Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falseNo description of principal activity42truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13279614 2022-01-01 2022-12-31 13279614 2021-03-19 2021-12-31 13279614 2022-12-31 13279614 2021-12-31 13279614 2021-03-19 13279614 c:RestatedAmount 2021-12-31 13279614 c:PriorPeriodErrorIncreaseDecrease 2021-03-19 2021-12-31 13279614 d:Director1 2022-01-01 2022-12-31 13279614 c:CurrentFinancialInstruments 2022-12-31 13279614 c:CurrentFinancialInstruments 2021-12-31 13279614 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 13279614 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 13279614 c:ShareCapital 2022-12-31 13279614 c:ShareCapital 2021-03-19 2021-12-31 13279614 c:ShareCapital 2021-12-31 13279614 c:ShareCapital 2021-03-19 13279614 c:OtherMiscellaneousReserve 2022-12-31 13279614 c:OtherMiscellaneousReserve 2021-03-19 2021-12-31 13279614 c:OtherMiscellaneousReserve 2021-12-31 13279614 c:OtherMiscellaneousReserve c:RestatedAmount 2021-12-31 13279614 c:OtherMiscellaneousReserve 2021-03-19 13279614 d:OrdinaryShareClass1 2022-01-01 2022-12-31 13279614 d:OrdinaryShareClass1 2022-12-31 13279614 d:OrdinaryShareClass1 2021-12-31 13279614 d:FRS102 2022-01-01 2022-12-31 13279614 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 13279614 d:FullAccounts 2022-01-01 2022-12-31 13279614 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 13279614 c:WithinOneYear 2022-12-31 13279614 c:WithinOneYear 2021-12-31 13279614 c:OtherMiscellaneousReserve c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 13279614 c:PriorPeriodErrorIncreaseDecrease 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 13279614












ARTERIA AI UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022


 
REGISTERED NUMBER:13279614
ARTERIA AI UK LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2022

As restated
2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
9,146
6,587

Cash at bank and in hand
  
4,806
270

  
13,952
6,857

Creditors: amounts falling due within one year
 5 
(13,852)
(6,757)

Net current assets
  
 
 
100
 
 
100

  

Net assets
  
100
100


Capital and reserves
  

Called up share capital 
 6 
100
100

Total equity
  
100
100


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the sole director.




S Austin
Director

Date: 5 October 2023

The notes on pages 3 to 10 form part of these financial statements.
Page 1

 

ARTERIA AI UK LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Other reserves
Total equity

£
£
£


At 1 March 2021
-
-
-

Shares issued during the period
100
-
100


Total transactions with owners
100
-
100



At 1 January 2022
100
8,856
8,956

Prior year adjustment - correction of error
-
(8,856)
(8,856)


At 1 January 2022 (as restated)
100
-
100


At 31 December 2022
100
-
100


The notes on pages 3 to 10 form part of these financial statements.
Page 2

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Arteria AI UK Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 5 New Street Square, London, EC4A 3TW.
The company was incorporated on 19 March 2021 and prepared financial statements from incorporation to 31 December 2021 and so the comparative position is not entirely comparable to the current year.
Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of 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 company’s main customer is Arteria Al Inc, its ultimate parent undertaking. The company is therefore dependent on the financial performance and support of Arteria Al Inc from whom the company has received a letter of financial support. Without such support the company would not be going concern.
As the going concern status of this company is intertwined with that of its parent company, the director has made enquiries as to the financial position and performance of its parent company. Having considered post year end trading and financial results, cash reserves, group fund raising activities and forecasts available for the parent company for the period ended 31 December 2023, the director has a reasonable expectation that the parent company has adequate resources to continue to support the company. Accordingly, the company continues to adopt the going concern basis in preparing the financial statements.

  
2.3

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. 
Revenue from contracts to provide sales and marketing services to the parent company is recognised in the period in which the services are provided. Revenue is recognised to the extent that is probable that the company will receive the consideration due under the contract and the amount of revenue can be measured reliably. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax.

Page 3

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.4

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

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 deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors and cash and bank balances are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 4

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)





Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

 
2.5

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.6

Share capital

Ordinary shares are classified as equity.

 
2.7

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.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 19 March 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 5

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.
Page 6

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 7

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2021 - 2).

Page 8

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Debtors

As restated
2022
2021
£
£


Amounts owed by the parent company
5,046
6,487

Other debtors
4,000
-

Called up share capital not paid
100
100

9,146
6,587


Amounts due from parent undertakings are unsecured, interest free and payable on demand.


5.


Creditors: Amounts falling due within one year

As restated
2022
2021
£
£

Other creditors
639
257

Accruals and deferred income
13,213
6,500

13,852
6,757



6.


Share capital

As restated
2022
2021
£
£
Allotted, called up and fully paid



100 (2021 - 100) Ordinary shares of £1.00 each
100
100

There are no restrictions on the distribution of dividends and the repayment of capital on the shares.



7.


Prior year adjustment

On preparation of the financial statements for the year ended 31 December 2022, it was identified that a balance of £8,856 relating to a share award expense was recognised incorrectly in other reserves. This amount has subsequently been recognised in amounts owed by the parent company. The recognition of this adjustment had a nil impact on the prior year profit and loss account and the net reserve position has decreased by £8,856.

Page 9

 

ARTERIA AI UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


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 £3,136 (2021 - £330). Contributions totalling £639 (2021 - £257) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

As restated
2022
2021
£
£


Not later than 1 year
19,200
-


10.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.


11.


Controlling party

The smallest group for which consolidated financial statements are drawn up is headed by Arteria AI Inc. whose registered office is 152 King Street East, Suite 300, Toronto, Ontario, Canada, M5A 1J3.
 
Page 10