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Registered number: SC493666
Westwood Global Energy Limited
Annual report and financial statements
For the year ended 31 December 2024
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Westwood Global Energy Limited
Company Information
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Douglas John Thomson Montgomery
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Catharina Hillenbrand Von Der Neyen (resigned 31 January 2024)
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Chartered Accountants & Statutory Auditor
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Westwood Global Energy Limited
Contents
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Independent auditor's report
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Consolidated income statement
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Consolidated analysis of net debt
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Notes to the financial statements
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Westwood Global Energy Limited
Group strategic report
For the year ended 31 December 2024
The directors present their strategic report of the company and the Group for the year ended 31 December 2024.
The Group's business
Westwood Global Energy Limited provides energy market intelligence through subscription-based data and intelligence products, insight reports and publications, consultancy and commercial advisory services that cover focused areas of the energy industry.
Our specialist technical and commercial intelligence products and services offer insights through a combination of primary research, proprietary data modelling, consulting, and the use of analytics and artificial intelligence.
Principal activities
The Group offers independent information, research, and consulting services for global energy markets that is insightful, reliable, credible and relevant.
The company provides its research to a diverse customer base including exploration and production companies, renewable developers and operators, energy service and supply companies, industrial companies, investors, financial service companies, professional service companies, regulatory and government bodies.
Page 1
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Westwood Global Energy Limited
Group strategic report (continued)
For the year ended 31 December 2024
PRINCIPAL RISKS AND UNCERTAINTIES
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Management consider that the activities of Westwood Global Energy Group expose it to several financial risks including the economic conditions, energy transition policies, cash flow risk, credit risk, liquidity risk, commodity risk and foreign exchange risk. Wider economic and political risk remains elevated from complex geopolitical positions and government policies and strategies that impact energy markets and regions.
Going Concern
During 2024 the Group’s subscription revenue has delivered growth, demonstrating the success of our products in a challenging market. The Group has continued to invest in improving its existing product offerings and launched a new product offering for the Hydrogen market to expand our coverage of the energy transition.
The Group’s consultancy revenue has seen a positive year of growth as market activity leads to increased demand for these services. The Group has worked closely with the subscriber base to identify new opportunities supporting our clients with the key commercial and strategic questions.
In consideration of going concern, the Group’s directors have considered the financial position of the Group as well as the future cash forecasts, revenue and cost projections. Through targeted investment the Group has successfully grown the subscription and consulting revenues of the business while maintaining cost and targeted investment actions in future opportunities. This will position the business well for continued growth in new markets.
Based on these projections the Group will be able to meet its obligations for a period of twelve months from the date of signing the financial statements.
The Group's principal investor has also confirmed that during its ownership, it will support the Group with the availability of capital to meet its obligations for a period of twelve months from the date of signing the financial statements. The directors therefore believe that it is appropriate to prepare the financial statements of the Group on the going concern basis.
Technology
Managing the stability and digital risks of the Group’s technology environment has continued to be a core focus for the Group. The performance of the Group’s technology systems is closely monitored to help ensure the effectiveness of business operations. Within the year the Group has continued its progress with the integration and alignment of the technologies utilised in its products and IT infrastructure.
The Group continues to assess the opportunities and potential threats from the usage of artificial intelligence and machine learning in our product and service offerings.
Liquidity and projections
Liquidity remains a key consideration for the Group given its subscription model and predominantly fixed cost base. Key risks for the Group include estimations in relation to revenue timing, subscription retention rates and new business rates which can all be impacted by client strategies and budgets. Global economic conditions also place more focus on counterparty risk and timely receipt of payments from clients.
Energy Demand
2024 global developments continued to highlight the importance of energy security to nations across the globe. The transition to sustainable energy sources continued which both creates new opportunities and risks to consider for the Group.
Westwood aims to support traditional and new energy markets to enable an efficient transition to clean energy sources while continuing to support improvements and optimisation of legacy oil and gas markets and their supply chains.
Page 2
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Westwood Global Energy Limited
Group strategic report (continued)
For the year ended 31 December 2024
Economic and political climate
Expenditure on research and information services can be heavily influenced by economic and political conditions and is similarly linked to the strategic and commercial developments within our client base.
Investment into clean energy technologies and projects has continued to accelerate and the industries’ improvements in lowering their carbon impacts will provide opportunities for further growth of the Group.
Westwood Global Energy's subscription-based revenue model includes annual and multi-year subscriptions which provide some resilience to economic cycles. Economic developments and uncertainty can likewise also support demand for information intelligence as our clients seek to understand and address the strategic and operational challenges that they face. This is typically most visible in the consulting services that the Group offers.
