REGISTERED NUMBER: |
Welink Energy Portugal 2 (UK) Limited |
Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
Welink Energy Portugal 2 (UK) Limited |
Financial Statements for the Year Ended 31 December 2022 |
Welink Energy Portugal 2 (UK) Limited (Registered number: 10848954) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Welink Energy Portugal 2 (UK) Limited |
Company Information |
for the Year Ended 31 December 2022 |
Directors: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Independent auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Welink Energy Portugal 2 (UK) Limited (Registered number: 10848954) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Net liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Welink Energy Portugal 2 (UK) Limited (Registered number: 10848954) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | Statutory information |
Welink Energy Portugal 2 (UK) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
Despite the fact that the company had net liabilities at the period end, at the time of approving the financial statements, the directors have a reasonable expectation that the company will obtain adequate resources to continue in operational existence for the foreseeable future. |
A detailed assessment has been carried out by the directors and the key assumption underlying this assessment is that the company has the continued support of other companies within the group that form the majority of its creditors. |
Preparation of consolidated financial statements |
The financial statements contain information about Welink Energy Portugal 2 (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Welink Energy Portugal 2 (UK) Limited (Registered number: 10848954) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | Accounting policies - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Fixed asset investments |
Fixed asset investments are held at cost less accumulated impairment losses. |
3. | Employees and directors |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Auditors' remuneration |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,800 |
2,700 |
Accountancy |
5. | Fixed asset investments |
Unlisted |
investments |
£ |
Cost |
At 1 January 2022 |
and 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Portugal |
Nature of business: |
% |
Class of shares: | holding |
6. | Debtors |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by related parties |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by related parties |
Aggregate amounts |
Of the above aggregate amounts, £16,964,063 (2021: £24,303,127) relates to an intercompany loan agreement to Solara4,S.A., a wholly owned subsidiary. The loan is split into two parts and the interest rates applied are 4% and 4.75% per annum. |
Welink Energy Portugal 2 (UK) Limited (Registered number: 10848954) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to related parties |
Tax |
Other creditors |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Amounts owed to group undertakings |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | Related party disclosures |
On 13th October 2020 an agreement was executed which involved Welink Energy Portugal 2 (UK) Limited being appointed as joint guarantor with Solara4 S.A. in respect of a loan between another group company and a third party lender. Charges were filed at Companies House in respect of the guarantees made which detail a debenture containing fixed and floating charges over all company assets and undertaking to secure its obligations to the lender under the loan facility agreement. |
12. | Ultimate controlling party |
The ultimate controlling party is |
The immediate parent company is WELink Energy Investments Portugal (UK) Limited |
The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows: |
Name: | ABLEON Limited |
Country of Incorporation: | Ireland |
Address from where copies of the group | 22 Avoca Wood |
financial statements can be obtained: | Avoca |
Co. Wicklow |