Registration number:
WiseEnergy International Limited
for the Year Ended 31 December 2024
WiseEnergy International Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Company Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Company Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
WiseEnergy International Limited
Company Information
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Directors |
Ms R J Carter Mr A Beolchini Mr M F Bonte-Friedheim Mr A L Diamond |
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Company secretary |
Laggan Secretaries Ltd |
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Registered office |
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Auditors |
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WiseEnergy International Limited
Strategic Report for the Year Ended 31 December 2024
The Directors present the Strategic Report for the year ended 31 December 2024.
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 £27,146,212 in FY2024 (2023 - £21,974,526), driven by an increase in service mandates and project volume across core and emerging markets. Cost of sales increased to £17,078,410 (2023 - £12,834,609). Administrative expenses rose to £10,437,632 (2023 - £8,957,829) mainly due to increased staff costs which reached £13,635,914 (2023 - £11,962,775), reflecting expansion in technical and operational teams. The Group also incurred increased depreciation and amortisation charges of £230,382 (2023 - £106,319). Operating loss stood at £369,830 (2023 - £182,088 operating profit), with a net loss after tax for the year of £340,706 (2023 - £79,206 net profit after tax). Tangible assets decreased by £20,331 to £1,062,809. Trade debtors rose to £5,788,473 from £5,424,496, while Trade creditors decreased to £578,827 (2023 - £1,143,131).
Key Performance Indicators
The core KPIs used to monitor the performance of the business include turnover £27,146,212 (2023 - £21,974,526), gross profit margin 37.1% (2023 - 41.6%) and operating profit margin -1.36% (2023 - 0.8%).
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 including appropriate credit checks and debt management procedures.
- 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.
Approved by the
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WiseEnergy International Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Results and dividends
The group reported losses after tax of £340,706 for the financial year (2023 - £79,206 profits after tax).
No dividends were paid in the current year (2023 - £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.
WiseEnergy International Limited
Directors' Report for the Year Ended 31 December 2024
Going concern
The Directors have assessed the Group’s ability to continue as a going concern for a period of at least twelve months from the date of approval of the financial statements.
As part of this assessment, the Directors have given particular consideration to the Group’s funding position, including the utilisation of a short-term banking facility after the reporting date, which is due for repayment by 31 December 2025. Repayment of this facility is expected to be funded through existing cash reserves and the collection of trade and intercompany receivables.
The Group has prepared cash flow forecasts based on reasonable and supportable assumptions. These forecasts indicate that sufficient funds will be available, and the Directors are confident in the Group’s ability to generate the necessary cash flows, based on current expectations and historical collection patterns. However, the Directors acknowledge that the timing of these receipts is subject to inherent uncertainty. As such, these circumstances can indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. Nevertheless, the Directors believe it remains appropriate to prepare the financial statements on a going concern basis.
Post balance sheet events
The company is in a process of applying parent guarantee audit exemption for three of it's Subsidiariest;WISEENERGY (GREAT BRITAIN) LIMITED, company number: 08822067, address:75 Grosvenor Street, London, United Kingdom, W1K 3JS; WISEENERGY SERVICES LIMITED, company number:15366254, address:75 Grosvenor Street, London, United Kingdom, W1K 3JS; WISENERGY DIRECTORS LIMITED, company number:15366301, address:75 Grosvenor Street, London, United Kingdom, W1K 3JS. The directors have obtained approval and board resolution has been passed on the 29th of September 2025.
WiseEnergy International Limited
Directors' Report for the Year Ended 31 December 2024
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 by the
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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, comprising FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 2024, 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, Company 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 2024 and of the group's loss 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 and the company 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.
Material uncertainty relating to going concern
We draw attention to Note 2 of the financial statement which refers to the existence of a material uncertainty related to going concern. The Group has utilised a short-term banking facility after the reporting date, due for repayment by 31 December 2025. While management is confident in the availability of sufficient cash flows based on current forecasts and historical patterns, the timing of these receipts is subject to inherent uncertainty. These conditions indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter.
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.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and 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.
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 group or 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.