The Group’s developments into the energy transition and clean energy markets together with a broad geographic coverage has helped safeguard the Group from these economic and political risks .
Energy Transition
As our clients continue to assess their long term environmental goals and commitments for a sustainable carbon future, the requirements of their market intelligence needs are evolving. The Group is addressing this through clean energy and energy transition focused products and services. In 2024, the Group has made further progress in growing its new product offerings , most notably through the launch of its Hydrogen product offering and expanded its analysis of the carbon capture and storage markets. These products demonstrate the ability and commitment of the Group to diversify its income sources and the Group will seek to expand the geographic coverage further over 2025. In addition to the energy transition investments, the Group has developed coverage and analysis of the decommissioning market for the Oil and Gas market in the North Sea. As a significant area of expenditure, the Group is seeking to support clients to assess optimum decommissioning timing, life extension opportunities and decommissioning project efficiency.
Cash flow risk
The Group has limited external borrowing with financing predominantly made by related party borrowings which have no annual payments until redemption at the end of their term or on a refinancing event. Cash requirements are therefore focused on operational requirements and investment activities.
Credit risk
The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of a provision for doubtful receivables. A provision for impairment would be made where there was an identified loss event which, based on previous experience, was evidence of a reduction in the recoverability of the cash flows.
While the Group has a diversified customer base and geographic revenue base, credit risk remains a feature of the business because of the transaction driven nature of our operations and our global customer base.
Liquidity risk
The nature of the Group’s subscription activities provides early cash generation with low capital expenditure requirements within the short to medium term. However, with the investment activities of the Group in multiple new market areas, the Group remains focused on maintaining an efficient cost base and improving operating profitability.
Page 3
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Westwood Global Energy Limited
Group strategic report (continued)
For the year ended 31 December 2024
Foreign exchange risk
The Group’s activities expose it to the financial risks of changes in foreign currency rates. The Group earns most of its revenue in Sterling, US Dollars and Singapore Dollars, although the majority of its revenue and costs continue to be denominated in Sterling. The Group's regional operations in the US and Singapore provide a partial natural hedge to currency movements in those areas and management monitor currency exposures due to trading fluctuations. As such we do not view this decision to be a major risk to the business for the foreseeable future.
Westwood Global Energy Group is progressing its vision to develop into a leading player in the business intelligence and market analytics space for the energy market. Our ambition is to help our global energy customers make better, well-informed commercial and strategic decisions.
We provide subscription-based data services, bespoke reporting, and commercial advice to clients in upstream operations, renewable and clean energy operations and the global energy support service markets.
Central to our growth strategy is the continued investment into the creation of unique and proprietary databases and analysis which will be complemented by analysis and insight from our research and consulting teams.
Management aims to further develop the Group by focusing on the following strategic priorities and initiatives, which is believes will lead to further profitable growth and shareholder value:
• Introduction of new products and online tools to allow our customers to assist in commercial and strategic decision making in the energy market and supporting services;
• Integrating content coverage and depth across the full Westwood Global Energy Group offerings and continuing to invest in the development and depth of our proprietary databases;
• Seeking to understand the questions of the industry and provide relevant and timely analysis to provide clients with understanding and insight;
• Develop and launch new offerings for the Energy Transition segment and clean energy market segments;
• Continue to expand and develop our geographic coverage, breadth of sector coverage and depth of information available;
• Continuing to integrate and evolve our technology platforms to offer a unique user experience and data richness;
• Increasing cross-sell through improved client engagement processes together with targeting new user segments to expand the addressable client base; and
• Providing research led consulting activities to assist in commercial and strategic decision making, supported by sector specific knowledge and consultants with experience across our chosen energy markets.
Throughout 2024, the Group has continued its strategy to develop its existing products and invest into new energy market intelligence subscription products that offer depth of coverage and clear market insight. 2024 saw the launch of the Group’s Hydrogen product offering and new coverage of the North Sea decommissioning market.
Page 4
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Westwood Global Energy Limited
Group strategic report (continued)
For the year ended 31 December 2024
FINANCIAL REVIEW AND KEY PERFORMANCE INDICATORS
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The results of the Group for the year, as set out on page 12 show revenue of £8,498,069 (Dec 2023: £7,576,984) and an operating loss of £379,420 (Dec 2023: loss of £1,646,954).
2024 market activity has improved which was reflected in the revenue performances of both the Group’s subscription and consulting offerings.
In 2024 the Group continued investment into future energy transition services, by expanding the research teams and creating new products and commercially driven enhancements to it’s existing products.
The Group also continued to simplify and work towards consistency of its system architecture across legacy product platforms. This has enabled the business to integrate content in order to offer improved depth of coverage and explore new niche offerings to the energy service market segment.
Revenue increases were the result of increases to our subscription base as well as growth in our consultancy revenues. The subscription base predominantly comprises annual renewable contracts with some multi-year contracts which provides good revenue visibility and predictability. This underlines the embedded nature of the subscriptions and recognises the depth and insight that our products offer to our clients.
Our consulting activities principally support investment decision making in upstream energy market, particularly energy service transactions, however 2024 has also seen an active year of support to our Oil and gas operators revisiting their future strategies and development plans.
In early 2024 the Group sold its ownership of the Energent product to Energy Domain LLC. Energent was focussed on the US Unconventional wells industry. The divestment was made to allow the Group to focus on its core international product offerings and continue to prioritise investment into the energy transition and clean energy market offerings.
The Group's average staff base was 67 (Dec 23: 72).
Future Developments
Continued efforts and investments are being made to build further new content and product offerings for the clean energy markets and expand the Group’s expertise in new market areas.
The Group’s primary focus in 2025 is increasing sales and expanding our client base across the Group’s existing subscription offerings. Westwood is seeking to continue to build more scale into the Energy Transition business unit through the advancements made to our wind and hydrogen solutions. The Group will also further diversify its coverage areas with dedicated analysis of the decommissioning market in the North Sea and launch a new offering in global marine analysis which underpins many aspects of the project supply chain in the energy market. The Group is well positioned to continue to grow into 2025 and further improve its top line revenues and operational profitability.
This report was approved by the board on 26 September 2025 and signed on its behalf.
Douglas John Thomson Montgomery
Director
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Page 5
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Westwood Global Energy Limited
Directors' report
For the year ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £900,630 (2023 - loss £2,943,487).
The directors who served during the year were:
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Douglas John Thomson Montgomery
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Catharina Hillenbrand Von Der Neyen (resigned 31 January 2024)
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Page 6
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Westwood Global Energy Limited
Directors' report (continued)
For the year ended 31 December 2024
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditor is aware of that information.
The auditor, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 September 2025 and signed on its behalf.
Douglas John Thomson Montgomery
Director
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Page 7
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Westwood Global Energy Limited
Independent auditor's report to the members of Westwood Global Energy Limited
We have audited the financial statements of Westwood Global Energy Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated income statement, the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
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We draw attention to note 2.3 in the financial statements, which indicates that the Group has net liabilities of
£19,759,684 at 31 December 2024. As stated in note 2.3, these events or conditions, along with the other
matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the
Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of
this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 8
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Westwood Global Energy Limited
Independent auditor's report to the members of Westwood Global Energy Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Page 9
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Westwood Global Energy Limited
Independent auditor's report to the members of Westwood Global Energy Limited (continued)
Auditor's responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the group and industry, and through discussion with the directors and other
management (as required by auditing standards), we identified that the principal risks of non-compliance with
laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to
which non-compliance might have a material effect on the financial statements. We also considered those laws
and regulations that have a direct impact on the preparation of the financial statements such as the Companies
Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified
laws and regulations throughout our team and remained alert to any indications of non-compliance throughout
the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial
statements (including the risk of override of controls), and determined that the principal risks were related to
posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting
estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement
team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with
laws and regulations (including health and safety) and fraud, and review of the reports made by
management; and
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party
transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify
any previously undisclosed transactions with related parties outside the normal course of business; and
∙Reading minutes of meetings of those charged with governance; and
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting
the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial
statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 10
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Westwood Global Energy Limited
Independent auditor's report to the members of Westwood Global Energy Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Robert Sellers FCCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
30 September 2025
Page 11
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Westwood Global Energy Limited
Consolidated income statement
For the year ended 31 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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Loss for the year attributable to:
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The notes on pages 20 to 43 form part of these financial statements.
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Page 12
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Westwood Global Energy Limited
Consolidated statement of comprehensive income
For the year ended 31 December 2024
Loss for the financial year
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Other comprehensive income
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Foreign exchange movement on consolidation
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Total comprehensive income for the year
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(Loss) for the year attributable to:
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Owners of the parent Company
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The notes on pages 20 to 43 form part of these financial statements.
