ACCOUNTS - Final Accounts preparation

Registered number: 02551677

Douglas-Westwood Limited

Financial statements

For the year ended 31 December 2024

Douglas-Westwood Limited

Registered number: 02551677

Balance sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Investments	4		465,651		465,651
			465,651		465,651
Current assets
Debtors: amounts falling due within one year	5	453,113		382,410
Cash at bank and in hand		253		646
		453,366		383,056
Creditors: amounts falling due within one year	6	(811,654)		(825,382)
Net current liabilities			(358,288)		(442,326)
Total assets less current liabilities			107,363		23,325

Net assets			107,363		23,325

Capital and reserves
Called up share capital	7	121	121
Share premium account		16,221	16,221
Profit and loss account		91,021	6,983
		107,363	23,325

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 September 2025.

Douglas John Thomson Montgomery

Director

The notes on pages 2 to 6 form part of these financial statements.

Page 1

Douglas-Westwood Limited

Notes to the financial statements

For the year ended 31 December 2024

1.	General information

Douglas-Westwood Limited is a private company, limited by shares and incorporated in England and Wales. The company's registration number is 02551677 and the registered office address is One Fleet Place, London, United Kingdom, EC4M 7WS.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been rounded to the nearest pound.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Going concern

The company has net assets of £107,363 at 31 December 2024 and at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It should be noted, however, that the company has £333,324 of debtors due from other group companies which are dependent on a letter of support from its ultimate holding company, Energy Ventures Private Equity V LP which confirms that they intend to ensure liquidity is available to the company so that it may have adequate funds and resources necessary to meet all liabilities as they fall due for a period of 12 months from the date that these financial statements are approved by the board of directors. This support will remain in place until such a time that 50% or more of the ownership of the company is no longer owned and/or controlled by Energy Ventures Private Equity V LP.
Therefore, having assessed the responses of the owners and their business plans, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

Douglas-Westwood Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 3

Douglas-Westwood Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 4

Douglas-Westwood Limited

Notes to the financial statements

For the year ended 31 December 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	465,651
	At 31 December 2024	465,651

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Westwood Global Energy PTE Ltd

Singapore

Ordinary

100%

Debtors

					2024	2023
					£	£


Trade debtors	35,000	94,257
Amounts owed by group undertakings	333,324	286,214
Other debtors	1,939	1,939
Amounts recoverable on long-term contracts	82,850	-
	453,113	382,410

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Douglas-Westwood Limited

Notes to the financial statements

For the year ended 31 December 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	-	288
Amounts owed to group undertakings	811,654	803,015
Other taxation and social security	-	22,079
	811,654	825,382

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

121 (2023 - 121) Ordinary shares of £1.00 each	121	121

8.	Controlling party

The company is a wholly owned subsidiary of Westwood Global Energy Limited whose registered office address and principal place of business is Collins House, Rutland Square, Edinburgh, EH1 2AA.
The ultimate holding company is Energy Ventures Private Equity V LP, a private equity fund registered in Guernsey.

9.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.3 in the financial statements, which indicates that £333,324 of current assets are amounts due from other group undertakings which are reliant on a letter of support from the ultimate controlling party Energy Ventures Private Equity V LP. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter..

The audit report was signed on 30 September 2025 by Robert Sellers FCCA (Senior statutory auditor) on behalf of Kreston Reeves LLP.

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