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Company registration number: 13393128







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2023


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 auditor
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 - 5

 


SKILSURE SOFTWARE LIMITED
REGISTERED NUMBER:13393128



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
271,051
24,962

Cash at bank and in hand
  
968
-

  
272,019
24,962

Creditors: amounts falling due within one year
 5 
(171,901)
(23,960)

Net current assets
  
100,118
1,002

Total assets less current liabilities
  
100,118
1,002

  

Net assets
  
100,118
1,002


Capital and reserves
  

Called up share capital 
 6 
100
100

Profit and loss account
  
100,018
902

  
100,118
1,002


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: 19 February 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 


SKILSURE SOFTWARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

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.
 
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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements of the Company have been prepared on a going concern basis.
The company is reliant on its parent company as the Company has no employees and its operations are managed by its parent.

According to the latest published financial information,  Pluribus Technologies Corp., as the ultimate parent company, had a net loss from its operations and a negative working capital, and did not comply with the covenants under its credit facility as at 30 September 2024. At the same date, it was disclosed that the parent company will not have sufficient cash to fund its operations and service its debt obligations for the foreseeable future without obtaining additional funding or adjusting certain financial covenants in its credit facilities.
In December 2024, Pluribus Technologies Corp. and all of its subsidiaries obtained creditor protection to pursue a restructuring and sale process under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended.  
In January 2025, Pluribus Technologies Corp began the restructuring and sale process to identify potential buyers or investors for all or part of the Pluribus Group's assets and business operations, including the Company. 
While the parent company has been successful in obtaining financing to date and even though there are several interested parties, there is no guarantee that the restructuring and sale process will complete as required to raise the necessary funds. Should the parent company be unable to raise the necessary funding, this could affect the parent company’s ability to support the Company’s operations. In addition, the carrying value of the Company's assets could be subject to material adjustments and other adjustments may be necessary to these financial statements if the necessary funding does not materialise.
As a result of the reliance on the parent company, a material uncertainty exists that may cast doubt on the Company's ability to continue as a going concern.

The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

Page 2

 


SKILSURE SOFTWARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

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.

 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors, creditors and loans to related parties.
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 company had no employees other than directors during the year and the prior year.

Page 3

 


SKILSURE SOFTWARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Trade debtors
97,678
5,859

Amounts owed by group undertakings
172,377
17,640

Other debtors
786
865

Prepayments and accrued income
210
598

271,051
24,962



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
8,750

Amounts owed to group undertakings
85,301
2,548

Corporation tax
31,979
-

Other taxation and social security
20,741
2,912

Accruals and deferred income
33,880
9,750

171,901
23,960



6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



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 1931-130 King Street West, Toronto, ON, M5X 2A2, Canada.

Page 4

 


SKILSURE SOFTWARE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditor drew attention to the material uncertainty related to going concern without qualifying their report.

The audit report was signed on 19 February 2025 by Hezelina Hashim FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 5