REGISTERED NUMBER: |
SOLAR INVEST UK LIMITED |
Financial Statements for the Year Ended 31 December 2022 |
REGISTERED NUMBER: |
SOLAR INVEST UK LIMITED |
Financial Statements for the Year Ended 31 December 2022 |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SOLAR INVEST UK LIMITED |
Company Information |
for the Year Ended 31 December 2022 |
Director: |
Registered office: |
Registered number: |
Auditors: |
7 Neptune Court |
Vanguard Way |
Cardiff |
CF24 5PJ |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
Creditors |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
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 |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | Statutory information |
SOLAR INVEST UK 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. |
The company has reached a settlement agreement with its main creditor in September 2023. The company's ultimate parent company is supportive of the settlement agreement and will seek to make appropriate financial support available to allow the company to meet the obligations of the settlement agreement. 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, or be forthcoming. However, the director is confident that the company will have sufficient funds 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 SOLAR INVEST UK 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. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities. |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | Employees and directors |
The average number of employees during the year was NIL (2021 - NIL). |
4. | Auditors' remuneration |
2022 | 2021 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
1,500 |
1,440 |
Auditors' remuneration for non audit work |
5. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Amounts owed by related parties |
Other debtors |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Other loans |
Other creditors |
Accruals and deferred income |
7. | Secured debts |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Other loans |
The repayments of the loan and Indebtedness are secured by a guarantee given by WELink Energy (Europe) Limited as guarantor and indemnifier in favour of the lender. |
SOLAR INVEST UK LIMITED (Registered number: 10080617) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
9. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | Ultimate controlling party |
The ultimate controlling party is |
The immediate parent company is WELink Energy Holdings (U.K.) Limited. |
The largest and smallest group for which group financial statements are prepared, and of which the company is a member, is as follows: |
Name: | Ableon Limited |
Country of Incorporation: | Ireland |
Address from where copies of the financial | 22 Avoca Wood |
statements can be obtained: | Avoca |
Co. Wicklow |