UIPATH UK LIMITED

Company Registration Number:
09932290 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

UIPATH UK LIMITED

Contents of the Financial Statements

for the Period Ended 31 January 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

UIPATH UK LIMITED

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Principal activities of the company

The directors present their report and the financial statements for the year ended 31 January 2024. Principal activity The principal activity of the company in the year under review was the provision of sales assistance, marketing support and research and development services in relation to the AI-powered automation platform developed by the Group. The company does not have any branches that operate outside of the UK. Results and dividends The profit for the year, after taxation, amounted to £6,971,606 (2023 - £3,036,362). No dividends have been recommended by directors or paid to shareholders during the year ended 31 January 2024 (2023: £nil). Directors The directors who served during the year were: Ionut Valentin Sas Mihai Faur John Patrick Kelleher Political contributions No political donations have been made during the year ended 31 January 2024 (2023: £nil). Research and development activities Starting with FY23, UiPath UK Limited has started to provide further services under Research & Development agreement to the benefit of the UiPath principles from the Group. Going concern At the end of the financial year, the company had a net liability position of £10,714,146 (2023: net liabilities of £17,685,752). Having considered the company’s current financial position and the group’s cashflow projections, the directors believe that the company will be able to continue in operational existence for at least the next 12 months from the date of approval of these financial statements and that it is appropriate to continue to prepare the financial statements on a going concern basis. As the company business model relates to a low risk services provider that has a sustainable secured level of profitability, there are no going concern consideration that the company is exposed to. In addition, the additional license agreement for the communications mining technology ensures additional revenues and liquidity to pay third party debts with ease. This will be done by converting the receivable that UiPath Netherlands Holding BV has against it. The Company is in the process of converting the intercompany creditor balance with UiPath Netherlands Holding BV for £36,367,827 into equity increase with cash contribution from UiPath Netherlands Holding BV to the Company which is expected to be completed during FY2025. Accordingly, the financial statements have been prepared on a going concern basis. Statement on engagement with stakeholders Please refer to the Section 172(1) Statement in the strategic report for further details of this level of engagement. Streamlined Energy and Carbon reporting This section includes reporting of the company's greenhouse gas emissions and energy usage for the year ending 31 January 2024 in accordance with the companies (directors' report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. UiPath Group remains committed to building a multi-generational, purpose-driven business that minimizes our environmental impact on the planet and creates long-term value. Delivering on that commitment while adhering to global standards is the foundation of our Environmental, Social, and Governance (ESG) program. We believe that automation can have a meaningful and measurable impact on how UiPath, as well as our customers and partners, run their businesses, formulate ESG priorities, and launch and measure ESG programs. We measure our ESG efforts across four pillars that align with our business strategy: 1. Leveraging Automation for Good 2. Empowering People and Communities 3. Protecting the Environment 4. Fostering Good Governance We strive to create a more sustainable future for all by developing innovative solutions for environmental challenges at UiPath and with our customers. We are committed to promoting environmentally conscious behaviours in our daily interactions. Our efforts include our cloud-first approach and our commitment to energy and water conservation and waste management. UiPath technology can help companies measure and minimize their environmental impacts, and we are focused on supporting our customers and partners as they look to leverage automation in their own environmental programs. The company is part of UiPath Group, ultimate holding company UiPath Inc., incorporated in the United States of America is a company listed on New York Stock Exchange. For more information, please refer to UiPath, Inc. annual report. Copies of the financial statements of UiPath Inc, are available from the SEC website or UiPath website. Financial risk management The company is exposed to a number of different financial risks arising from natural business exposures including market risks relating to foreign currency exchange rates; credit risk; and liquidity risk. Foreign currency exchange risk The company incurs foreign currency risk on transactions that are denominated in currencies other than GBP. Exposure to foreign currency risk is monitored on an on-going basis and the company endeavours to keep its currency exposure at an acceptable level. The company does not hedge its foreign currency denominated assets and liabilities. Interest rate risk The company does not hold any investment instruments, nor debt outstanding balances that might materially expose the company to changes in interest rates. Credit risk The company’s exposure to credit risk arises primarily from amount due from group company and cash and bank balances. For other financial assets, the company minimises credit risk by dealing exclusively with high credit rating counterparties. Liquidity risk The company manages its liquidity risk by forecasting cash flow regularly and optimising net working capital. Disclosure of information to auditor Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: 1. so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and 2. 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. Post balance sheet events The Company has dissolved via voluntary strick-off the company Reinfer Ltd on 7 May 2024, after the aquisition took place in 2022. On April 2024, UiPath UK Ltd entered into a new long-term lease agreement for office space located at 50th Floor East part, 22 Bishopsgate, London EC2N 4BQ. The lease term is for a period of 121 months, commencing on 1 April 2024 and expiring on 30 April 2034.As a result of this new lease agreement, the company’s registered office address has been updated to the aforementioned location. This strategic move is expected to support the company’s continued growth and operational efficiency. On 1 July 2024, the board have approved the equity increase to ensure sustainable net asset position for the Company in the subsequent period of these financial statements. This will be done by converting the receivable that UiPath Netherlands Holding BV has against it. The Company is in the process of converting the intercompany creditor balance with UiPath Netherlands Holding BV for £36,367,827 into equity increase with cash contribution from UiPath Netherlands Holding BV to the Company which is expected to be completed during FY2025. Auditor The auditor, Grant Thornton, 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.



