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REGISTERED NUMBER: 10848954 (England and Wales)















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: J Murphy
B M O'Neill



Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB



Registered number: 10848954 (England and Wales)



Senior statutory auditor: Clive Edwards



Independent auditors: Haines Watts Wales LLP, Statutory 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 9,474,143 9,474,143

Current assets
Debtors 6 17,670,818 24,303,346
Cash at bank - 290
17,670,818 24,303,636
Creditors
Amounts falling due within one year 7 (10,696,176 ) (19,658,398 )
Net current assets 6,974,642 4,645,238
Total assets less current liabilities 16,448,785 14,119,381

Creditors
Amounts falling due after more than one
year

8

(18,943,623

)

(17,138,877

)
Net liabilities (2,494,838 ) (3,019,496 )

Capital and reserves
Called up share capital 9 100 100
Retained earnings (2,494,938 ) (3,019,596 )
Shareholders' funds (2,494,838 ) (3,019,496 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 24 October 2023 and were signed on its behalf by:





B M O'Neill - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2,800 2,700

5. Fixed asset investments
Unlisted
investments
£   
Cost
At 1 January 2022
and 31 December 2022 9,474,143
Net book value
At 31 December 2022 9,474,143
At 31 December 2021 9,474,143

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Solara4,S.A.
Registered office: Portugal
Nature of business: Producing electric from solar and other sources.
%
Class of shares: holding
Ordinary 100.00

6. Debtors
2022 2021
£    £   
Amounts falling due within one year:
Amounts owed by related parties 706,705 100
Other debtors 50 50
Prepayments - 69
706,755 219

Amounts falling due after more than one year:
Amounts owed by related parties 16,964,063 24,303,127

Aggregate amounts 17,670,818 24,303,346

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 3,080 6,681
Amounts owed to related parties 10,682,644 19,641,737
Tax 4,830 4,580
Other creditors 22 -
Accrued expenses 5,600 5,400
10,696,176 19,658,398

8. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Amounts owed to group undertakings 18,943,623 17,138,877

9. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100 Ordinary £1 100 100

10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Clive Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

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 B M O'Neill.

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