WINDWARD MARINE RISK (UK) LTD
Directors: A. Daniel
Registered Office: 5.2 Central House
1 Ballards Lane
N3 1LQ
Registered No: 11491578 (England & Wales)
Independent Auditors: Levy Cohen & Co.
Registered Auditors
5.2 Central House
1 Ballards Lane, N3 1LQ
Annual report and financial statements
For the year ended 31 December 2023
page
Statement of financial position 1
Notes to the financial statements 2-7
WINDWARD MARINE RISK (UK) LTD
Statement of financial position as at 31 December 2023
31.12.2023 31.12.2022
Notes £ £ £
Fixed assets 4 32,944 4,465
Current assets
Debtors 5 813,599 1,204,935
Cash in bank and at hand 1,253,308 327,048
2,066,907 1,531,983
Creditors: amounts falling due
within one year 6 (1,603,425) (1,359,134)
Net current assets 463,482 172,849
Total assets less current liabilities £ 496,426 £ 177,314
Capital and Reserve
£ £
Called up share capital 8 1 1
Other fund 382,157 109,259
Profit and loss account 114,268 68,054
Shareholders' funds £ 496,426 £ 177,314
The accounts have been prepared and delivered in accordance with special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
____________________________
A. Daniel
Director 9 September 2024
Company number: 11491578
WINDWARD MARINE RISK (UK) LTD
Notes to the financial statements - 31 December 2023
COMPANY INFORMATION
1. Company Information
Windward Marine Risk (UK) Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ.
The company is a wholly owned subsidiary of Windward Ltd, a company registered in Israel.
2. Accounting Policies
2.1 Basis of accounting
The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Sedction 1A small entities and the Companies Act 2006.
The financial statements have been prepared under FRS 102 Section 1A small entities.
The financial statements are presented in sterling (£).
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.2 Financial instruments
The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments:
(i) Financial assets
Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period.
(ii) Financial liabilities
Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method.
2.3 Going concern
The company has a positive capital and reserve and positive net current assets.
The company is profitable and will continue to be profitable in the future as according to the group TP policy, the company is entitled to a fixed margin on the services provided to the parent company. The company and the Windward group are both operationally and financially inextricably linked. Having considered the post year trading and financial results of the group and the group's cash reserves, and after making enquiries of the directors of the parent undertaking, the directors have reasonable expectations that the company and the group have adequate resources to continue an operational existence and meet their liabilities for a period of at least 12 months from the date these financial statements were approved.
Taking into account the above, the directors are of the opinion that the company can continue to operate as a going concern.
WINDWARD MARINE RISK (UK) LTD
Notes to the financial statements - 31 December 2023
2. Accounting Policies (continued)
2.4 Operating leases
Rental paid under operating leases is charged to profit and loss on a straight line basis over the lease term.
2.5 Turnover and revenue recognition
Turnover is the amount derived from ordinary activities and represents net invoiced value of software and related services excluding VAT.
Revenue from software licences agreements are recognized upon the delivery of the software when collections are probable; the licence fees is otherwise fixed or determinable: no significant obligation with regard to implementation remains; and persuasive evidence that an arrangement exists. Revenues from term licences and maintenance arrangements are deferred and recognized on a straight-line basis over the life of the related agreement.
Revenue from term licences and subscriptions are recognized in line with the duration of the contract and revenue relating to post balance sheet period are deferred.
2.6 Plant & equipment
Depreciation is provided at the following annual rates in order to write off the assets over their estimated useful lives:
Computer equipment 3 years straight line
Furniture 5 years straight line
Leasehold improvements 3 years straight line
2.7 Debtors
Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment.
2.8 Creditors
Basic financial liabilities including trade and other payable are measured at transaction price.
2.9 Current & deferred taxation
Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future.
Provision for deferred taxation is set off against debit balance of deferred taxation.
The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income.
WINDWARD MARINE RISK (UK) LTD
Notes to the financial statements - 31 December 2023
2. Accounting Policies (Continued)
2.10 Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is received.
(ii) Bonus plan
The company operates annual bonus plan for employees and expense is recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as a result of passed events and reliable estimation of the obligation can be made.
(iii) Defined contribution pension plans
The company operated a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.
(iv) Share based payments
The company participates in a share based payment arrangement established by its ultimate parent company. The company recognises the share based payment expense based on the relative remuneration cost of the relevant employees. The corresponding credit is recognised as a component of equity.