Directors

The director shown below has held office during the whole of the period from
1 February 2023 to 31 January 2024

Mihai Faur


The director shown below has held office during the period of
1 February 2023 to 19 July 2023

Brad Brubaker


The directors shown below have held office during the period of
19 July 2023 to 31 January 2024

Ionut Sas
John Patrick Kelleher


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 October 2024

And signed on behalf of the board by:
Name: Ionut Sas
Status: Director

UIPATH UK LIMITED

Profit And Loss Account

for the Period Ended 31 January 2024

2024 2023


£

£
Turnover: 62,364,186 46,686,574
Cost of sales: ( 8,115,518 ) ( 4,542,440 )
Gross profit(or loss): 54,248,668 42,144,134
Distribution costs: 0 0
Administrative expenses: ( 46,686,543 ) ( 38,808,963 )
Other operating income: 0 0
Operating profit(or loss): 7,562,125 3,335,171
Interest receivable and similar income: 460,880 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 8,023,005 3,335,171
Tax: ( 1,051,399 ) ( 298,809 )
Profit(or loss) for the financial year: 6,971,606 3,036,362

UIPATH UK LIMITED

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 5,830,717 7,496,636
Tangible assets: 4 129,013 204,196
Investments:   0 0
Total fixed assets: 5,959,730 7,700,832
Current assets
Stocks:   0 0
Debtors: 5 12,734,493 24,395,040
Cash at bank and in hand: 24,383,740 4,210,339
Investments:   0 0
Total current assets: 37,118,233 28,605,379
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 53,792,109 ) ( 53,991,963 )
Net current assets (liabilities): (16,673,876) (25,386,584)
Total assets less current liabilities: (10,714,146) ( 17,685,752)
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (10,714,146) (17,685,752)
Capital and reserves
Called up share capital: 10,000 10,000
Share premium account: 0 0
Other reserves: (30,911,813) (30,911,813 )
Profit and loss account: 20,187,667 13,216,061
Total Shareholders' funds: ( 10,714,146 ) (17,685,752)

The notes form part of these financial statements

UIPATH UK LIMITED

Balance sheet statements

For the year ending 31 January 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 30 October 2024
and signed on behalf of the board by:

Name: Ionut Sas
Status: Director

The notes form part of these financial statements

UIPATH UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Tangible fixed assets depreciation policy

    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, on a reducing balance basis. Depreciation is provided on the following basis: - Short-term leasehold property - Over the term of the lease - Fixtures and fittings - 14.29% - Computer equipment - 50% 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 statement of comprehensive income.

    Intangible fixed assets amortisation policy

    Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

    Other accounting policies

    Judgments in applying accounting policies and key sources of estimation uncertainty The preparation of financial statements in conformity with FRS 102 required the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The estimates and judgements are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Estimates (i) Share based payments The estimate of the fair value of services received is measured based on the Black-Scholes model using input assumptions, including weighted average share price, expected volatility, weighted average expected life and expected yield. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility is based on the historical volatility (calculated based on the expected life of the options). See also note 16 Share based payments. (ii) Deferred tax assets Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. See also note 19 Deferred taxation. (iii) Impairment of amounts due from group companies The company has receivables from other group companies. Going concern reviews of the affiliates are carried out each year and used to assist in determining recoverability of these receivables. A provision is made through the profit and loss when there is evidence that the company will not recover balances in full. Balances are written off when the probability of recovery is assessed as being remote. (iv) Estimating allowance of impairment of intangible assets The Company assesses impairment on intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The factors that the Company considers important which could trigger an impairment review include the following: - significant underperformance relative to expected historical or projected future operating results; - significant changes in the manner of use of the acquired assets or the strategy for overall business; and - significant negative industry or economic trends. In determining the present value of estimated future cash flows expected to be generated from the continued use of the assets, the Company is required to make estimates and assumptions that can materially affect the financial statements. These assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

UIPATH UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 138 136

UIPATH UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 February 2023 0 8,329,596 8,329,596
Additions 0 0 0
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 January 2024 0 8,329,596 8,329,596
Amortisation
At 1 February 2023 0 832,960 832,960
Charge for year 0 1,665,919 1,665,919
On disposals 0 0 0
Other adjustments 0 0 0
At 31 January 2024 0 2,498,879 2,498,879
Net book value
At 31 January 2024 0 5,830,717 5,830,717
At 31 January 2023 0 7,496,636 7,496,636

UIPATH UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2023 19,376 0 36,021 689,830 0 745,227
Additions 129,013 0 16,461 20,300 0 165,774
Disposals ( 19,376 ) 0 ( 52,482 ) ( 710,130 ) 0 ( 781,988 )
Revaluations 0 0 0 0 0 0
Transfers 0 0 0 0 0 0
At 31 January 2024 129,013 0 0 0 0 129,013
Depreciation
At 1 February 2023 19,376 0 20,919 500,736 0 541,031
Charge for year 0 0 5,107 102,645 0 107,752
On disposals ( 19,376 ) 0 ( 26,026 ) ( 603,381 ) 0 ( 648,783 )
Other adjustments 0 0 0 0 0 0
At 31 January 2024 0 0 0 0 0 0
Net book value
At 31 January 2024 129,013 0 0 0 0 129,013
At 31 January 2023 0 0 15,102 189,094 0 204,196

UIPATH UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Debtors

2024 2023
£ £
Trade debtors 11,293,055 23,083,841
Prepayments and accrued income 772,363 597,789
Other debtors 669,075 713,410
Total 12,734,493 24,395,040
Debtors due after more than one year: 0 0

UIPATH UK LIMITED

Notes to the Financial Statements

for the Period Ended 31 January 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 45,029,408 46,475,685
Taxation and social security 2,618,914 2,451,594
Accruals and deferred income 6,129,086 4,282,205
Other creditors 14,701 782,479
Total 53,792,109 53,991,963