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Registration number: 07768581

WiseEnergy International Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

WiseEnergy International Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 31

 

WiseEnergy International Limited

Company Information

Directors

Mr E R Caley

Ms R J Carter

Mr A Beolchini

Mr M F Bonte-Friedheim

Company secretary

Laggan Secretaries Ltd

Registered office

75 Grosvenor Street
London
W1K3JS

Auditors

The Audit Experts Limited 4th Floor, 3 Shortlands
Hammersmith
London
W6 8DA

 

WiseEnergy International Limited

Strategic Report for the Year Ended 31 December 2023

The Directors present the Strategic Report for the year ended 31 December 2023.

Principal Activities

WiseEnergy International Limited acts as an investment holding company, overseeing a group of subsidiaries focused on renewable energy services. The group provides asset management, advisory and consultancy services to renewable energy projects primarily across Europe, with an expanding international footprint including operations in North America and India. Key subsidiaries are engaged in day-to-day operational and commercial delivery across target geographies. The activities span asset management for solar Photovoltaics portfolios, technical and commercial services, and financial and administrative back-office support.

Business Review

The Group reported a turnover of £21,974,526 in FY2023 (2022: £15,367,519), driven by an increase in service mandates and project volume across core and emerging markets. Cost of sales increased to £12,834,609 (2022:£9,775,467), administrative expenses rose significantly to £8,957,829 (2022: £5,005,143), mainly due to increased staff costs which reached £11,962,775 (2022: £8,896,095), reflecting expansion in technical and operational teams. The Group also incurred increased depreciation and amortisation charges of £106,319 (2022: £150,795). Operating profit stood at £182,088 (2022: £586,909), with a net profit after tax for the year of £79,206 (2022: £381,286). Tangible assets increased by £1,017,664 to £2,012,956 reflecting capital investments in equipment and premises. Trade debtors rose to £5,424,496 from £2,930,280, while Trade creditors increased to £1,143,131 (2022: £242,751).

Key Performance Indicators

Turnover rose by 43%, supported by business development activities and existing contract performance. Operating margin declined to 68.9%, reflecting ongoing investment in growth and support infrastructure. Closing cash and cash equivalents stood at £3,042,560.

Principal Risks and Uncertainties

The Group is exposed to the following key risks:

- Market risk includes exposure to EUR, USD, SEK and INR. Treasury management policies and natural
hedging help mitigate these effects.

- Credit risk primarily arises from receivables, which are monitored through robust internal
processes and provisions where required.

- Liquidity risk is actively managed via short-term forecasting and support from group funding
lines. No material funding issues were identified during the period.

Future Developments

Management expects continued growth through new international mandates and organic expansion of existing services.














Post Balance Sheet Events

The company is in a process of applying parent guarantee audit exemption for one of it's Subsidiaries:WISEENERGY (GREAT BRITAIN) LIMITED, company number: 08822067, address:75 Grosvenor Street, London, United Kingdom, W1K 3JS. The directors have obtained approval and board resolution has been passed on the 27th of September 2024.

 

WiseEnergy International Limited

Strategic Report for the Year Ended 31 December 2023

The Directors present the Strategic Report for the year ended 31 December 2023.

Principal Activities

WiseEnergy International Limited acts as an investment holding company, overseeing a group of subsidiaries focused on renewable energy services. The group provides asset management, advisory and consultancy services to renewable energy projects primarily across Europe, with an expanding international footprint including operations in North America and India. Key subsidiaries are engaged in day-to-day operational and commercial delivery across target geographies. The activities span asset management for solar Photovoltaics portfolios, technical and commercial services, and financial and administrative back-office support.

