REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
FOR |
TIGERGRAPH LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
FOR |
TIGERGRAPH LIMITED |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
TIGERGRAPH LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Freshford House |
Redcliffe Way |
Bristol |
BS1 6NL |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
BALANCE SHEET |
31 JANUARY 2022 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
1. | STATUTORY INFORMATION |
Tigergraph Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Rounding used to the nearest pound. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
There are no estimates and assumptions which are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities. |
Revenue |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The Company is contracted by its parent company Tigergraph, Inc. to deliver sales and marketing services under an intercompany agreement. The Company is remunerated by its parent for these services. |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Basic financial assets and liabilities that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Taxation |
Taxation for the period 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 period 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. |
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. |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The director has assessed the availability of support from TigerGraph Limited's parent company, TigerGraph, Inc. and determined that the Company have sufficient working capital for its need for at least the next 12 months from the date of approval of these financial statements. In view of this, the director considers it appropriate to prepare the financial statements on the going concern basis. |
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. |
Finance Income and Costs |
Finance income and costs are recognised in profit and loss using the effective interest method. |
Share based payment |
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. |
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. |
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
VAT |
Prepayments |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for disclaimer opinion |
We were unable to obtain sufficient and appropriate audit evidence to support the value and occurrence of the commissions expense for the period ended 31 January 2022 totalling £559,483. |
As a result of the above we were unable to accurately assess the completeness and accuracy of accrued commissions, amounts due to group undertakings and revenue which is calculated on the basis of the cost plus arrangement with the company's group undertakings. |
for and on behalf of |
7. | RELATED PARTY DISCLOSURES |
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. |
8. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Tigergraph, Inc. a company incorporated in the United States of America with its registered office at 3 Twin Dolphin Drive, Ste 225 Redwood City, CA 94065 USA. |
TIGERGRAPH LIMITED (REGISTERED NUMBER: 13196397) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 11 FEBRUARY 2021 TO 31 JANUARY 2022 |
9. | SHARE-BASED PAYMENT TRANSACTIONS |
Disclosure | Options granted | WAE ($ | ) |
Granted during the period | 329,287 | 1.05 |
Cancelled & forfeited during the period | - | - |
Transferred | 406.050 | 0.25 |
Outstanding at the beginning of the period | - | - |
Outstanding at the end of the period | 735,337 | 0.61 |