ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 07509508

NETDOCUMENTS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

NETDOCUMENTS LIMITED

COMPANY INFORMATION

Directors	J S Jensen
	D S Kellenberger


Registered number	07509508


Registered office
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX


Independent auditor	James Cowper Kreston Audit
	Chartered Accountants and Statutory Auditor
	Apex
	Forbury Road
	Reading
	Berkshire
	RG1 1AX

NETDOCUMENTS LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditor's report	5 - 8
Statement of comprehensive income	9
Balance sheet	10
Statement of cash flows	11
Analysis of net debt	12
Notes to the financial statements	13 - 23

NETDOCUMENTS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors are pleased to present their strategic report with the audited financial statements of Netdocuments Limited for the period ending 31 December 2025.

Business review

The Company provides web based document management services, delivering cloud-based content management, workflow and security solutions to legal, financial and other regulated organisations. The Company's revenue is substantially derived from subscription fees, supplemented by professional services and implementation fees.

Principal risks and uncertainties

The Company's turnover is dependent on its ability to continue to offer customers reliable, secure and competitively priced document management solutions that meet evolving customer requirements, including data security, compliance and regulatory demands specific to the legal and financial services sectors in which many of its customers operate. Sales are also subject to the general macroeconomic and competitive conditions affecting the broader SaaS and legal technology markets.

The Company maintains strong internal controls and procedures.

The Company's principal financial instruments comprise cash at bank, trade and other debtors, and trade and other creditors arising directly from its operations, together with balances due to and from other group undertakings. The Company finances its operations through a combination of trading cash flows and ongoing financial support from its parent, NetDocuments Software, Inc.

Trade debtors are managed in respect of credit and cash flow risk through credit policies and regular monitoring of amounts outstanding.

The Company is exposed to currency risk as a result of its growing proportion of revenue generated in currencies other than sterling. This is monitored on an ongoing basis, and the impact of exchange rate movements is reflected within operating profit.

Financial key performance indicators

The results for the year show turnover of £15,978,675 (2024: £12,159,081), an increase of 31.4% on the prior year, driven primarily by growth in subscription fees to £15,794,614 (2024: £12,001,380).

Gross profit increased to £7,057,914 (2024: £7,007,158), and operating profit for the year rose significantly to £669,491 (2024: £214,824), reflecting the continued scaling of the Company's subscription base together with disciplined management of administrative overheads.

The Company's customer base continues to internationalise, with 61.48% of turnover in the year attributable to geographical markets outside the United Kingdom (2024: 23.86%), consistent with the wider group's strategy of expanding its international footprint for cloud document management services.

Other key performance indicators

The Company continues to operate as part of the NetDocuments group, benefiting from the group's ongoing investment in product development and go-to-market capability, and the directors expect the Company's trading performance to continue to strengthen in the coming year.

Page 1

NETDOCUMENTS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

This report was approved by the board on 24 August 2026 and signed on its behalf.

D S Kellenberger

Director

Page 2

NETDOCUMENTS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The Directors present their report and the financial statements for the year ended 31 December 2025.

Directors

The Directors who served during the year were:

J S Jensen

D S Kellenberger

Directors' responsibilities statement

The Directors are responsible for preparing the strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to 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.

Principal activity

The principal activity of the company is the provision of web based document management services.

Results and dividends

The profit for the year, after taxation, amounted to £699,491 (2024 - £621,984).

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 3

NETDOCUMENTS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditor

The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

D S Kellenberger

Director

Date: 24 August 2026

Page 4

NETDOCUMENTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NETDOCUMENTS LIMITED

Opinion

We have audited the financial statements of NetDocuments Limited (the 'Company') for the year ended 31 December 2025, which comprise the statement of comprehensive income, the analysis of net debt, the balance sheet, the statement of cash flows and the related notes, 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 December 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 United Kingdom, including the Financial Reporting Council'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 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 contained within the Annual Report. 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 course of 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.

Page 5

NETDOCUMENTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NETDOCUMENTS LIMITED (CONTINUED)

Opinion 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 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 strategic report or 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 set out on page 3, 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.

Page 6

NETDOCUMENTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NETDOCUMENTS LIMITED (CONTINUED)

Auditor's 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 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.

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.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

∙Enquiry of management and those charged with governance around actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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 auditor's report.

Page 7

NETDOCUMENTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NETDOCUMENTS LIMITED (CONTINUED)

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 an auditor's 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.

Alan Poole BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston Audit

Chartered Accountants and Statutory Auditor

Apex

Forbury Road

Reading

Berkshire

RG1 1AX

1 September 2026

Page 8

NETDOCUMENTS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	15,978,675	12,159,081
Cost of sales		(8,920,761)	(5,151,923)
Gross profit		7,057,914	7,007,158
Administrative expenses		(6,418,779)	(6,792,334)
Operating profit	5	639,135	214,824
Tax on profit	8	60,356	407,160
Profit for the financial year		699,491	621,984

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 13 to 23 form part of these financial statements.

Page 9

NETDOCUMENTS LIMITED

REGISTERED NUMBER: 07509508

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	9		-		10,696
			-		10,696
Current assets
Debtors: amounts falling due within one year	10	4,548,332		5,274,647
Cash at bank and in hand		1,457,421		1,019,674
		6,005,753		6,294,321
Creditors: amounts falling due within one year	11	(10,673,946)		(11,672,700)
Net current liabilities			(4,668,193)		(5,378,379)
Total assets less current liabilities			(4,668,193)		(5,367,683)

Net liabilities			(4,668,193)		(5,367,683)

Capital and reserves
Called up share capital	14	100	100
Profit and loss account		(4,668,293)	(5,367,783)
		(4,668,193)	(5,367,683)

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

D S Kellenberger

Director

Date: 24 August 2026

The notes on pages 13 to 23 form part of these financial statements.

Page 10

NETDOCUMENTS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	699,491	621,984
Adjustments for:
Depreciation of tangible assets	4,675	14,106
Loss on disposal of tangible assets	6,020	-
Taxation charge	(60,356)	(407,160)
Decrease/(increase) in debtors	786,671	(379,454)
Increase in creditors	1,878,573	970,758
(Decrease) in amounts owed to groups	(2,877,327)	(337,450)
Net cash generated from operating activities	437,747	482,784

Cash flows from investing activities
Purchase of tangible fixed assets	-	(6,767)
Net cash from investing activities	-	(6,767)

Net increase in cash and cash equivalents	437,747	476,017
Cash and cash equivalents at beginning of year	1,019,674	543,657
Cash and cash equivalents at the end of year	1,457,421	1,019,674

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,457,421	1,019,674
	1,457,421	1,019,674

The notes on pages 13 to 23 form part of these financial statements.

Page 11

NETDOCUMENTS LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	1,019,674	437,747	1,457,421
	1,019,674	437,747	1,457,421

The notes on pages 13 to 23 form part of these financial statements.

Page 12

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 (see note 3).

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

Turnover  comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.

  Revenue for contracted services is recognised as the service is performed in accordance with the
  terms of the contractual arrangement.

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 13

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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.

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.

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 14

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

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.

Page 15

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

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.	Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company accounting policies, the directors are required to make judgments,estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

No key accounting estimates were identified for 2025.

Page 16

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subscription fees	15,794,614	12,001,380
Professional services and implementation fees	184,061	154,201
Other income	-	3,500
	15,978,675	12,159,081

61.48% of the company's turnover (2024: 23.86%) is attributable to geographical markets outside the United Kingdom.

	Exchange differences	(328,527)	383,127
	Other operating lease rentals	90,042	84,544

6.	Auditor's remuneration
		2025	2024
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

13,675

13,000

Fees payable to the Company's auditor and its associates in respect of:
Taxation compliance services	2,425	2,300
	2,425	2,300

Page 17

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Wages and salaries	3,829,907	3,334,564
Social security costs	584,400	386,646
Cost of defined contribution scheme	107,242	15,751
	4,521,549	3,736,961

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Total payroll	33	32



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	(2,674)	(407,160)
Adjustments in respect of prior periods	(57,682)	-
Total deferred tax	(60,356)	(407,160)


	Tax on profit	(60,356)	(407,160)

Page 18

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.Taxation (continued)

Profit on ordinary activities before tax

639,135

214,824

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	159,784	53,706
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	-	25
Adjustments to tax charge in respect of prior periods	(57,682)	-
Hybrid and other mismatches adjustment	(162,458)	(57,257)
Movement in deferred tax previously not recognised	-	(403,634)
Total tax charge for the year	(60,356)	(407,160)

The company has accumulated tax losses of available for offset against future profits of £1,843,050 (2024: £1,606,389) which represent a deferred tax asset of £467,516 (2024: £407,160).

Page 19

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Tangible fixed assets

		Computer equipment
		£

	At 1 January 2025	814,965
	Disposals	(814,965)
	At 31 December 2025	-

	At 1 January 2025	804,269
	Charge for the year on owned assets	4,675
	Disposals	(808,944)
	At 31 December 2025	-
	Net book value
	At 31 December 2025	-
	At 31 December 2024	10,696

Page 20

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.

Debtors

					2025	2024
					£	£


Trade debtors	3,932,332	4,597,842
Other debtors	21,361	43,014
Prepayments and accrued income	127,123	226,631
Deferred taxation	467,516	407,160
	4,548,332	5,274,647

11.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	84,720	213,264
Amounts owed to group undertakings	3,160,685	6,038,012
Other taxation and social security	629,391	598,056
Other creditors	69,823	130,909
Accruals and deferred income	6,729,327	4,692,459
	10,673,946	11,672,700

12.	Financial instruments
		2025	2024
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	1,457,421	1,019,674
	1,457,421	1,019,674

Financial assets measured at fair value through profit or loss comprise amounts held in bank.

Page 21

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Deferred taxation

		2025
		£

	At beginning of year	407,160
	Charged to profit or loss	60,356
	At end of year	467,516

The deferred tax asset is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	6,754	5,563
Tax losses carried forward	460,762	401,597
	467,516	407,160

14.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

15.	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 £107,242 (2024 - £15,751) . Contributions totalling £nil (2024 - £nil) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year

45,156

21,300

Page 22

NETDOCUMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	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.

18.	Post balance sheet events

On 12 January 2026 the company issued 18761 shares with a nominal value of £1.00. A consideration of £1.00 was received.

19.	Parent company

The parent company is NetDocuments Software, Inc., a company incorporated in USA.

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