Company Registration number:
AE Europe Limited
for the Year Ended 31 December 2022
AE Europe Limited
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
AE Europe Limited
(Registration number: 04964813)
Statement of Financial Position as at 31 December 2022
Note |
2022 |
2021 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
500,000 |
500,000 |
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Retained earnings |
116,763 |
(1,776,918) |
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Shareholders' funds/(deficit) |
616,763 |
(1,276,918) |
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 Income Statement.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
Approved and authorised by the
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AE Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on a going concern basis.
AE Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Audit report
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Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.
Revenue represents commissions receivable from group undertakings during the period. Commissions receivable are based upon UK bookings for car hire as disclosed agent.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
AE Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Borrowings
All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the transaction value of cash payable to the group (interest is charged at a rate of 4%).
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
AE Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Debtors |
Current |
Note |
2022 |
2021 |
Amounts owed by group undertakings |
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Prepayments |
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Other debtors |
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Amounts owed by group undertakings have no set repayment terms.
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Amounts owed to group undertakings have no set repayment terms.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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500,000 |
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500,000 |
AE Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2022 (continued)
Related party transactions |
Summary of transactions with parent
Summary of transactions with all subsidiaries
During the year amounts totalling £665,288 (2021 - £447,555) were incurred by AE Europe Limited in respect of rent, payroll and processing services recharged by Auto Europe LLC.
During the year AE Europe Limited incurred amounts totalling £31,392 (2021 - £9,350) in respect of marketing services provided by Auto Europe Deutschland GmbH.
During the year AE Europe Limited incurred amounts totalling £657,451 (2021 - £384,112) in respect of customer support services provided by Sociedade Unipessoal LDA.
Parent and ultimate parent undertaking |
AE Europe Holdings Inc. is a wholly owned subsidiary of Auto Europe Acquisition Corp., a company which is incorporated in the USA. Auto Europe Acquisition Corp. is considered to be the ultimate parent company.
The largest and smallest group of which AE Europe Limited is a member for which financial statements are drawn up is headed by Auto Europe Acquisition Corp. whose principal place of business is: 43 Northport Drive, Portland, Maine 04101.
In the opinion of the directors, there is no ultimate controlling party.