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REGISTERED NUMBER: 07836018 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

DECIBEL GROUP LONDON LIMITED

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 January 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


DECIBEL GROUP LONDON LIMITED

COMPANY INFORMATION
for the Year Ended 31 January 2023







DIRECTORS: H Steinbach
D E Madden





SECRETARY: Oakwood Corporate Secretary Limited





REGISTERED OFFICE: 3rd Floor 1 Ashley Road
Altrincham
Cheshire
WA14 2DT





REGISTERED NUMBER: 07836018 (England and Wales)





AUDITORS: Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

GROUP STRATEGIC REPORT
for the Year Ended 31 January 2023

The directors present their strategic report of the company and the group for the year ended 31 January 2023.

REVIEW OF BUSINESS
The principal activity of the Group is providing its digital experience analytics software. The Group sells predominantly to Enterprise customers, with one to three-year contracts. The software is built for use by the customer directly, without significant training.

In fiscal year 2023 the Group's main priority was to expand its customer base through partnering with the Medallia group following their acquisition of the Decibel Group in March 2021. Revenue fell by 43% to the prior financial period. The Group continues to see the market for its product to be heavily industry agnostic, as any company with significant web traffic needs to analyse its website activity.

The Group continued its operations in Europe and through its growth strategy aims to grow its customer bases' geographical footprint.The Group balanced its investment during the year across the following areas:

- Engineering, to improve and continue to stabilise the platform to accommodate heavier usage and more customers.
- Marketing, which continued to target a wide variety of industries.
- Sales, which leveraged the relationship with Medallia and their customer base.


DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

GROUP STRATEGIC REPORT
for the Year Ended 31 January 2023

PRINCIPAL RISKS AND UNCERTAINTIES
Competitive risks

The Group services customers in a wide range of industries across many geographies. While competitors exist, the market is considered significant enough for many competitors to succeed.

Cyber Security Risks

Cyber-attacks and other malicious internet-based activity continue to occur, with cloud based services targeted in the past. The directors are confident that the procedures designed and implemented by the group are appropriate to mitigate the risk of this occurring.

Inflation

Global market pressures have seen interest rates increase globally. This has created a challenging labour market which the directors are continually reviewing due to the group's mix of expenses weighted towards its workforce.

Credit risk

The Group's customers are typically large enterprises that do not exhibit credit risk. Historically, there have been minimal write offs. Furthermore, most customers pay for subscriptions upfront and, as such, collection issues would be determined early in the relationship.

Liquidity risk

The Group operates in a cash burn business, which is a part of the long-term strategy. Liquidity concerns will always be a concern for such a business, however appropriate debt and equity raises are the solution to any projected shortfalls.

Foreign currency risk

The Group has exposure to currency movements related to both trade debtors and creditors. However, as it operates predominantly in USD and GBP, it believes the mix of inflows and outflows in each currency is sufficient to avoid unnecessary exposure to such risks.

Staff turnover

The Group believes it offers competitive salaries and benefits, and as such its turnover is at a manageable level. The acquisition by Medallia, Inc. also provided a larger recruitment structure. There is not a deemed risk of an unmanageable level of turnover.

Coronavirus risk

The directors continue to monitor the ongoing situation regarding the COVID-19 pandemic and the potential impact on the group and take mitigating actions as required.

The largest impact of COVID-19 has been changes to our working model and allowing employees to work from home or the office based on their preference. Decibel has seen a high percentage of its workforce decide to work from home.

To date no refinancing is required and there has been no material adverse effect on the company's results, asset carrying values or statement of financial position.


DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

GROUP STRATEGIC REPORT
for the Year Ended 31 January 2023

METRICS AND KPIS
In addition to any others mentioned herein, the business monitors its operations through various metrics that are critical to a Software as a Service business:
-Bookings Growth is the growth in the total value of signed contracts. It is a key metric for the group to help measure future income and business growth.
-Billings Growth is the growth in the total amount invoiced to customers and is key for monitoring expected cash flows.
- Customer Retention percentage is critical to assess regularly as retaining and adding revenue to existing customers is a critical way to improve margins as we mature as a business.

Through Medallia's network and guidance as well as continued improvements to the platform the Group foresees continued expansion both with new and existing customers. Geographical growth will stay the strongest in the UK, US and Europe however expansion to other geographies remains a viable option.

FUTURE DEVELOPMENTS
The directors aim to maintain the existing level of investment in people, in addition to developing new policies and process to deliver sustained and future growth. Over the next year, the Group will show continued investment, and the directors are very confident that this investment will deliver increased growth and open new opportunities to grow market share.

ON BEHALF OF THE BOARD:





D E Madden - Director


29 March 2024

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The Group's principal activity during the year continued to be the provision of digital experience analytics software.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

DIRECTORS
The directors who have held office during the period from 1 February 2022 to the date of this report are as follows:

K J Furlong - resigned 31 May 2022
R M Oulman - resigned 31 May 2022
Ms L Danko - appointed 31 May 2022
H Steinbach - appointed 31 May 2022

D E Madden was appointed as a director after 31 January 2023 but prior to the date of this report.

Ms L Danko ceased to be a director after 31 January 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's auditors are aware of that information.

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

REPORT OF THE DIRECTORS
for the Year Ended 31 January 2023


AUDITORS
The auditors, Oury Clark Chartered Accountants, are deemed to be re-appointed under Section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





D E Madden - Director


29 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DECIBEL GROUP LONDON LIMITED

Opinion
We have audited the financial statements of Decibel Group London Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 January 2023 and of the group's loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months and one day 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors and Strategic Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be misstated. If we identify such inconsistencies or apparent 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 misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DECIBEL GROUP LONDON LIMITED


Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any matters in the Group Strategic Report or the Report of the Directors that are inconsistent with our overall view of the financial statements.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DECIBEL GROUP LONDON LIMITED


Auditors' 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 a Report of the Auditors 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Identifying and assessing potential irregularities, including fraud
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- Considering the nature of the industry, sector, control environment and current business activities, including possible financial covenants, performance targets and subsequent remuneration and quality assurance risks.
- Enquiring of management concerning policies and procedures relating to:
1. Complying with laws, regulations and registrations and whether there were any instances of non-compliance.
2. Mitigating, detecting and responding to fraud risk and whether there has been any actual or possible instances of fraud.
- Discussing within the engagement team, with component auditors and internal specialists, where necessary, regarding how and where fraud may occur in the financial statements along with possible indicators of fraud. We identified the following areas most likely to be susceptible to fraud:
1. Revenue recognition;
2. Management override.

- Discussing within the engagement team, with component auditors and internal specialists, where necessary, the legal and regulatory framework in which the group operates and, in particular, those which would have an impact on the financial statements. The key laws and regulations considered were the Companies Act 2006 and UK tax legislation.

Audit response to the risks identified
As noted above, we identified revenue recognition and management override as matters that would be most likely to be susceptible to fraud. Our procedures to respond to these risks included:
- Reviewing a sample of sales contracts and invoices to ensure sales are legitimate and recognised in the correct accounting period.
- Review of journals posted in the year to ensure there was no evidence of management override.


Furthermore, we also identified compliance with key laws, regulations and registrations, as above, as being significant areas where there may be potential non-compliance. Our procedures to respond to these risks included the following:
- Review financial statements and disclosures to supporting documentation to assess compliance with the Companies Act 2006;
- Review of the corporation tax return to ensure it complies with UK tax legislation;
- Safeguard review of the accounts by a Chartered Accountant independent of the audit team.


The above matters and identified laws, regulations and registrations and potential fraud risks were communicated to all the engagement team members, component auditors and internal specialists, where necessary, in order to ensure the audit team have the ability to identify such risks. The whole team remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DECIBEL GROUP LONDON LIMITED

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 Report of the Auditors.

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 a Report of the Auditors 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.




Emma Crowley (Senior Statutory Auditor)
for and on behalf of Oury Clark Chartered Accountants
Statutory Auditors
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

3 April 2024

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

CONSOLIDATED
INCOME STATEMENT
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   

TURNOVER 3 6,088,555 10,690,661

Cost of sales 5,852 2,251,820
GROSS PROFIT 6,082,703 8,438,841

Administrative expenses 8,754,051 16,865,413
OPERATING LOSS 5 (2,671,348 ) (8,426,572 )

Profit on sale of subsidiary 6 - 13,559,567
(2,671,348 ) 5,132,995

Interest receivable and similar income 97 -
(2,671,251 ) 5,132,995

Interest payable and similar expenses 7 - (450,585 )
(LOSS)/PROFIT BEFORE TAXATION (2,671,251 ) 5,583,580

Tax on (loss)/profit 8 15,969 93,103
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(2,687,220

)

5,490,477
(Loss)/profit attributable to:
Owners of the parent (2,687,220 ) 5,490,477

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (2,687,220 ) 5,490,477


OTHER COMPREHENSIVE INCOME
- (763,392 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(763,392

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(2,687,220

)

4,727,085

Total comprehensive income attributable to:
Owners of the parent (2,687,220 ) 4,727,085

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

CONSOLIDATED BALANCE SHEET
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 42,914 60,248
Tangible assets 12 - 75,613
Investments 13 - -
42,914 135,861

CURRENT ASSETS
Debtors 14 10,887,512 21,635,087
Cash at bank 2,729,848 3,095,712
13,617,360 24,730,799
CREDITORS
Amounts falling due within one year 15 13,418,612 21,738,304
NET CURRENT ASSETS 198,748 2,992,495
TOTAL ASSETS LESS CURRENT
LIABILITIES

241,662

3,128,356

CREDITORS
Amounts falling due after more than one
year

16

22,982

179,974
NET ASSETS 218,680 2,948,382

CAPITAL AND RESERVES
Called up share capital 18 1 185,156
Share premium 19 21,442,476 21,442,476
Translation reserve 19 (354,752 ) (312,270 )
Retained earnings 19 (20,869,045 ) (18,366,980 )
SHAREHOLDERS' FUNDS 218,680 2,948,382

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





D E Madden - Director


DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

COMPANY BALANCE SHEET
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 38,423 24,180
38,423 24,180

CURRENT ASSETS
Debtors 14 29,438,869 29,456,141
Cash at bank 130 120,050
29,438,999 29,576,191
CREDITORS
Amounts falling due within one year 15 2,885,518 2,928,423
NET CURRENT ASSETS 26,553,481 26,647,768
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,591,904

26,671,948

CAPITAL AND RESERVES
Called up share capital 18 1 185,156
Share premium 19 21,442,476 21,442,476
Retained earnings 19 5,149,427 5,044,316
SHAREHOLDERS' FUNDS 26,591,904 26,671,948

Company's (loss)/profit for the financial year (80,044 ) 6,837,324

The financial statements were approved by the Board of Directors and authorised for issue on 29 March 2024 and were signed on its behalf by:





D E Madden - Director


DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2023

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1 February 2021 185,156 (21,915,932 ) 21,442,476

Changes in equity
Total comprehensive income - 5,490,477 -
Transfer to retained earnings
on share option scheme closure - (1,941,525 ) -
Balance at 31 January 2022 185,156 (18,366,980 ) 21,442,476

Changes in equity
Reduction in share capital (185,155 ) - -
Total comprehensive income - (2,687,220 ) -
Reduction in share capital - 185,155 -
Balance at 31 January 2023 1 (20,869,045 ) 21,442,476
Share
Translation options Total
reserve reserve equity
£    £    £   
Balance at 1 February 2021 621,826 105,627 439,153

Changes in equity
Total comprehensive income (763,392 ) - 4,727,085
Foreign exchange on consolidation (170,704 ) - (170,704 )
Settlement of share options
granted - (2,047,152 ) (2,047,152 )
Transfer to retained earnings
on share option scheme closure - 1,941,525 -
Balance at 31 January 2022 (312,270 ) - 2,948,382

Changes in equity
Reduction in share capital - - (185,155 )
Total comprehensive income - - (2,687,220 )
Foreign exchange on consolidation (42,482 ) - (42,482 )
Reduction in share capital - - 185,155
Balance at 31 January 2023 (354,752 ) - 218,680

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 January 2023

Called up Share
share Retained Share options Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 February 2021 185,156 (1,879,619 ) 21,442,476 105,627 19,853,640

Changes in equity
Total comprehensive income - 6,837,324 - - 6,837,324
Share options expense - - - (19,016 ) (19,016 )
Transfer to retained earnings - 86,611 - (86,611 ) -
Balance at 31 January 2022 185,156 5,044,316 21,442,476 - 26,671,948

Changes in equity
Reduction in share capital (185,155 ) - - - (185,155 )
Total comprehensive income - (80,044 ) - - (80,044 )
Reduction in share capital - 185,155 - - 185,155
Balance at 31 January 2023 1 5,149,427 21,442,476 - 26,591,904

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 January 2023

31.1.23 31.1.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (4,039,661 ) (6,800,632 )
Tax paid 1,074,908 (109,473 )
Net cash from operating activities (2,964,753 ) (6,910,105 )

Cash flows from investing activities
Purchase of tangible fixed assets - (8,245 )
Interest received 97 -
Net cash from investing activities 97 (8,245 )

Cash flows from financing activities
Movement in loans due to group members (7,004,446 ) 18,926,299
Movement in loans due from group members 9,603,238 (14,076,362 )
Net cash from financing activities 2,598,792 4,849,937

Decrease in cash and cash equivalents (365,864 ) (2,068,413 )
Cash and cash equivalents at beginning of
year

2

3,095,712

5,164,125

Cash and cash equivalents at end of year 2 2,729,848 3,095,712

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the Year Ended 31 January 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.1.23 31.1.22
£    £   
(Loss)/profit before taxation (2,671,251 ) 5,583,580
Depreciation charges 53,956 88,115
Loss/(profit) on disposal of fixed assets 38,991 (603 )
Loss on revaluation of fixed assets - 4,447
Share options expense - (19,016 )
Translation reserve movement (42,483 ) (934,096 )
Movement of share option reserve - (2,028,136 )
Finance costs - (450,585 )
Finance income (97 ) -
(2,620,884 ) 2,243,706
Decrease/(increase) in trade and other debtors 53,596 (3,971,848 )
Decrease in trade and other creditors (1,472,373 ) (5,072,490 )
Cash generated from operations (4,039,661 ) (6,800,632 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,729,848 3,095,712
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 3,095,712 5,164,125


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank 3,095,712 (365,864 ) 2,729,848
3,095,712 (365,864 ) 2,729,848
Total 3,095,712 (365,864 ) 2,729,848

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Decibel Group London Limited 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 General 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.

The group financial statements consolidate the financial statements of Decibel Group London Limited and all its subsidiary undertakings drawn up to 31 January 2023.

The financial statements are presented in Sterling (£), which is the functional currency of the company.

Financial Reporting Standard 102 - reduced disclosure exemptions
The group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

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 group for a period of at least 12 months and 1 day from the date the audit report attached to these financial statements is signed.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 revision and future periods where the revision affects both the current and future periods.

Recoverability of receivables
The recoverability of the receivables is determined by the group management. Management monitors the circumstances relating to the payments due from third parties, together with the recoverability of the amounts due. Any indication of non-recoverability and change in fair value is adjusted for accordingly.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue earned from the rendering of services. Revenue is recognised over the life of the contracts. Where work has been invoiced but not yet performed, deferred revenue is accounted for within the financial statements.

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software, IP Rights & Trademarks are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Straight line over 5 years
Computer equipment - Straight line over 5 years

Tangible fixed assets are initially included at cost and reviewed for impairment.

Financial instruments
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand and loan notes.

Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors, amounts owed by group companies and prepayments.

All financial assets are basic financial insturments.

Financial liabilities measured at fair value through profit or loss comprise loan warrant options. The loan warrant options are complex financial instruments.

Financial liabilities measured at amortised cost comprise loans, trade and other creditors, accruals and deferred income. All financial liabilities measured at amortised cost are basic financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiaries by the parent company are held at the lower of cost and net realisable value. Impairment reviews are undertaken annually and if required, investment are impaired to their net realisable value.

Statement of cash flows
The statement of cash flows was prepared using the indirect method.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

31.1.23 31.1.22
£    £   
Software as a service 6,088,555 10,690,661
6,088,555 10,690,661

An analysis of turnover by geographical market is given below:

31.1.23 31.1.22
£    £   
United Kingdom 2,975,238 3,395,907
Europe 1,369,175 2,285,923
United States of America 1,744,142 4,265,516
Rest of the World - 743,315
6,088,555 10,690,661

4. EMPLOYEES AND DIRECTORS
31.1.23 31.1.22
£    £   
Wages and salaries - 2,787,115
Social security costs - 427,602
Other pension costs - 33,688
- 3,248,405

The average number of employees during the year was as follows:
31.1.23 31.1.22

Administration - 3
Customer success - 2
Engineering - 8
Marketing - 4
Sales - 3
Sales delivery - 4
- 24

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

4. EMPLOYEES AND DIRECTORS - continued

During 2022 wages costs were taken over by Medallia Ltd (a fellow group entity). During the current year Medallia Ltd recharged wages costs of £7,645,650 (2022: £6,486,312) in relation to 41 employees.

