Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsefalsetruetrue2023-01-01No description of principal activity32 04964813 2023-01-01 2023-12-31 04964813 2022-01-01 2022-12-31 04964813 2023-12-31 04964813 2022-12-31 04964813 c:Director4 2023-01-01 2023-12-31 04964813 d:CurrentFinancialInstruments 2023-12-31 04964813 d:CurrentFinancialInstruments 2022-12-31 04964813 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04964813 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04964813 d:ShareCapital 2023-12-31 04964813 d:ShareCapital 2022-12-31 04964813 d:RetainedEarningsAccumulatedLosses 2023-12-31 04964813 d:RetainedEarningsAccumulatedLosses 2022-12-31 04964813 c:FRS102 2023-01-01 2023-12-31 04964813 c:Audited 2023-01-01 2023-12-31 04964813 c:FullAccounts 2023-01-01 2023-12-31 04964813 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04964813 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04964813 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04964813









AE EUROPE LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AE EUROPE LIMITED
REGISTERED NUMBER:04964813

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
2,668,822
2,719,731

Cash at bank and in hand
  
24,878
40,411

  
2,693,700
2,760,142

Creditors: amounts falling due within one year
 5 
(987,808)
(2,143,379)

Net current assets
  
 
 
1,705,892
 
 
616,763

  

Net assets
  
1,705,892
616,763


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Retained earnings
  
1,205,892
116,763

Shareholders' funds
  
1,705,892
616,763


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 income and retained earnings 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 by: 




N Eugley
Director

Date: 30 July 2024

The notes on pages 2 to 5 form part of these financial statements.
Page 1

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

1.


General information

AE Europe Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 04964813). The registered office address is First Floor, 2 Collingwood Street, Newcastle Upon Tyne, NE1 1JF.

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 directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

In addition, AE Europe Holdings Inc has committed that for a period of not less than twelve months from the date of signing the financial statements of the company for the year ended at 31 December 2023, it will provide continued financial support to enable the company to settle its liabilities as they fall due.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover 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.
Turnover represents commissions receivable from group undertakings during the year. Commissions receivable are based upon UK bookings for car hire as disclosed agent. 

Page 2

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

2.Accounting policies (continued)

 
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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. 
Trade and other debtors and creditors are classified as basic financial instruments and measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

 
2.7

Taxation

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.

Page 3

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

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 2).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
2,607,634
2,677,265

Prepayments and accrued income
37,445
20,447

Other debtors
23,743
22,019

2,668,822
2,719,731


Amounts owed by group undertakings have no set repayment terms. Interest is charged at 4% on balances outstanding throughout the year.


5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
331,216
250,656

Amounts owed to group undertakings
613,289
1,845,556

Other taxation and social security
3,029
2,690

Accruals and deferred income
40,274
44,477

987,808
2,143,379


Amounts owed to group undertakings have no set repayment terms. Interest is charged at 4% on balances outstanding throughout the year.


6.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

Page 4

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

7.


Controlling party

The immediate parent undertaking is AE Europe Holdings Inc., a company registered in the United States of America.
The ultimate parent undertaking is Auto Europe Acquisition Corp., a company registered in the United States of America.
The smallest and largest group of undertakings for which group accounts for the year ending 31 December 2023 have been drawn up, is that headed by Auto Europe Acquisition Corp. The registered office address of Auto Europe Acquisition Corp. is 43 Northport Drive, Portland, Maine 04101.
The directors do not consider there to be an ultimate controlling party.


8.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 30 July 2024 by Stuart Wright BEng BFP FCA (Senior Statutory Auditor) on behalf of CLA Evelyn Partners Limited.

Page 5