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Page 13
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Westwood Global Energy Limited
Registered number: SC493666
Consolidated balance sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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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
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The notes on pages 20 to 43 form part of these financial statements.
Page 14
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Westwood Global Energy Limited
Registered number: SC493666
Company balance sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital redemption reserve
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Profit and loss account brought forward
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Profit and loss account carried forward
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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
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The notes on pages 20 to 43 form part of these financial statements.
Page 15
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Westwood Global Energy Limited
Consolidated statement of changes in equity
For the year ended 31 December 2024
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Capital redemption reserve
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Foreign exchange movement on consolidation
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Foreign exchange movement on consolidation
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The notes on pages 20 to 43 form part of these financial statements.
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Page 16
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Westwood Global Energy Limited
Company statement of changes in equity
For the year ended 31 December 2024
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Capital redemption reserve
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The notes on pages 20 to 43 form part of these financial statements.
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Page 17
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Westwood Global Energy Limited
Consolidated statement of cash flows
For the year ended 31 December 2024
Cash flows from operating activities
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Profit / (loss) for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Increase)/decrease in debtors
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Increase/(decrease) in creditors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Government grants received
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Net cash from investing activities
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Cash flows from financing activities
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Effect of foreign exchange rate changes
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Net cash used in financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 20 to 43 form part of these financial statements.
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Page 18
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Westwood Global Energy Limited
Consolidated Analysis of Net Debt
For the year ended 31 December 2024
The notes on pages 20 to 43 form part of these financial statements.
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Page 19
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
Westwood Global Energy Limited is a private company, limited by shares and incorporated in Scotland. The company's registration number is SC493666 and the registered office address is Collins House, Rutland Square, Edinburgh, EH1 2AA.
The principal activities of the company and Group are delivering independent information, research and consulting services for global energy markets.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated income statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
Notwithstanding the Group has net liabilities of £19,759,684 at 31 December 2024, the financial statements have been prepared on a going concern basis.
The Group has obtained a letter of support from its ultimate holding company, Energy Ventures Private Equity V LP which confirms that they will intend to ensure liquidity is available to the Group 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. In particular, they intend to ensure that the company and related companies will not seek repayment of amounts due by the Group in such a manner as to cause financial problems. This support will remain in place until such a time that 50% or more of the ownership of the Group are no longer owned and/or controlled by Energy Ventures Private Equity V LP.
The directors have implemented a strategy to reduce the cost base and lower investment activities into new areas to prioritise the full commercialisation of the existing product suite. This approach and focus will support a more profitable and cash generative operation to support future developments. 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.
Page 20
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is Sterling 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.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group 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.
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Leased assets: the Group as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Page 21
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated income statement in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
Page 22
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 23
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the consolidated income statement over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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Business combination - Brand name
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Business combinations - Technology
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Business combinations - Databases
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Business combinations - Customer relationship
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Business combinations - Workforce
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Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 24
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Leasehold property improvements
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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 25
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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.
Page 26
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Basic 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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.
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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
Page 27
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Software development
The Group has adopted a policy of capitalising expenditure on software development, as permitted by FRS102. This approach is dependent upon the directors’ judgement that the project’s technical and economic feasibility is assured. In doing so the directors make assumptions regarding the future cash flows that the project is expected to generate, the discount rates to be applied and the expected period over which the project to expected to generate benefits.
Goodwill and intangible assets
The Group has recognised goodwill and other intangible assets arising from business combinations. On acquisition, the Group determines a reliable estimate of the useful life of goodwill and intangible assets based upon factors such as the expected use of the acquired business, forecasts of expected future results and cash flows, and any legal, regulatory or contractual provisions that can limit useful life. At each subsequent reporting date the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the useful life of goodwill and intangible assets.
The Group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present values of those cash flows.
Tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Impairment of debtors
The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
The whole of the turnover is attributable to the provision of independent information, research, and consulting services for global energy markets.
Segmental analysis has not been provided as the directors consider that such disclosure would be prejudicial to the business.
Page 28
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Government grants receivable - UK and Singapore
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The operating profit/(loss) is stated after charging:
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Other operating lease rentals
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During the year, the Group obtained the following services from the company's auditor:
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Fees payable to the company's auditor for the audit of the consolidated and parent company's financial statements
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Page 29
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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Other interest receivable
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Interest payable and similar expenses
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Loan stock interest payable
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Preference share dividends
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Page 30
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The adjustments in respect of previous periods represents the tax charge on the Research & Development Tax Credits for the year ended 31 December 2023.
