Company registration number 13383115 (England and Wales)
WENEA SERVICES UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WENEA SERVICES UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
WENEA SERVICES UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
4
2,948,040
1,386,040
Current assets
Trade and other receivables
6
85,982
4,845
Cash and cash equivalents
807
2,104
86,789
6,949
Current liabilities
7
(2,387,122)
(1,571,258)
Net current liabilities
(2,300,333)
(1,564,309)
Total assets less current liabilities
647,707
(178,269)
Non-current liabilities
7
(1,598,775)
-
Net liabilities
(951,068)
(178,269)
Equity
Called up share capital
11
1
1
Retained earnings
(951,069)
(178,270)
Total equity
(951,068)
(178,269)

The directors of the company have elected not to include a copy of the income statement within the financial statements.

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

The financial statements were approved by the board of directors and authorised for issue on 8 May 2024 and are signed on its behalf by:
Mr Jose Manuel Zorrilla Astudillo
Director
Company registration number 13383115 (England and Wales)
WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Wenea Services UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gamma Energy Ltd, International House, 1 St. Katharine's Way, London, UK, E1W 1YL. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

Where required, equivalent disclosures are given in the group accounts of Diggia Solutions, S.L., a company registered in Spain. The group accounts of Diggia Solutions, S.L.,are available to the public and can be obtained as set out in note 14.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Wenea Services UK Limited is a wholly owned subsidiary of Wenea Mobile Energy, S.L., a company registered in Spain and the results of Wenea Services UK Limited are included in the consolidated financial statements of Diggia Solutions, S.L. which are available from Calle Acanto 22, 28045 Madrid.

WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.2
Going concern

The Company is in the process of launching the activity of selling energy from electric vehicle charging points throughout the national territory. It is expected that as new charging points are built and the network becomes larger. The company is expected to generate positive cash flows truein the foreseeable future.

 

The parent / group companies have agreed to provide financial support by not seeking repayment of amounts owed to them unless the company is able to pay.

 

The company participates in the Group’s centralised treasury arrangements and so it is financed through intercompany credit lines with its parent company and fellow subsidiaries. This optimises the availability of funds to manage its operating activities and the terms of the bank agreements granted.

 

Consequently, The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Wenea Services UK Limited to continue as a going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

The company recognises revenue from the following major sources:

1.4
Non-current investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with bank.

WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

 

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

 

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

 

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.7
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administration
2
2
Technical
12
6
Total
14
8
4
Investments
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Investments in subsidiaries
-
-
2,948,040
1,386,040
WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investments
(Continued)
- 7 -
Fair value of financial assets carried at amortised cost

Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,386,040
Additions
1,562,000
At 31 December 2023
2,948,040
Carrying amount
At 31 December 2023
2,948,040
At 31 December 2022
1,386,040
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Nordian CPO UK Limited
International House, 1 St. Katharine's Way, London, United Kingdom, E1W 1YL
Ordinary
100.00
Wenea Herefordshire Limited
International House, 1 St. Katharine's Way, London, United Kingdom, E1W 1YL
Ordinary
100.00
Wenea Plymouth Limited
International House, 1 St. Katharine's Way, London, United Kingdom, E1W 1YL
Ordinary
100.00
Wenea Devon Limited
International House, 1 St. Katharine's Way, London, United Kingdom, E1W 1YL
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Nordian CPO UK Limited
1
Wenea Herefordshire Limited
1
Wenea Plymouth Limited
484,767
(227,333)
Wenea Devon Limited
1,596,205
(362,999)
6
Trade and other receivables
2023
2022
£
£
Trade receivables
12,330
1,523
VAT recoverable
7,236
2,322
Amounts owed by related parties
62,416
-
Other receivables
4,000
1,000
85,982
4,845
7
Liabilities
Current
Non-current
2023
2022
2023
2022
Notes
£
£
£
£
Borrowings
8
-
0
-
0
1,598,775
-
0
Trade and other payables
9
2,368,544
1,560,175
-
0
-
0
Taxation and social security
18,578
11,083
-
-
2,387,122
1,571,258
1,598,775
-
8
Borrowings
Non-current
2023
2022
£
£
Borrowings held at amortised cost:
Loans from fellow group undertakings
1,598,775
-

 

WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
9
Trade and other payables
2023
2022
£
£
Trade payables
6,467
404
Amounts owed to fellow group undertakings
2,323,240
1,519,806
Accruals and deferred income
36,395
36,400
Other payables
2,442
3,565
2,368,544
1,560,175
10
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
10,271
1,521

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

11
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Vinodkumar Vadgama
Date of audit report:
8 May 2024
14
Controlling party
WENEA SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Controlling party
(Continued)
- 10 -

The direct shareholder of the company is Wenea Mobile Energy, S.L. and ultimate parent and controlling party is Diggia Solutions, S.L. a company incorporated in Spain.

 

Diggia Solutions S.L., prepares the group financial statements and copies can be obtained from Calle Acanto 22, 28045 Madrid.

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