Company Registration No. 03574225 (England and Wales)
STRATA TECHNOLOGY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
STRATA TECHNOLOGY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
STRATA TECHNOLOGY LIMITED
BALANCE SHEET
AS AT
29 SEPTEMBER 2017
29 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,331,648
824,553
Current assets
Stocks
169,684
147,705
Debtors
909,331
563,640
Cash at bank and in hand
42,226
315,585
1,121,241
1,026,930
Creditors: amounts falling due within one year
(733,219)
(294,711)
Net current assets
388,022
732,219
Total assets less current liabilities
1,719,670
1,556,772
Provisions for liabilities
(90,819)
-
Net assets
1,628,851
1,556,772
Capital and reserves
Called up share capital
5
94,500
94,500
Revaluation reserve
6
443,415
-
Other reserves
64,000
64,000
Profit and loss reserves
1,026,936
1,398,272
Total equity
1,628,851
1,556,772

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 29 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

STRATA TECHNOLOGY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 SEPTEMBER 2017
29 September 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 November 2017 and are signed on its behalf by:
Mr T Hesketh
Director
Company Registration No. 03574225
STRATA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information

STRATA TECHNOLOGY LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is Strata House, Batavia Road, Sunbury on Thames, Middlesex, TW16 5LR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 29 September 2017 are the first financial statements of STRATA TECHNOLOGY LIMITED prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

 

Revenue from the sale of products is recognised when the significant risks and rewards of ownership of the products have passed to the buyer (usually on dispatch of the products) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services and long term contracts for the provision of manufactured equipment is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

STRATA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% p.a. on cost of the Freehold property
Land and buildings Leasehold
20% on cost
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Computer equipment
33% on cost
Motor vehicles
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

 

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity ; such gains and loss es are recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

STRATA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

STRATA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 38 (2016 - 38).

STRATA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2017
- 7 -
3
Intangible fixed assets
Total
£
Cost
At 1 October 2016 and 29 September 2017
5,000
Amortisation and impairment
At 1 October 2016 and 29 September 2017
5,000
Carrying amount
At 29 September 2017
-
At 30 September 2016
-
4
Tangible fixed assets
Total
£
Cost or valuation
At 1 October 2016
1,520,037
Additions
59,523
Disposals
(117,238)
Revaluation
416,951
At 29 September 2017
1,879,273
Depreciation and impairment
At 1 October 2016
695,483
Depreciation charged in the year
86,663
Eliminated in respect of disposals
(117,238)
Revaluation
(117,283)
At 29 September 2017
547,625
Carrying amount
At 29 September 2017
1,331,648
At 30 September 2016
824,553

Land and buildings with a carrying amount of £1,150,000 were revalued at 11 August 2016 by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

STRATA TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2017
4
Tangible fixed assets
(Continued)
- 8 -

If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2017
2016
£
£
Cost
763,205
763,205
Accumulated depreciation
(10,143)
-
Carrying value
753,062
763,205

The revaluation surplus is disclosed in note 6.

5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,779 Ordinary A shares of £1 each
1,779
1,779
92,721 Ordinary B shares of £1 each
92,721
92,721
94,500
94,500
6
Revaluation reserve
2017
2016
£
£
At beginning of year
-
-
Revaluation surplus arising in the year
534,234
-
Deferred tax on revaluation of tangible assets
(90,819)
-
At end of year
443,415
-
2017-09-29 2016-10-01 false CCH Software CCH Accounts Production 2018.220 No description of principal activity 27 December 2017 Mr T Hesketh Dr J Bassett Dr H Kinloch Mr R Kimber Mr T Hesketh 03574225 2016-10-01 2017-09-29 03574225 2017-09-29 03574225 2016-09-30 03574225 core:CurrentFinancialInstruments 2017-09-29 03574225 core:CurrentFinancialInstruments 2016-09-30 03574225 core:ShareCapital 2017-09-29 03574225 core:ShareCapital 2016-09-30 03574225 core:RevaluationReserve 2017-09-29 03574225 core:OtherMiscellaneousReserve 2017-09-29 03574225 core:OtherMiscellaneousReserve 2016-09-30 03574225 core:RetainedEarningsAccumulatedLosses 2017-09-29 03574225 core:RetainedEarningsAccumulatedLosses 2016-09-30 03574225 core:ShareCapitalOrdinaryShares 2017-09-29 03574225 core:ShareCapitalOrdinaryShares 2016-09-30 03574225 bus:CompanySecretaryDirector1 2016-10-01 2017-09-29 03574225 core:Goodwill 2016-10-01 2017-09-29 03574225 core:LandBuildings core:OwnedOrFreeholdAssets 2016-10-01 2017-09-29 03574225 core:LandBuildings core:LeasedAssetsHeldAsLessee 2016-10-01 2017-09-29 03574225 core:PlantMachinery 2016-10-01 2017-09-29 03574225 core:FurnitureFittings 2016-10-01 2017-09-29 03574225 core:ComputerEquipment 2016-10-01 2017-09-29 03574225 core:MotorVehicles 2016-10-01 2017-09-29 03574225 2016-09-30 03574225 bus:PrivateLimitedCompanyLtd 2016-10-01 2017-09-29 03574225 bus:FRS102 2016-10-01 2017-09-29 03574225 bus:AuditExemptWithAccountantsReport 2016-10-01 2017-09-29 03574225 bus:SmallCompaniesRegimeForAccounts 2016-10-01 2017-09-29 03574225 bus:Director1 2016-10-01 2017-09-29 03574225 bus:Director2 2016-10-01 2017-09-29 03574225 bus:Director3 2016-10-01 2017-09-29 03574225 bus:Director4 2016-10-01 2017-09-29 03574225 bus:CompanySecretary1 2016-10-01 2017-09-29 03574225 bus:FullAccounts 2016-10-01 2017-09-29 xbrli:pure xbrli:shares iso4217:GBP