The parent company has received a total of £1,119,991 from two other group companies for the surrender of losses under group relief.
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Parent company loss for the year
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The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income statement in these financial statements. The loss after tax of the parent company for the year was £1,822,109 (2023 - loss £2,316,136).
Page 31
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Business combination - goodwill
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Business combination - other
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Charge for the year on owned assets
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Page 32
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
14.Intangible assets (continued)
Page 33
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Leasehold property improve-ments
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Charge for the year on owned assets
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Page 34
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
15.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 35
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Direct subsidiary undertakings
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The following were direct subsidiary undertakings of the Company:
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Hannon Westwood Holdings Limited
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Collins House, Rutland Square, Edinburgh EH1 2AA
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One Fleet Place, London EC4M 7WS
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Richmond Energy Partners Limited
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One Fleet Place, London EC4M 7WS
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One Fleet Place, London EC4M 7WS
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Westwood Global Energy Inc
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800 Town & Country Blvd, Suite 500, Texas 77024
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One Fleet Place, London EC4M 7WS
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Hannon Westwood Holdings Limited
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Richmond Energy Partners Limited
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Westwood Global Energy Inc
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Indirect subsidiary undertakings
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The following were indirect subsidiary undertakings of the Company:
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Collins House, Rutland Square, Edinburgh EH1 2AA
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Westwood Global Energy Pte
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1 Pickering Street, Great Eastern Centre, Singapore 048659
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800 Town & Country Blvd, Suite 500, Texas 77024
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Page 36
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
Indirect subsidiary undertakings (continued)
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Westwood Global Energy Pte
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During the year, the group sold Energent Group Software LLC.
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Page 37
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Amounts owed by Group undertakings
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Prepayments and accrued income
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Amounts recoverable on long term contracts
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Payments received on account
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Amounts owed to Group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 38
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Creditors: Amounts falling due after more than one year
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The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
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Repayable other than by instalments
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Loan stock interest of £4,601,700 (2023 - £3,763,030) is included in the loan stock creditor at 31 December 2024. This loan stock interest reflects an implied blended interest rate of approximately 10%, equivalent to the Group's effective rate of borrowing.
The shares shown as liabilities are 2,997,000 A Preference shares with a nominal value of £0.01.
Preference share interest accrues daily at a rate of 8% per annum. A preference share interest accrual of £3,287,541 (2023 - £2,822,025) is included in the preference share creditor at 31 December 2024.
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-5 years
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Amounts falling due after more than 5 years
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Page 39
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Financial assets that are debt instruments measured at amortised cost
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Other financial liabilities measured at amortised cost
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Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors, accrued income, amounts recoverable on long term contracts, VAT and amounts owed by Group undertakings.
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Other financial liabilities measured at amortised cost comprise bank loans, trade creditors, other taxation and social security, other creditors, accruals and amounts owed to Group undertakings.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 40
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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Shares classified as equity
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Allotted, called up and fully paid
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6,965,000 (2023 - 6,965,000) A Ordinary shares of £0.01 each
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2,837,000 (2023 - 2,837,000) B Ordinary shares of £0.01 each
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1,196,750 (2023 - 1,196,750) C1 Ordinary shares of £0.01 each
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The C1 Ordinary shares are shares issued under the company's employee share incentive scheme.
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Share premium account
The share premium account reflects premiums paid on share issues to 31 December 2024.
Capital redemption reserve
The capital redemption reserve includes amounts arising from the redemption of shares from capital.
Foreign exchange reserve
The foreign exchange reserve represents all gains and/or losses on Group assets and liabilities as a result of fluctuations in foreign exchange rates.
Profit and loss account
The profit and loss account represents all of the current and prior years retained profits and losses, less dividends declared to date.
Page 41
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
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The Group sold one of its subsidiaries, Energent Group Software LLC, during the year.
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Profit on disposal before tax
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The net inflow of cash in respect of the sale of Energent Group Software LLC is as follows:
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Cash transferred on disposal
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The Group operates a defined contributions pension scheme in the UK and also contributes to a 401k plan in the US and CPF in Singapore. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £538,714 (2023 - £496,014). Contributions totalling £40,933 (2023 - £38,482) were payable to the funds at the balance sheet date and are included in creditors.
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Commitments under operating leases
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At 31 December 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 42
|
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Westwood Global Energy Limited
Notes to the financial statements
For the year ended 31 December 2024
Westwood Global Energy Limited is majority owned by Energy Ventures Private Equity V LP, a private equity fund registered in Guernsey.
Page 43
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