from the company. Legal advice has been obtained and the directors believe the claim has been made in error. The company wrote to the liquidators in October 2021 detailing a number of grounds for rejecting the claim. and no response has been received from the liquidators as at the date of signing these financial statements.Therefore, no liability is expected to arise. |
10. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Stratus Technologies Ireland Limited, a company registered in Ireland where the registered office is Unit 275, Block F, Blanchardstown Corporate Park, Dublin 15, Ireland. |
The Company's ultimate controlling party is SMART Global Holdings, Inc. ("SGH"), a company |
incorporated in the Cayman Islands. |
The results of the company are consolidated into the results of SMART Global Holdings Inc, which. are publicly available. |