Company registration number 13955497 (England and Wales)
WENEA PLYMOUTH LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WENEA PLYMOUTH LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
WENEA PLYMOUTH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
2,846,393
-
Current assets
Trade and other receivables
4
99,430
100
Cash and cash equivalents
100,529
-
0
199,959
100
Current liabilities
5
(1,772,745)
-
Net current (liabilities)/assets
(1,572,786)
100
Total assets less current liabilities
1,273,607
100
Non-current liabilities
5
(788,840)
-
Net assets
484,767
100
Equity
Called up share capital
8
712,100
100
Retained earnings
(227,333)
-
0
Total equity
484,767
100

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 13955497 (England and Wales)
WENEA PLYMOUTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 4 March 2022
-
-
0
-
Period ended 31 December 2022:
Transactions with owners:
Issue of share capital
8
100
-
100
Balance at 31 December 2022
100
-
0
100
Period ended 31 December 2023:
Loss and total comprehensive income
-
(227,333)
(227,333)
Transactions with owners:
Issue of share capital
8
712,000
-
712,000
Balance at 31 December 2023
712,100
(227,333)
484,767
WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Wenea Plymouth 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 incorporated in Spain. The group accounts of Diggia Solutions S.L. are available to the public and can be obtained as set out in note 10.

WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current activity and therefore the company is expected to continue to generate positive cash flows for the foreseeable future.

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 optimizes the availability of funds to manage its operating activities and the terms of the bank agreements granted. In addition, the group companies have confirmed that they will not seek repayment of amounts owed to them until such time as the company is able to do so.

Furthermore, the parent / group compaies has agreed to provide financial support necessary to enable the company to pay its debts as they fall due for the foreseeable future.

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

 

Accordingly, the going concern basis was adopted in preparing the 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.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Electric vehicle charging points (EVCPs)
10 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.

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.

WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.8
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.

1.9
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.

1.10
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.

2
Employees

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

2023
2022
Number
Number
2
2

The directors acting during the period are remunerated by other group companies. There are no identifiable qualifying services for this company in 2023.

WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
3
Property, plant and equipment
Assets under construction
Electric vehicle charging points (EVCPs)
Total
£
£
£
Cost
At 1 January 2023
-
0
-
0
-
0
Additions
1,908,775
993,690
2,902,465
At 31 December 2023
1,908,775
993,690
2,902,465
Accumulated depreciation and impairment
At 1 January 2023
-
0
-
0
-
0
Charge for the year
-
0
56,072
56,072
At 31 December 2023
-
0
56,072
56,072
Carrying amount
At 31 December 2023
1,908,775
937,618
2,846,393
4
Trade and other receivables
2023
2022
£
£
Trade receivables
540
-
Provision for bad and doubtful debts
(496)
-
44
-
0
VAT recoverable
68,341
-
Amount owed by parent undertaking
18,839
-
0
Other receivables
11,743
100
Prepayments and accrued income
463
-
0
99,430
100
WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
5
Liabilities
Current
Non-current
2023
2022
2023
2022
Notes
£
£
£
£
Borrowings
6
39,399
-
0
788,840
-
0
Trade and other payables
7
1,733,346
-
0
-
0
-
0
1,772,745
-
788,840
-
6
Borrowings
Current
Non-current
2023
2022
2023
2022
£
£
£
£
Borrowings held at amortised cost:
Bank loans
39,399
-
788,840
-
7
Trade and other payables
2023
2022
£
£
Trade payables
6,665
-
0
Amounts owed to fellow group undertakings
1,654,442
-
Accruals and deferred income
72,239
-
0
1,733,346
-
8
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
712,100
100
712,100
100

During the year, the company issued, 712,000 ordinary shares of £1 at par.

9
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.

WENEA PLYMOUTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
Vinodkumar Vadgama
Date of audit report:
8 May 2024
10
Controlling party

The direct shareholder of the Company is Wenea Services UK Limited, and the ultimate parent and controlling party is Diggia Solutions, S.L. a company incorporated in Spain.

2023-12-312023-01-01Mr Jose Contreras AparicioMr Jose Manuel Zorrilla AstudillofalsefalseCCH SoftwareiXBRL Review & Tag 2024.2UHY Hacker Young LLP139554972023-01-012023-12-31139554972023-12-31139554972022-12-3113955497core:ShareCapital2023-12-3113955497core:ShareCapital2022-12-3113955497core:RetainedEarningsAccumulatedLosses2023-12-3113955497core:RetainedEarningsAccumulatedLosses2022-12-31139554972022-03-0313955497bus:Director22023-01-012023-12-3113955497core:ShareCapital2022-03-042022-12-31139554972022-03-042022-12-3113955497core:ShareCapital2023-01-012023-12-3113955497core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3113955497core:FinancialInstrumentsFairValueThroughProfitOrLoss2023-01-012023-12-3113955497core:Held-to-maturityFinancialAssets2023-01-012023-12-3113955497core:Available-for-saleFinancialAssets2023-01-012023-12-3113955497core:ConstructionInProgressAssetsUnderConstruction2022-12-3113955497core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2022-12-31139554972022-12-3113955497core:ConstructionInProgressAssetsUnderConstruction2023-12-3113955497core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-12-3113955497core:ConstructionInProgressAssetsUnderConstruction2023-01-012023-12-3113955497core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-01-012023-12-3113955497core:ContinuingOperations2023-12-3113955497core:CurrentFinancialInstruments2023-12-3113955497core:CurrentFinancialInstruments2022-12-3113955497core:Non-currentFinancialInstruments2023-12-3113955497core:Non-currentFinancialInstruments2022-12-3113955497core:WithinOneYear2023-12-3113955497core:WithinOneYear2022-12-3113955497core:AfterOneYear2023-12-3113955497core:AfterOneYear2022-12-3113955497bus:PrivateLimitedCompanyLtd2023-01-012023-12-3113955497bus:FRS1012023-01-012023-12-3113955497bus:Audited2023-01-012023-12-3113955497bus:Director12023-01-012023-12-3113955497bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3113955497bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP