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PLURIBUS TECHNOLOGIES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
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
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Basis of preparation of financial statements
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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:
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Exemption from preparing consolidated financial statements
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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.
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.
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.
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.
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.
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