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Registered Number:14399437













ENEL X ADVISORY SERVICES UK LIMITED





FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2023











 
ENEL X ADVISORY SERVICES UK LIMITED
REGISTERED NUMBER:14399437


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
  

Intangible assets
 4 
786,528

  
786,528

Current assets
  

Debtors: amounts falling due after more than one year
 5 
5,505

Debtors: amounts falling due within one year
 5 
4,542,802

Cash at bank and in hand
  
2,301,077

  
6,849,384

Creditors: amounts falling due within one year
 6 
(7,051,146)

Net current (liabilities)/assets
  
 
 
(201,762)

Total assets less current liabilities
  
584,766

  

Net assets
  
584,766


Capital and reserves
  

Called up share capital 
 7 
30,000

Share premium account
 8 
2,277,498

Profit and loss account
 8 
(1,722,732)

  
584,766


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

Andrew Toher
Director
Date: 2 December 2024

The notes on pages 3 to 10 form part of these financial statements.


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ENEL X ADVISORY SERVICES UK LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£



Loss for the period
-
-
(1,722,732)
(1,722,732)

Shares issued on incorporation
500
-
-
500

Shares issued during the period
29,500
2,277,498
-
2,306,998


At 31 December 2023
30,000
2,277,498
(1,722,732)
584,766

The notes on pages 3 to 10 form part of these financial statements.


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ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

Enel X Advisory Services UK Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Epworth House, 25 City Road, London, United Kingdom, EC1Y 1AA.
The Company was incorporated on 5 October 2022 and the financial statements are prepared to 31 December 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net assets at 31 December 2023 of £584,766. The Director has obtained confirmation from the Company's parent, Enel X Advisory Services S.r.l., that it is committed to support the activities of Enel X Advisory Services UK Limited and will continue to provide sufficient funds, as part of that support, to enable Enel X Advisory Services UK Limited to meets its liabilities as they fall due for at least 12 months from the date of signing the accounts.
After making enquiries, the Director has a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.


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ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Transfer pricing charges made to fellow subsidiaries are recognised over the periods the services are provided, in line with contract agreements.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.


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ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

  
2.10

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.
All intangible assets are considered to have a finite useful life. 
Goodwill is amortised over 5 years.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.


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ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the

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ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 13.


4.


Intangible assets



Goodwill

£



Cost


Additions
1,025,906



At 31 December 2023

1,025,906



Amortisation


Charge for the period
239,378



At 31 December 2023

239,378



Net book value



At 31 December 2023
786,528




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ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

5.


Debtors

2023
£

Due after more than one year

Other debtors
5,505

5,505


2023
£

Due within one year

Trade debtors
2,368,553

Amounts owed by group undertakings
1,708,824

Other debtors
18,244

Prepayments and accrued income
447,181

4,542,802


Amounts owed by group undertakings are interest free and repayable on demand.


6.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
155,236

Amounts owed to group undertakings
5,229,580

Other taxation and social security
178,602

Accruals and deferred income
1,487,728

7,051,146


Amounts owed to group undertakings are interest free and repayable on demand.


- 8 -



 
ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

7.


Share capital

2023
£
Allotted, called up and fully paid


30,000 Ordinary shares of £1.00 each
30,000


On incorpororation an initial 500 Ordinary shares of £1.00 each were issued at par. 
Subsequently the Company issued a further 29,500 Ordinary shares of £1.00 each for consideration of £2,306,998. Share premium of £2,277,498 has been recognised.


8.


Reserves

Share premium account

The share premium account represents consideration received in excess of the nominal value of shares.

Profit and loss account

The profit and loss account represents accumulated profits and losses of the company.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,449. No contributions were payable to the fund at the balance sheet date.


10.


Related party transactions

The Company has taken the exemption under the FRS 102 not to disclose related party transactions with the ultimate parent company and wholly owned subsidiaries within the group.


11.


Controlling party

The ultimate parent company is Enel S.p.A. a company incorporated in Italy. The company is included in its consolidated financial statements, which can be obtained from Viale Regina Margherita 137, Rome, Italy.


- 9 -



 
ENEL X ADVISORY SERVICES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

12.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.

The audit report was signed on 3 December 2024 by Steven Burgess FCA (Senior Statutory Auditor) on behalf of Sumer Auditco Limited.


- 10 -