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REGISTERED NUMBER: 08905326 (England and Wales)















WELink Energy (U.K.) Limited

Financial Statements for the Year Ended 31 December 2023






WELink Energy (U.K.) Limited (Registered number: 08905326)






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 (U.K.) Limited

Company Information
for the Year Ended 31 December 2023







Director: Mr B M O'Neill





Registered office: 3 Hardman Square
Spinningfields
Manchester
M3 3EB





Registered number: 08905326 (England and Wales)





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

WELink Energy (U.K.) Limited (Registered number: 08905326)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Property, plant and equipment 4 1,258 3,069

Current assets
Inventories 2,073,000 1,998,634
Debtors 5 60,108,346 69,426,225
Cash at bank 736,397 778,281
62,917,743 72,203,140
Creditors
Amounts falling due within one year 6 (69,396,752 ) (77,060,035 )
Net current liabilities (6,479,009 ) (4,856,895 )
Total assets less current liabilities (6,477,751 ) (4,853,826 )

Accruals and deferred income 8 (34,745,767 ) (36,166,037 )
Net liabilities (41,223,518 ) (41,019,863 )

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings (41,224,518 ) (41,020,863 )
(41,223,518 ) (41,019,863 )

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 6 March 2025 and were signed by:





Mr B M O'Neill - Director


WELink Energy (U.K.) Limited (Registered number: 08905326)

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

1. Statutory information

WELink Energy (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 that it may be unable to realise its assets and discharge its liabilities in the normal course of business. A detailed assessment has been carried out on the company's business plan. The key assumption underlying this assessment is that the company will successfully raise additional funding to invest in its business plan and generate sufficient returns to repay its creditors and lenders in due course.

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 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.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

There are no material judgements or estimations that would have a significant effect on amounts recognised in this year's financial statements.

Turnover
Revenue from goods and services is recognised when the significant risks and rewards of ownership have passed to the customer. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

Deferred income is in relation to advanced funding for a project that will be recognised once the project has commenced.

WELink Energy (U.K.) Limited (Registered number: 08905326)

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

2. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - 33% on cost

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such costs includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

The impairment review has resulted in the long leasehold being fully amortised during the 2018 financial year as the company was and still is in negotiations to terminate the lease agreement as the company does not intend to occupy the premises.

Inventories
Stocks and work-in-progress are valued at the lower of cost and net realisable value on an average cost basis, after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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.

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
Monetary 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.

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.

WELink Energy (U.K.) Limited (Registered number: 08905326)

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

2. Accounting policies - continued

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

3. Employees and directors

The average number of employees during the year was NIL (2022 - 10 ).

4. Property, plant and equipment
Long Computer
leasehold equipment Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 200,000 148,255 348,255
Depreciation
At 1 January 2023 200,000 145,186 345,186
Charge for year - 1,811 1,811
At 31 December 2023 200,000 146,997 346,997
Net book value
At 31 December 2023 - 1,258 1,258
At 31 December 2022 - 3,069 3,069

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Amounts owed by group undertakings 56,567,827 65,713,447
Other debtors 3,497,486 3,685,230
VAT - 21,473
Prepayments and accrued income 43,033 6,075
60,108,346 69,426,225

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Other loans 825,308 1,148,912
Trade creditors 7,692,639 9,580,061
Amounts owed to group undertakings 30,892,922 36,023,495
Social security and other taxes 13,542 1,063,083
Other creditors 12,906,781 12,437,624
Accruals and deferred income 17,065,560 16,806,860
69,396,752 77,060,035

WELink Energy (U.K.) Limited (Registered number: 08905326)

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

7. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Other creditors 9,220,425 10,294,780
Other loans 225,308 548,913
9,445,733 10,843,693

As at 31 December 2023, the other creditors are secured by way of a guarantee from Welink Energy Investments Spain (UK) Limited.

The other loan is secured by way of a charge held over the land owned by Greentown (Pershore) Limited [company number: 11712319] and Greentown (Witchford) Limited [company number: 11599029]. These companies are related parties of WElink Energy (U.K.) Limited.

8. Accruals and deferred income
2023 2022
£    £   
Accruals and deferred income 34,745,767 36,166,037

£18,500,000 of deferred income is advanced funding in relation to sub-EPC agreements.The remaining £3,700,000 is an interim payment towards work being carried out under that same sub-EPC agreement.

During 2021, the sub-EPC agreement was amended and subsequently a further interim payment of £13,966,037 was made.

Income will be recognised in the profit and loss account once the contract commences.

9. 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
We draw attention to the retained earnings in the financial statements, which reports that the company returned a net loss of £203,655 during the year ended 31st December 2023, and as of that date, the company's liabilities exceeds its total assets by £41,223,518.

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.

10. Ultimate controlling party

The ultimate controlling party is Mr B M O'Neill.

The immediate parent company is WElink Energy Holdings (UK) Limited.

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