The directors are also key management personnel.

Directors are remunerated by a fellow group company, and therefore there are no Directors' remuneration shown in the accounts (2022: £40,000).

No contributions were made during the year in respect of the Director who takes part in the group pension scheme (2022: £4,000).

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.1.23 31.1.22
£    £   
Other operating leases 1,432 51,068
Depreciation - owned assets 36,622 68,575
Loss on disposal of fixed assets 38,991 -
Software, IP Rights & Trade Marks amortisation 17,334 19,541
Auditors' remuneration 68,224 136,641
Foreign exchange differences (89,622 ) (1,001,259 )

6. EXCEPTIONAL ITEMS
31.1.23 31.1.22
£    £   
Profit on sale of subsidiary - 13,559,567

Exceptional items in the prior year relate to the sale of the entire shareholding of Decibel Insight Inc to the parent company, Medallia Inc.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.1.23 31.1.22
£    £   
Fair value movement
of warrants - (450,585 )
- (450,585 )

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
31.1.23 31.1.22
£    £   
Current tax:
UK corporation tax 15,969 81,862
Foreign tax - 11,241

Tax on (loss)/profit 15,969 93,103

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.1.23 31.1.22
£    £   
(Loss)/profit before tax (2,671,251 ) 5,583,580
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

(507,538

)

1,060,880

Effects of:
Expenses not deductible for tax purposes 12,500 6,470
Adjustments to tax charge in respect of previous periods - (6,431 )
Income not taxable (8,572 ) (2,643,981 )
Effects of group relief 488,985 -
Other 30,594 -
R&D tax credit claim
Share option adjustments - (579,917 )
Losses available for future use - 2,292,527
Adjustments from sold subsidiary - (36,445 )
Total tax charge 15,969 93,103

Tax effects relating to effects of other comprehensive income

31.1.22
Gross Tax Net
£    £    £   
Translation reserve movement (763,392 ) - (763,392 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. OTHER COMPREHENSIVE INCOME

Other comprehensive income of £nil (2022: £763,392) relates entirely to foreign exchange movements on restatement of historic balances.

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

11. INTANGIBLE FIXED ASSETS

Group
Software,
IP Rights
& Trade
Marks
£   
COST
At 1 February 2022
and 31 January 2023 397,702
AMORTISATION
At 1 February 2022 337,454
Amortisation for year 17,334
At 31 January 2023 354,788
NET BOOK VALUE
At 31 January 2023 42,914
At 31 January 2022 60,248

12. TANGIBLE FIXED ASSETS

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 February 2022 3,172 310,466 313,638
Disposals (3,172 ) (310,466 ) (313,638 )
At 31 January 2023 - - -
DEPRECIATION
At 1 February 2022 1,777 236,248 238,025
Charge for year 635 35,987 36,622
Eliminated on disposal (2,412 ) (272,235 ) (274,647 )
At 31 January 2023 - - -
NET BOOK VALUE
At 31 January 2023 - - -
At 31 January 2022 1,395 74,218 75,613

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2022 24,180
Additions 16,985
Disposals (2,742 )
At 31 January 2023 38,423
NET BOOK VALUE
At 31 January 2023 38,423
At 31 January 2022 24,180

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

Subsidiaries

Decibel Insight limited
Registered office: 3rd Floor, Ashley Road, Altrincham WA14 2DT
Nature of business: Digital experience analytics software
%
Class of shares: holding
Ordinary 100.00
31.1.23 31.1.22
£    £   
Aggregate capital and reserves (37,525,278 ) (33,799,753 )
Loss for the year (4,195,535 ) (11,204,856 )

Neural Technology Limited
Registered office: 3rd Floor, Ashley Road, Altrincham WA14 2DT
Nature of business: Holding intellectual property used by group
%
Class of shares: holding
Ordinary 100.00
31.1.23 31.1.22
£    £   
Aggregate capital and reserves 5,125,066 3,635,523
Profit for the year 1,489,543 892,741

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

13. FIXED ASSET INVESTMENTS - continued

Middleton Technology Limited
Registered office: 3rd Floor, Ashley Road, Altrincham, WA14 2DT
Nature of business: Holding intellectual property used by group
%
Class of shares: holding
Ordinary 100.00
31.1.23 31.1.22
£    £   
Aggregate capital and reserves 53,045 (19,657 )
Profit for the year 55,718 70,270

