REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
THUNDERHEAD (ONE) LTD. |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Other reserves |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 - |
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 |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Weteringschans 165 C, 1017 XD, Amsterdam, Netherlands |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Corporation Service Company, 100 Shockoe Slip, Floor 2, Richmond, VA 23219, USA |
Nature of business: |
% |
Class of shares: | holding |
THUNDERHEAD (ONE) LTD. (REGISTERED NUMBER: 08115007) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 January 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: Calle Prim, 19, Bajos Derecha, 28004 Madrid, Spain |
Nature of business: |
% |
Class of shares: | holding |
Registered office: c/o EQ8 Accountants, Level 1, 1121 High Street, Armadale, Victoria 3143, Australia |
Nature of business: |
% |
Class of shares: | holding |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors & accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other creditors |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
Ordinary | £0.05 | 2 | 2 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |