Company Registration No. 03959037 (England and Wales)
ENABLE INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ENABLE INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 29
ENABLE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
MR D M Hunt
Mr A W Butt
Company number
03959037
Registered office
10-12 The Courtyard
Timothy's Bridge Road
Stratford Enterprise Park
Stratford upon Avon
Warwickshire
England
CV37 9NP
Auditor
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ENABLE INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Fair review of the business

Enable International Ltd is wholly owned by Enable Global Inc, a private company based in the USA. The Group has pursued a strategy of aggressive investment in all areas of the business to drive revenue growth and market share, funded by venture capital investment. A further $135m of capital was raised in a ‘Series D’ investment round between October and December 2023, ensuring sufficient capital for at least three years at current run-rates.

Despite a challenging macro environment with inflation, high interest rates and reductions in software investment from large organisations, turnover grew from £5.2m to £7.1m (35.9%) in the year. Losses after tax also growing from -£9.4m to -£16.2m (-72%), reflecting continued heavy investment in our product and sales functions.

Principle risks and uncertainties

The enterprise software market has seen some turbulence over the past year, with slowdowns in sales and changes in investor attitudes prompting large layoffs by many firms. The Board is confident that Enable is less exposed to these headwinds than most, given the size of addressable market and high ROI delivery for our customers.

Tight planning and monitoring of future cash availability is key as the Board continues to execute an aggressive investment strategy to drive growth. Stringent spend controls are in place and these, together with detailed quarterly reviews and re-forecasts ensure cashflow is well-controlled.

Future developments

The Board plans to continue the strategy of aggressive investment aimed at delivering rapid revenue growth.

Finanial key performance indicators

The key performance indicators of the business are:

 

2024

2023

Turnover

£7.2m

£5.2m

Net loss

(17.2m)

(£10.4m)

Headcount

237

172

 

The KPI results are at a level that are satisfactory to the board.

On behalf of the board

Mr A W Butt
Director
6 September 2024
ENABLE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company continued to be that of software as a service.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

No preference dividends were paid.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

MR D M Hunt
Mr D C Shortt
(Resigned 30 January 2024)
Mr A W Butt
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of review of business, principal risks and uncertainties and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

ENABLE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
On behalf of the board
Mr A W Butt
Director
6 September 2024
ENABLE INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ENABLE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ENABLE INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Enable International Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

ENABLE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENABLE INTERNATIONAL LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

 

ENABLE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENABLE INTERNATIONAL LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach was as follows:

ŸŸ

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the     relevant tax compliance regulations in the UK;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

 

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from

fraud or error.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely

the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-forauditors/ Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

 

ENABLE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ENABLE INTERNATIONAL LIMITED
- 8 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Bullock FCA (Senior Statutory Auditor)
For and on behalf of TC Group
6 September 2024
Statutory Auditor
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ENABLE INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,108,403
5,229,982
Cost of sales
(5,239,350)
(2,152,419)
Gross profit
1,869,053
3,077,563
Administrative expenses
(20,894,345)
(14,404,455)
Other operating income
1,862,906
925,709
Operating loss
4
(17,162,386)
(10,401,183)
Interest payable and similar expenses
7
-
0
(68)
Loss before taxation
(17,162,386)
(10,401,251)
Tax on loss
8
1,125,331
960,625
Loss for the financial year
(16,037,055)
(9,440,626)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ENABLE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
5,096,981
2,533,613
Tangible assets
10
802,790
823,749
5,899,771
3,357,362
Current assets
Debtors
11
5,018,989
4,269,157
Cash at bank and in hand
1,249,497
2,105,597
6,268,486
6,374,754
Creditors: amounts falling due within one year
12
(9,618,738)
(6,595,472)
Net current liabilities
(3,350,252)
(220,718)
Net assets
2,549,519
3,136,644
Capital and reserves
Called up share capital
15
170
156
Share premium account
16
33,369,055
18,870,892
Foreign exchange reserve
437,728
476,536
Profit and loss reserves
(31,257,434)
(16,210,940)
Total equity
2,549,519
3,136,644
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr A W Butt
Director
Company Registration No. 03959037
ENABLE INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
Share capital
Share premium account
Foreign exchange reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
135
9,016,950
139,473
(7,108,852)
2,047,706
Year ended 31 January 2023:
Loss and total comprehensive income for the year
-
-
-
(9,440,626)
(9,440,626)
Issue of share capital
15
-
0
9,853,942
-
-
9,853,942
Bonus issue of shares
15
21
-
0
-
-
0
21
Credit to equity for equity settled share-based payments
14
-
-
-
338,538
338,538
Movement in foreign exchange reserve
-
-
337,063
-
0
337,063
Balance at 31 January 2023
156
18,870,892
476,536
(16,210,940)
3,136,644
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
-
(16,037,055)
(16,037,055)
Issue of share capital
15
14
14,498,163
-
-
14,498,177
Credit to equity for equity settled share-based payments
14
-
-
-
990,561
990,561
Movement in foreign exchange reserve
-
-
(38,808)
-
0
(38,808)
Balance at 31 January 2024
170
33,369,055
437,728
(31,257,434)
2,549,519
ENABLE INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(11,697,843)
(7,300,352)
Interest paid
-
0
(68)
Income taxes refunded
960,625
647,773
Net cash outflow from operating activities
(10,737,218)
(6,652,647)
Investing activities
Purchase of intangible assets
(4,426,429)
(1,912,880)
Purchase of tangible fixed assets
(190,630)
(400,475)
Proceeds on disposal of tangible fixed assets
-
0
35,505
Net cash used in investing activities
(4,617,059)
(2,277,850)
Financing activities
Proceeds from issue of shares
14,498,177
9,853,942
Payment of finance leases obligations
-
0
(36,299)
Net cash generated from financing activities
14,498,177
9,817,643
Net (decrease)/increase in cash and cash equivalents
(856,100)
887,146
Cash and cash equivalents at beginning of year
2,105,597
1,218,451
Cash and cash equivalents at end of year
1,249,497
2,105,597
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
1
Accounting policies
Company information

