Welink Energy Investments (U.K.) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09231330 (England and Wales)

Financial Statements for the Year Ended 31 December 2021

for

Welink Energy Investments (U.K.) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

B M O'Neill

REGISTERED OFFICE:

3 Hardman Square

Spinningfields

Manchester

M3 3EB

REGISTERED NUMBER:

09231330 (England and Wales)

AUDITORS:

Marsh Vision Limited

Chartered Certified Accountants

Statutory Auditors

Chester House

17 Gold Tops

Newport

SOUTH WALES

NP20 4PH

FIXED ASSETS

Investments

5

100

100

CURRENT ASSETS

Debtors

6

3,258,043

2,652,647

Cash at bank

52

770

3,258,095

2,653,417

CREDITORS

Amounts falling due within one year

7

14,947,618

14,325,526

NET CURRENT LIABILITIES

(11,689,523

)

(11,672,109

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(11,689,423

)

(11,672,009

)

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

10

(11,690,423

)

(11,673,009

)

SHAREHOLDERS' FUNDS

(11,689,423

)

(11,672,009

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 March 2023 and were signed by:

B M O'Neill - Director

1.	STATUTORY INFORMATION

Welink Energy Investments (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

Despite the fact 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 company also has a letter of support from the groups ultimate parent company to provide necessary funding for at least 12 months from the approval of the financial statements. As with any company placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.

Consequently, the Director is confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

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.

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 (2020 - NIL).

4.	AUDITORS' REMUNERATION

31.12.21

31.12.20

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

2,040

2,400

Auditors' remuneration for non audit work

2,040

2,400

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2021

and 31 December 2021

100

NET BOOK VALUE

At 31 December 2021

100

At 31 December 2020

100

Investments are made up as follows:

50% shareholding in Amwel JV Limited. The shareholding consists of 100 ordinary B shares of £1 each.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Amounts owed by related parties

3,257,924

2,652,597

Other debtors

50

50

Prepayments

69

-

3,258,043

2,652,647

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 & 2021 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

31.12.21

31.12.20

£

£

Bank loans and overdrafts (see note 8)

3

5

Amounts owed to related parties

14,934,535

14,313,908

Other creditors

4,200

-

Accruals and deferred income

8,880

11,613

14,947,618

14,325,526

8.

LOANS

An analysis of the maturity of loans is given below:

31.12.21

31.12.20

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

3

5

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.

RESERVES

Retained

earnings

£

At 1 January 2021

(11,673,009

)

Deficit for the year

(17,414

)

At 31 December 2021

(11,690,423

)

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

S MARSH (Senior Statutory Auditor)

for and on behalf of Marsh Vision Limited

12.	RELATED PARTY DISCLOSURES

Related Party

Relationship

Amount due from/ (to) related party

Welink Energy Investments Spain (UK) Limited

Common ultimate controlling party

£2,605

WELink Energy (U.K.) Ltd

Fellow subsidiary undertaking

£1,706,141

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

(£633,247

)

WELink Investments (Ireland) Ltd

Common ultimate controlling party

(£1,422,304

)

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

(£12,878,984

)

Project Green Town Limited

Common ultimate controlling party

£750050

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is B M O'Neill.

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