IRIS Accounts Production v23.2.0.158 03691534 Board of Directors 28.2.22 26.2.23 26.2.23 24.11.23 false true false false true false Auditors Opinion Ordinary 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure036915342022-02-27036915342023-02-26036915342022-02-282023-02-26036915342021-02-28036915342021-03-012022-02-27036915342022-02-2703691534ns16:EnglandWales2022-02-282023-02-2603691534ns15:PoundSterling2022-02-282023-02-2603691534ns11:Director12022-02-282023-02-2603691534ns11:PrivateLimitedCompanyLtd2022-02-282023-02-2603691534ns11:SmallEntities2022-02-282023-02-2603691534ns11:Audited2022-02-282023-02-2603691534ns11:SmallCompaniesRegimeForDirectorsReport2022-02-282023-02-2603691534ns11:SmallCompaniesRegimeForAccounts2022-02-282023-02-2603691534ns11:FullAccounts2022-02-282023-02-2603691534ns11:OrdinaryShareClass12022-02-282023-02-2603691534ns11:Director42022-02-282023-02-2603691534ns11:CompanySecretary12022-02-282023-02-2603691534ns11:RegisteredOffice2022-02-282023-02-2603691534ns6:CurrentFinancialInstruments2023-02-2603691534ns6:CurrentFinancialInstruments2022-02-2703691534ns6:ShareCapital2023-02-2603691534ns6:ShareCapital2022-02-2703691534ns6:SharePremium2023-02-2603691534ns6:SharePremium2022-02-2703691534ns6:RetainedEarningsAccumulatedLosses2023-02-2603691534ns6:RetainedEarningsAccumulatedLosses2022-02-2703691534ns6:ShortLeaseholdAssetsns6:LandBuildings2022-02-2703691534ns6:FurnitureFittings2022-02-2703691534ns6:ComputerEquipment2022-02-2703691534ns6:ShortLeaseholdAssetsns6:LandBuildings2022-02-282023-02-2603691534ns6:FurnitureFittings2022-02-282023-02-2603691534ns6:ComputerEquipment2022-02-282023-02-2603691534ns6:ShortLeaseholdAssetsns6:LandBuildings2023-02-2603691534ns6:FurnitureFittings2023-02-2603691534ns6:ComputerEquipment2023-02-2603691534ns6:ShortLeaseholdAssetsns6:LandBuildings2022-02-2703691534ns6:FurnitureFittings2022-02-2703691534ns6:ComputerEquipment2022-02-2703691534ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2603691534ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2703691534ns6:WithinOneYear2023-02-2603691534ns6:WithinOneYear2022-02-2703691534ns6:BetweenOneFiveYears2023-02-2603691534ns6:BetweenOneFiveYears2022-02-2703691534ns6:AllPeriods2023-02-2603691534ns6:AllPeriods2022-02-2703691534ns11:OrdinaryShareClass12023-02-26
REGISTERED NUMBER: 03691534 (England and Wales)















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: N K Rizvi
A C W Kuykendall





SECRETARY: H Shepheard





REGISTERED OFFICE: Watermans House Watermans Court
Lotus Park, The Causeway
Staines-Upon-Thames
TW18 3AG





REGISTERED NUMBER: 03691534 (England and Wales)





AUDITORS: BWBCA Limited
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 45,620 16,689

CURRENT ASSETS
Stocks - 9,790
Debtors 6 4,556,895 4,136,879
Cash at bank 135,290 98,319
4,692,185 4,244,988
CREDITORS
Amounts falling due within one year 7 864,818 458,261
NET CURRENT ASSETS 3,827,367 3,786,727
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,872,987

3,803,416

PROVISIONS FOR LIABILITIES 9 28,674 28,674
NET ASSETS 3,844,313 3,774,742

CAPITAL AND RESERVES
Called up share capital 10 2 2
Share premium 1,500,998 1,500,998
Retained earnings 2,343,313 2,273,742
SHAREHOLDERS' FUNDS 3,844,313 3,774,742

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 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 21 November 2023 and were signed on its behalf by:





N K Rizvi - Director


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 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.

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 at the following annual rates in order to write off each asset over its estimated useful life.

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 21 (2022 - 21 ) .

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 161,267 68,437 220,844 450,548
Additions - 3,675 45,854 49,529
Disposals - - (1,032 ) (1,032 )
At 26 February 2023 161,267 72,112 265,666 499,045
DEPRECIATION
At 28 February 2022 153,644 67,969 212,246 433,859
Charge for period 1,083 2,867 15,616 19,566
At 26 February 2023 154,727 70,836 227,862 453,425
NET BOOK VALUE
At 26 February 2023 6,540 1,276 37,804 45,620
At 27 February 2022 7,623 468 8,598 16,689

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
26.2.23 27.2.22
£    £   
Trade debtors 187,898 156,999
Amounts owed by group undertakings 4,253,529 3,863,258
Other debtors 115,468 116,622
4,556,895 4,136,879

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 5,820 3,917
Taxation and social security 401,798 164,434
Other creditors 457,200 289,910
864,818 458,261

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
26.2.23 27.2.22
£    £   
Within one year 72,807 71,307
Between one and five years 124,019 198,652
196,826 269,959

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: £    £   
202 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.