Enable International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10-12 The Courtyard, Timothy's Bridge Road, Stratford Enterprise Park, Stratford upon Avon, Warwickshire, England, CV37 9NP.

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.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The directors have prepared the financial statements on a going concern basis. The Company is executing a strategy of growth by investing in its operations at a level greater than revenues could currently cover. The company has the on-going support of its parent company, Enable Global, Inc, which holds sufficient cash funds to meet operating expenditure for at least the next two years.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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 contracts for the provision of professional services 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 time incurred, mainly in relation to the estimated amount associated with each stage from reviews completed by the entity and a third party expert as a proportion of the total time expected to be assigned to a contract.

 

The management estimate and judgement involved is calculated within a set parameter depending on the complexity of the service offered and the associated scale of the project.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
1.5
Intangible fixed assets other than goodwill

Intangible assets comprise primarily of software development costs incurred internally by the business for the sole purpose of offering the software service to customers. Such assets are deemed to have a finite useful live and the costs associated are amortised on a straight line basis over their estimated useful live.

Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

Amortisation 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:

Development costs
33% straight line basis

Development costs relate to the advancement of products for re-sale and have been amortised over their estimates life of three years.

1.6
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:

Leasehold land and buildings
10% straight line basis
Fixtures and fittings
10% straight line basis
Computers
20% straight line basis

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.

1.7
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.

1.8
Cash and cash equivalents

Cash and cash equivalents 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.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

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

1.11
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.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
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.

1.12
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 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.

1.13
Retirement benefits

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

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.14
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 

As the share options relate to shares in Enables parent company Enable International Inc, the basis used in order to calculate the associated costs has been apportioned in relation to the employees that operate directly for Enable International Limited.

 

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss 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 leases asset are consumed.

1.16
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 in the period are included in profit or loss.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

The directors assess the stage of completion of contracts in relation to the work performed at each stage of the established by the client has being clearly separable elements and assign a value to each element based on a strict calculation supported by past reviews of time associated with each stage of the contract.

If the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue is recognised only to the extent of the expense recognised that is probable will be recovered.

Depreciation, amortisation and residual values

The directors have reviewed the asset lives and associated residual values of all fixed asset classes and have concluded that assets lives and residual values and lives are appropriate.

 

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Recoverability of trade debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. The directors' reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain. The directors make allowance for doubtful debts based on an assessment of the recoverability of debtors.

 

Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amount may not be recoverable. the directors specifically analyse historical bad debts, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the provision for doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of debtors and the chare in the profit and loss account.

Leases

The directors determine whether leases entered into by the company as a lessee are an operating lease or a finance lease. These decisions depend on an assessment of whether the risk and reward of ownership have been transferred from the lessor to the company on a lease by lease basis.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 20 -
3
Turnover and other revenue

The turnover and loss before taxation are attributable to the one principle activity of the company, software services.

 

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,625,172
4,283,631
Europe
870,081
418,104
Rest of the world
613,150
528,247
7,108,403
5,229,982
4
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
4,866
7,696
Fees payable to the company's auditor for the audit of the company's financial statements
18,500
11,950
Depreciation of owned tangible fixed assets
197,160
182,988
Loss on disposal of tangible fixed assets
14,429
89,438
Amortisation of intangible assets
1,863,061
996,801
Operating lease charges
225,492
191,534
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Customer Success
46
26
Sales & Marketing
84
51
Research & Development
83
73
General & Adminstration
24
22
Total
237
172
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
15,530,369
8,951,961
Social security costs
2,002,615
1,299,114
Pension costs
916,050
416,880
18,449,034
10,667,955
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
267,454
277,506
Company pension contributions to defined contribution schemes
12,000
12,000
279,454
289,506

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

The number of directors who exercised share options during the year was 1 (2023 - 1). During the year, the director exercised 76,477 shares (2023 - 77,536 shares).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
267,454
277,506
Company pension contributions to defined contribution schemes
12,000
12,000

The highest paid director has exercised 76,477 share options during the year (2023: 77,536 shares exercised).

