PDF-XChange Co Ltd Cover
PDF-XChange Co Ltd
Company No. 11091579
Directors' Report and Audited Financial Statements
30 April 2025
PDF-XChange Co Ltd Contents
Pages
Company Information
2
Strategic Report
3
Directors' Report
4 to 5
Auditor's Report
6 to 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Notes to the Financial Statements
14 to 23
PDF-XChange Co Ltd Company Information
Directors
J.C. Verbeeten
S.A. Verbeeten
Registered Office
Skinner House
38-40 Bell Street
Reigate
Surrey
RH2 7BA
Auditor
Xeinadin Audit Limited - Statutory Auditors
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
PDF-XChange Co Ltd Strategic Report
The Directors present their strategic report for the year ended 30 April 2025.
Business review
During the course of 2024-25 our business continued to perform robustly and largely as expected.
The demise of one of our Key partners, Digital River and their German subsidiary ‘ShareIT’ after 24 years or so trading together was both a sad event, as many good people within the business lost their livelihoods and a loss to us financially, amounting to approx. £130,000 in lost income and legal fees attempting to recover monies due – which was largely successful - reducing our potential loss from approximately US$900,000 to a little over US$100,000 plus £40,000 or so in legal fees and expenses in the UK and Germany. Our profits were therefore affected appropriately as a consequence of this unfortunate failure of a key partner.
Financial and other key performance indicators:
The Company and staff performed well during the past year and weathered some difficult challenges (e.g. Digital River’s demise), underlining the strength of its core vision and client base. Growth was slightly better than anticipated and were it not for the loss of Digital River and the management time and costs expended seeking to resolve this matter, could possibly have been even better.Currency volatility also proved a real challenge and also mitigated our growth, once revenue in US$’s and Euro’s was converted to Sterling and losses were taken. As expected and we continue to develop our products in a cost efficient and cost effective manner.
Current political instability and conflict are a concern and make currency conversion planning to UK Sterling very difficult and could ultimately affect our business, as it would any other - should it continue for a long period or even escalate.
Signed on behalf of the board
J.C. Verbeeten
Director
27 June 2025
PDF-XChange Co Ltd Directors Report
The Directors present their report and the financial statements for the year ended 30 April 2025.
Principal activities
The principal activity of the company during the year under review was sale of software applications.
Directors
The Directors who served at any time during the year were as follows:
J.C. Verbeeten
S.A. Verbeeten
Future developments