2.11 Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate 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 the transaction.
3. Employee information
The average number of staff and directors employed by the company during the period was:
2023 2022
Number Number
Employees 16 13
Directors Nil Nil
WINDWARD MARINE RISK (UK) LTD
Notes to the financial statements - 31 December 2023
4. Fixed assets
leasehold
Computers Furniture improvements Total
£ £ £ £
Cost:
At 1 January 2023 5,800 674 - 6,474
Additions 7,132 11,609 15,833 34,574
At 31 December 2023 12,932 12,283 15,833 41,048
Depreciation:
At 1 January 2023 1,998 11 - 2,009
Charge for the year 2,687 566 2,842 6,095
At 31 December 2023 4,685 577 2,842 8,104
Net book value:
At 31 December 2023 8,247 11,706 12,991 32,944
At 31 December 2022 3,802 663 - 4,465
5. Debtors
31.12.2023 31.12.2022
£ £
Trade debtors 281,423 997,002
Other debtors 0 22,089
Parent company 56,249 15,720
Group company 8,161 0
Employees 61,699 1,354
Deposit 48,120 26,880
VAT 48,470 0
Prepayments and accrued income 218,926 115,691
Deferred tax asset (note 7) 90,551 26,199
813,599 1,204,935
WINDWARD MARINE RISK (UK) LTD
Notes to the financial statements - 31 December 2023
6. Creditors: amounts falling due within one year
31.12.2023 31.12.2022
£ £
Trade creditors 146,219 76,125
Group company 41,735 0
VAT 0 93,374
Corporation tax 71,422 6,147
Holiday provision 29,760 0
Employees 1,141 0
Other creditors 7,043 0
Accruals and deferred revenue 1,306,105 1,183,488
1,603,425 1,359,134
7. Deferred tax asset
31.12.2023 31.12.2022
£ £
Movement during the period:
As at 1 January 2023 26,199 14,811
Released to profit and loss account 64,352 11,388
At 31 December 2023 90,551 26,199
31.12.2023 31.12.2022
The deferred tax asset is relating to: £ £
Share based payments 95,539 27,315
Accelerating depreciation (4,988) (1,116)
90,551 26,199
8. Share capital
31.12.2023 31.12.2022
£ £
Allotted, called up and fully paid:
1 ordinary share at £1 1 1
WINDWARD MARINE RISK (UK) LTD
Notes to the financial statements - 31 December 2023
9. Audit report information
As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditor's report was unqualified.
The senior statutory auditor was Mr Josef Cohen
The auditor was Levy Cohen & Co
Date auditor signed accounts: 9 September 2024
Name of director signing accounts: A. Daniel
Date director signed accounts: 9 September 2024
10. Related party transactions
Control:
The immediate and ultimate parent company is Windward Ltd a company incorporated and registered in Israel whose address is: 2 Hashlosha St., Tel Aviv 6706054, Israel
Windward Ltd is the smallest and largest group to prepare consolidated accounts that can be obtained from its registered office.
Transaction:
The company is exempt from disclosing transactions with related parties that are wholly owned within the same group in accordance with FRS 102 Section 33(1)A.
11. Commitment
As at 31.12.2023 the company does not have any commitment (2022 nil).
WINDWARD MARINE RISK (UK) LTD 11491578 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts (tagged by user) October 2023 release 2 Name of director signing accounts: A. Daniel No description of principal activity 11491578 2022-01-01 2022-12-31 11491578 core:WithinOneYear 2022-12-31 11491578 core:ShareCapital 2022-12-31 11491578 core:RetainedEarningsAccumulatedLosses 2022-12-31 11491578 2023-01-01 2023-12-31 11491578 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11491578 bus:Audited 2023-01-01 2023-12-31 11491578 bus:Director1 2023-01-01 2023-12-31 11491578 bus:Director40 2023-01-01 2023-12-31 11491578 bus:FRS102 2023-01-01 2023-12-31 11491578 bus:FullAccounts 2023-01-01 2023-12-31 11491578 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11491578 2023-12-31 11491578 core:WithinOneYear 2023-12-31 11491578 core:ShareCapital 2023-12-31 11491578 core:RetainedEarningsAccumulatedLosses 2023-12-31 11491578 2022-12-31 iso4217:GBP xbrli:pure