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 22 -
7
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
-
68
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(1,125,331)
(960,625)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(17,162,386)
(10,401,251)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(4,290,597)
(1,976,238)
Tax effect of expenses that are not deductible in determining taxable profit
6,876
5,439
Unutilised tax losses carried forward
4,552,771
1,881,267
Permanent capital allowances in excess of depreciation
(447)
(19,182)
Depreciation on assets not qualifying for tax allowances
250
190
Research and development tax credit
(1,125,331)
(647,773)
Tax relief on share options
(268,853)
(204,328)
Taxation credit for the year
(1,125,331)
(960,625)

At the year end, the company has £27,586,624 tax losses available to offset against future trading profits. The company has an unprovided deferred tax asset of £7,254,063 in respect of these losses.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
9
Intangible fixed assets
Development costs
£
Cost
At 1 February 2023
4,064,951
Additions - internally developed
4,426,429
At 31 January 2024
8,491,380
Amortisation and impairment
At 1 February 2023
1,531,338
Amortisation charged for the year
1,863,061
At 31 January 2024
3,394,399
Carrying amount
At 31 January 2024
5,096,981
At 31 January 2023
2,533,613
10
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2023
9,976
683,701
858,922
1,552,599
Additions
-
0
53,914
136,716
190,630
Disposals
-
0
(2,682)
(43,256)
(45,938)
At 31 January 2024
9,976
734,933
952,382
1,697,291
Depreciation and impairment
At 1 February 2023
1,996
336,163
390,691
728,850
Depreciation charged in the year
998
55,384
140,778
197,160
Eliminated in respect of disposals
-
0
(608)
(30,901)
(31,509)
At 31 January 2024
2,994
390,939
500,568
894,501
Carrying amount
At 31 January 2024
6,982
343,994
451,814
802,790
At 31 January 2023
7,980
347,538
468,231
823,749
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,858,810
1,282,584
Corporation tax recoverable
1,125,331
960,625
Amounts owed by group undertakings
-
0
170,385
Other debtors
445,097
305,272
Prepayments and accrued income
1,589,751
1,550,291
5,018,989
4,269,157
12
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
891,208
942,874
Amounts owed to group undertakings
3,107,136
964,257
Taxation and social security
530,153
415,381
Other creditors
224,054
175,194
Accruals and deferred income
4,866,187
4,097,766
9,618,738
6,595,472
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
916,050
416,880

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

 

The amount due to the pension scheme at the year end was £110,259 (2023: £82,263).

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 25 -
14
Share-based payment transactions

The number of equity-settled share based payments has been disclosed in the below table. During the year, the charge for the equity-settled share based payments was £990,561 (2023: £338,538).

 

Enable International Limited have share options in issue, all options which have been granted have non-market vesting conditions attached and all share options which have been granted are of the same class. Ordinary shares which are exercisable between 1 and 5 years following their grant. These are granted at the discretion of the current shareholders. There are no cash settlement alternatives for the employees therefore these are all accounted for under FRS 102.

 

The fair value of share options granted is estimated at the date of grant. The grant date for accounting purposes is at various points as the options were issued, as this is when a shared understanding of the terms and conditions of the arrangements was achieved between the various parties. A non-marketability discount was applied when assessing the fair value at grant date.

 

The fair value of share options granted is estimated at the date of grant using a Black-Scholes model.

 

The following table illustrates the number and weighted average exercise price of, and movements in, share options during the year.

 

Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 February 2023
1,289,374
1,034,752
1.66
0.37
Granted
42,861
1,005,908
4.61
3.90
Forfeited
(164,972)
(293,663)
4.33
1.46
Exercised
(536,762)
(457,623)
0.26
0.20
Outstanding at 31 January 2024
630,501
1,289,374
2.57
1.66
Exercisable at 31 January 2024
378,964
576,375
2.81
0.94

The options outstanding at 31 January 2024 had an exercise price ranging from £0.20 to £6.17, and a remaining contractual life of 1.7 years on average. Note - above exercise prices are in a base currency of US Dollars and have been converted at the exchange rate at the year end date.