We are progressing well with our new products development, after a slow start and expect to have a ‘Platform independent’ version of our most popular application, the ‘PDF-XChange Editor’ ready for market in the first half of 2026.Beyond that we are committed to continue to provide products that are available with a 'Perpetual - Pay once' License model along with Subscription based licensing where recurring costs are unavoidable, due to the platform delivery requirements (e.g. cloud based software) and recurring costs are therefore inevitable and unavoidable.
Research and development activities
We continue to work hard to improve our products.
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgements and estimates that are reasonable and prudent;
*
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statments; and
*
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 of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.
Political contributions
During the year the company made the following political donations:
£
Reform UK
1,000
Big Brother Watch
25,000
Signed on behalf of the board
J.C. Verbeeten
Director
27 June 2025
PDF-XChange Co Ltd Audit Report Unqualified
Independent Auditor's Report to the members of PDF-XChange Co Ltd
Opinion
We have audited the financial statements of PDF-XChange Co Ltd (the 'company') for the year ended 30 April 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 April 2025 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 Auditor’s 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue.
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based upon the work undertaken in the course of the audit:
• the information given in the strategic report and the directors' report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable
legal requirements.
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 directors’ responsibilities statement found in the directors' report, 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 is 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the Officers and other management (as required by auditing standards), a review of contracts in place and any regulatory references. We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting (including related trade legislation) and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items, taking into account the inherent difficulty in detecting irregularities; the effectiveness of the entity’s controls; and the nature, timing and extent of the audit procedures performed.
Our procedures included the following to give comfort in these areas:
• Enquiry of management, those charged with governance around actual and potential litigation and claims.
• Reviewing minutes of meetings of those charged with governance
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business.
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the Officers.
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 the auditors report.
Use of this 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 an auditors' report 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.
Mr Andrew Hill
Senior Statutory Auditor
For and on behalf of Xeinadin Audit Limited
Statutory Auditors
8th Floor
Becket House
36 Old Jewry
London
EC2R 8DD
27 June 2025
PDF-XChange Co Ltd Statement of Comprehensive Income
for the year ended 30 April 2025
Notes
2025
2024
£
£
Revenue
15,869,107
13,834,437
Cost of sales
(1,594,775)
(1,605,506)
Gross profit
14,274,332
12,228,931
Administrative expenses
(1,483,474)
(1,099,703)
Operating profit
4
12,790,858
11,129,228
Other interest receivable
7
6
3
Interest payable and similar charges
8
(15,957)
(347)
Profit on ordinary activities before taxation
12,774,907
11,128,884
Taxation
9
(3,206,871)
(2,790,066)
Profit for the financial year after taxation
9,568,036
8,338,818
Other comprehensive income
-
-
Total comprehensive income/(loss)
9,568,036
8,338,818
PDF-XChange Co Ltd Statement of Financial Position
at
30 April 2025
Company No.
11091579
Notes
2025
2024
£
£
Fixed assets
Tangible assets
10
4,420474
Investments
11
2,053,7302,053,730
2,058,1502,054,204
Current assets
Debtors
12
188,774194,144
Cash at bank and in hand
12,928,4129,458,045
13,117,1869,652,189
Creditors: Amount falling due within one year
13
(8,899,643)
(6,498,736)
Net current assets
4,217,5433,153,453
Total assets less current liabilities
6,275,6935,207,657
Net assets
6,275,6935,207,657
Capital and reserves
Called up share capital
14
100100
Profit and loss account
15
6,275,5935,207,557
Total equity
6,275,6935,207,657
Approved by the board on 27 June 2025 and signed on its behalf by:
J.C. Verbeeten
Director
27 June 2025
PDF-XChange Co Ltd Statement of Changes in Equity
for the year ended 30 April 2025
Share Capital
Retained earnings
Total equity
£
£
£
At 1 May 2023
100
2,868,739
2,868,839
Profit for the period
8,338,818
8,338,818
Dividends
(6,000,000)
(6,000,000)
At 30 April 2024 and 1 May 2024
1005,207,5575,207,657
Profit for the period
9,568,0369,568,036
Dividends
(8,500,000)
(8,500,000)
At 30 April 2025
1006,275,5936,275,693
PDF-XChange Co Ltd Statement of Cash Flows
for the year ended 30 April 2025
2025
2024
£
£
Cash flows from operating activities
Operating profit
12,790,858
11,129,228
Adjustments for:
Depreciation of property, plant and equipment
2,684
475
Decrease in trade and other receivables
5,370
112,245
Increase in trade and other payables
52,868
16,442
Net cash generated from operations
12,851,780
11,258,390
Interest paid
(15,957)
(347)
Corporate taxes paid
(3,340,066)
(1,933,901)
Net cash generated from operating activities
9,495,7579,324,142
Cash flows from investing activities
Payments for property, plant and equipment
(6,630)
-
Interest received
63
Net cash (used in)/from investing activities
(6,624)
3
Cash flows from financing activities
Equity dividends paid
(8,500,000)
(6,000,000)
Loans from / (to) directors
2,481,234599,881
Net cash used in financing activities
(6,018,766)
(5,400,119)
Net increase in cash and cash equivalents
3,470,3673,924,026
Cash and cash equivalents at the beginning of the year
9,458,045
5,534,019
Cash and cash equivalents at the end of the year
12,928,412
9,458,045
Components of cash and cash equivalents
Cash and bank balances
12,928,412
9,458,045
12,928,412
9,458,045
PDF-XChange Co Ltd Notes to the Financial Statements
for the year ended 30 April 2025
1
General information
PDF-XChange Co Ltd is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 11091579
Its registered office is:
Its trading address is:
Skinner House
Hormanshoad
38-40 Bell Street
Pickwell Lane
Reigate
Bolney
Surrey
Haywards-Heath
RH2 7BA
RH17 5RH
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
1
The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax is not provided where this is deemed immaterial.
Tangible fixed assets and depreciation
Land and buildings held and used in the Company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method.

Assets held under finance leases are depreciated in the same manner as owned assets.

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Furniture, fittings and equipment
33.33% Straight line
Investment in subsidiary company and consolidated accounts
The investment in the subsidiary company is shown at cost.
In the directors opinion there is no benefit to the user of these accounts to be gained by consolidation in accordance with Section 405 of the Companies Act 2006 and therefore exemption has been sought on this basis.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Investments in non-convertible preference shares and non-puttable ordinary and preference shares are measured:
• At fair value with changes recognised in the Income Statement if the shares are publicly traded or
their fair value can otherwise be measured reliably;
• At cost less impairment for all other investments.

