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REGISTERED NUMBER: 08616210 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

LOCATABLE LTD

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LOCATABLE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2018







DIRECTORS: N R Katz
V N Subramanian





REGISTERED OFFICE: Stapleton House
Block A, 2nd Floor
110 Clifton Street
London
EC2A 4HT





REGISTERED NUMBER: 08616210 (England and Wales)





ACCOUNTANTS: Horizon Accounts Ltd
Stapleton House Second Floor
110 Clifton Street
London
EC2A 4HT

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2018

31.10.18 31.10.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 8,432 5,044
Tangible assets 6 1,817 3,163
10,249 8,207

CURRENT ASSETS
Debtors 7 92,029 70,471
Cash at bank 766,963 86,607
858,992 157,078
CREDITORS
Amounts falling due within one year 8 83,745 225,144
NET CURRENT ASSETS/(LIABILITIES) 775,247 (68,066 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

785,496

(59,859

)

CAPITAL AND RESERVES
Called up share capital 10 241 183
Share premium 2,939,820 1,273,266
Share option reserves 56,735 109,867
Retained earnings (2,211,300 ) (1,443,175 )
SHAREHOLDERS' FUNDS 785,496 (59,859 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 July 2019 and were signed on its behalf by:





V N Subramanian - Director


LOCATABLE LTD (REGISTERED NUMBER: 08616210)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018


1. STATUTORY INFORMATION

Locatable Ltd is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Share based payments as set out in note 14 to the accounts have been made to employees of the company. As
disclosed in the Share Based Payments accounting policy note below, the fair value of any vested share options
is recognised in the income statement. For the year ended 31 October 2018 the fair value has been estimated as
£3.1845 per share. This is based on the value of Ordinary shares issued.

There have been no other significant judgements or estimates applied to the numbers contained within these
financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Trademark are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write
off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Computer equipment - 33.33% on straight line
Office equipment - 33.33% on straight line

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial
paper, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective
evidence of impairment. 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 the Income Statement.

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 the Income Statement.

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, the Income
Statement, 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or
settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party
or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the
asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow Group companies 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.

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. Creditors are classified as current liabilities if payment is due within one year. 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is
discharged, cancelled or expires.


LOCATABLE LTD (REGISTERED NUMBER: 08616210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that
it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the statement of financial position date.

The tax credit disclosed in the income statement represents the surrender of corporation tax losses for research
and development tax credits.

Research and development
Revenue expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the
operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
scheme are charged to profit or loss in the period to which they relate.

Share based payments
The company operates an equity-settled compensation plan. The fair value of the employee services received in
exchange for the grant of the options is recognised as an expense. The total amount to be expensed over the
vesting period is determined by reference to the fair value of the options granted, excluding the impact of any
non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting
conditions are included in assumptions about the number of options that are expected to vest. At each balance
sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognises the
impact of the revision to original estimates, if any, in the income statement. The credit entry is taken to reserves
because the share options are equity-settled.

Going concern
The financial statements have been prepared on the going concern basis. The company incurred losses during the
year however the directors have a reasonable expectation that the performance of the company will be reversed
when the research and development stage has been completed. The directors have been successful in raising
investment during the year and are continuing to raise further investment to ensure the company has sufficient
resources to meet its future obligations, as and when they fall due. On this basis, the directors are therefore of the
opinion that they should continue to adopt the going concern basis in preparing the annual financial statements.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to
changes in value.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 9 ) .

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018


5. INTANGIBLE FIXED ASSETS
Trademark
£   
COST
At 1 November 2017 5,505
Additions 4,168
At 31 October 2018 9,673
AMORTISATION
At 1 November 2017 461
Amortisation for year 780
At 31 October 2018 1,241
NET BOOK VALUE
At 31 October 2018 8,432
At 31 October 2017 5,044

6. TANGIBLE FIXED ASSETS
Office Computer
equipment equipment Totals
£    £    £   
COST
At 1 November 2017 2,941 2,944 5,885
Additions 600 - 600
At 31 October 2018 3,541 2,944 6,485
DEPRECIATION
At 1 November 2017 1,209 1,513 2,722
Charge for year 987 959 1,946
At 31 October 2018 2,196 2,472 4,668
NET BOOK VALUE
At 31 October 2018 1,345 472 1,817
At 31 October 2017 1,732 1,431 3,163

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.18 31.10.17
£    £   
Trade debtors 29,110 2,758
Other debtors 62,919 67,713
92,029 70,471

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.18 31.10.17
£    £   
Trade creditors 57,743 13,119
Taxation and social security 13,086 28,976
Other creditors 12,916 183,049
83,745 225,144

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.18 31.10.17
£    £   
Within one year 19,500 -

10. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 31.10.18 31.10.17
value: £    £   
2,328,095 Ordinary share £0.0001 233 175
83,333 Deferred shares £0.0001 8 8
241 183

Deferred shareholders have no voting and dividend rights. They have no rights to return of capital on a
distribution (including on a winding up); however, in priority to the ordinary shareholders a total of £1 will be
paid to the entire class of deferred shares. They have no rights of redemption.

Ordinary shareholders have voting, and dividend rights and in respect of return of capital are entitled to
participate in a distribution (including on a winding up). The have no rights of redemption.

11. RELATED PARTY DISCLOSURES

At the date of the financial statements, the company owed the directors £6,349 (2017 - £6,349). The loans are
interest free and repayable on demand.

12. POST BALANCE SHEET EVENTS

Subsequent to the end of the year, the company issued a further 173,339 ordinary shares of £0.0001 each for a
total consideration of £551,998.

13. ULTIMATE CONTROLLING PARTY

During the year there is no ultimate controlling party.

LOCATABLE LTD (REGISTERED NUMBER: 08616210)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2018


14. SHARE-BASED PAYMENT TRANSACTIONS

The company operates a share option plan for the benefit of employees, advisors and consultants. As at the end
of the year the company granted 52,913 EMI qualifying share options to employees of the company at an
exercise price of £0.182 per share. During the year 5,755 share options lapsed and 324 were exercised. A total
of 16,587 share options vested during the year. Share options vest over a period of 4 years from the grant date
with a 12 month cliff.

The company also operates an unapproved share option scheme. As at the date of the Statement of Financial
Position, the company had granted 3,470 non qualifying share options with an exercise price of £0.182 per
share. During the year, 1,229 share options had vested, no share options had lapsed and no share options were
exercised.