Company No: 05292595 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Matthew Dickinson
	Roberto Rivero

SECRETARY

Matthew Dickinson

REGISTERED OFFICE	86-90 Paul Street
	London
	EC2A 4NE
	United Kingdom

COMPANY NUMBER

05292595 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	Onslow House
	Onslow Street
	Guildford
	GU1 4TL

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	12,387		12,555
Investments	5	1,875		1,875
		14,262		14,430
Current assets
Debtors	6	246,493		415,785
Cash at bank and in hand	7	483,369		539,293
		729,862		955,078
Creditors: amounts falling due within one year	8	( 1,325,463)		( 1,406,862)
Net current liabilities		(595,601)		(451,784)
Total assets less current liabilities		(581,339)		(437,354)
Creditors: amounts falling due after more than one year	9	( 1,767)		( 12,234)
Net liabilities		( 583,106)		( 449,588)
Capital and reserves
Called-up share capital	10	251		251
Share premium account		1,490,890		1,490,890
Profit and loss account		( 2,074,247 )		( 1,940,729 )
Total shareholders' deficit		( 583,106)		( 449,588)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Vable Ltd (registered number: 05292595) were approved and authorised for issue by the Board of Directors on 11 December 2025. They were signed on its behalf by:

Matthew Dickinson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Vable Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 86-90 Paul Street, London, EC2A 4NE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Vable Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for at least the next 12 months from the signing of these statements.

**Business Model and Cash Position**

The company operates a Software-as-a-Service (SaaS) subscription business model. Customers typically pay annually in advance for access to the company's technology platform and services. This business model provides:

● Strong forward visibility of revenue
● Positive operating cash flow dynamics
● Natural working capital benefits from advance billing

Despite reporting net liabilities of £583,106 (2024: £449,588) and a loss for the year of £133,518 (2024: £216,023), the company held cash balances of £483,369 at the year end. The net liability position primarily reflects the timing difference between cash collection (received in advance) and revenue recognition (recognised over the service period).

**Forward-Looking Assessment**

The directors have prepared detailed cash flow forecasts. These forecasts are based on:

1. **Contracted and Highly Predictable Revenue**
○ Existing customer base with historically high retention rates (typically >90%)
○ Expected organic growth of at least 5% from existing customers
○ Deferred income of £1.25m providing revenue visibility for FY2026

2. **Controlled Cost Base**
○ Total operating expenses of £2.02m are predominantly variable or discretionary
○ Ability to flex investment in sales, marketing, and contractor resources based on performance
○ No significant capital commitments

3. **Growth Investment Strategy**
○ Planned investment in new client acquisition capabilities
○ Product development and enhancement initiatives
○ All funded from operating cash flow with controllable timing

The forecasts demonstrate that the company has sufficient cash resources and working capital to meet its liabilities as they fall due throughout the forecast period, with headroom for planned growth investments.

**Key Assumptions and Sensitivities**

The directors have considered downside scenarios including:

● Lower than expected customer retention rates
● Delayed new customer acquisition
● Potential pressure on renewal pricing

Even under conservative assumptions, the forecasts show the company maintaining adequate liquidity, with the flexibility to reduce discretionary expenditure if required.

**Conclusion**

Based on the above factors, and having made appropriate enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least the next 12 months from the signing of these statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise on monetary items.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs	4 years straight line
Other intangible assets	4 years straight line

Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	4 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiaries are measured at cost less accumulated impairment.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	8		7

3. Intangible assets

	Development costs		Other intangible assets		Total
	£		£		£
Cost
At 01 April 2024	3,710,869		2,345		3,713,214
At 31 March 2025	3,710,869		2,345		3,713,214
Accumulated amortisation
At 01 April 2024	3,710,869		2,345		3,713,214
At 31 March 2025	3,710,869		2,345		3,713,214
Net book value
At 31 March 2025	0		0		0
At 31 March 2024	0		0		0

Other Intangible assets relate to Domain Name.

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 April 2024	171		71,872		72,043
Additions	0		8,420		8,420
	0		0		0
At 31 March 2025	171		80,292		80,463
Accumulated depreciation
At 01 April 2024	171		59,317		59,488
Charge for the financial year	0		8,588		8,588
At 31 March 2025	171		67,905		68,076
Net book value
At 31 March 2025	0		12,387		12,387
At 31 March 2024	0		12,555		12,555

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	1,875
At 31 March 2025	1,875
Carrying value at 31 March 2025	1,875
Carrying value at 31 March 2024	1,875

The company owns 100% of the ordinary share capital of its subsidiary, Linex Systems Inc. (2024: 100%). Linex Systems Inc. is incorporated in the USA.

6. Debtors

	2025		2024
	£		£
Trade debtors	241,312		407,732
Prepayments	5,181		8,053
	246,493		415,785

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	483,369		539,293

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,465		10,204
Trade creditors	29,956		30,538
Accruals and deferred income	1,252,287		1,306,916
Other taxation and social security	30,901		57,859
Other creditors	1,854		1,345
	1,325,463		1,406,862

On 18 May 2020 the company took out an unsecured bank loan of £50,000. The loan is repayable over 6 years. Interest is charged on the loan at a rate of 2.5%.

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	1,767		12,234

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
25,120 Ordinary shares of £ 0.01 each	251		251

11. Financial commitments

Commitments

The company has operating lease commitments which are not included in the Balance sheet, amounting to €7,800 (2024: €6,800).

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents total contributions payable by the company to the fund and amounted to £14,890 (2024: £13,405).

	2025		2024
	£		£
Unpaid contributions due to the fund (included in Other Creditors)	1,727		1,345

12. Related party transactions

At the year end date the company owed £Nil (2024: £Nil) to related parties.