Company Registration No. 03959037 (England and Wales)
ENABLE INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2025
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
ENABLE INTERNATIONAL LIMITED
CONTENTS
Page
Company information
0
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 2025
- 1 -
The directors present the strategic report for the year ended 31 January 2025.
Fair review of 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.
Despite a challenging macro environment with inflation, high interest rates and reductions in software investment from large organisations, turnover grew from £7.2m in 2024 to £9.1m in 2025 (increase 26%) in the year. Losses after tax also growing from £19.4m in 2024 to £23.2m in 2025 (increasing 20%), reflecting continued heavy investment in our product and sales functions. Such investment being underpinned via support of the parent company, Enable Global Inc.
Principal 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.
Financial key performance indicators
The key performance indicators of the business are:
The KPI results are at a level that are satisfactory to the board.
Mr A W Butt
Director
20 May 2025
ENABLE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
The directors present their annual report and financial statements for the year ended 31 January 2025.
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 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.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
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.
ENABLE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -
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.
Going concern
The company is aggressively pursuing a growth strategy that involves continued investment in its operations, resulting in planned operating losses. The company has the ongoing financial support of its parent company, Enable Global Inc. Given Enable UK owns all of the IP of Enable Group’s main product, that support is unwavering.
That said, the company is focused on increasing efficiency in revenue generation relative to cash expenditure. Based on current forecasts, the company will have sufficient cash resources to meet its obligations as they fall due for at least the next two and a half years. As a result of increasing efficiency, that time frame will extend significantly.
The company also anticipates raising further capital through a funding round in Q1 FY27, which is expected to extend the group's cash runway. In the event that additional funding is not secured, the company could pivot from the current growth strategy to a profitable operating model within four to six months.
Therefore, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
On behalf of the board
Mr A W Butt
Director
20 May 2025
ENABLE INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
- 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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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 2025 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 Financial Reporting Standard 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:
give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 -
Our approach was as follows:
- 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/auditorsresponsibilities. 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 -
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
Statutory Auditor
20 May 2025
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 2025
- 9 -
2025
2024
as restated
Notes
£
£
Turnover
3
9,094,208
7,187,791
Cost of sales
(7,595,766)
(5,239,350)
Gross profit
1,498,442
1,948,441
Administrative expenses
(29,519,752)
(24,389,523)
Other operating income
3,830,606
1,862,906
Loss before taxation
(24,190,704)
(20,578,176)
Tax on loss
7
1,040,076
1,161,947
Loss for the financial year
(23,150,628)
(19,416,229)
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 2025
31 January 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
8
1,602,114
1,849,130
Tangible assets
9
666,200
802,790
2,268,314
2,651,920
Current assets
Debtors
11
7,892,715
4,916,388
Cash at bank and in hand
2,659,020
1,249,497
10,551,735
6,165,885
Creditors: amounts falling due within one year
12
(13,808,078)
(9,450,804)
Net current liabilities
(3,256,343)
(3,284,919)
Net liabilities
(988,029)
(632,999)
Capital and reserves
Called up share capital
15
185
170
Share premium account
16
55,263,598
33,369,055
Foreign exchange reserve
563,727
437,728
Profit and loss reserves
(56,815,539)
(34,439,952)
Total equity
(988,029)
(632,999)
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 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 2025
- 11 -
Share capital
Share premium account
Foreign exchange reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 31 January 2024:
Balance at 1 February 2023
156
18,870,892
476,536
(15,911,492)
3,436,092
Year ended 31 January 2024:
Loss and total comprehensive income for the year
-
-
-
(19,416,229)
(19,416,229)
Issue of share capital
15
14
14,498,163
-
-
14,498,177
Credit to equity for equity settled share-based payments
14
-
-
-
887,769
887,769
Movement in foreign exchange reserve
-
-
(38,808)
(38,808)
Balance at 31 January 2024
170
33,369,055
437,728
(34,439,952)
(632,999)
Year ended 31 January 2025:
Loss and total comprehensive income for the year
-
-
-
(23,150,628)
(23,150,628)
Issue of share capital
15
15
21,894,543
-
-
21,894,558
Credit to equity for equity settled share-based payments
14
-
-
-
775,041
775,041
Movement in foreign exchange reserve
-
-
125,999
125,999
Balance at 31 January 2025
185
55,263,598
563,727
(56,815,539)
(988,029)
ENABLE INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
20
(20,491,826)
(15,473,993)
Income taxes refunded
1,125,330
950,895
Net cash outflow from operating activities
(19,366,496)
(14,523,098)
Investing activities
Purchase of intangible assets
(1,018,095)
(640,549)
Purchase of tangible fixed assets
(100,444)
(190,630)
Net cash used in investing activities
(1,118,539)
(831,179)
Financing activities
Proceeds from issue of shares
21,894,558
14,498,177
Net cash generated from financing activities
21,894,558
14,498,177
Net increase/(decrease) in cash and cash equivalents
1,409,523
(856,100)
Cash and cash equivalents at beginning of year
1,249,497
2,105,597
Cash and cash equivalents at end of year
2,659,020
1,249,497
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 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 company is aggressively pursuing a growth strategy that involves continued investment in its operations, resulting in planned operating losses. The company has the ongoing financial support of its parent company, Enable Global Inc. Given Enable UK owns all of the IP of Enable Group’s main product, that support is unwavering.
