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REGISTERED NUMBER: 10842556 (England and Wales)















Welink Energy Italy (UK) Holdings
Limited

Financial Statements for the Year Ended 31 December 2022






Welink Energy Italy (UK) Holdings
Limited (Registered number: 10842556)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Welink Energy Italy (UK) Holdings
Limited

Company Information
for the Year Ended 31 December 2022







Directors: B M O'Neill
J Murphy



Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB



Registered number: 10842556 (England and Wales)



Senior statutory auditor: C Edwards



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

Welink Energy Italy (UK) Holdings
Limited (Registered number: 10842556)

Statement of Financial Position
31 December 2022

2022 2021
Notes £    £   
Fixed assets
Investments 4 4 4

Current assets
Debtors 5 400 400

Creditors
Amounts falling due within one year 6 (28,971 ) (1,744 )
Net current liabilities (28,571 ) (1,344 )
Total assets less current liabilities (28,567 ) (1,340 )

Capital and reserves
Called up share capital 7 100 100
Retained earnings (28,667 ) (1,440 )
Shareholders' funds (28,567 ) (1,340 )

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 27 March 2024 and were signed on its behalf by:





B M O'Neill - Director


Welink Energy Italy (UK) Holdings
Limited (Registered number: 10842556)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. Statutory information

Welink Energy Italy (UK) Holdings 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. There are material uncertainties which may cast doubt about the company's ability to continue as a going concern and that it may be unable to realise its assets and discharge its liabilities in the normal course of business. A detailed assessment has been carried out on the company's business plan. The key assumption underlying this assessment is that the company will successfully raise additional funding to invest in its business plan and generate sufficient returns to repay its creditors and lenders in due course.

The company also has a letter of support from the groups ultimate parent company to provide necessary funding for at least 12 months from the approval of the financial statements. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Welink Energy Italy (UK) Holdings 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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.


Welink Energy Italy (UK) Holdings
Limited (Registered number: 10842556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. Accounting policies - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

3. Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2022
and 31 December 2022 4
Net book value
At 31 December 2022 4
At 31 December 2021 4

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:


WELink Energy Italy (UK) Limited
Registered office: United Kingdom
Nature of business: Energy production
%
Class of shares: holding
Ordinary 100.00

WELink Energy Italy 2 (UK) Limited
Registered office: United Kingdom
Nature of business: Energy production
%
Class of shares: holding
Ordinary 100.00

Welink Energy Italy (UK) Holdings
Limited (Registered number: 10842556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

4. Fixed asset investments - continued

Welink Energy Italy 3 (UK) Limited
Registered office: United Kingdom
Nature of business: Energy Production
%
Class of shares: holding
Ordinary 100.00

Welink Energy Italy 4 (UK) Limited
Registered office: United Kingdom
Nature of business: Energy Production
%
Class of shares: holding
Ordinary 100.00

5. Debtors: amounts falling due within one year
2022 2021
£    £   
Amounts owed by related parties 400 400

6. Creditors: amounts falling due within one year
2022 2021
£    £   
Amounts owed to related parties 23,409 204
Other creditors 1,662 100
Accrued expenses 3,900 1,440
28,971 1,744

7. Called up share capital

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

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

The Report of the Auditors was unqualified.

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

9. Security

On 21 July 2021 a fixed charge, floating charge and negative pledge was created over the company's shares and over the shares of some of its subsidiaries. A supplemental debenture to the existing guarantor debenture was created and filed on 7 December 2022

Welink Energy Italy (UK) Holdings
Limited (Registered number: 10842556)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

10. Ultimate controlling party

The controlling party is B M O'Neill.

The immediate parent company is WELink Solar Investments (Ireland) 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