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
14
Share-based payment transactions
(Continued)
- 26 -

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

 

 

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

Inputs were as follows:
2024
2023
Weighted average share price
2.53
2.38
Weighted average exercise price
4.61
3.90
Expected volatility
0.56
0.55
Expected life
6.09
5.98
Risk free rate
0.04
0.03
15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
16,595,546
15,199,888
166
152
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Series A of 0.001p each
352,112
352,112
4
4
Preference shares classified as equity
4
4
Total equity share capital
170
156
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
15
Share capital
(Continued)
- 27 -

All classes of shares hold the same rights for voting and dividends distribution. Series A shareholders have first priority on repayment of liquidation of assets. In addition, Series A shareholders also have the right to attend, speak and vote on proposed written resolutions of the company.

16
Share premium account

The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

17
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
230,659
172,284
Between two and five years
799,844
646,136
In over five years
333,094
432,753
1,363,597
1,251,173

The operating leases relate to property and have an average duration between 4 and 10 years.

18
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available under FRS 102 section 33.1A from disclosing transactions with entities that are wholly owned within the group.

 

During the year the company entered into the following transactions with related parties:

ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
18
Related party transactions
(Continued)
- 28 -

DCS Group UK Limited is a related party through a common director who also has a controlling ownership of DCS Group UK Limited. Sales made to DCS Group UK Limited amounted to £39,810 (2023: £25,091) and purchases from DCS Group UK Limited amounted to £1,845 (2023: £192,530). The total amount outstanding from DCS Group UK Limited was £9,900 (2023: £Nil) and outstanding to DCS Group UK Limited was £486 (2023: £263).

 

Included within the above purchases were transactions whereby DCS Group UK Limited also acted as an intermediary on behalf of Enable International Limited during the current and prior year. The total purchases in the year paid for on behalf of Enable International Limited totaled £1,845 (2023: £192,530) and didn't include any interest levied or any charges against the business.

 

Sales made were made at market rate within normal payment terms of Enable's customer base with no guarantees given or received.

 

DCS Group UK Limited is no longer a related party at the year end.

 

19
Ultimate controlling party

The ultimate parent undertaking is Enable Global Inc which is incorporated in United States of America. The results of the company are included in the consolidated financial statements of Enable Global Inc, which can be obtained from 535 Mission Street, 14th Floor, San Francisco, CA 94105, United States.

20
Cash absorbed by operations
2024
2023
£
£
Loss for the year after tax
(16,037,055)
(9,440,626)
Adjustments for:
Taxation credited
(1,125,331)
(960,625)
Finance costs
-
0
68
Loss on disposal of tangible fixed assets
14,429
89,438
Unrealised gains/losses on foreign exchange
(38,808)
337,083
Amortisation and impairment of intangible assets
1,863,061
996,801
Depreciation and impairment of tangible fixed assets
197,160
182,988
Equity settled share based payment expense
990,561
338,538
Movements in working capital:
Increase in debtors
(585,126)
(1,857,744)
Increase in creditors
3,023,266
3,013,727
Cash absorbed by operations
(11,697,843)
(7,300,352)
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
21
Analysis of changes in net funds
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
2,105,597
(856,100)
1,249,497
22
Prior year adjustments

 

 

 

 

 

 

 

 

Impact on the following areas:

 

 

Description:

Note:

Loss for the year (2023):

 

Retained earnings:

Figure as previously reported:

11,024,177

 

(18,460,671)

 

 

 

 

 

Revenue recognition:

1

(309,583)

 

478,560

Software capitalisation:

2

(1,377,245)

 

1,808,061

Bonus and commissions:

3

(572,322)

 

439,644

Share options charge:

4

338,537

 

(338,537)

Foreign exchange:

5

337,062

 

(476,535)

 

 

 

Figure as restated:

 

9,440,626

 

(16,549,478)

 

Notes to the above prior year adjustments:

 

1 - Revenue recognition:

The revenue recognition policy of the business has been amended to correctly reflect the substance of the transactions as they occur. Due to the contract agreements in place being up to 3 years in length, there has been prior year adjustments to correctly reflect the whole transactions.

2 - Software capitalisation:

The business continues to internally create intangible assets in the form of development costs. These costs were incorrectly incurred in the profit and loss of the business. The company has retrospectively amended the cost values whilst also taking into account the associated amortisation.

3 - Bonus and commissions:

The company had previously recognised the bonus and commissions related to contracts at the initial point of the contract. This has been amended to account for the commissions and bonuses being across a specific time period associated with performance and contracts.

4 - Share option charge:

The share option charge previously charged to the accounts was not in line with the current method used under Black-Scholes. Retrospective adjustments made in order to account for the charge correctly across the vesting period of the share options.

5 - Foreign exchange:

Correction of the classification of foreign exchange was completed along with amendments to the figure.

 

Impact to the retained earnings has also been stated due to amendments being made back into the 2022 financial year. No adjustments relate to 2021 accounting period or earlier.

 

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