That said, the company is focused on increasing efficiency in revenue generation relative to cash expenditure. Based on current forecasts, the company will have sufficient cash resources to meet its obligations as they fall due for at least the next two and a half years. As a result of increasing efficiency, that time frame will extend significantly.
The company also anticipates raising further capital through a funding round in Q1 FY27, which is expected to extend the group's cash runway. In the event that additional funding is not secured, the company could pivot from the current growth strategy to a profitable operating model within four to six months.
Therefore, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
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.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 14 -
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.
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.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
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.
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.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
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.
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.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
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.
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.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 2025
- 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 been 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 charge 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 2025
- 20 -
3
Turnover
The turnover and loss before taxation are attributable to the one principal activity of the company, software services.
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,443,522
5,729,030
Europe
999,509
870,081
Rest of the world
651,177
588,680
9,094,208
7,187,791
4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(335,389)
4,866
Fees payable to the company's auditor for the audit of the company's financial statements
25,500
18,500
Depreciation of owned tangible fixed assets
211,105
197,160
Loss on disposal of tangible fixed assets
25,929
14,429
Amortisation of intangible assets
1,265,110
996,801
Operating lease charges
261,339
225,492
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Customer Success
64
46
Sales & Marketing
91
84
Research & Development
90
83
General & Administration
25
24
Total
270
237
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
5
Employees
(Continued)
- 21 -
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
24,117,443
19,189,645
Social security costs
2,406,525
2,002,615
Pension costs
556,823
971,846
27,080,791
22,164,106
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
282,156
267,454
Company pension contributions to defined contribution schemes
12,000
12,000
294,156
279,454
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
The number of directors who exercised share options during the year was 0 (2024 - 1). During the year, the director exercised nil shares (2024 - 76,477 shares).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
282,156
267,454
Company pension contributions to defined contribution schemes
12,000
12,000
The highest paid director has exercised nil share options during the year (2024: 76,477 shares exercised).
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
7
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(1,086,423)
(1,161,947)
Adjustments in respect of prior periods
46,347
Total current tax
(1,040,076)
(1,161,947)
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:
2025
2024
£
£
Loss before taxation
(24,190,704)
(20,578,176)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(6,047,676)
(5,144,544)
Tax effect of expenses that are not deductible in determining taxable profit
106,764
251,130
Unutilised tax losses carried forward
5,740,741
4,775,567
Permanent capital allowances in excess of depreciation
36,966
3,901
Depreciation on assets not qualifying for tax allowances
250
250
Research and development tax credit
(1,086,423)
(1,171,677)
Tax relief on share options
162,955
123,426
Under/(over) provided in prior years
46,347
Taxation credit for the year
(1,040,076)
(1,161,947)
At the year end, the company has £52,151,780 tax losses available to offset against future trading profits. The company has an unprovided deferred tax asset of £13,037,945 in respect of these losses.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
8
Intangible fixed assets
Development costs
£
Cost
At 1 February 2024
4,705,500
Additions - internally developed
1,018,094
At 31 January 2025
5,723,594
Amortisation and impairment
At 1 February 2024
2,856,370
Amortisation charged for the year
1,265,110
At 31 January 2025
4,121,480
Carrying amount
At 31 January 2025
1,602,114
At 31 January 2024
1,849,130
9
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 February 2024
9,976
734,933
952,382
1,697,291
Additions
36,408
64,036
100,444
