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REGISTERED NUMBER: 08115007 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

THUNDERHEAD (ONE) LTD.

THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THUNDERHEAD (ONE) LTD.

COMPANY INFORMATION
for the Year Ended 31 January 2024







DIRECTORS: D Madden
T F Poulk





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

THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007)

BALANCE SHEET
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 112,735 189,794
Investments 5 18,898 18,898
131,633 208,692

CURRENT ASSETS
Debtors 6 2,040,398 3,846,561
Cash at bank 2,072,482 3,335,465
4,112,880 7,182,026
CREDITORS
Amounts falling due within one year 7 167,346,437 169,076,790
NET CURRENT LIABILITIES (163,233,557 ) (161,894,764 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(163,101,924

)

(161,686,072

)

CREDITORS
Amounts falling due after more than one
year

8

-

(104,921

)

PROVISIONS FOR LIABILITIES (94,948 ) -
NET LIABILITIES (163,196,872 ) (161,790,993 )

CAPITAL AND RESERVES
Called up share capital 11 2 2
Share premium 913,114 913,114
Other reserves 5,746,843 5,746,843
Retained earnings (169,856,831 ) (168,450,952 )
SHAREHOLDERS' FUNDS (163,196,872 ) (161,790,993 )

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 21 January 2025 and were signed on its behalf by:





D Madden - Director


THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 January 2024

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.

Preparation of consolidated financial statements
The Company is an intermediate 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 as 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.


THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
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.

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. STAFF COSTS

The average number of employees during the year was NIL (2023 - 5 ).

THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 387,957
Disposals (59,067 )
At 31 January 2024 328,890
DEPRECIATION
At 1 February 2023 198,163
Charge for year 67,683
Eliminated on disposal (49,691 )
At 31 January 2024 216,155
NET BOOK VALUE
At 31 January 2024 112,735
At 31 January 2023 189,794

5. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 February 2023
and 31 January 2024 18,898
NET BOOK VALUE
At 31 January 2024 18,898
At 31 January 2023 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) LTD. (REGISTERED NUMBER: 08115007)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

5. FIXED ASSET INVESTMENTS - continued

Thunderhead One S.L.U.
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 EQ8 Accountants, 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
31.1.24 31.1.23
£    £   
Trade debtors 31,377 1,450,056
Amounts owed by group undertakings 1,250,483 1,286,041
Other debtors 758,538 1,110,464
2,040,398 3,846,561

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade creditors - 12,053
Amounts owed to group undertakings 166,744,864 167,949,875
Taxation and social security - 58,497
Other creditors & accruals 601,573 1,056,365
167,346,437 169,076,790

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Other creditors - 104,921

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.1.24 31.1.23
£    £   
Within one year 316,958 235,387
Between one and five years 203,536 487,866
520,494 723,253

10. SECURED DEBTS

Thunderhead (One) Ltd. has a fixed and floating charge secured over all assets. The persons entitled is HSBC Bank Plc.

THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 January 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.24 31.1.23
value: £    £   
41 Ordinary £0.05 2 2

12. 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

We would like to draw your attention to the following statement contained within our audit report as included within the full financial statements:-
"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."

13. ULTIMATE CONTROLLING PARTY

The immediate parent company is Thunderhead Midco (One) Limited, a company incorporated in England and Wales. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.

Medallia, Inc. is an indirect parent of Thunderhead Midco (One) Ltd, and is the parent of the largest group to consolidate financial results. Copies of the Medallia, Inc. financial statements are not publicly available. The directors believe there is no ultimate controlling party.