Welink Energy Investments (U.K.) Limited - Accounts to registrar (filleted) - small 18.2
Welink Energy Investments (U.K.) Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2020 |
for |
Welink Energy Investments (U.K.) Limited |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Welink Energy Investments (U.K.) Limited |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditors |
Chester House |
17 Gold Tops |
Newport |
SOUTH WALES |
NP20 4PH |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Statement of Financial Position |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
Welink Energy Investments (U.K.) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
Despite the fact the company had net liabilities at the period end, at the time of approving the financial statements, the director has a reasonable expectation that the company will obtain adequate resources to continue in operational existence for the foreseeable future. There are material uncertainties which may cast doubt about the company's ability to continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. At the current time, the company is effectively dormant and its main assets of the Barcelona Housing Systems S.A and Backpack S.L loans have been provided for in full. All of the company's material creditors are to related group companies. The director has obtained a letter of support from the company's ultimate parent. On that basis, the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Preparation of consolidated financial statements |
The financial statements contain information about Welink Energy Investments (U.K.) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
4. | AUDITORS' REMUNERATION |
31.12.20 | 31.12.19 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
2,400 |
3,390 |
Auditors' remuneration for non audit work |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2020 |
Disposals | ( |
) |
At 31 December 2020 |
PROVISIONS |
At 1 January 2020 | 1,200,000 |
Eliminated on disposal | (1,200,000 | ) |
At 31 December 2020 | - |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
5. | FIXED ASSET INVESTMENTS - continued |
Investments are made up as follows: |
50% shareholding in Amwel JV Limited. The shareholding consists of 100 ordinary B shares of £1 each. |
50% shareholding in SSF Holding Co Limited. The shareholding consists of 200 ordinary B shares of £1 each. |
During the 2016 year the company purchased 200 ordinary B shares of £1 each in SSF Holding Co Limited as part of a joint venture with a share premium of £1,200,000. |
Over the last few years impairment reviews have been carried out and the SSF Holding Co Limited shares were being carried at their nominal value of £200. The company was dissolved on 22 September 2020, resulting in the disposal of the investment during this financial year. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed by related parties |
Other debtors |
Loan agreements were previously entered into with Barcelona Housing Systems S.A and Backpack S.L Interest of 5% per annum is receivable on the loan with an additional 2% due on any late payments. Repayment is due by 01/01/2024 with mandatory payments falling due if and when specific criteria have been met. |
In 2018 the company stated it believed that the loans were unlikely to be recovered and as such a full impairment was made in the financial statements for the outstanding balance plus interest. |
During 2019 & 2020 further interest has accrued on the loan and this too has been provided for as an impairment.The company continues to pursue the debts via legal channels but still believes that the debts are unlikely to be recovered. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Amounts owed to related parties | 14,313,908 | 14,486,022 |
Accruals and deferred income |
8. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.20 | 31.12.19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2020 | ( |
) |
Profit for the year |
At 31 December 2020 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
Related Party | Relationship | Amount due from/ (to) related party |
Green Town (Heartlands) Ltd | Common ultimate controlling party | (£138,086 | ) |
WELink Energy (U.K.) Ltd | Fellow subsidiary undertaking | £1,850,595 |
WELink Energy Holdings (U.K.) Ltd | Immediate parent company | £1,050 |
WELink Energy Services (U.K.) Ltd | Fellow subsidiary undertaking | £79,491 |
WELink Energy Developments Ltd | Common ultimate controlling party | (£630,882 | ) |
WELink Investments (Ireland) Ltd | Common ultimate controlling party | (£714,063 | ) |
Greentown Services Limited | Common ultimate controlling party | £2,774 |
Emerald Investment Holdings Limited | Common ultimate controlling party | £614,159 |
Greentown Berkeley Limited | Common ultimate controlling party | £2,985 |
Greentown Housing (UK) Limited | Common ultimate controlling party | £101,443 |
WELink Global Ltd | Common ultimate controlling party | (£12,830,877 | ) |
Project Green Town Limited | Common ultimate controlling party | £100 |
Welink Energy Investments (U.K.) Limited (Registered number: 09231330) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
The immediate parent company is WELink Energy Holdings (U.K.) Limited, a company registered in England and Wales. |
The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows: |
Name: | ABLEON Limited |
Country of Incorporation: | Ireland |
Address from where copies of the | 22 Avoca Wood |
Group financial statements can be | Avoca |
obtained: | Co. Wicklow |