Disposals
(58,643)
(58,643)
At 31 January 2025
9,976
771,341
957,775
1,739,092
Depreciation and impairment
At 1 February 2024
2,994
390,939
500,568
894,501
Depreciation charged in the year
998
59,210
150,897
211,105
Eliminated in respect of disposals
(32,714)
(32,714)
At 31 January 2025
3,992
450,149
618,751
1,072,892
Carrying amount
At 31 January 2025
5,984
321,192
339,024
666,200
At 31 January 2024
6,982
343,994
451,814
802,790
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 24 -
10
Fixed asset investments
2025
2024
£
£
Unlisted investments
Fair value of financial assets carried at amortised cost
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 February 2024 & 31 January 2025
82,600
Impairment
At 1 February 2024 & 31 January 2025
82,600
Carrying amount
At 31 January 2025
-
At 31 January 2024
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,926,667
1,442,186
Corporation tax recoverable
1,086,423
1,171,677
Amounts owed by group undertakings
2,381,620
Other debtors
803,599
744,758
Prepayments and accrued income
1,694,406
1,557,767
7,892,715
4,916,388
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
12
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
920,689
891,208
Amounts owed to group undertakings
6,709,444
3,107,136
Taxation and social security
893,786
502,188
Other creditors
218,460
224,054
Accruals and deferred income
5,065,699
4,726,218
13,808,078
9,450,804
13
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
556,823
971,846
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 £148,646 (2024: £110,259).
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 £775,041 (2024: £887,768).
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.
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
14
Share-based payment transactions
(Continued)
- 26 -
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 February 2024
630,501
1,289,374
2.57
1.66
Granted
361,090
42,861
6.32
4.61
Forfeited
5.14
4.33
Exercised
1.12
0.26
Outstanding at 31 January 2025
861,320
630,501
2.62
2.57
Exercisable at 31 January 2025
348,564
378,964
4.13
2.81
The options outstanding at 31 January 2025 had an exercise price ranging from £0.20 to £6.32, and a remaining contractual life of 6.5 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.
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:
2025
2024
Weighted average share price
3.85
2.53
Weighted average exercise price
6.32
4.61
Expected volatility
0.65
0.56
Expected life
5.99
6.09
Risk free rate
0.04
0.04
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 27 -
15
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.001p each
16,595,546
16,595,546
181
166
2025
2024
2025
2024
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
185
170
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:
2025
2024
£
£
Within one year
262,464
230,659
Between two and five years
823,820
799,844
In over five years
169,375
333,094
1,255,659
1,363,597
The operating leases relate to property and have an average duration between 4 and 10 years.
18
Related party transactions
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
18
Related party transactions
(Continued)
- 28 -
The company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with other wholly-owned members of the group.
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
2025
2024
£
£
Loss for the year after tax
(23,150,628)
(19,416,229)
Adjustments for:
Taxation credited
(1,040,076)
(1,161,947)
Loss on disposal of tangible fixed assets
25,929
14,429
Unrealised gains/losses on foreign exchange
125,999
(38,808)
Amortisation and impairment of intangible assets
1,265,111
1,325,032
Depreciation and impairment of tangible fixed assets
211,105
197,160
Equity settled share based payment expense
775,041
887,769
Movements in working capital:
Increase in debtors
(3,061,581)
(136,731)
Increase in creditors
4,357,274
2,855,332
Cash absorbed by operations
(20,491,826)
(15,473,993)
21
Analysis of changes in net funds
1 February 2024
Cash flows
31 January 2025
£
£
£
Cash at bank and in hand
1,249,497
1,409,523
2,659,020
ENABLE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 29 -
22
Prior year adjustments
| | | | |
| | Impact on the following areas: | | |
| | Loss for the year (2024): | | |
Figure as previously reported: | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Taxation: Bad debt provision: Prior prior year adjustment: | | | | |
| | | | |
| | | | |
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 capitalised. The company has retrospectively transferred previously capitalised development costs to profit and loss 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 - Taxation:
The increase to the 2024 R&D tax credit provision.
6 - Bad debt provision:
Increase in the 2024 bad debt provision.
7 - Prior prior year adjustment:
Impact to the retained earnings has also been stated due to amendments for Netsuite implementation costs and bad debt provision being made back into the 2023 financial year.
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