REGISTERED NUMBER: |
Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
for |
STRATUS TECHNOLOGIES SYSTEMS LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
for |
STRATUS TECHNOLOGIES SYSTEMS LIMITED |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
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 |
STRATUS TECHNOLOGIES SYSTEMS LIMITED |
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 |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
Balance Sheet |
26 February 2023 |
26.2.23 | 27.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
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 |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
Notes to the Financial Statements |
for the Period 28 February 2022 to 26 February 2023 |
1. | STATUTORY INFORMATION |
Stratus Technologies Systems Limited 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 28 February 2022. |
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 subsidiaries within 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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from a contract to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied: |
- the amount of 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 end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
Notes to the Financial Statements - continued |
for the Period 28 February 2022 to 26 February 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided on the following basis: |
Leasehold improvements - 5 years straight line |
Fixtures, fittings and equipment - 3 - 5 years |
Computer equipment - 2 - 5 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred 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 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 period 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. |
Operating leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Benefits receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit form the use of the leased asset. |
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. |
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. |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
Notes to the Financial Statements - continued |
for the Period 28 February 2022 to 26 February 2023 |
3. | ACCOUNTING POLICIES - continued |
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 measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charges to the provision carried in the balance sheet. |
The expense for the provision for leasehold premises dilapidation is capitalised as a leasehold improvements within fixed assets and written off to the profit and loss account over the lease term. |
Share based payments |
Employee Share Purchase Plan |
A listed parent undertaking offers an Employee Share Purchase Plan (ESPP) to substantially all group employees, which permits eligible employees to purchase ordinary shares through payroll deductions of up to 15% of their eligible remuneration, subject to certain limitations. The purchase price of shares under the ESPP equals 85% of the lower of the fair market value of the parent company ordinary shares on either the first or last day of each offering period, which is generally six months. The share based payment expense is calculated as the fair value of the employees' purchase rights using the Black-scholes option valuation model and is recognised over the offering period. The parent undertaking recharges the expense to the company. |
Share Inducement Plan (Restricted Security Units) |
A listed parent undertaking offers Restricted Security Units to certain group employees to motivate them to contribute to, and enable them to share tin any long-term growth and financial success of the group. They are granted with service conditions with restrictions that generally lapse after a three to four year service period.The expense is based on the share price at the date of grant.The parent undertaking recharges the expense to the company. |
4. | EMPLOYEES |
The average number of employees during the period was |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
Notes to the Financial Statements - continued |
for the Period 28 February 2022 to 26 February 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 28 February 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 26 February 2023 |
DEPRECIATION |
At 28 February 2022 |
Charge for period |
At 26 February 2023 |
NET BOOK VALUE |
At 26 February 2023 |
At 27 February 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
26.2.23 | 27.2.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Other debtors includes £40,000 held in a reserve account, over which there is a charge in favour of HMRC in relation to customs duty on imports. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
26.2.23 | 27.2.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
26.2.23 | 27.2.22 |
£ | £ |
Within one year |
Between one and five years |
STRATUS TECHNOLOGIES SYSTEMS LIMITED (REGISTERED NUMBER: 03691534) |
Notes to the Financial Statements - continued |
for the Period 28 February 2022 to 26 February 2023 |
9. | PROVISIONS FOR LIABILITIES |
Provisions for liabilities and charges of £28,674 (2022: £28,674) is a dilapidation provision based on the estimated cost of the dilapidation on the leasehold property payable upon termination of the lease. |
A deferred tax asset of £3,702 (2022: £14,303) is included within other debtors. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 26.2.23 | 27.2.22 |
value: | £ | £ |
Ordinary | £0.01 | 2 | 2 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
Paul Williams (Senior Statutory Auditor) |
for and on behalf of BWBCA Limited (Chartered Accountants and Statutory Auditors) |
12. | ULTIMATE CONTROLLING PARTY |
The immediate parent undertaking is Stratus Technologies inc., a company registered in the United States of America. The registered office of Stratus Technologies inc is 251 Little Falls Drive, Wilmington, DE 19808, USA. |
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. The consolidated financial statements of SMART Global Holdings, Inc. are publicly available. |
13. | SHARE-BASED PAYMENT TRANSACTIONS |
Employee Share Purchase Plan (ESPP) |
On 17 October 2022 employees took up share offers under the parent undertaking ESPP for 8,972 shares with a purchase date of 14 April 2023 and an exercise price of $13.06. The fair value of the employees purchase rights is estimated to be $4.15 per share per the Black Scholes Valuation Model. The pro-rated share based expense recharged by the parent undertaking for the period to 26 February 2023 was £8,244. |
Restricted Security Units |
On 29 August 2022 5,166 Restricted Security Units in the parent undertaking were granted to employees with a fair value of $18.82 per share based on the share price at the date of grant. The service period required for these shares is 417 days to 20 October 2023. The pro-rated share based expense expense recharged by the parent undertaking for the period to 26 February 2023 £34,475. |