Thunderhead (One) Ltd. - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08115007 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

THUNDERHEAD (ONE) LTD.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H Steinbach

D Madden

REGISTERED OFFICE:

3rd Floor 1 Ashley Road

Altrincham

Cheshire

WA14 2DT

REGISTERED NUMBER:

08115007 (England and Wales)

AUDITORS:

Oury Clark Chartered Accountants

Statutory Auditors

Herschel House

58 Herschel Street

Slough

Berkshire

SL1 1PG

FIXED ASSETS

Tangible assets

4

189,794

314,653

Investments

5

18,898

18,898

208,692

333,551

CURRENT ASSETS

Debtors

6

3,846,561

3,309,769

Cash at bank

3,335,465

896,969

7,182,026

4,206,738

CREDITORS

Amounts falling due within one year

7

169,076,790

157,789,656

NET CURRENT LIABILITIES

(161,894,764

)

(153,582,918

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(161,686,072

)

(153,249,367

)

CREDITORS

Amounts falling due after more than one year

8

104,921

-

NET LIABILITIES

(161,790,993

)

(153,249,367

)

CAPITAL AND RESERVES

Called up share capital

10

2

2

Share premium

913,114

913,114

Other reserves

5,746,843

5,746,843

Retained earnings

(168,450,952

)

(159,909,326

)

SHAREHOLDERS' FUNDS

(161,790,993

)

(153,249,367

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 May 2024 and were signed on its behalf by:

D Madden - Director

1.	STATUTORY INFORMATION

Thunderhead (One) Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis as Medallia, Inc, an intermediate parent company, will continue to support the Company for a period of at least twelve months and one day from the date the audit report attached to these financial statements is signed.

Exemption from preparing consolidated financial statements

The Company is an immediate parent company whose financial statements are included in the consolidated financial statements of Thunderhead Midco (One) Limited, a company established under UK law. The registered office address of Thunderhead Midco (One) Limited is the same of the Company. The Company is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006. The Company has taken advantage of this exemption and these financial statements present information about the Company as an individual undertaking and not about its group.

Related party exemption

The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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 value added tax. Commission fees are recognised on a net basis.

Software as a service:

SaaS contracts are recognised on a straight line basis over the period to which the relevant revenue relates. In respect of contracts where revenue exceeds invoices issued, the excess is included in accrued income. For contracts where invoices issued exceed revenue, the excess is included in deferred revenue.

Professional Services:

In respect of time and materials projects, revenue is recognised based on costs incurred to date capped at a pre-agreed level. In respect of fixed fee projects with stipulated time-frame, revenue is recognised on costs incurred to date. Any unrecognised revenue at contract end date is recognised in full. In respect of contracts where revenue exceeds invoices issued, the excess is included in accrued income. For contracts where invoices issued exceed revenue, the excess is included in deferred revenue.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc. - 33% on cost, 25% on cost, and over remaining term of lease.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Basic financial instruments as covered by Section 11 of FRS102 are measured at amortised cost. The company does not have any other financial instruments as covered by Section 12 of FRS102.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2022

507,350

Additions

4,619

Disposals

(124,012

)

At 31 January 2023

387,957

DEPRECIATION

At 1 February 2022

192,697

Charge for year

106,815

Eliminated on disposal

(101,349

)

At 31 January 2023

198,163

NET BOOK VALUE

At 31 January 2023

189,794

At 31 January 2022

314,653

HSBC Bank plc holds a fixed and floating charge over all assets.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 February 2022

and 31 January 2023

18,898

NET BOOK VALUE

At 31 January 2023

18,898

At 31 January 2022

18,898

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Thunderhead B.V.

Registered office: Weteringschans 165 C, 1017 XD, Amsterdam, Netherlands

Nature of business: Information technology consultancy activities.

%

Class of shares:

holding

ordinary

100.00

Thunderhead One, Inc.

Registered office: Corporation Service Company, 100 Shockoe Slip, Floor 2, Richmond, VA 23219, USA

Nature of business: Information technology consultancy activities.

%

Class of shares:

holding

ordinary

100.00

Thunderhead One S.L.

Registered office: Calle Prim, 19, Bajos Derecha, 28004 Madrid, Spain

Nature of business: Information technology consultancy activities.

%

Class of shares:

holding

ordinary

100.00

Thunderhead (One) Pty Ltd

Registered office: c/o KNP, Level 1, 1121 High street, Armadale, Victoria 3143, Australia

Nature of business: Information technology consultancy activities.

%

Class of shares:

holding

ordinary

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

1,450,056

1,000,487

Amounts owed by group undertakings

1,286,041

693,933

Other debtors

1,110,464

1,615,349

3,846,561

3,309,769

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade creditors

12,054

371,771

Amounts owed to group undertakings

167,949,875

153,877,737

Taxation and social security

58,497

266,809

Other creditors & accruals

1,056,364

3,273,339

169,076,790

157,789,656

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Other creditors

104,921

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.23

31.1.22

£

£

Within one year

235,387

307,182

Between one and five years

487,866

203,796

723,253

510,978

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.23

31.1.22

value:

£

£

41

Ordinary

£0.05

2

2

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Emma Crowley (Senior Statutory Auditor)

for and on behalf of Oury Clark Chartered Accountants

12.	POST BALANCE SHEET EVENTS

In October 2023 Thunderhead (One) Ltd sold its intellectual property to an intermediate parent company, Medallia Inc.

13.	ULTIMATE CONTROLLING PARTY

Thunderhead Midco (One) Limited was the Company's immediate parent company during and at the end of the period to 31 January 2023. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT

The company's results have been incorporated in the consolidated financial statements of the group, copies of which are available from Companies House.

The directors believe there is no ultimate controlling party.