Enable Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04552449

ENABLE LIMITED

FILLETED FINANCIAL STATEMENTS

31 October 2021

ENABLE LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	6	132,678	126,228
Investments	7	2	2
		----------	----------
		132,680	126,230

Current assets

Debtors	8	5,668,172	5,608,345
Cash at bank and in hand		2,202,292	1,512,167
		-------------	-------------
		7,870,464	7,120,512

Creditors: amounts falling due within one year	9	3,817,738	3,532,353
		-------------	-------------
Net current assets		4,052,726	3,588,159
		-------------	-------------
Total assets less current liabilities		4,185,406	3,714,389

Provisions

Taxation including deferred tax	23,635	20,600
	-------------	-------------
Net assets	4,161,771	3,693,789
	-------------	-------------

Capital and reserves

Called up share capital	80,000	80,000
Profit and loss account	4,081,771	3,613,789
	-------------	-------------
Shareholders funds	4,161,771	3,693,789
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

ENABLE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 21 July 2022 , and are signed on behalf of the board by:

S Louis

Director

Company registration number: 04552449

ENABLE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7th Floor, Telecom House, 125-135 Preston Road, Brighton, BN1 6AF, East Sussex.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

The directors consider that the uncertainty caused in the payroll services sector as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.

The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Income is recognised on a daily basis over the course of each subscription. Where a subscription crosses the year end, the proportion relating to the following year is carried forward within accruals and deferred income.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Equal instalments over useful economic life of 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, fittings & equipment	-	25%/ 33.3% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 60 (2020: 60 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2020 and 31 October 2021	3,173,784
	-------------
Amortisation
At 1 November 2020 and 31 October 2021	3,173,784
	-------------
Carrying amount
At 31 October 2021	–
	-------------
At 31 October 2020	–
	-------------

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 November 2020	317,017	317,017
Additions	85,938	85,938
Disposals	( 35,863)	( 35,863)
	----------	----------
At 31 October 2021	367,092	367,092
	----------	----------
Depreciation
At 1 November 2020	190,789	190,789
Charge for the year	79,488	79,488
Disposals	( 35,863)	( 35,863)
	----------	----------
At 31 October 2021	234,414	234,414
	----------	----------
Carrying amount
At 31 October 2021	132,678	132,678
	----------	----------
At 31 October 2020	126,228	126,228
	----------	----------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2020 and 31 October 2021	2
	----
Impairment
At 1 November 2020 and 31 October 2021	–
	----

Carrying amount
At 31 October 2021	2
	----
At 31 October 2020	2
	----

The company owns 100% of the issued share capital of Nannytax Limited, a company incorporated in England and Wales. This company has been dormant since incorporation.

8. Debtors

	2021	2020
	£	£
Trade debtors	48,521	51,358
Amounts owed by group undertakings and undertakings in which the company has a participating interest	5,556,836	5,502,273
Other debtors	62,815	54,714
	-------------	-------------
	5,668,172	5,608,345
	-------------	-------------

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	49,381	78,317
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2	2
Corporation tax	141,874	167,401
Social security and other taxes	173,228	186,176
Other creditors	3,453,253	3,100,457
	-------------	-------------
	3,817,738	3,532,353
	-------------	-------------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	82,368	82,368
Later than 1 year and not later than 5 years	147,720	230,088
	----------	----------
	230,088	312,456
	----------	----------

11. Summary audit opinion

The auditor's report for the year dated 21 July 2022 was unqualified.

The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .

12. Related party transactions

Included within amounts owed by group undertakings is an amount of £5,556,836 (2020: £5,502,273) owed from Elbane (UK) Limited. During the year, a dividend of £1,000,000 (2020: £1,000,000) was paid to this company. The balance of the movement represents the net financing given.

13. Controlling party

The company is a wholly-owned subsidiary of Elbane (UK) Limited, a company registered in England and Wales. The registered office and principal place of business of this company is 7th Floor, Telecom House, 125 - 135 Preston Road, Brighton, England, BN1 6AF.