IRIS Accounts Production v24.3.2.46 09231545 director 1.1.23 31.12.23 31.12.23 14.1.25 false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh092315452022-12-31092315452023-12-31092315452023-01-012023-12-31092315452021-12-31092315452022-01-012022-12-31092315452022-12-3109231545ns15:EnglandWales2023-01-012023-12-3109231545ns14:PoundSterling2023-01-012023-12-3109231545ns10:Director12023-01-012023-12-3109231545ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3109231545ns10:SmallEntities2023-01-012023-12-3109231545ns10:Audited2023-01-012023-12-3109231545ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3109231545ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3109231545ns10:FullAccounts2023-01-012023-12-3109231545ns10:OrdinaryShareClass12023-01-012023-12-3109231545ns10:RegisteredOffice2023-01-012023-12-3109231545ns5:CurrentFinancialInstruments2023-12-3109231545ns5:CurrentFinancialInstruments2022-12-3109231545ns5:ShareCapital2023-12-3109231545ns5:ShareCapital2022-12-3109231545ns5:RetainedEarningsAccumulatedLosses2023-12-3109231545ns5:RetainedEarningsAccumulatedLosses2022-12-3109231545ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3109231545ns5:WithinOneYearns5:CurrentFinancialInstruments2022-12-3109231545ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 09231545 (England and Wales)















WELink Energy Services (U.K.) Limited

Financial Statements for the Year Ended 31 December 2023






WELink Energy Services (U.K.) Limited (Registered number: 09231545)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WELink Energy Services (U.K.) Limited

Company Information
for the Year Ended 31 December 2023







Director: B M O'Neill





Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB





Registered number: 09231545 (England and Wales)





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

WELink Energy Services (U.K.) Limited (Registered number: 09231545)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £   
Current assets
Debtors 5 1,485,430 1,376,665
Cash at bank 70,532 5,717
1,555,962 1,382,382
Creditors
Amounts falling due within one year 6 (1,770,147 ) (1,625,843 )
Net current liabilities (214,185 ) (243,461 )
Total assets less current liabilities (214,185 ) (243,461 )

Capital and reserves
Called up share capital 7 1,000 1,000
Retained earnings (215,185 ) (244,461 )
Shareholders' funds (214,185 ) (243,461 )

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

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 8 January 2025 and were signed by:





B M O'Neill - Director


WELink Energy Services (U.K.) Limited (Registered number: 09231545)

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

1. Statutory information

WELink Energy Services (U.K.) 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" including the provisions of Section 1A "Small Entities" 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 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 current date, the company has one active service agreement and will expand its activity if demand arises.

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.

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

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 statement of financial position date.


WELink Energy Services (U.K.) Limited (Registered number: 09231545)

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 statement of financial position 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 statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 8 (2022 - 8 ) .

4. Auditors' remuneration
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

3,283

1,295
Auditors' remuneration for non audit work - 1,293

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 4,149 82,326
Amounts owed by related parties 1,448,821 1,249,029
Other debtors 3,066 -
Accrued income 19,839 44,860
Prepayments 9,555 450
1,485,430 1,376,665

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 50,714 34,538
Amounts owed to related parties 1,560,503 1,441,640
Tax 26,599 22,487
Social security and other taxes 29,884 49,699
VAT 15,883 33,154
Other creditors 7,718 12,601
Accruals and deferred income 78,846 31,724
1,770,147 1,625,843

WELink Energy Services (U.K.) Limited (Registered number: 09231545)

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

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

8. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

C Edwards (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors

Material uncertainties 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 £32,676 during the year ended 31 December 2023, as of that date, the company's current liabilities exceeds its total assets by £214,185.

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.

9. Ultimate controlling party

The controlling party is B M O'Neill.

The immediate parent company is WELink Energy Holdings (U.K.) Ltd, 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 obtained Avoca
Co. Wicklow