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REGISTERED NUMBER: 09505970 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2024

for

Showpad Ltd

Showpad Ltd (Registered number: 09505970)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Showpad Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTORS: M A Miller
H M Isebaert





SECRETARY: MY UK OFFICE LIMITED





REGISTERED OFFICE: Westwood House
Annie Med Lane
South Cave
Brough
HU15 2HG





REGISTERED NUMBER: 09505970 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

Showpad Ltd (Registered number: 09505970)

Strategic Report
for the Year Ended 31 January 2024

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

REVIEW OF BUSINESS
In 2023, we faced growth challenges in the front-end and broader software sectors, leading to reduced spending by software companies and mid-sized businesses. Despite these pressures, we managed to grow revenue at group level, albeit at a slower rate.

Our diversification across regions, segments, and customer categories, particularly in traditional industries, remained a key strength. We prioritized productivity and profitability while continuing to invest in our people and products.

The launch of the Showpad Enablement Operating System ("Showpad eOS") in November 2022 advanced our innovation efforts, earning us a leadership position in the 2023 Forrester Sales Readiness Wave. We further enhanced the platform with AI features, significantly boosting productivity.

We expect sector headwinds to persist into 2024 however, see further opportunities to reshape our profitability profile. We are confident of sustainable revenue growth with continued high customer and administrative satisfaction and market-leading product innovation over the next three years.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risk is the uncertainty over the level of spending by software companies and mid-sized businesses in the sector and the impact on bookings and growth.

FINANCIAL KEY PERFORMANCE INDICATORS
On an individual company level the company delivered:

- Management fee income of £11,986,040 (period ended 31 January 2023 £11,946,751)
- Pre tax profit of £853,928 (period ended 31 January 2023 £449,081)
- Year end cash at bank of £283,840 (period ended 31 January 2023 £456,938), a reduction following significant cash investment in developing the rental premises
- Shareholders funds of £1,913,765 (period ended 31 January 2023 £1,233,697)

ON BEHALF OF THE BOARD:





M A Miller - Director


4 October 2024

Showpad Ltd (Registered number: 09505970)

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a management company.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

M A Miller
H M Isebaert

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Try Lunn & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M A Miller - Director


4 October 2024

Report of the Independent Auditors to the Members of
Showpad Ltd

Opinion
We have audited the financial statements of Showpad Ltd (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 2024 and of its profit 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.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Showpad Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- 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 Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Showpad Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Andrew Ewart FCA FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

7 October 2024

Showpad Ltd (Registered number: 09505970)

Statement of Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
Notes £    £   

TURNOVER 11,986,040 11,946,751

Administrative expenses 11,147,682 11,497,670
OPERATING PROFIT 4 838,358 449,081

Interest receivable and similar income 15,570 -
PROFIT BEFORE TAXATION 853,928 449,081

Tax on profit 6 173,860 80,590
PROFIT FOR THE FINANCIAL YEAR 680,068 368,491

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

680,068

368,491

Showpad Ltd (Registered number: 09505970)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 570,855 173,686

CURRENT ASSETS
Debtors 8 1,975,434 1,288,959
Cash at bank 283,840 456,938
2,259,274 1,745,897
CREDITORS
Amounts falling due within one year 9 916,364 685,886
NET CURRENT ASSETS 1,342,910 1,060,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,913,765

1,233,697

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 12 1,913,665 1,233,597
SHAREHOLDERS' FUNDS 1,913,765 1,233,697

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





M A Miller - Director


Showpad Ltd (Registered number: 09505970)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 100 865,106 865,206

Changes in equity
Total comprehensive income - 368,491 368,491
Balance at 31 January 2023 100 1,233,597 1,233,697

Changes in equity
Total comprehensive income - 680,068 680,068
Balance at 31 January 2024 100 1,913,665 1,913,765

Showpad Ltd (Registered number: 09505970)

Cash Flow Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 478,226 339,199
Tax paid (140,194 ) (53,318 )
Net cash from operating activities 338,032 285,881

Cash flows from investing activities
Purchase of tangible fixed assets (533,672 ) (90,404 )
Sale of tangible fixed assets 6,972 -
Interest received 15,570 -
Net cash from investing activities (511,130 ) (90,404 )

(Decrease)/increase in cash and cash equivalents (173,098 ) 195,477
Cash and cash equivalents at beginning of
year

2

456,938

261,461

Cash and cash equivalents at end of year 2 283,840 456,938

Showpad Ltd (Registered number: 09505970)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 853,928 449,081
Depreciation charges 73,280 75,245
Loss on disposal of fixed assets 56,251 9,350
Finance income (15,570 ) -
967,889 533,676
Increase in trade and other debtors (686,475 ) (78,213 )
Increase/(decrease) in trade and other creditors 196,812 (116,264 )
Cash generated from operations 478,226 339,199

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 283,840 456,938
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 456,938 261,461


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 456,938 (173,098 ) 283,840
456,938 (173,098 ) 283,840
Total 456,938 (173,098 ) 283,840

Showpad Ltd (Registered number: 09505970)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Showpad 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company is dependent on the continued financial support of Showpad NV. The Directors of Showpad NV have agreed to provide continued financial support to ensure the company will be able to trade as a going concern for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

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

Turnover comprises revenue recognised by the company in respect of management fees charged to the parent company for provision of services. The turnover is based on costs incurred in providing services plus an agreed mark up.

Revenue in respect of management fees is invoiced quarterly and recognised in the same accounting period as the costs were incurred.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 20% on cost
Computer equipment - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Showpad Ltd (Registered number: 09505970)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

Employee 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.

Employee beneits are recognised as an expense in the period to which they relate.

Termination benefits are recognised as a wages expense when the company is committed to the termination payment by way of signing a settlement agreement.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,745,322 7,766,104
Social security costs 958,544 1,001,214
Other pension costs 726,086 789,035
9,429,952 9,556,353

The average number of employees during the year was as follows:
2024 2023

Sales and marketing 53 52
Product and engineering 19 19
Finance and recruitment 5 5
77 76

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 562,471 510,975
Depreciation - owned assets 73,280 75,244
Loss on disposal of fixed assets 56,251 9,350
Foreign exchange differences (217 ) 1,147

Showpad Ltd (Registered number: 09505970)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

3,000

2,750

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 173,860 80,590
Tax on profit 173,860 80,590

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 853,928 449,081
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

205,199

85,325

Effects of:
Expenses not deductible for tax purposes 20,901 1,521
Capital allowances in excess of depreciation (65,757 ) (8,033 )
Loss on disposal of assets 13,517 1,777
Total tax charge 173,860 80,590

Showpad Ltd (Registered number: 09505970)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 78,766 91,995 199,603 370,364
Additions 268,656 116,447 148,569 533,672
Disposals (78,766 ) - (63,429 ) (142,195 )
At 31 January 2024 268,656 208,442 284,743 761,841
DEPRECIATION
At 1 February 2023 26,137 61,962 108,579 196,678
Charge for year 4,305 22,216 46,759 73,280
Eliminated on disposal (26,137 ) - (52,835 ) (78,972 )
At 31 January 2024 4,305 84,178 102,503 190,986
NET BOOK VALUE
At 31 January 2024 264,351 124,264 182,240 570,855
At 31 January 2023 52,629 30,033 91,024 173,686

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,268,738 1,053,034
Other debtors 379,746 137,147
VAT 103,826 13,043
Prepayments 223,124 85,735
1,975,434 1,288,959

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 252,610 148,802
Tax 114,226 80,560
Accrued expenses 549,528 456,524
916,364 685,886

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 163,825 -
Between one and five years 3,112,321 -
3,276,146 -

Showpad Ltd (Registered number: 09505970)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

The ordinary shares have equal voting, dividend and capital redistribution (including on winding-up) rights. The shares are not redeemable.

12. RESERVES
Retained
earnings
£   

At 1 February 2023 1,233,597
Profit for the year 680,068
At 31 January 2024 1,913,665

13. RELATED PARTY DISCLOSURES

During the period the company provided management services under normal commercial terms totalling £11,986,040 (2023 £11,946,751) to Showpad NV, the parent company of Showpad Limited.

At the balance sheet date an amount of £1,268,738 was owed by Showpad NV (2023 £1,053,034). Interest charged on this balance during the year was £15,570 (2023 £NIL).

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Showpad NV, a company incorporated in Belgium.

Publicly available financial statements for Showpad NV can be obtained from the registered office at Moutstraat 62, 9000 Gent, Belgium.