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Registered number: 09884103 THOUGHTSPOT EMEA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THOUGHTSPOT EMEA LIMITED COMPANY INFORMATION
Directors | T J Guerre
| T J Patel
Company secretary | T J Guerre
Registered number | 09884103
Registered office | Finwell House
| 26 Finsbury Square, 4th Floor
| London
| EC2A 1DS
Independent auditor | Nortons Assurance Limited
| Statutory Auditor
| Second Floor
| NOW Building
| Thames Valley Park
| Reading
| Berkshire
| RG6 1RB
THOUGHTSPOT EMEA LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditor's Report | 6 - 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13
Notes to the Financial Statements | 14 - 28
THOUGHTSPOT EMEA LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their strategic report ThoughtSpot EMEA Limited for the year ended 31 July 2025. Principal activity The principal activity of the Company in the year under review was that of providing sales, marketing and customer activities on behalf of ThoughtSpot Inc.
Business review
The results of the Company for the year show a profit on ordinary activities before tax of £1,052,358 (2024: £913,570) The shareholders' funds for the Company total £1. During the previous period, the Company has continued with the sales strategy which includes hosted SaaS (Software as a Service) and related cloud services being offered to our UK and European customers. The Company has seen continued strong demand across all industry verticals from both existing and new customers, with momentum also building from new cloud partnerships.
Key performance indicators
Revenue Growth There is a year-on-year growth of 14.13% during FY 2025 as compared to FY 2024 (1.45% compared to FY 2023), which in turn is driven by higher costs booked during FY 2025 which due to the cost-plus revenue model being used, results in higher revenue during the said period. Operating margings As mentioned before the company follows a cost plus revenue model which involves a mark up of 7% on all billable costs. Revenue per headcount The year end headcount was 63 as on Jul-25 (2024: 60). Hence the derived revenue per headcount is £ 254,249 (2204: £233,916). Page 1
THOUGHTSPOT EMEA LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Principal risks and uncertainties
The management of the business and execution of the company’s strategy are subject to a number of risks. The key business and financial risks and uncertainties affecting the company are continually monitored by the directors and appropriate steps are taken to eliminate or reduce their impact. The following risks are significant to the company’s operations: Cashflow risk The Company operates on an intercompany cost-plus model and is therefore fully funded by the other group entities. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations, which will result in financial loss to the Company. The management believes that the company is not subject to significant risk as the revenue is billed directly to the parent company under a contractual agreement and the realisations have been consistent throughout. The company does not derive any revenue from billing to external customers. The Company does not have any external debt.. Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit. Due to the nature of the business the Company has minimal liquidity risk and cash flows are managed on a periodic basis. Foreign exchange risk The management believes that the Company is not subject to significant risk as the quantum of transactions in foreign currencies are minimal and subsequently the impact of foreign exchange fluctuations is not material. Competition risk There is continuous development of new products and improvement of existing product lines with an emphasis on research and development and innovation to keep ahead of the existing competition and in preparation for any future challenges.
Other key performance indicators
The entire revenue of the Company is derived from services rendered to ThoughtSpot Inc., USA. The Company does not have any dealings with external clients of ThoughtSpot group. As explained above, the company is a non-customer facing entity, and hence all its services are rendered to ThoughtSpot Inc., USA The year end headcount as on Jul-25 was 63, whereas the average headcount during FY 2025 was 64. There has not been a significant change in headcount during FY 2025 as compared to FY 2024 where the year end headcount as on Jul-24 was 60. Page 2
THOUGHTSPOT EMEA LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Corporate governance
As a privately owned company there is no requirement to comply with the UK Corporate Governance code, however we do embrace the principals of good governance and act in a way that ensures that the business is operated in a collaborative way. We also ensure that we comply with any relevant laws in the countries in which we operate for the benefit of the business and all of its wider stakeholders. The Company's success is dependent on the Parent Company, maintaining, developing and executing on its competitive advantage in SaaS (Software as a Service) and related cloud services. Going concern The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This expectation is based on the arrangement with ThoughtSpot Inc., USA the Company's parent, to provide financial support to the Company to enable it to settle its debts as they fall due for a period of not less than a year from the date of the approval of the financial statements. This report was approved by the board and signed on its behalf.
................................................ T J Patel Director
Date: 4 February 2026
Page 3
THOUGHTSPOT EMEA LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JULY 2025 The directors present their report and the financial statements for the year ended 31 July 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £614,809 (2024 - £747,485). The directors have not paid and do not recommend a dividend of the profit for the year ended 31 July 2025 (2024 - £nil).
Directors
The directors who served during the year were:
T J Guerre
T J Patel (appointed 6 May 2025)
Political and charitable contributions
The Company made no political or UK charitable contributions during the year (2024: £nil). Page 4
THOUGHTSPOT EMEA LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Matters covered in the Strategic Report
The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Strategic Report information required by The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' Report. It has done so in respect of risk and uncertainties and financial risk management objectives and policies.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Nortons Assurance Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ T J Patel Director
Date: 4 February 2026
Page 5
THOUGHTSPOT EMEA LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOUGHTSPOT EMEA LIMITED
Opinion
We have audited the financial statements of ThoughtSpot EMEA Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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 Company's affairs as at 31 July 2025 and of its profit 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Company's ability to continue as a going concern for a period of at least twelve months 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. Page 6
THOUGHTSPOT EMEA LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOUGHTSPOT EMEA LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material 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 material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 Directors' Responsibilities Statement set out on page 4, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 7
THOUGHTSPOT EMEA LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOUGHTSPOT EMEA LIMITED (CONTINUED)
Auditor's 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 an Auditor's Report 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: The objectives of our audit, in respect to fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: ∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework including the Companies Act 2006 and the relevant tax compliance regulations in the UK. ∙We understood how the Company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. ∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by discussing with management. We considered the controls that the Company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial statements were free from fraud and error. ∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved journal entry testing, with a focus on journals indicating large or unusual transactions based on our understanding of the business, enquiries of Company management and focused testing. In addition, we completed procedures to conclude on the compliance of the disclosures in the Annual Report and Financial Statements with the requirements of the relevant accounting standards and UK legislation. 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 Auditor's Report. Page 8
THOUGHTSPOT EMEA LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THOUGHTSPOT EMEA LIMITED (CONTINUED)
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 an Auditor's Report 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. Anthony Campbell (Senior Statutory Auditor) for and on behalf of Nortons Assurance Limited Statutory Auditor Second Floor NOW Building Thames Valley Park Reading Berkshire RG6 1RB 5 February 2026 Page 9
THOUGHTSPOT EMEA LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JULY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 16,017,679 | 14,034,960
Administrative expenses |  | (14,973,009) | (13,121,390)
Operating profit | 5 | 1,044,670 | 913,570
Interest receivable and similar income | 8 | 7,688 | -
Profit before tax |  | 1,052,358 | 913,570
Tax on profit | 9 | (437,549) | (166,085)
Profit for the financial year |  | 614,809 | 747,485
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 14 to 28 form part of these financial statements.
Page 10
THOUGHTSPOT EMEA LIMITED REGISTERED NUMBER: 09884103 BALANCE SHEET AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 28,859 |  | 58,628
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 8,656,722 |  | 4,968,312 |
Cash at bank and in hand | 12 | 963,233 |  | 3,540,970 |
|  | 9,619,955 |  | 8,509,282 |
Creditors: amounts falling due within one year | 13 | (1,992,972) |  | (1,559,302) |
Net current assets |  |  | 7,626,983 |  | 6,949,980
Total assets less current liabilities |  |  | 7,655,842 |  | 7,008,608
Net assets |  |  | 7,655,842 |  | 7,008,608
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 1 |  | 1
Other reserves | 17 |  | 2,660,295 |  | 2,627,870
Profit and loss account | 17 |  | 4,995,546 |  | 4,380,737
|  |  | 7,655,842 |  | 7,008,608
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ T J Patel
Director
Date: 4 February 2026
The notes on pages 14 to 28 form part of these financial statements. Page 11
THOUGHTSPOT EMEA LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JULY 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 August 2023 | 1 | 2,543,538 | 3,633,252 | 6,176,791
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 747,485 | 747,485
Share based payment | - | 84,332 | - | 84,332
Total comprehensive income for the year | - | 84,332 | 747,485 | 831,817
At 1 August 2024 | 1 | 2,627,870 | 4,380,737 | 7,008,608
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 614,809 | 614,809
Share based payment | - | 32,425 | - | 32,425
Total comprehensive income for the year | - | 32,425 | 614,809 | 647,234
At 31 July 2025 | 1 | 2,660,295 | 4,995,546 | 7,655,842
| The notes on pages 14 to 28 form part of these financial statements.
Page 12
THOUGHTSPOT EMEA LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 614,809 | 747,485
Adjustments for: |  |
Depreciation of tangible assets | 41,989 | 41,748
Loss on disposal of tangible assets | - | 3,318
Taxation charge | 437,549 | 166,085
Decrease/(increase) in debtors | 127,011 | (436,990)
(Increase)/decrease in amounts owed by groups | (3,553,136) | 2,196,791
(Decrease)/increase in creditors | (2,218) | 261,128
Corporation tax (paid) | (263,946) | (313,000)
Share based payment | 32,425 | 84,332
Net cash generated from operating activities | (2,565,517) | 2,750,897
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (12,220) | (26,502)
Net cash from investing activities | (12,220) | (26,502)
Net (decrease)/increase in cash and cash equivalents | (2,577,737) | 2,724,395
Cash and cash equivalents at beginning of year | 3,540,970 | 816,575
Cash and cash equivalents at the end of year | 963,233 | 3,540,970
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 963,233 | 3,540,970
| 963,233 | 3,540,970
The notes on pages 14 to 28 form part of these financial statements.
Page 13
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
ThoughtSpot EMEA Limited, the Company, is a private company limited by shares, incorporated in the United Kingdom under the Companies Act and registered in England and Wales. The registered office and principal place of business is Finwell House, 26 Finsbury Square, 4th Floor, London, United Kingdom, EC2A 1DS. The principal activity of the Company in the year under review was that of providing sales, marketing and customer activities on behalf of ThoughtSpot Inc. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis, which the directors believe to be appropriate for the following reasons. In assessing whether the going concern basis is appropriate, the directors have performed their reviews at a Company and at the parent group level and have concluded that the group has continued to deliver strong operating results with the ThoughSpot offering remaining in high demand. As such the directors have concluded that the business continues with strong demand and the directors are satisfied that ThoughSpot Inc, as the ultimate beneficial owner, has sufficient resources to fulfill its obligations under its parental support arrangement. In making this conclusion, the directors have considered the letter of support the Company received from ThoughSpot Inc, which confirms that it will provide full financial support as needed for a period of twelve months from the date of approval of these financial statements. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approving these financial statements. Page 14
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest whole £. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.4 | Revenue
Turnover 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. Turnover 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, ThoughtSpot Inc., to deliver sales and marketing services under an intercompany agreement. The Company is remunerated by its parent for these services.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 15
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.7 | Share-based payments
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 balance sheet 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.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 16
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | 20 months
|  |  |  | Fixtures and fittings | - | 3 years
|  |  |  | Office equipment | - | 3 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | 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.
| 2.11 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.12 | 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.
| 2.13 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. Page 17
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate Page 18
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. 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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the expenses and subsequent cost+ revenue reported during the year. The Directors have concluded that the only significant estimate is in the calculation of share based payments (see note 2.7).
4. | Turnover
The whole of the turnover is attributable to the delivery of sales and marketing services under an intercompany agreement with its parent company, ThoughtSpot, Inc., a company incorporated in the United States of America. Page 19
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation | 41,989 | 41,749
| Exchange differences | 5,883 | 4,604
| Other operating lease rentals | 301,946 | 342,609
| Share-based payment | 32,425 | 84,332
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 10,250 | 9,300
Page 20
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
7. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 10,477,843 | 8,896,531
| Social security costs | 1,442,976 | 1,191,948
| Cost of defined contribution scheme | 320,505 | 334,709
| Share based payments | 32,425 | 84,332
|  | 12,273,749 | 10,507,520
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Sales | 53 | 49
|  | Support | 2 | 2
|  | Administrative | 9 | 12
|  |  | 64 | 63
| Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. This is considered to be the directors of the Company listed on page 2. The remuneration of the directors are paid by the ultimate parent company. The directors services to this company and to a number of fellow subsidiaries are of a non-executive nature and their remuneration is deemed to be wholly attributable to the services to the ultimate parent company. Accordingly, the company includes no remuneration in respect of the directors.
8. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest receivable | 7,688 | -
Page 21
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 435,888 | 166,085
| Total current tax | 435,888 | 166,085
| Deferred tax |  |
| Origination and reversal of timing differences | 1,661 | -
| Total deferred tax | 1,661 | -
| Taxation on profit on ordinary activities | 437,549 | 166,085
Page 22
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,052,358 | 913,570
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 263,090 | 228,393
| Effects of: |  |
| Capital allowances for year in excess of depreciation | 6,724 | 2,949
| Deductible as paid | 19,635 | 10,682
| Permanent timing differences | 27,087 | 21,661
| Effects of share-based payments | 7,926 | 34,498
| Prior year under (over) provision | 102,159 | (15,443)
| Other differences leading to an increase (decrease) in the tax charge | 10,928 | (116,655)
| Total tax charge for the year | 437,549 | 166,085
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 23
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
10. | Tangible fixed assets
|  | Long-term leasehold property | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 August 2024 | 32,639 | 6,109 | 111,408 | 150,156
| Additions | - | - | 12,220 | 12,220
| Disposals | (15,612) | - | (4,845) | (20,457)
| At 31 July 2025 | 17,027 | 6,109 | 118,783 | 141,919
| Depreciation |  |  |  |
| At 1 August 2024 | 28,969 | 6,109 | 56,450 | 91,528
| Charge for the year on owned assets | 3,670 | - | 38,319 | 41,989
| Disposals | (15,612) | - | (4,845) | (20,457)
| At 31 July 2025 | 17,027 | 6,109 | 89,924 | 113,060
| Net book value |  |  |  |
| At 31 July 2025 | - | - | 28,859 | 28,859
| At 31 July 2024 | 3,670 | - | 54,958 | 58,628
Page 24
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
11. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 8,112,073 | 4,558,937
| Other debtors | 147,599 | 156,041
| Prepayments and accrued income | 348,911 | 203,534
| Deferred taxation | 48,139 | 49,800
|  | 8,656,722 | 4,968,312
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
12. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 963,233 | 3,540,970
13. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 26,107 | 20,214
| Corporation tax | 90,020 | -
| Other taxation and social security | 546,308 | 8,372
| Other creditors | 12,667 | 24,902
| Accruals and deferred income | 1,317,870 | 1,505,814
|  | 1,992,972 | 1,559,302
14. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 963,233 | 3,540,970
Page 25
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
15. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 49,800 | 49,800
| Charged to profit or loss | (1,661) | -
| At end of year | 48,139 | 49,800
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | - | (15,476)
| Share based payments | - | 59,735
| Other | 48,139 | 5,541
|  | 48,139 | 49,800
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
17. | Reserves
Other reserves Other reserves represent the credit to equity in respect of equity settled share based payments. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses net of distributions to owners. Page 26
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
18. | Share-based payments
| Equity Incentive Plans - The Company operates an incentive stock option plan for its employees, providing equity awards in its U.S.-registered parent company, ThoughtSpot Inc. This plan, officially adopted by the board of directors in 2012 as the "2012 Stock Plan", authorizes the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, and restricted stock units to eligible employees, non-employees, directors, and consultants. Options granted under the Plan typically vest over a four-year period and generally expire 10 years from the grant date, with vesting continuing until the last day of employment. To date, the Company has exclusively issued incentive, nonqualified stock options, and restricted stock units (RSUs) under the Plan. The exercise price for all stock options granted under the Plan is set at no less than the fair market value of the common stock on the grant date, as approved by the board of directors. As of July 31, 2024, no options have been granted with an exercise price below the fair market value determined by the board at the time of grant. ThoughtSpot Inc., uses the Black-Scholes option-pricing model to determine the grant-date fair value of stock options.
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 4 | 1,529,274 | 6.61 | 2,015,837
| Granted during the year | 6.25 | 540,204 | 6.09 | 335,540
| Forfeited during the year | - | - | 4.90 | (4,938)
| Exercised | 4.14 | (4,649) | 3.82 | (129,268)
| Expired and cancelled during the year | 4.72 | (242,176) | 6.07 | (687,897)
| Outstanding at the end of the year | 3.87 | 1,822,653 | 4.00 | 1,529,274
Page 27
THOUGHTSPOT EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
19. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £320,505 (2024 - £334,709). Contributions totalling £54,302 (2023 - £47,136) were payable to the fund at the balance sheet date and are included in creditors.
20. | Commitments under operating leases
| At 31 July 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 27,808 | 194,656
21. | Related party transactions
| The Company has taken advantage of the exemption, available under the terms of 'Financial Reporting Standard applicable in the UK and Ireland', not to disclose related party transactions with wholly owned members of the ThoughtSpot, Inc. group.
22. | Controlling party
The Company is a wholly owned subsidiary of ThoughSpot, Inc., a company incorporated in the United States of America. The smallest and largest group in which the results of the company are consolidated is that headed by ThoughtSpot, Inc. The registered office of ThoughtSpot, Inc. is 850 New Burton Road, Sunnyvale, California, 94085, United States of America.
Page 28