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Registered number: 07509508










NETDOCUMENTS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NETDOCUMENTS LIMITED
 

COMPANY INFORMATION


Directors
A S Tedjamulia (resigned 16 July 2024)
J Baxter (resigned 16 July 2024)
H J Doetsch (resigned 31 March 2023)
J S Jensen (appointed 16 July 2024)
D S Kellenberger (appointed 16 July 2024)




Registered number
07509508



Registered office
8th Floor South
Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS







 
NETDOCUMENTS LIMITED
 

CONTENTS



Page
Statement of comprehensive income
1
Balance sheet
2
Notes to the financial statements
3 - 7


 
NETDOCUMENTS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
8,156,571
7,622,720

Cost of sales
  
(2,091,301)
(3,949,058)

Gross profit
  
6,065,270
3,673,662

Administrative expenses
  
(5,662,387)
(4,772,083)

Exceptional administrative expenses
  
-
(1,323)

Operating profit/(loss)
  
402,883
(1,099,744)

Interest receivable and similar income
  
673
-

Interest payable and similar expenses
  
-
(13)

Profit/(loss) before tax
  
403,556
(1,099,757)

Profit/(loss) for the financial year
  
403,556
(1,099,757)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 3 to 7 form part of these financial statements.

Page 1

 
NETDOCUMENTS LIMITED
REGISTERED NUMBER: 07509508

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,035
23,396

  
18,035
23,396

Current assets
  

Debtors: amounts falling due within one year
 5 
4,488,033
3,957,510

Cash at bank and in hand
  
543,657
160,574

  
5,031,690
4,118,084

Creditors: amounts falling due within one year
 6 
(11,039,392)
(10,534,703)

Net current liabilities
  
 
 
(6,007,702)
 
 
(6,416,619)

Total assets less current liabilities
  
(5,989,667)
(6,393,223)

  

Net liabilities
  
(5,989,667)
(6,393,223)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(5,989,767)
(6,393,323)

  
(5,989,667)
(6,393,223)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D S Kellenberger
Director

Date: 12 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NETDOCUMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Netdocuments Limited is a limited liability company incorporated in England and Wales. The address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

As shown by the financial statements the liabilities of the company exceed its assets and the company meets its day to day working capital requirements through financial support from its parent company. The loan from the parent to the company will not be called in by the parent until the company has sufficient funds to repay the loan without jeopardising its financial viability. 
The company is further reliant on its parent group for ongoing operations and revenue generation – the company would be unable to continue operating if its parent group ceased to operate – therefore the appropriateness of preparing the company’s financial statements is predicated on an assumption that the parent group will continue to operate for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
NETDOCUMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Computer equipment
-
33% straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
NETDOCUMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.14

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2022 - 26).

Page 5

 
NETDOCUMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 January 2023
802,319


Additions
5,879



At 31 December 2023

808,198



Depreciation


At 1 January 2023
778,923


Charge for the year
11,240



At 31 December 2023

790,163



Net book value



At 31 December 2023
18,035



At 31 December 2022
23,396


5.


Debtors

2023
2022
£
£


Trade debtors
4,386,696
3,857,799

Other debtors
48,530
13,846

Prepayments and accrued income
52,807
85,865

4,488,033
3,957,510


Page 6

 
NETDOCUMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
6,502

Trade creditors
206,633
150,857

Amounts owed to group undertakings
6,375,462
7,077,234

Other taxation and social security
594,896
451,219

Other creditors
659
3,853

Accruals and deferred income
3,861,742
2,845,038

11,039,392
10,534,703



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
4,453
3,846


9.


Related party transactions

The company is exempt under the terms of FRS 102 from disclosing related party transactions with members of the group as the company is a wholly owned subsidiary.


10.


Parent company

The parent company is Sundance Group Holdings Inc, a company incorporated in USA.


11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 12 March 2025 by Alan Poole BA (Hons) FCA (senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 7