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:
• significant financial difficulty of the issuer or counterparty; or
• breach of contract, such as a default or delinquency in interest or principal payments; or
• it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
• the disappearance of an active market for that financial asset because of financial difficulties.
Financial Instruments (Continued)
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 50 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against
the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
Trade and other 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.
Finance costs
Finance costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest bearing borrowings
Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:

• the party has the ability, directly or indirectly, through one or more intermediaries, to control the
Company or exercise significant influence over the company in making financial and operating policy
decisions, or has joint control over the Company;
• the Company and the party are subject to common control;
• the party is an associate of the Company or a joint venture in which the Company is a venturer;
• the party is a member of key management personnel of the Company or the Company’s parent, or a
close family member of such an individual, or is an entity under the control, joint control or
significant influence of such individuals;
• the party is a close family member of a party referred to in (i) or is an entity under the control, joint
control or significant influence of such individuals; or
• the party is a post-employment benefit plan which is for the benefit of employees of the
Company or of any entity that is a related party of the Company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Foreign currencies
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and
uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position.
3
Critical accounting judgements and key sources of estimation uncertainty
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.
Preparation of the financial statements requires the directors to make judgements ,estimates and assumptions that affect the amounts
reported of assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year.
4
Operating Profit
2025
2024
This is stated after charging:
£
£
Depreciation of owned fixed assets
2,684
474
Foreign exchange loss/(profit)
567,628
353,383
Auditors' remuneration for:
Audit of the company's annual accounts
12,000
12,000
5
Staff costs
2025
2024
Staff costs during the year (including directors) were as follows:
£
£
Total in company
-
1
-
-
-
The average monthly number of employees (including directors) during the year was:
Number
Number
Administration
1
1
Production
1
1
Total in company
22
6
Directors' remuneration
2025
2024
Remuneration included within staff costs - Note 5 - in respect of directors was as follows:
£
£
Total remuneration
-
1
-
7
Interest receivable
2025
2024
£
£
Bank interest receivable
63
63
8
Interest payable and similar charges
2025
2024
£
£
Other interest payable
15,957
347
15,957347
9
Taxation
(a) Tax on profit on ordinary activities
2025
2024
The tax charge is made up as follows:
£
£
UK corporation tax
Charge for the period
3,206,8712,790,066
Total corporation tax
3,206,8712,790,066
Tax on profit on ordinary activities
3,206,8712,790,066
(b) Factors affecting the total tax charge for the period
The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25% (2024 25%). The differences are reconciled below:
Higher
2025
2024
13144
£
£
Profit on ordinary activities before tax
12,774,90711,128,884
Standard rate of corporation tax in the United Kingdom
25%
25%
Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom
3,193,7272,782,221
Expenses not deductible for tax purposes
13,1447,845
Tax on profit on ordinary activities
3,206,8712,790,066
10
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
At 1 May 2024
4,1654,165
Additions
6,6306,630
At 30 April 2025
10,79510,795
Depreciation and impairment
At 1 May 2024
3,6913,691
Charge for the year
2,6842,684
At 30 April 2025
6,3756,375
Net book values
At 30 April 2025
4,4204,420
At 30 April 2024
474474
11
Investments
Subsidiaries
Total
£
£
Cost or valuation
At 1 May 2024
2,053,730
2,053,730
At 30 April 2025
2,053,730
2,053,730
Accumulated impairment
Net book values
At 30 April 2025
2,053,730
2,053,730
At 30 April 2024
2,053,730
2,053,730
Investment in Subsidiaries
The company has the following subsidiary undertakings:
Name of company and nature of business
Country of incorpor- ation (if not UK)
Class of shares held
% age of shares held
Capital and reserves at end of the relevant year
Profit/(loss) for the relevant year
%
£
£
PDF -XCHANGE CO LTD
Canada
Common A and B
100
839,043
35,209
12
Debtors
2025
2024
£
£
Trade debtors
171,481175,076
Corporation tax recoverable
--
VAT recoverable
17,29315,061
Prepayments and accrued income
-4,007
188,774194,144
13
Creditors:
amounts falling due within one year
2025
2024
£
£
Trade creditors
62,87811,508
Corporation tax
1,656,8711,790,066
Loans from directors
7,162,8954,681,661
Accruals and deferred income
16,99915,501
8,899,6436,498,736
14
Share Capital
Called-up share capital represents the nominal value of shares that have been issued.
Nominal value
2025
2025
2024
£
Number
£
£
Allotted, called up and fully paid:
A Shares1757575
B Shares1252525
100100
15
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
16
Reconciliation of net debt
At 1 May 2024
Cash flows
New HP/Finance leases
At 30 April 2025
£
£
£
£
Cash and cash equivalents
9,458,045
3,470,367
12,928,412
9,458,045
3,470,367
-
12,928,412
Net debt
9,458,045
3,470,367
-
12,928,412
17
Dividends
2025
2024
£
£
Dividends for the period:
Dividends by type:
Equity dividends
8,500,0006,000,000
8,500,000
6,000,000
18
Related party disclosures
Management and design costs of £901,401 have been charged on an open market basis by Haarlem Software Limited.Haarlem Software Limited is controlled by Mr JC Verbeeten.
Key management personnel
2025
2024
£
£
Controlling party
Ultimate controlling party:
Mr John Verbeeten.
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