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For and on behalf of
Hammersmith
London
W6 8DA
WiseEnergy International Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating (loss)/profit |
( |
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|
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Other interest receivable and similar income |
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|
|
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Interest payable and similar expenses |
|
( |
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12,188 |
47,522 |
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(Loss)/profit before tax |
( |
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Tax on (loss)/profit |
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( |
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(Loss)/profit for the financial year |
( |
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Profit/(loss) attributable to: |
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Owners of the company |
( |
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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 2024
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2024 |
2023 |
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(Loss)/profit for the year |
( |
|
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Total comprehensive income for the year |
( |
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Total comprehensive income attributable to: |
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Owners of the company |
( |
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WiseEnergy International Limited
(Registration number: 07768581)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
20,001 |
20,001 |
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Share premium reserve |
1,980,000 |
1,980,000 |
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Retained earnings |
(378,025) |
(37,319) |
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Equity attributable to owners of the company |
1,621,976 |
1,962,682 |
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Shareholders' funds |
1,621,976 |
1,962,682 |
Approved and authorised by the
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WiseEnergy International Limited
(Registration number: 07768581)
Company Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
20,001 |
20,001 |
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Share premium reserve |
1,980,000 |
1,980,000 |
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Retained earnings |
(851,201) |
(1,087,920) |
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Shareholders' funds |
1,148,800 |
912,081 |
The company made a profit after tax for the financial year of £236,719 (2023 - profit of £567,647).
Approved and authorised by the
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WiseEnergy International Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
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Share capital |
Share premium |
Retained earnings |
Total equity |
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At 1 January 2024 |
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( |
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Loss for the year |
- |
- |
( |
( |
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At 31 December 2024 |
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( |
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Share capital |
Share premium |
Retained earnings |
Total equity |
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At 1 January 2023 |
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( |
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Profit for the year |
- |
- |
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At 31 December 2023 |
20,001 |
1,980,000 |
(37,319) |
1,962,682 |
WiseEnergy International Limited
Company Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2024 |
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( |
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Profit for the year |
- |
- |
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At 31 December 2024 |
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( |
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2023 |
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( |
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Profit for the year |
- |
- |
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At 31 December 2023 |
20,001 |
1,980,000 |
(1,087,920) |
912,081 |
WiseEnergy International Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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(Loss)/profit for the year |
( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Finance income |
( |
( |
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Finance costs |
( |
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Income tax expense |
( |
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Foreign exchange gains/losses |
( |
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( |
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Cash generated from operations |
( |
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|
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Income taxes received/(paid) |
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( |
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Net cash flow from operating activities |
( |
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
|
|
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Proceeds from sale of intangible assets |
( |
|
|
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
|
( |
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|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
|
( |
|
|
Cash and cash equivalents at 31 December |
1,463,026 |
3,042,560 |
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WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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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:
United Kingdom
These financial statements were authorised for issue by the
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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.
The Company has taken advantage of the exemption available in Section 408 of the Companies Act 2006 from presenting its individual profit and loss account.
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
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
The financial statements have been prepared on a going concern basis.
As part of their assessment of going concern, the Directors considered the Group’s funding position, including the use of a short-term banking facility obtained after the reporting date, which is due for repayment by 31 December 2025. The repayment of this facility is expected to be funded through existing cash balances and the collection of trade and intercompany receivables.
The Group has prepared detailed cash flow forecasts based on reasonable and supportable assumptions. These forecasts indicate that the Group will have sufficient liquidity to meet its obligations as they fall due, and management is confident in the availability of the required funds based on historical collection patterns and current expectations. However, the Directors acknowledge that the timing of these receipts is subject to inherent uncertainty. As such, these circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern. Nevertheless, the Directors believe it remains appropriate to prepare the financial statements on a going concern basis.
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses resulting from the settlement of transactions, and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the profit and loss account.
The trading results of group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings are translated at the exchange rates ruling at the year-end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in 'Other comprehensive income' and allocated to non-controlling interests as appropriate.
Tax
The tax expense for the period comprises current 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.
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Current tax is the amount of income tax payable in respect of the taaxable profit for the year or prior years. 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. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs.
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 |
over shorter of 10% on a straight line basis and the remaining lease period |
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.
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
Amortisation is included in 'Administrative expenses' in the profit and loss account.
Investments
Investments in the Company’s balance sheet are stated at cost less any impairment. They are reviewed annually
for indicators of impairment.
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.
At the end of each reporting period, trade debtors are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Dividends
Dividends and other distributions to the Group's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.
Defined contribution pension obligation
The Group operates a number of country-specific defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid, the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Impairment of non-financial assets
At each balance sheet date, non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset (or asset's cash generating unit) may be impaired. If there is such an indication, the recoverable amount of the asset (or asset's cash generating units) is compared to the carrying amount of the asset (or asset's cash generating unit). The recoverable amount of the asset (or asset's cash generating units) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset's (or asset's cash generating units) continued use. These cash flows are discounted using a pre-tax discount rate that represents the current market risk-free rate and the risks inherent in the asset.
If the recoverable amount of the asset (or asset's cash generating units) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recogniesed in other comprehensive income to the extent of any previously recognised revaluation. Thereafter, any excess is recognied in profit or loss.
Related parties
The Group discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinon of the directors, separate disclosure is necessary to understand the effect of the transaxctions on the group financial statements.
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Rendering of services, UK |
10,181,940 |
10,816,498 |
|
Rendering of services, Europe |
7,910,417 |
7,244,725 |
|
Rendering of services, rest of world |
9,053,855 |
3,913,303 |
|
|
|
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
- |
|
Rent and rates expenses |
466,616 |
556,854 |
|
Auditor's remuneration - The audit of the company's annual accounts |
51,000 |
45,000 |
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
|
- |
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Sums paid to third parties for directors' services |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
51,000 |
45,000 |
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
- |
|
|
(Decrease)/increase Corporation tax Prior year |
( |
|
|
Effect of foreign tax rates |
|
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
|
Total tax (credit)/charge |
( |
|
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
UK corporation tax adjustment to prior periods |
- |
|
|
(16,936) |
152,189 |
|
|
Deferred taxation |
||
|
Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
- |
(1,785) |
|
Tax (receipt)/expense in the income statement |
( |
|
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Leasehold improvments |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Via San Marco, 21, 20121,
Italy |
|
|
|
|
|
5th Floor, North Side
United Kingdom |
|
|
|
|
|
Trolley Square, Suite 20 C,
Delaware |
|
|
|
|
|
Cl. Jose Ortega Y Gasset 225,
Spain |
|
|
|
|
|
02A104, 02A105, 02A107,
India |
|
|
|
|
|
C/O HK Finance Sp z.o.o.
Poland |
|
|
|
|
|
Avenida António Augusto Aguiar,
Portugal |
|
|
|
|
|
75 Grosvenor Street, London, United Kingdom, W1K 3JS |
|
|
|
|
|
75 Grosvenor Street, London, United Kingdom, W1K 3JS |
|
|
|
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Subsidiary undertakings |
|
WiseEnergy Italia S.r.l The principal activity of WiseEnergy Italia S.r.l is |
|
WiseEnergy (GB) Ltd The principal activity of WiseEnergy (GB) Ltd is |
|
WiseEnergy US Inc The principal activity of WiseEnergy US Inc is |
|
WiseEnergy Iberia SL The principal activity of WiseEnergy Iberia SL is |
|
WEI (WiseEnergy India) Pvt Ltd The principal activity of WEI (WiseEnergy India) Pvt Ltd is |
|
WiseEnergy Poland Sp.z.o.o The principal activity of WiseEnergy Poland Sp.z.o.o is |
|
WEP - Energias Renovaveis,Unipessoal LDA The principal activity of WEP - Energias Renovaveis,Unipessoal LDA is |
|
WiseEnergy Services Limited The principal activity of WiseEnergy Services Limited is |
|
WiseEnergy Directors Limited The principal activity of WiseEnergy Directors Limited is |
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
|
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
|
|
|
|
Accrued income |
|
|
- |
|
|
|
Deferred tax assets |
|
|
- |
- |
|
|
Income tax asset |
- |
|
- |
- |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash on hand |
- |
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
- |
|
|
Other liabilities |
- |
|
- |
- |
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Income tax liability |
106,110 |
- |
- |
- |
|
|
|
|
|
|
||
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
20,001 |
|
20,001 |
|
Commitments |
Group
The Group had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
|
2024 |
2023 |
|
|
Not later than one year |
209,821 |
209,821 |
|
Later than one year and not later than 5 years |
1,573,657 |
1,573,657 |
|
Later than 5 years |
629,463 |
839,284 |
|
2,412,941 |
2,622,762 |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
WiseEnergy International Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Post Balance sheet events |
|
|
|
Auditor Limitation liability |
An auditors’ limitation of liability agreement has been approved by the directors for the financial year ended 31 December 2024.
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.