Decibel Gmbh
Registered office: Neuturmstraße 5, c/o WeWork, Medallia, 80331 München
Nature of business: Digital experience analytics software
%
Class of shares: holding
Ordinary 100.00
31.1.23 31.1.22
£    £   
Aggregate capital and reserves (760,141 ) (741,273 )
Profit/(loss) for the year 1,488 (555 )


14. DEBTORS

Group Company
31.1.23 31.1.22 31.1.23 31.1.22
£    £    £    £   
Amounts falling due within one year:
Trade debtors 215,700 607,354 - -
Amounts owed by group undertakings 4,473,124 14,076,362 22,963,489 23,448,011
Other debtors - 1,194 - -
R&D tax credit receivable - 1,090,741 - -
Prepayments and accrued income 6,324 151,306 - -
4,695,148 15,926,957 22,963,489 23,448,011

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 283,016 300,000
Other debtors 6,192,364 5,708,130 6,192,364 5,708,130
6,192,364 5,708,130 6,475,380 6,008,130

Aggregate amounts 10,887,512 21,635,087 29,438,869 29,456,141

Non-current other debtors includes £6,192,364 (2022: £5,708,130) relating to loan notes which accrue interest at a rate of 0.12% per annum, and are repayable in full for cash on 31 July 2024.

Amounts owed by group companies refers to companies not included in the consolidated financial statements, but that are part of the wider group.

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.1.23 31.1.22 31.1.23 31.1.22
£    £    £    £   
Trade creditors 9,112 35,427 - -
Amounts owed to group undertakings 11,921,853 18,926,299 2,853,517 2,841,423
Tax 2,554 2,418 - -
VAT 5,083 54,697 - -
Other creditors 3,344 5 - -
Accruals and deferred income 1,476,666 2,719,458 32,001 87,000
13,418,612 21,738,304 2,885,518 2,928,423

Amounts owed to group companies refers to companies not included in the consolidated financial statements, but that are part of the wider group.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.1.23 31.1.22
£    £   
Accruals and deferred income 22,982 179,974

17. FINANCIAL INSTRUMENTS

Financial assets Group Company
31.1.23 31.1.22 31.1.23 31.1.22
£    £    £    £   
Financial assets measured at
fair value through profit and
loss


8,922,212


8,803,842


6,192,3494


5,828,180
Financial assets measured at
amortised cost

4,695,148

15,926,957

23,246,505

23,748,011
Total 13,617,360 24,730,799 29,438,999 29,576,191
Financial liabilities Group Company
31.1.23 31.1.22 31.1.23 31.1.22
£    £    £    £   
Financial liabilities measured
at fair value through profit and
loss


0


0


0


0
Financial liabilities measured
at amortised cost

(13,441,594

)

(21,918,278

)

(2,885,518

)

(2,928,423

)
Total (13,441,594 ) (21,918,278 ) (2,888,518 ) (2,928,423 )

DECIBEL GROUP LONDON LIMITED (REGISTERED NUMBER: 07836018)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number:

Class:
Nominal
value:

31.1.23

31.1.22
100 (2022: 9,752,812) Ordinary £0.01 1 97,528
0 (2022: 3,460,635) Series A preference £0.01 0 34,606
0 (2022: 5,302,197) Series B preference £0.01 0 53,022
1 185,156

The Company undertook a reduction in share capital in the year, reducing share capital from £185,156 to £1.

19. RESERVES

Group
Retained Share Translation
earnings premium reserve Totals
£    £    £    £   

At 1 February 2022 (18,366,980 ) 21,442,476 (312,270 ) 2,763,226
Deficit for the year (2,687,220 ) (2,687,220 )
Foreign exchange on consolidation - - (42,482 ) (42,482 )
Reduction in share capital 185,155 - - 185,155
At 31 January 2023 (20,869,045 ) 21,442,476 (354,752 ) 218,679

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 February 2022 5,044,316 21,442,476 26,486,792
Deficit for the year (80,044 ) (80,044 )
Reduction in share capital 185,155 - 185,155
At 31 January 2023 5,149,427 21,442,476 26,591,903


20. ULTIMATE CONTROLLING PARTY

Medallia, Inc. was the Company's immediate parent company during and at the end of the period to 31 January 2023. The registered office is 6220 Stoneridge Mall Rd., 2nd Floor, Pleasanton, CA 94588, USA.
The directors believe there is no ultimate controlling party.