Capewell Europe Limited 13710835 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is manufacture of air and spacecraft and related machinery. Digita Accounts Production Advanced 6.30.9574.0 true true true 13710835 2023-01-01 2023-12-31 13710835 2023-12-31 13710835 bus:OrdinaryShareClass1 2023-12-31 13710835 core:CurrentFinancialInstruments 2023-12-31 13710835 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13710835 core:FurnitureFittingsToolsEquipment 2023-12-31 13710835 core:OtherRelatedParties 2023-12-31 13710835 bus:SmallEntities 2023-01-01 2023-12-31 13710835 bus:Audited 2023-01-01 2023-12-31 13710835 bus:FullAccounts 2023-01-01 2023-12-31 13710835 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13710835 bus:RegisteredOffice 2023-01-01 2023-12-31 13710835 bus:Director5 2023-01-01 2023-12-31 13710835 bus:Director6 2023-01-01 2023-12-31 13710835 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13710835 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13710835 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 13710835 core:OtherRelatedParties 2023-01-01 2023-12-31 13710835 1 2023-01-01 2023-12-31 13710835 1 2023-01-01 2023-12-31 13710835 countries:EnglandWales 2023-01-01 2023-12-31 13710835 2022-12-31 13710835 core:OtherRelatedParties 2022-12-31 13710835 2021-10-29 2022-12-31 13710835 2022-12-31 13710835 bus:OrdinaryShareClass1 2022-12-31 13710835 core:CurrentFinancialInstruments 2022-12-31 13710835 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13710835 core:OtherRelatedParties 2022-12-31 13710835 core:OtherRelatedParties 2021-10-29 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13710835

Capewell Europe Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Capewell Europe Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Capewell Europe Limited

(Registration number: 13710835)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

57,355

-

Current assets

 

Debtors

6

31,043

1,769

Cash at bank and in hand

 

50,934

9,610

 

81,977

11,379

Creditors: Amounts falling due within one year

7

(1,106,702)

(344,019)

Net current liabilities

 

(1,024,725)

(332,640)

Total assets less current liabilities

 

(967,370)

(332,640)

Provisions for liabilities

(20,000)

-

Net liabilities

 

(987,370)

(332,640)

Capital and reserves

 

Called up share capital

8

3

3

Profit and loss account

(987,373)

(332,643)

Shareholders' deficit

 

(987,370)

(332,640)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
E E Macaluso
Director

.........................................
M H Lavender
Director

 

Capewell Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A3, Star West
Westmead Industrial Estate
Swindon
Wiltshire
SN5 7SW
United Kingdom

These financial statements were authorised for issue by the Board on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£), which is also the company's functional currency. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

The company has net liabilities of the amount shown on the balance sheet. However, HFSC XII, LLC, the immediate parent following the completion of the share transfer transaction as set out in note 13, has given assurances that it will continue to support the company for the foreseeable future. On this basis the directors consider that it is appropriate to prepare the accounts on a going concern basis. The accounts do not include any adjustments that would result from a withdrawal of this support.

 

Capewell Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was unqualified but contained an emphasis of matter as follows:

"Going concern

In forming our opinion, we have considered the adequacy of disclosures made in note 2 of the financial statements concerning the adoption of going concern basis by the company for the financial statements. In view of the significance of this we consider that it should be drawn to your attention but our opinion is not qualified in this respect.
"

The name of the Senior Statutory Auditor who signed the audit report on 24 September 2024 was Gary Moss, who signed for and on behalf of Sterlings Ltd.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Rental income
The company earns revenue from subletting part of the office premise to a third party tenant. Rental income arising from operating leases is accounted for on a straight-line basis over the lease term and is included in other operating income in the profit and loss account due to its operating nature.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Capewell Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 : 4).

4

Auditors' remuneration

Year ended
31 December
2023
£

Period from
29 October 2021
to
31 December
2022
£

Audit of the financial statements

15,000

5,000

 

Capewell Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023


 

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

60,374

60,374

At 31 December 2023

60,374

60,374

Depreciation

Charge for the year

3,019

3,019

At 31 December 2023

3,019

3,019

Carrying amount

At 31 December 2023

57,355

57,355

6

Debtors

Current

2023
£

2022
£

Prepayments

10,750

-

Other debtors

20,293

1,769

 

31,043

1,769

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

37,056

-

Accruals and deferred income

24,636

5,000

Other creditors

1,045,010

339,019

1,106,702

344,019

 

Capewell Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         

9

Financial commitments, guarantees and contingencies

As at 31 December 2023, the company, as leasee, had total future minimum commitments under non-cancellable operating leases as set out below:

     

31 December 2023
 £

31 December 2022
 £

Within one year

43,000

-

In two to five years

24,622

-

67,622

-

10

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

208,177

13,148

Loans from related parties

2023

Intermediate holding company
£

Total
£

At start of period

339,019

339,019

Advanced

754,806

754,806

Repaid

(48,815)

(48,815)

At end of period

1,045,010

1,045,010

 

Capewell Europe Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2022

Intermediate holding company
£

Total
£

Advanced

339,019

339,019

At end of period

339,019

339,019

11

Parent undertaking

The company's immediate parent is Aerial Machine & Tool Corporation ("AMT"), incorporated in the United States of America.
 

The group in which the results of the company are consolidated is that headed by AIP-CAS Holdings, LLC, the ultimate parent company. The consolidated accounts of this company are available from 105 Nutmeg Road South, South Windsor, CT 06074, U.S.A.

12

Non adjusting events after the financial period

On 3 July 2024, AMT entered into a Securities Purchase Agreement (the "Agreement") with HFSC XII, LLC ("HFSC"), a company incorporated in the United States of America. Pursuant to the Agreement, AMT agreed to sell its entire shareholding of the company to HFSC. The transaction was completed on 21 August 2024. Upon completion of the share transfer, the company ceased to be a subsidiary of AMT, with HFSC becoming its immediate holding company.