Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseNo description of principal activity88falsetrue 09627369 2023-01-01 2023-12-31 09627369 2022-07-01 2022-12-31 09627369 2023-12-31 09627369 2022-12-31 09627369 2022-07-01 09627369 c:Director1 2023-01-01 2023-12-31 09627369 d:PlantMachinery 2023-01-01 2023-12-31 09627369 d:PlantMachinery 2023-12-31 09627369 d:PlantMachinery 2022-12-31 09627369 d:FurnitureFittings 2023-01-01 2023-12-31 09627369 d:FurnitureFittings 2023-12-31 09627369 d:FurnitureFittings 2022-12-31 09627369 d:OfficeEquipment 2023-01-01 2023-12-31 09627369 d:OfficeEquipment 2023-12-31 09627369 d:OfficeEquipment 2022-12-31 09627369 d:ComputerEquipment 2023-01-01 2023-12-31 09627369 d:ComputerEquipment 2023-12-31 09627369 d:ComputerEquipment 2022-12-31 09627369 d:CurrentFinancialInstruments 2023-12-31 09627369 d:CurrentFinancialInstruments 2022-12-31 09627369 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09627369 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 09627369 d:ShareCapital 2023-01-01 2023-12-31 09627369 d:ShareCapital 2023-12-31 09627369 d:ShareCapital 2022-07-01 2022-12-31 09627369 d:ShareCapital 2022-12-31 09627369 d:ShareCapital 2022-07-01 09627369 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09627369 d:RetainedEarningsAccumulatedLosses 2023-12-31 09627369 d:RetainedEarningsAccumulatedLosses 2022-07-01 2022-12-31 09627369 d:RetainedEarningsAccumulatedLosses 2022-12-31 09627369 d:RetainedEarningsAccumulatedLosses 2022-07-01 09627369 d:RetirementBenefitObligationsDeferredTax 2023-12-31 09627369 d:RetirementBenefitObligationsDeferredTax 2022-12-31 09627369 c:OrdinaryShareClass1 2023-01-01 2023-12-31 09627369 c:OrdinaryShareClass1 2023-12-31 09627369 c:OrdinaryShareClass1 2022-12-31 09627369 c:FRS102 2023-01-01 2023-12-31 09627369 c:Audited 2023-01-01 2023-12-31 09627369 c:FullAccounts 2023-01-01 2023-12-31 09627369 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09627369 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09627369









HAWK AVIATION EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HAWK AVIATION EUROPE LIMITED
REGISTERED NUMBER: 09627369

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Current assets
  

Stocks
 5 
389,379
50,350

Debtors: amounts falling due within one year
 6 
436,042
1,343,113

Cash at bank and in hand
  
781,207
231,994

  
1,606,628
1,625,457

Creditors: amounts falling due within one year
 7 
(601,426)
(884,899)

Net current assets
  
 
 
1,005,202
 
 
740,558

Total assets less current liabilities
  
1,005,202
740,558

  

Net assets
  
1,005,202
740,558


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
1,005,201
740,557

  
1,005,202
740,558


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 February 2024.




O Sharir
Director

The notes on pages 4 to 13 form part of these financial statements.
Page 1

 
HAWK AVIATION EUROPE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
1
740,557
740,558


Comprehensive income for the Year

Profit for the Year

-
614,644
614,644


Other comprehensive income for the Year
-
-
-


Total comprehensive income for the Year
-
614,644
614,644


Contributions by and distributions to owners

Dividends: Equity capital
-
(350,000)
(350,000)


Total transactions with owners
-
(350,000)
(350,000)


At 31 December 2023
1
1,005,201
1,005,202


The notes on pages 4 to 13 form part of these financial statements.
Page 2

 
HAWK AVIATION EUROPE LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
1
401,071
401,072


Comprehensive income for the period

Profit for the period

-
339,486
339,486


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
339,486
339,486


Total transactions with owners
-
-
-


At 31 December 2022
1
740,557
740,558


The notes on pages 4 to 13 form part of these financial statements.
Page 3

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Hawk Aviation Europe Limited ("the Company") is the sale and repairs of commercial aircraft parts.
The company is a private company, limited by shares, domiciled in England and Wales, registration number 09627369.
The Registered Office is Unit 10, Maple Grove Business Centre, Lawrence Road, Hounslow, United Kingdom, TW4 6DR.

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

Foreign currency translation

Functional and presentation currency

The Company's functional currency is GBP and the presentational currency is USD.

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 Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

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.

 
2.5

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

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 reporting 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 reporting 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 reporting date.

 
2.7

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:

Plant and machinery
-
20%
straight line
Fixtures and fittings
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
33%
straight line

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.

Page 6

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

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.

(i) Financial assets
Basic financial assets, including trade & other debtors, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.
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) 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.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from other third parties, 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 receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary
Page 7

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 
Fair value models assume that the effective rate of interest to be used for valuing fair value is that rate at which the company can obtain external finance. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the Year was 8 (2022 - 8).

Page 8

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

$
$
$
$
$



Cost or valuation


At 1 January 2023
11,727
23,900
3,770
5,765
45,162



At 31 December 2023

11,727
23,900
3,770
5,765
45,162



Depreciation


At 1 January 2023
11,727
23,900
3,770
5,765
45,162



At 31 December 2023

11,727
23,900
3,770
5,765
45,162



Net book value



At 31 December 2023
-
-
-
-
-



At 31 December 2022
-
-
-
-
-


 
Page 9

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Stocks

2023
2022
$
$

Finished goods and goods for resale
389,379
50,350

389,379
50,350



6.


Debtors

2023
2022
$
$


Trade debtors
237,109
1,197,657

Other debtors
26,963
15,882

Prepayments and accrued income
171,003
128,607

Deferred taxation
967
967

436,042
1,343,113


Page 10

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
223,315
115,748

Amounts owed to group undertakings
33,599
578,123

Corporation tax
257,226
131,238

Other taxation and social security
-
726

Other creditors
33,497
18,333

Accruals and deferred income
53,789
40,731

601,426
884,899

Page 11

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


$






At beginning of year
967



At end of year
967

The deferred tax asset is made up as follows:

2023
2022
$
$


Short term timing differences
967
967

967
967


9.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Related party transactions

Included within creditors is a balance of $30,281 (6 months to 31 December 2022: $561,730) owed to its parent company.
During the period, the company purchased goods totalling $3,884,897 from the parent company (6 months to 31 December 2022: $1,449,499) of which $30,281 (6 months to 31 December 2022: $253,700) was outstanding at the balance sheet date.
The company also sold goods totalling $617,372 to the parent company (6 months to 31 December 2022: $159,648) of which $nil (6 months to 31 December 2022: $101,299) was outstanding at the balance sheet date. 
This balance is unsecured and interest free, with no fixed repayment terms. 
Rent of $75,114 (6 months to 31 December 2022: $22,755) was paid to companies owned by the directors.

Page 12

 
HAWK AVIATION EUROPE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Controlling party

The ultimate parent undertaking is Hawk Aviation Limited, a company incorporated in Israel. Copies of the consolidated accounts can be obtained from 60 IIanot, Gat Rimmon, 4992000, Israel. 
There is no one ultimate controlling party.


12.


Auditors' information

The auditors' report on the financial statements for the Year ended 31 December 2023 was unqualified.

The audit report was signed on 11 March 2024 by Ian Saunderson FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 13