Business Review

The Group reported a turnover of £21,974,526 in FY2023 (2022: £15,367,519), driven by an increase in service mandates and project volume across core and emerging markets. Cost of sales increased to £12,834,609 (2022:£9,775,467), administrative expenses rose significantly to £8,957,829 (2022: £5,005,143), mainly due to increased staff costs which reached £11,962,775 (2022: £8,896,095), reflecting expansion in technical and operational teams. The Group also incurred increased depreciation and amortisation charges of £106,319 (2022: £150,795). Operating profit stood at £182,088 (2022: £586,909), with a net profit after tax for the year of £79,206 (2022: £381,286). Tangible assets increased by £1,017,664 to £2,012,956 reflecting capital investments in equipment and premises. Trade debtors rose to £5,424,496 from £2,930,280, while Trade creditors increased to £1,143,131 (2022: £242,751).

Key Performance Indicators

Turnover rose by 43%, supported by business development activities and existing contract performance. Operating margin declined to 68.9%, reflecting ongoing investment in growth and support infrastructure. Closing cash and cash equivalents stood at £3,042,560.

Principal Risks and Uncertainties

The Group is exposed to the following key risks:

- Market risk includes exposure to EUR, USD, SEK and INR. Treasury management policies and natural
hedging help mitigate these effects.

- Credit risk primarily arises from receivables, which are monitored through robust internal
processes and provisions where required.

- Liquidity risk is actively managed via short-term forecasting and support from group funding
lines. No material funding issues were identified during the period.

Future Developments

Management expects continued growth through new international mandates and organic expansion of existing services.














Post Balance Sheet Events

The company is in a process of applying parent guarantee audit exemption for one of it's Subsidiaries:WISEENERGY (GREAT BRITAIN) LIMITED, company number: 08822067, address:75 Grosvenor Street, London, United Kingdom, W1K 3JS. The directors have obtained approval and board resolution has been passed on the 27th of September 2024.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Mr E R Caley
Director

 

WiseEnergy International Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the for the year ended 31 December 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr E R Caley

Ms R J Carter

Mr A Beolchini

Mr M F Bonte-Friedheim

Results and dividends

The group reported profits after tax of £79,206 for the financial year (2022: £381,286).

No dividends were paid in the current year (2022: £Nil).

Political donations

The company did not make any political donations or incur any political expenditure during the year (2023:
£nil).
 

Qualifying third party indemnity provisions

The group has not made qualifying third party indemnity provisons for the benefit of its directors during the year.

Employees involvement

The Group places considerable value on the involement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the company and the group. This acheived through formal and informal meetings. Employees representatives are consulted regularly on wide range of matters affecting thier current and future interests.

Director's interest

None of the directors had any interest in any contracts or arrangements with the Group and its subsidiaries during the year.

Going concern

As mentioned in the Directors’ Report, the directors are confident that the company has sufficient resources to
continue its operations for the foreseeable future, defined as a period of at least 12 months from the date of
approval of these financial statements. As such, the going concern basis has been adopted in the preparation of
the annual report and financial statements.
In reaching this conclusion, the directors have considered the company’s current financial position, projected
cash flows, and the ongoing support from its parent and other group companies. No material uncertainties have
been identified that would cast significant doubt on the company’s ability to continue as a going concern.

Post balance sheet events

The directors confirms that there were no significant events occurring after the balance sheet date, up to the date of this report that would meet the criteria to be disclosed or adjusted in the financial statements for the yearended 31 December 2023, other than those which are mentioned in note 20 of the financial statements.

 

WiseEnergy International Limited

Directors' Report for the Year Ended 31 December 2023

Disclosure of information to the auditor

Each of the persons who are directors at the time when this Director’s Report is approved has confirmed that :

• so far as the director is aware, there is no relevant audit information of which the Company’s auditor is
unaware , and
• the directors has taken all the steps that ought to have been taken as a director in order to be aware of any
relevant audit information and to establish that the Company’s auditor is aware of that information.

This information is given and should be interpreted in accordance with the provision of s418 of the Companies
Act 2006.

Reappointment of auditor

Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and The Audit Experts will therefore continue in office.

