REGISTERED NUMBER: |
Welink Energy Italy (UK) Holdings |
Limited |
Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Senior statutory auditor: |
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 |
Current assets |
Debtors | 5 |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 7 |
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 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 |
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. 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 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed by related parties |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed to related parties |
Other creditors |
Accrued expenses |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |