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REGISTERED NUMBER: 10889828 (England and Wales)















WELink Energy Investments Portugal (UK)
Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023






WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


WELink Energy Investments Portugal (UK)
Limited

Company Information
for the Year Ended 31 December 2023







Directors: B M O'Neill
J Murphy





Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB





Registered number: 10889828 (England and Wales)





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

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
WElink Energy Investments Portugal (UK) Limited's principal activity during the year continued to be that of a holding company of associate WElink Group's company WELink Energy Portugal 2 (UK) Limited.
The strategy for the company will be to continue to function as a holding in support of wider WElink strategy to focus on development of a significant renewable energy portfolio mainly located in mainland Europe.

Principal risks and uncertainties
The wider WElink group currently has a significant pipeline of confirmed projects under various stages of development.
The principal risks and uncertainties facing the company as part of the WElink group are grouped as - appraisal and capacity risks, competitive risks, and liquidity/cash flow risk.
-Appraisal Risks
Renewable energy development markets are highly active presently and it is critical for the company to properly appraise potential projects.
-Competitive Risks
As of current date WElink group's development and operating projects are predominantly based in Portugal, Spain, and Italy. The company and group are aware of concentration of projects in certain geographical areas leading to competitive risk on pricing and reduced returns.
-Liquidity and Cash Flow Risks
Given project-focused nature of WElink group's development activity, access to significant financial capital is a key requirement for cash flow management, project delivery and completion. WElink group is continually developing its external financial relationships that will allow it access appropriate credit facilities on short, medium, and longer-term basis, as and when required.
-Foreign Exchange Risk
The company operates domestically in the UK given primary activity as a holding company there is minimal exposure at entity level to foreign currency. The wider WElink group manages foreign exchange risks as part of group policy to reduce short term fluctuations on cashflows by matching inflows and outflows in these currencies to create a natural hedge. Over the longer term the company and wider WELINK group will put in place a group treasury policy to formalise hedging policies and put in place appropriate financial instruments that reduce net calculated exposure on foreign currencies.
-Risk Management
To mitigate operational risk the company and wider WElink Group is continually investing in appropriate personnel and systems to ensure best industry practices are applied to its operations.

On behalf of the board:





B M O'Neill - Director


6 August 2024

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

B M O'Neill
J Murphy

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:





B M O'Neill - Director


6 August 2024

Report of the Independent Auditors to the Members of
WELink Energy Investments Portugal (UK)
Limited

Opinion
We have audited the financial statements of WELink Energy Investments Portugal (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
WELink Energy Investments Portugal (UK)
Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial
statements of the company. These are reviewed internally with the audit team including relevant industry experience
and expectations as well as externally with the client management. The key laws and regulations we considered in this
context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities,
including fraud and adjust our testing accordingly. Our audit procedures include:

- Discussing with directors and management which areas of the business they believe to be more susceptible to
fraud, and whether they have any knowledge or suspicion of fraudulent activities.
-Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally;
- Discussing with directors and management the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion of non-compliance.
- Assessing the risk of management override and review and testing of journal entries made into the accounting
system.


Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional
misrepresentation, or the override of internal controls

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




C Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

6 August 2024

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

Revenue - -

Administrative expenses (2,146 ) (2,739 )
(2,146 ) (2,739 )

Other operating income 25,747 (60,135 )
Operating profit/(loss) 23,601 (62,874 )
Profit/(loss) before taxation 4 23,601 (62,874 )

Tax on profit/(loss) 5 - -
Profit/(loss) for the financial year 23,601 (62,874 )

Other comprehensive income - -
Total comprehensive income for the year 23,601 (62,874 )

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Investments 6 100 100

Current assets
Debtors 7 4,365,489 10,224,332

Creditors
Amounts falling due within one year 8 (4,367,145 ) (10,249,589 )
Net current liabilities (1,656 ) (25,257 )
Total assets less current liabilities (1,556 ) (25,157 )

Capital and reserves
Called up share capital 9 100 100
Retained earnings 10 (1,656 ) (25,257 )
Shareholders' funds (1,556 ) (25,157 )

The financial statements were approved by the Board of Directors and authorised for issue on 6 August 2024 and were signed on its behalf by:





B M O'Neill - Director


WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 37,617 37,717

Changes in equity
Total comprehensive income - (62,874 ) (62,874 )
Balance at 31 December 2022 100 (25,257 ) (25,157 )

Changes in equity
Total comprehensive income - 23,601 23,601
Balance at 31 December 2023 100 (1,656 ) (1,556 )

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 23,947 (64,352 )
Net cash from operating activities 23,947 (64,352 )

Cash flows from financing activities
Loans movement in year (23,947 ) 64,352
Net cash from financing activities (23,947 ) 64,352

Increase in cash and cash equivalents - -
Cash and cash equivalents at beginning
of year

-

-

Cash and cash equivalents at end of year - -

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. Reconciliation of profit/(loss) before taxation to cash generated from operations
2023 2022
£    £   
Profit/(loss) before taxation 23,601 (62,874 )
Increase/(decrease) in trade and other creditors 346 (1,478 )
Cash generated from operations 23,947 (64,352 )

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. Statutory information

WELink Energy Investments Portugal (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" 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.The company is further strengthened by the value of the assets within Solara4 S.A, a 100% subsidiary of WElink Energy Portugal 2 (UK) Limited, which itself is a subsidiary of WElink Energy Investments Portugal (UK) Limited.

Preparation of consolidated financial statements
The financial statements contain information about WELink Energy Investments Portugal (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 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Ableon Limited, 22 Avoca Wood, Avoca, Co. Wicklow.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued
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.

3. Employees and directors

There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022.

The average number of employees during the year was NIL (2022 - NIL).

2023 2022
£    £   
Directors' remuneration - -

4. Profit/(loss) before taxation

The profit (2022 - loss) is stated after charging/(crediting):

2023 2022
£    £   
Auditors' remuneration 1,034 1,060
Auditors' remuneration for non audit work 1,034 1,060
Foreign exchange differences (25,747 ) 60,135

5. Taxation

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

6. Fixed asset investments
Shares in
group
undertaking
£   
Cost
At 1 January 2023
and 31 December 2023 100
Net book value
At 31 December 2023 100
At 31 December 2022 100

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

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

WELink Energy Investments Portugal (UK)
Limited (Registered number: 10889828)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by related parties 4,365,489 10,224,332

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Amounts owed to related parties 4,364,677 10,247,467
Other creditors 200 122
Accrued expenses 2,268 2,000
4,367,145 10,249,589

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. Reserves
Retained
earnings
£   

At 1 January 2023 (25,257 )
Profit for the year 23,601
At 31 December 2023 (1,656 )

11. Related party disclosures

A charge was created on 13th October 2020 containing a fixed charge and negative pledge. This is in relation to contracts entered into by its wholly owned subsidiary and a third party.

12. Ultimate controlling party

The ultimate controlling party is B M O'Neill.

The immediate parent company is WELink Portugal Investment (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