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Mr E R Caley
Director

 

WiseEnergy International Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

WiseEnergy International Limited

Independent Auditor's Report to the Members of WiseEnergy International Limited

Opinion

We have audited the financial statements of WiseEnergy International Limited (the 'company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the company's affairs as at 31 December 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other matters

We draw attention to the fact that this is the first year of our audit of the financial statements. As a result, we have not been engaged to audit the opening balances or comparative numbers for the prior period presented in the financial statements. These opening balances and comparative figures are unaudited, and we have not expressed any assurance on them. Our opinion is based solely on the audited financial statements for the current period.

Other information

The other information comprises all of the information in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in the report, any form of assurance conclusion thereon.

 

WiseEnergy International Limited

Independent Auditor's Report to the Members of WiseEnergy International Limited

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatement, we are required to perform procedures to determine whether this gives rise to a material misstatements in the financial statements themselves. If, based on work we have performed, we conclude that there is material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or

• the company financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's and the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

WiseEnergy International Limited

Independent Auditor's Report to the Members of WiseEnergy International Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• Enquiries of management including consideration of knowns or suspected instances of non-compliance with laws and regulations and fraud;

• Using analytical procedures to identify any unusual or unexpected relationships;

• Performing audit work over the risk of management override of controls, including testing of journals entries and other adjustments for appropriateness , evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though we have properly planned and performed our audit in accordance with the auditing standards, including those leading to a material misstatement in the financial statements or non-compliance with regulations. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


 

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Irfan Ahmed Zuberi FCCA (Senior Statutory Auditor)
For and on behalf of The Audit Experts Limited, Statutory Auditor
 4th Floor, 3 Shortlands
Hammersmith
London
W6 8DA

24 April 2025

 

WiseEnergy International Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022 (Unaudited)
£

Turnover

3

21,974,526

15,367,519

Cost of sales

 

(12,834,609)

(9,775,467)

Gross profit

 

9,139,917

5,592,052

Administrative expenses

 

(8,957,829)

(5,005,143)

Operating profit

4

182,088

586,909

Other interest receivable and similar income

5

51,891

873

Interest payable and similar expenses

6

(4,369)

(10,160)

   

47,522

(9,287)

Profit before tax

 

229,610

577,622

Tax on profit

10

(150,404)

(196,336)

Profit for the financial year

 

79,206

381,286

Profit/(loss) attributable to:

 

Owners of the company

 

79,206

381,286

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

WiseEnergy International Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022 (Unaudited)
£

Profit for the year

79,206

381,286

Total comprehensive income for the year

79,206

381,286

Total comprehensive income attributable to:

Owners of the company

79,206

381,286

 

WiseEnergy International Limited

(Registration number: 07768581)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022 (Unaudited)
£

Fixed assets

 

Intangible assets

11

-

18,067

Tangible assets

12

1,083,140

154,027

 

1,083,140

172,094

Current assets

 

Debtors

14

10,755,557

8,039,842

Cash at bank and in hand

 

3,042,560

3,122,989

 

13,798,117

11,162,831

Creditors: Amounts falling due within one year

16

(12,918,575)

(9,451,449)

Net current assets

 

879,542

1,711,382

Net assets

 

1,962,682

1,883,476

Capital and reserves

 

Called up share capital

18

20,001

20,001

Share premium reserve

1,980,000

1,980,000

Retained earnings

(37,319)

(116,525)

Equity attributable to owners of the company

 

1,962,682

1,883,476

Shareholders' funds

 

1,962,682

1,883,476

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Mr E R Caley
Director

 

WiseEnergy International Limited

(Registration number: 07768581)
Company Balance Sheet as at 31 December 2023

Note

2023
£

2022 (Unaudited)
£

Fixed assets

 

Investments

13

1,844,805

1,167,264

Current assets

 

Debtors

14

1,786,883

1,032,381

Cash at bank and in hand

 

254,061

9,724

 

2,040,944

1,042,105

Creditors: Amounts falling due within one year

16

(2,973,668)

(1,864,935)

Net current liabilities

 

(932,724)

(822,830)

Net assets

 

912,081

344,434

Capital and reserves

 

Called up share capital

18

20,001

20,001

Share premium reserve

1,980,000

1,980,000

Retained earnings

(1,087,920)

(1,655,567)

Shareholders' funds

 

912,081

344,434

The company made a profit after tax for the financial year of £567,647 (2022 - loss of £50,865).

Approved and authorised by the Board on 24 April 2025 and signed on its behalf by:
 

.........................................
Mr E R Caley
Director

 

WiseEnergy International Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Share premium
£

Retained earnings
£

Total equity
£

At 1 January 2023

20,001

1,980,000

(116,525)

1,883,476

Profit for the year

-

-

79,206

79,206

At 31 December 2023

20,001

1,980,000

(37,319)

1,962,682

Share capital
(Unaudited)
£

Share premium
(Unaudited)
£

Retained earnings
(Unaudited)
£

Total equity
(Unaudited)
£

At 1 January 2022

20,001

1,980,000

(497,811)

1,502,190

Profit for the year

-

-

381,286

381,286

At 31 December 2022

20,001

1,980,000

(116,525)

1,883,476

 

WiseEnergy International Limited

Company Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

20,001

1,980,000

(1,655,567)

344,434

Profit for the year

-

-

567,647

567,647

At 31 December 2023

20,001

1,980,000

(1,087,920)

912,081

Share capital
(Unaudited)
£

Share premium
(Unaudited)
£

Retained earnings
(Unaudited)
£

Total
(Unaudited)
£

At 1 January 2022

20,001

1,980,000

(1,604,702)

395,299

Loss for the year

-

-

(50,865)

(50,865)

At 31 December 2022

20,001

1,980,000

(1,655,567)

344,434

 

WiseEnergy International Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022 (Unaudited)
£

Cash flows from operating activities

Profit for the year

 

79,206

381,286

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

106,319

150,795

Finance income

5

(51,891)

(873)

Finance costs

6

4,369

10,160

Income tax expense

10

150,404

196,336

Foreign exchange gains/losses

 

166,825

(31,118)

 

455,232

706,586

Working capital adjustments

 

Increase in trade debtors

14

(2,658,010)

(7,970,949)

Increase in trade creditors

16

3,598,864

8,789,556

Cash generated from operations

 

1,396,086

1,525,193

Income taxes paid

10

(341,854)

(68,882)

Net cash flow from operating activities

 

1,054,232

1,456,311

Cash flows from investing activities

 

Interest received

51,891

873

Acquisitions of tangible assets

(1,017,664)

(945,394)

Proceeds from sale of tangible assets

 

46

-

Proceeds from sale of intangible assets

 

253

-

Net cash flows from investing activities

 

(965,474)

(944,521)

Cash flows from financing activities

 

Interest paid

6

(4,369)

(10,160)

Net increase in cash and cash equivalents

 

84,389

501,630

Cash and cash equivalents at 1 January

 

3,122,989

2,590,241

Effect of exchange rate fluctuations on cash held

 

(164,818)

31,118

Cash and cash equivalents at 31 December

 

3,042,560

3,122,989

 

WiseEnergy International Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal activities of the comapny is that of as an investment holding company, overseeing a group of subsidiaries focused on renewable energy services. The group provides asset management,
advisory and consultancy services to renewable energy projects primarily across Europe, with an expanding international footprint including operations in North America and India.

The address of its registered office is:
75 Grosvenor Street
London
W1K3JS
United Kingdom

These financial statements were authorised for issue by the Board on 24 April 2025.

2

Material accounting policies

Summary of material accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The functional and presentational currency is
Pound Sterling (£).
The company has taken advantage of exemption provided by FRS 102 section 33 “Related Party Transactions”
not to disclose transactions with other Next Energy Capital Sarl wholly owned subsidiaries who are related
parties.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2023.

 

WiseEnergy International Limited

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

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Going concern

As mentioned in the Directors’ Report, the directors are confident that the company has sufficient resources to
continue its operations for the foreseeable future, defined as a period of at least 12 months from the date of
approval of these financial statements. As such, the going concern basis has been adopted in the preparation of
the annual report and financial statements.
In reaching this conclusion, the directors have considered the company’s current financial position, projected
cash flows, and the ongoing support from its parent and other group companies. No material uncertainties have
been identified that would cast significant doubt on the company’s ability to continue as a going concern.

 

WiseEnergy International Limited

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

Judgements

The company holds investments in various entities, including early-stage renewable energy projects. Management assesses whether these should be accounted for as subsidiaries, associates, or financial assets. This classification involves judgement regarding control, significant influence, and the business model for holding the investments. These Investments in the Company’s balance sheet are stated at cost less any impairment. These are reviewed annually for indicators of impairment.

An impairment provision is recognised on trade debtors when there is objective evidence that the Group will not collect the full amount due under the terms of the receivable.

Key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires the use of estimates and assumptions. The
following areas involve significant estimation uncertainty that could result in a material adjustment to the
carrying amounts of assets or liabilities in the next financial year:.

The company reviews the carrying values of investments in subsidiaries and associates for impairment where
indicators exist.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and the performance obligations are satisfied.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

WiseEnergy International Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

These tangible assets are impaired when trigger of impairment is identified.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

33% on a straight line basis

Computer equipment

33% on a straight line basis

Leasehold improvements

10% on a straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are initially recognised at cost. Intangible assets acquired separately are measured at cost less
accumulated amortisation and any accumulated impairment losses.
Internally generated intangible assets, such as software development costs, are recognised as an asset only if all
of the following conditions are met:
- The technical feasibility of completing the intangible asset so that it will be available for use or sale.
- The intention to complete the intangible asset and use or sell it.
- The ability to use or sell the intangible asset.
- How the intangible asset will generate probable future economic benefits.
- The availability of adequate technical, financial and other resources to complete the development and to use or
sell the intangible asset.
- The ability to measure reliably the expenditure attributable to the intangible asset during its development.
Expenditure on research (or on the research phase of an internal project) is recognised as an expense when it is
incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patent rights

10% on a straight line basis

Investments

Investments in the Company’s balance sheet are stated at cost less any impairment. They are reviewed annually
for indicators of impairment.

 

WiseEnergy International Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors represent amounts due for services rendered in the ordinary course of business.

They are initially recognised at the transaction price, and subsequently measured at amortised cost using the
effective interest method, less any provision for impairment.

An impairment provision is recognised when there is objective evidence that the Group will not collect the full amount due under the terms of the receivable.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022 (Unaudited)
£

Rendering of services, UK

10,816,498

9,403,822

Rendering of services, Europe

7,244,725

4,287,904

Rendering of services, rest of world

2,282,169

1,327,932

Other revenue

1,631,134

347,861

21,974,526

15,367,519

 

WiseEnergy International Limited

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

4

Operating profit

Arrived at after charging/(crediting)

2023
£

2022 (Unaudited)
£

Depreciation expense

106,319

150,795

Rent and rates expenses

556,854

271,800

General administrative expenses

6,221,693

3,853,852

Finance charges

17,958

9,807

Consultancy fees

2,010,005

718,889

Auditor's remuneration - The audit of the company's annual accounts

45,000

-

5

Other interest receivable and similar income

2023
£

2022 (Unaudited)
£

Interest income on bank deposits

51,891

873

6

Interest payable and similar expenses

2023
£

2022 (Unaudited)
£

Interest expense on other finance liabilities

4,369

10,160

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022 (Unaudited)
£

Wages and salaries

11,486,654

8,564,274

Other short-term employee benefits

2,550

1,464

Pension costs, defined contribution scheme

323,680

105,485

Other employee expense

149,891

224,872

11,962,775

8,896,095

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022 (Unaudited)
No.

Administration and support

104

94

104

94

 

WiseEnergy International Limited

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

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022 (Unaudited)
£

Sums paid to third parties for directors' services

780,979

543,570

In respect of the highest paid director:

2023
£

2022 (Unaudited)
£

Remuneration

433,308

296,920

9

Auditors' remuneration

2023
£

2022 (Unaudited)
£

Audit of these financial statements

45,000

-


 

10

Taxation

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.5% (2022 - 19%).

2023
£

2022 (Unaudited)
£

Profit before tax

229,610

577,622

Corporation tax at standard rate

61,638

136,507

Increase Corporation tax Prior year

36,507

-

Effect of foreign tax rates

54,044

64,113

Deferred tax credit from unrecognised temporary difference from a prior period

(1,785)

(4,284)

Total tax charge

150,404

196,336

Tax charged/(credited) in the consolidated profit and loss account

 

WiseEnergy International Limited

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

2023
£

2022 (Unaudited)
£

Current taxation

UK corporation tax

115,682

200,620

UK corporation tax adjustment to prior periods

36,507

-

152,189

200,620

Deferred taxation

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(1,785)

(4,284)

Tax expense in the income statement

150,404

196,336

 

WiseEnergy International Limited

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

11

Intangible assets

Group

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

555,819

555,819

Disposals

(22,102)

(22,102)

At 31 December 2023

533,717

533,717

Amortisation

At 1 January 2023

537,752

537,752

Amortisation charge

17,814

17,814

Amortisation eliminated on disposals

(21,849)

(21,849)

At 31 December 2023

533,717

533,717

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

18,067

18,067

 

WiseEnergy International Limited

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

12

Tangible assets

Group

Leasehold improvments
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

406,836

747,892

1,154,728

Additions

319,792

697,872

1,017,664

Disposals

(156,684)

(2,752)

(159,436)

At 31 December 2023

569,944

1,443,012

2,012,956

Depreciation

At 1 January 2023

406,762

593,939

1,000,701

Charge for the year

1,540

86,965

88,505

Eliminated on disposal

(156,684)

(2,706)

(159,390)

At 31 December 2023

251,618

678,198

929,816

Carrying amount

At 31 December 2023

318,326

764,814

1,083,140

At 31 December 2022

74

153,953

154,027

13

Investments

Company

2023
£

2022 (Unaudited)
£

Investments in subsidiaries

1,844,805

1,167,264

Subsidiaries

£

Cost or valuation

At 1 January 2023

1,167,264

Additions

677,541

At 31 December 2023

1,844,805

Provision

Carrying amount

At 31 December 2023

1,844,805

At 31 December 2022

1,167,264

 

WiseEnergy International Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

WiseEnergy Italia S.r.l

Via San Marco, 21, 20121,
Milano

Italy

Ordianry

100%

100%

WiseEnergy (GB) Ltd

5th Floor, North Side
7/10 Chandos Street
London W1G 9DQ

United Kingdom

Ordinary

100%

100%

WiseEnergy US Inc

Trolley Square, Suite 20 C,
Wilmington 19806,

Delaware

Ordianry

100%

100%

WiseEnergy Iberia SL

Cl. Jose Ortega Y Gasset 225,
28001 Madrid

Spain

Ordianry

100%

100%

WEI (WiseEnergy India) Pvt Ltd

02A104, 02A105, 02A107,
WeWork, Krishe Emerald
Kondhapur Main Road, Laxmi
Cyber City, Whitefields, Kondapur
Hyderabad
Telangana 500081

India

Ordinary

100%

100%

WiseEnergy Poland Sp.z.o.o

C/O HK Finance Sp z.o.o.
Olivia Business Centre, Al.
Grunwaldzka 472B
80-309 Gdansk

Poland

Ordinary

100%

100%

WEP - Energias Renovaveis,Unipessoal LDA

Avenida António Augusto Aguiar,
nº 19, 4º Dto, Sala B
1050 012
lisbon

Portugal

Ordianry

100%

100%

WiseEnergy Services Limited

75 Grosvenor Street, London, United Kingdom, W1K 3JS

Ordinary

100%

0%

WiseEnergy Directors limited

75 Grosvenor Street, London, United Kingdom, W1K 3JS

Ordinary

100%

0%

 

WiseEnergy International Limited

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

Subsidiary undertakings

WiseEnergy Italia S.r.l

The principal activity of WiseEnergy Italia S.r.l is asset management services in the renewable energy sector.

WiseEnergy (GB) Ltd

The principal activity of WiseEnergy (GB) Ltd is asset management services in the renewable energy sector.

WiseEnergy US Inc

The principal activity of WiseEnergy US Inc is asset management services in the renewable energy sector.

WiseEnergy Iberia SL

The principal activity of WiseEnergy Iberia SL is asset management services in the renewable energy sector.

WEI (WiseEnergy India) Pvt Ltd

The principal activity of WEI (WiseEnergy India) Pvt Ltd is that of asset management of Solar plant in India.

WiseEnergy Poland Sp.z.o.o

The principal activity of WiseEnergy Poland Sp.z.o.o is asset management services in the renewable energy sector.

WEP - Energias Renovaveis,Unipessoal LDA

The principal activity of WEP - Energias Renovaveis,Unipessoal LDA is asset management services in the renewable energy sector.

WiseEnergy Services Limited

The principal activity of WiseEnergy Services Limited is asset management services in the renewable energy sector.

WiseEnergy Directors limited

The principal activity of WiseEnergy Directors limited is asset management services in the renewable energy sector.

 

WiseEnergy International Limited

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

14

Debtors

   

Group

Company

Current

Note

2023
£

2022 (Unaudited)
£

2023
£

2022 (Unaudited)
£

Trade debtors

 

5,424,496

2,930,280

30,148

-

Amounts owed by related parties

523,763

1,422,751

944,380

905,610

Other debtors

 

892,775

377,764

112,868

126,771

Prepayments

 

601,662

432,804

110,496

-

Accrued income

 

3,249,667

2,870,754

588,991

-

Deferred tax assets

 

5,267

5,489

-

-

Income tax asset

 

57,927

-

-

-

   

10,755,557

8,039,842

1,786,883

1,032,381

15

Cash and cash equivalents

 

Group

Company

2023
£

2022 (Unaudited)
£

2023
£

2022 (Unaudited)
£

Cash on hand

5

3

-

-

Cash at bank

3,042,555

3,122,986

254,061

9,724

3,042,560

3,122,989

254,061

9,724

 

WiseEnergy International Limited

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

16

Creditors

   

Group

Company

Note

2023
£

2022 (Unaudited)
£

2023
£

2022 (Unaudited)
£

Due within one year

 

Trade creditors

 

1,143,131

242,751

149,536

-

Amounts due to related parties

3,992,228

2,755,989

2,307,924

1,850,379

Social security and other taxes

 

803,855

584,526

-

-

Other liabilities

 

511,697

335,995

-

-

Other payables

 

1,015,445

432,943

1,483

1,483

Accruals

 

5,452,219

4,967,507

514,725

13,073

Income tax liability

 

-

131,738

-

-

 

12,918,575

9,451,449

2,973,668

1,864,935

17

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £323,680 (2022 - £105,485).

18

Share capital

Allotted, called up and fully paid shares

2023

2022 (Unaudited)

No.

£

No.

£

Ordinary shares of £1 each

20,001

20,001

20,001

20,001

       

19

Parent and ultimate parent undertaking

The company's immediate parent is NextEnergy Capital Sàrl, incorporated in Luxembourg.

 The ultimate parent is NextEnergy Capital Sàrl, incorporated in Luxembourg.

 

 

WiseEnergy International Limited

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

20

Post Balance sheet events

The company is in a process of applying parent guarantee audit exemption for one of it's Subsidiariest;WISEENERGY (GREAT BRITAIN) LIMITED, company number: 08822067, address:75 Grosvenor Street, London, United Kingdom, W1K 3JS. The directors have obtained approval and board resolution has been passed on the 27th of September 2024.

21

Auditor Limitation liability

An auditors’ limitation of liability agreement has been approved by the directors for the financial year ended 31
December 2023.

The principal terms and conditions are as below:

• The agreement limits the amount of any liability owed to the Company by the auditors in respect of any negligence default, breach of duty or breach of trust , occurring in the course of audit of the Company’s
accounts and pursuant to this agreement of which the auditor may be guilty in relation to the Company.

• The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.