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REGISTERED NUMBER: 12094055 (England and Wales)















WELink Energy Italy (UK) Limited

Financial Statements for the Year Ended 31 December 2023






WELink Energy Italy (UK) Limited (Registered number: 12094055)






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 Italy (UK) Limited

Company Information
for the Year Ended 31 December 2023







Directors: B M O'Neill
J Murphy





Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB





Registered number: 12094055 (England and Wales)





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

WELink Energy Italy (UK) Limited (Registered number: 12094055)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Investments 4 - 4,231

Current assets
Debtors 5 20,675,852 1,921,266
Cash at bank 447 56
20,676,299 1,921,322
Creditors
Amounts falling due within one year 6 (149,927 ) (368,503 )
Net current assets 20,526,372 1,552,819
Total assets less current liabilities 20,526,372 1,557,050

Capital and reserves
Called up share capital 7 1 1
Retained earnings 20,526,371 1,557,049
Shareholders' funds 20,526,372 1,557,050

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 Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:





B M O'Neill - Director


WELink Energy Italy (UK) Limited (Registered number: 12094055)

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

1. Statutory information

WELink Energy Italy (UK) 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 assets at the period end, at the time of approving the financial statements, the proceeds from the sale of the investment have been loaned to group companies.There are material uncertainties which may cast doubt over the ability of some group companies to continue as a going concern and that they may be unable to realise their assets and discharge their liabilities in the normal course of business.

However, the directors have a reasonable expectation that the other group companies will obtain adequate resources to continue in operational existence for the foreseeable future including support from the ultimate parent company. As with any company placing reliance on other group entities for financial support, the directors acknowledge 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.

Although the company has now realised the investments previously held, as at the date of approval, no decision has been made on its future.

Consequently the directors are 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.

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 balance sheet date.


WELink Energy Italy (UK) Limited (Registered number: 12094055)

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 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.

Investments in joint ventures
Investments in joint ventures are recognised at cost less accumulated impairment losses.

3. Employees and directors

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

4. Fixed asset investments
Interest
in joint
venture
£   
Cost
At 1 January 2023 4,231
Additions 5,513,932
Disposals (5,518,163 )
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 4,231

5. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 1 1
Amounts owed by joint ventures - 1,162,678
Other debtors 1,513,949 279,567
1,513,950 1,442,246

Amounts falling due after more than one year:
Amounts owed by group undertakings 19,161,902 479,020

Aggregate amounts 20,675,852 1,921,266

WELink Energy Italy (UK) Limited (Registered number: 12094055)

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

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Amounts owed to group undertakings 13,310 13,310
Tax 909 809
VAT 121,759 124,548
Other creditors 750 222,157
Accruals and deferred income 13,199 7,679
149,927 368,503

7. Called up share capital

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

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 uncertainty related to going concern
Although the company has net assets at the year end, the recovery of the amounts loaned to fellow group companies may be in doubt and that has led to the material uncertainty related to the going concern.

The directors have 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 directors believe it will be in place for at least 12 months from date of approval of the financial statements.

As stated in note 2 to the financial statements, these events or conditions, along with other matters set forth in the note, indicates 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. Security

On 21st July 2021 an agreement was executed which involved Welink Energy Italy (UK) Limited being appointed as joint guarantor with Welink Energy Italy (UK) Holdings Limited, Welink Energy Italy 2 (UK) Limited, Welink Energy Italy 3 (UK) Limited & Welink Energy Italy 4 (UK) Limited in respect of a loan between another group company and a third party lender. Charges were filed at Companies House in respect of the guarantees made which detail a debenture containing fixed and floating charges over all company assets and undertaking and a negative pledge to secure its obligations to the lender under the loan facility agreement. Further supplemental debentures in relation to the agreement were created on 7 December 2022.

10. Ultimate controlling party

The ultimate controlling party is B M O'Neill.

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 22 Avoca Wood
the Group financial statements Avoca
can be obtained: Co. Wicklow