WINDWARD EXPLORATION & PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
Company Registration Number: 04701085
WINDWARD EXPLORATION & PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
WINDWARD EXPLORATION & PROPERTIES LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024
DIRECTORS
Dr S A D Bamford
W S Bamford
H E B Lunnon-Wood
M Bamford-Bowes
N J Bestford
SECRETARY
W S Bamford
REGISTERED OFFICE
Windward House
Reading Road
Cholsey
Wallingford
Oxon
OX10 9HG
COMPANY REGISTRATION NUMBER
04701085 England and Wales
WINDWARD EXPLORATION & PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 7,113 5,937
Investments 6 477,262 417,249
484,375 423,186
CURRENT ASSETS
Debtors 7 111,106 200,795
Cash at bank and in hand 53,167 101,568
164,273 302,363
CREDITORS: Amounts falling due within one year 8 56,232 5,792
NET CURRENT ASSETS 108,041 296,571
TOTAL ASSETS LESS CURRENT LIABILITIES 592,416 719,757
Provisions for liabilities and charges 878 598
NET ASSETS 591,538 719,159
CAPITAL AND RESERVES
Called up share capital 1,820 1,820
Distributable profit and loss account 589,718 717,339
SHAREHOLDERS' FUNDS 591,538 719,159
WINDWARD EXPLORATION & PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Dr S A D Bamford W S Bamford
Director Director
Date approved by the board: 30 August 2025
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
1 GENERAL INFORMATION
Windward Exploration & Properties Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Windward House
Reading Road
Cholsey
Wallingford
Oxon
OX10 9HG
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services provided to the oil and gas industry as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Office equipment 25% reducing balance basis per annum
Property improvements 5% straight line basis per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Investments
Listed investments are shown at fair value and revalued annually with any surplus or deficit dealt with through the profit and loss account.
Investments in subsidiaries and associates are shown at cost less accumulated impairment losses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Debtors
Short term debtors are measured at transaction price, less any impairment.
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Consolidation
The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts.
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 5 5
5 TANGIBLE ASSETS
Office equipment Property improvements Total
£ £ £
Cost
At 1 January 2024 9,448 6,940 16,388
Additions 2,723 - 2,723
Disposals (124) - (124)
At 31 December 2024 12,047 6,940 18,987
Accumulated depreciation
At 1 January 2024 6,779 3,672 10,451
Charge for year 1,175 347 1,522
Disposals (99) - (99)
At 31 December 2024 7,855 4,019 11,874
Net book value
At 1 January 2024 2,669 3,268 5,937
At 31 December 2024 4,192 2,921 7,113
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6 FIXED ASSET INVESTMENTS
Investment in subsidiaries Total other investments Total
£ £ £
Cost
At 1 January 2024 1 417,248 417,249
Additions 11 68,899 68,910
Reclassification 60,230 (60,230) -
Revaluation - (8,897) (8,897)
At 31 December 2024 60,242 417,020 477,262
Net book value
At 1 January 2024 1 417,248 417,249
At 31 December 2024 60,242 417,020 477,262
7 DEBTORS
2024 2023
£ £
Trade debtors - 4,500
Other debtors 111,106 196,295
111,106 200,795
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Taxation and social security - 1,719
Accruals and deferred income 3,000 3,000
Other creditors 53,232 1,073
56,232 5,792
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 January 2024 Amounts advanced Amounts repaid Balance at 31 December 2024
£ £ £ £
M Bamford-Bowes 9,900 5,000 14,900 -
N J Bestford 9,900 5,000 14,900 -
19,800 10,000 29,800 -
These advances are interest free and repayable on demand.
WINDWARD EXPLORATION & PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
New Eyes Asset Management Limited Subsidiary company
During the year, the following transactions with related parties took place:
Dr S A D Bamford
Director 2024 2023
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 33,417 1,073
W S Bamford
Director 2024 2023
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 9,900 -
H E B Lunnon-Bamford
Director 2024 2023
£ £
Advances to company The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the year end, the company owed the director the following amount: 9,900 -
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