REGISTERED NUMBER: |
Welink Energy Investments (U.K.) Limited |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Welink Energy Investments (U.K.) Limited |
Financial Statements for the Year Ended 31 December 2023 |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Welink Energy Investments (U.K.) Limited |
Company Information |
for the Year Ended 31 December 2023 |
Director: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Investments | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) | ( |
) |
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 director and authorised for issue on |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Welink Energy Investments (U.K.) 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 the company had net liabilities at the period end, at the time of approving the financial statements, the director has 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 therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. At the current time, the company is effectively dormant, and it’s main assets being in form of third party loans have been provided for in full. |
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 director acknowledges 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 Director is 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 Investments (U.K.) 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. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
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 balance sheet date. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 (2022 - NIL). |
4. | Auditors' remuneration |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
1,071 |
1,260 |
Auditors' remuneration for non audit work |
5. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Investments are made up as follows: |
50% shareholding in Amwel JV Limited. The shareholding consists of 100 ordinary B shares of £1 each. |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed by related parties |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | Debtors: amounts falling due within one year - continued |
Loan agreements were previously entered into with Barcelona Housing Systems S.A and Backpack S.L Interest of 5% per annum is receivable on the loan with an additional 2% due on any late payments. Repayment is due by 01/01/2024 with mandatory payments falling due if and when specific criteria have been met. |
In 2018 the company stated it believed that the loans were unlikely to be recovered and as such a full impairment was made in the financial statements for the outstanding balance plus interest. |
Since 2018, further interest has accrued on the loan and this too has been provided for as an impairment. The company continues to pursue the debts via legal channels but still believes that the debts are unlikely to be recovered. |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed to related parties | 15,784,538 | 16,557,896 |
Other creditors |
Accruals and deferred income |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
9. | Reserves |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Profit for the year |
At 31 December 2023 | ( |
) |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Material uncertainty relating to going concern |
We draw attention to the Statement of Comprehensive Income in the financial statements, which indicates that despite the company obtaining a profit before tax of £769,863 during the year ended 31st December 2023, as of that date, the company's current liabilities exceeds its total assets by £12,575,132. |
The director has stated that the company has the financial support of its parent company, Ableon Ltd and although Ableon Ltd is reliant on the valuation of its asset portfolio to provide that support, the director believes it will be in place for at least 12 months from date of approval. |
As stated in note 2 to the financial statements, these events or conditions, along with other matters set forth in the note, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | Ultimate controlling party |
The ultimate controlling party is |
The immediate parent company is WELink Energy Holdings (U.K.) Limited, a company registered in England and Wales. |
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 | 22 Avoca Wood |
Group financial statements can be | Avoca |
obtained: | Co. Wicklow |