Company No: 11134270 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mark William Alloy
	Mark Aidan Cockerill
	Russell Scott Elmer
REGISTERED OFFICE	Strata Building
	1 Bridge Street
	Ground Floor and First Floor
	Staines
	TW18 4TP
	United Kingdom
COMPANY NUMBER	11134270(England and Wales)
AUDITOR	HSKS Greenhalgh
	Chartered Accountants & Statutory Auditor
	3rd Floor
	Butt Dyke House
	33 Park Row
	Nottingham
	NG1 6EE

		2021		2020
	Note	£		£
Fixed assets
Tangible assets	3	0		51,676
		0		51,676
Current assets
Debtors	4	395,190		194,720
Cash at bank and in hand		2,996		67,433
		398,186		262,153
Creditors
Amounts falling due within one year	5	( 85,802)		( 72,792)
Net current assets		312,384		189,361
Total assets less current liabilities		312,384		241,037
Provisions for liabilities		0		( 8,785)
Net assets		312,384		232,252
Capital and reserves
Called-up share capital		100		100
Profit and loss account		312,284		232,152
Total shareholder's funds		312,384		232,252

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Element AI UK Limited (registered number: 11134270) were approved and authorised for issue by the Board of Directors on 27 October 2021. They were signed on its behalf by:

Russell Scott Elmer Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Element AI UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Strata Building 1 Bridge Street, Ground Floor And First Floor, Staines, TW18 4TP, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of the Company is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

On 31st January 2021, the Company terminated all its operations, and post balance sheet date, the directors will apply to voluntarily strike the Company off the Companies Register. Accordingly, the directors have prepared these financial statements on non-going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Before the Company became a non-going concern, tangible fixed assets were stated at cost or valuation, net of depreciation and any allowance for impairment. Depreciation was provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office Equipment - 3 years
Fixtures and Fittings - 5 years

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Assets are currently being carried at realisable value, given that the entity is a non-going concern.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	11		17

3. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 February 2020	11,255		71,468		82,723
Disposals	( 11,255)		( 71,468)		( 82,723)
At 31 January 2021	0		0		0
Accumulated depreciation
At 01 February 2020	1,206		29,841		31,047
Charge for the financial year	2,829		21,447		24,276
Disposals	( 4,035)		( 51,288)		( 55,323)
At 31 January 2021	0		0		0
Net book value
At 31 January 2021	0		0		0
At 31 January 2020	10,049		41,627		51,676

4. Debtors

	2021		2020
	£		£
Amounts owed by Group undertakings	222,229		48,288
Prepayments and accrued income	75,861		19,606
VAT recoverable	7,144		14,880
Corporation tax	70,798		0
Other debtors	19,158		111,946
	395,190		194,720

Amounts owed by Group undertakings are unsecured, interest-free and repayable on demand.

5. Creditors: amounts falling due within one year

	2021		2020
	£		£
Trade creditors	24,814		16,214
Amounts owed to Group undertakings	39,001		0
Other creditors	0		5,045
Accruals	21,987		51,515
Other taxation and social security	0		18
	85,802		72,792

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2021		2020
	£		£
- within one year	7,850		47,532
- between one and five years	0		40,388
	7,850		87,920

7. Related party transactions

The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions with other wholly owned subsidiaries in the Group.

No remuneration was paid to the directors (2020: £Nil). The directors are remunerated by another Group company and it is not practicable to allocate the amount relating to this Company. The directors are the only key management personnel of this Company.

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 January 2021 was unqualified.

The audit report was signed by Philip Handley FCA on behalf of HSKS Greenhalgh.

9. Ultimate controlling party

The directors consider there to be no ultimate controlling party of the Company.

The Company is a subsidiary of ServiceNow Canada Inc., a subsidiary of ServiceNow Inc, which is the parent company of the smallest group for which consolidated financial statements are drawn up. ServiceNow Inc. is incorporated in the United States of America and registered at 2225 Lawson Lane, Santa Clara, California, 95054.