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Company registration number: 13393128







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022


SKILSURE SOFTWARE LIMITED






































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SKILSURE SOFTWARE LIMITED
 


 
COMPANY INFORMATION


Directors
R D Adair 
D F Pedreira 




Registered number
13393128



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





 


SKILSURE SOFTWARE LIMITED
 



CONTENTS



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


 


SKILSURE SOFTWARE LIMITED
REGISTERED NUMBER:13393128



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
24,962
7,209

  
24,962
7,209

Creditors: amounts falling due within one year
 5 
(23,960)
(10,971)

Net current assets/(liabilities)
  
1,002
(3,762)

Total assets less current liabilities
  
1,002
(3,762)

  

Net assets/(liabilities)
  
1,002
(3,762)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
902
(3,862)

  
1,002
(3,762)


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 income statement 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

 


SKILSURE SOFTWARE LIMITED
 


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

1.


General information

SkilSure Software 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 prior reporting period is not entirely comparable, this is due to the period being less than twelve months and  the first reporting period of the entity.
 
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

Going concern

The financial statments 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 immediate parent company Skilsure Inc., and its subsidiaries to achieve their 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 immediate parent company Skilsure Inc. and its 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.
 
Management trusts that based upon the liquidity scenarios prepared, the capital structure, and the financial performance, the company is able to continue in a going concern basis.

Page 2

 


SKILSURE SOFTWARE LIMITED
 


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

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

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 generated via the subscription and usage of the learning and solutions platform and is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 3

 


SKILSURE SOFTWARE LIMITED
 


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

4.


Debtors

2022
2021
£
£


Trade debtors
5,859
5,003

Amounts owed by group undertakings
17,640
2,206

Other debtors
865
-

Prepayments and accrued income
598
-

24,962
7,209



5.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
8,750
-

Amounts owed to group undertakings
2,548
1,072

Other taxation and social security
2,912
1,149

Accruals and deferred income
9,750
8,750

23,960
10,971



6.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.


7.


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.


8.


Auditors' information

The auditors' report on the financial statements for the year 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