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Registered number: 07509508 NETDOCUMENTS LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
NETDOCUMENTS LIMITED COMPANY INFORMATION
Directors | A S Tedjamulia (resigned 16 July 2024)
| J Baxter (resigned 16 July 2024)
| 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 - 9
NETDOCUMENTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover |  | 12,159,081 | 8,156,571
Cost of sales |  | (5,151,923) | (2,091,301)
Gross profit |  | 7,007,158 | 6,065,270
Administrative expenses |  | (6,792,334) | (5,662,387)
Operating profit |  | 214,824 | 402,883
Interest receivable and similar income |  | - | 673
Profit before tax |  | 214,824 | 403,556
Tax on profit |  | 407,160 | -
Profit for the financial year |  | 621,984 | 403,556
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 3 to 9 form part of these financial statements.
Page 1
NETDOCUMENTS LIMITED REGISTERED NUMBER: 07509508 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 10,696 |  | 18,035
|  |  | 10,696 |  | 18,035
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 5,274,647 |  | 4,488,033 |
Cash at bank and in hand |  | 1,019,674 |  | 543,657 |
|  | 6,294,321 |  | 5,031,690 |
Creditors: amounts falling due within one year | 6 | (11,672,700) |  | (11,039,392) |
Net current liabilities |  |  | (5,378,379) |  | (6,007,702)
Total assets less current liabilities |  |  | (5,367,683) |  | (5,989,667)
Net liabilities |  |  | (5,367,683) |  | (5,989,667)
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 100 |  | 100
Profit and loss account |  |  | (5,367,783) |  | (5,989,767)
|  |  | (5,367,683) |  | (5,989,667)
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: 29 August 2025
The notes on pages 3 to 9 form part of these financial statements. Page 2
NETDOCUMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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 2024 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 2024 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 | Pensions
Defined contribution pension plan 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 payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Multi-employer pension plan The Company is a member of a multi-employer plan. Where it is not possible for the Company to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan. Page 5
NETDOCUMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. 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. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 32 (2023 - 30).
Page 6
NETDOCUMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost or valuation |
| At 1 January 2024 | 808,198
| Additions | 6,767
| At 31 December 2024 | 814,965
| Depreciation |
| At 1 January 2024 | 790,163
| Charge for the year | 14,106
| At 31 December 2024 | 804,269
| Net book value |
| At 31 December 2024 | 10,696
| At 31 December 2023 | 18,035
Page 7
NETDOCUMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 4,597,842 | 4,386,696
| Other debtors | 43,014 | 48,530
| Prepayments and accrued income | 226,631 | 52,807
| Deferred taxation | 407,160 | -
|  | 5,274,647 | 4,488,033
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 213,264 | 206,633
| Amounts owed to group undertakings | 6,038,012 | 6,375,462
| Other taxation and social security | 598,056 | 594,896
| Other creditors | 130,909 | 659
| Accruals and deferred income | 4,692,459 | 3,861,742
|  | 11,672,700 | 11,039,392
7. | Deferred taxation
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | 5,563 | -
| Tax losses carried forward | 401,597 | -
|  | 407,160 | -
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2023 - 100) Ordinary shares of £1.00 each | 100 | 100
Page 8
NETDOCUMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £15,751 (2023 - £nil) . Contributions totalling £nil (2023 - £nil) were payable to the fund at the balance sheet date and are included in creditors.
10. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 21,300 | 20,040
11. | 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.
12. | Parent company
The parent company is NetDocuments Software, Inc., a company incorporated in USA.
13. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 2 September 2025 by Alan Poole BA (Hons) FCA (senior statutory auditor) on behalf of James Cowper Kreston Audit.
Page 9