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Company registration number: 13545906







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2022


PLURIBUS TECHNOLOGIES LIMITED






































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PLURIBUS TECHNOLOGIES LIMITED
 


 
COMPANY INFORMATION


Directors
R D Adair 
D F Pedreira 
Pluribus Technologies Corp. 




Registered number
13545906



Registered office
100 Avebury Boulevard

Milton Keynes

MK9 1FH




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

TW18 4BP





 


PLURIBUS TECHNOLOGIES LIMITED
 



CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 4


 


PLURIBUS TECHNOLOGIES LIMITED
REGISTERED NUMBER:13545906



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
Note
£

Fixed assets
  

Investments
 4 
12,340,378

  
12,340,378

  

Creditors: amounts falling due within one year
 5 
(12,207,011)

Net current (liabilities)/assets
  
 
 
(12,207,011)

Total assets less current liabilities
  
133,367

Creditors: amounts falling due after more than one year
  
(250,000)

  

Net (liabilities)/assets
  
(116,633)


Capital and reserves
  

Called up share capital 
  
1

Profit and loss account
  
(116,634)

  
(116,633)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D F Pedreira
Director
Date: 20 October 2023

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 


PLURIBUS TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

1.


General information

Pluribus Technologies Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is disclosed on the company information page. The company's principal place of business is 210-3701 Chesswood Drive, Toronto, ON, M3J 2P6, Canada.
The reporting period is longer than a year, this is due to the period being the first reporting period of the entity. The company was incorporated on 4 August 2021.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements of the Company have been prepared on the basis of the going concern assumption.
Pluribus Technologies Corp., as the ultimate shareholder aims to maintain a capital structure that enables the group to achieve it's strategic objectives and daily operational needs, to safeguard the ability to continue as a going concern and to meet current obligations.
Pluribus Technologies Corp. has confirmed that it will provide the group's subsidiaries with financial support to ensure the continuity of its business activities for a period of at least 12 months after the annual accounts have been drawn up.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.
The cost of the investments include the estimated amount of deferred consideration that is probable and can be measured reliabily, and is considered for adjustment at the end of each period for changes in deferred consideration after the acqusition dates.

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 2

 


PLURIBUS TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.6
Financial instruments (continued)


Financial assets and liabilities are offset and the net amount reported in the Statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
12,340,378



At 31 December 2022
12,340,378





5.


Creditors: Amounts falling due within one year

2022
£

Amounts owed to group undertakings
12,196,761

Accruals and deferred income
10,250

12,207,011



6.


Creditors: Amounts falling due after more than one year

2022
£

Contingent consideration
250,000

250,000


Page 3

 


PLURIBUS TECHNOLOGIES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022

7.Guarantees and financial commitments

The company has cross guaranteed the bank borrowing by way of a fixed and floating debenture charge over all the company's assets on behalf of Pluribus Technologies Corp. to National Bank of Canada as Security Trustee up to an amount of 42,000,000 Canadian Dollars.


8.


Parent Company

The parent company of the smallest group for which consolidated financial statements are drawn up is Pluribus Technologies Corp., the company's registered office is 111 Peter Street, Suite 503, Toronto, ON, M5V 2H1, Canada.


9.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2022 was unqualified.

The audit report was signed on 20 October 2023 by Andrew Cook FCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 4