Company No: 11390852 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,906		1,947
Investments	5	135,907		135,906
		137,813		137,853
Current assets
Debtors	6	4,626,760		614,951
Cash at bank and in hand	7	275,256		4,395,094
		4,902,016		5,010,045
Creditors: amounts falling due within one year	8	( 18,718)		( 66,525)
Net current assets		4,883,298		4,943,520
Total assets less current liabilities		5,021,111		5,081,373
Net assets		5,021,111		5,081,373
Capital and reserves
Called-up share capital	9	1		1
Profit and loss account		5,021,110		5,081,372
Total shareholder's funds		5,021,111		5,081,373

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Windward LS Limited (registered number: 11390852) were approved and authorised for issue by the Board of Directors on 22 December 2025. They were signed on its behalf by:

Lawson Douglas Steele Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Windward LS Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

The 2024 accounts have been adjusted by £23,545, which was stamp duty paid in relation to an investment. This amount has been removed from the P&L and included within investments in the balance sheet. An amount of £50 has been introduced into the balance sheet to represent a joint venture investment entered into in 2024.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment

5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, and loans due to group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Prior year adjustment

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Stamp Duty (P&L)		23,545		(23,545)		0
Investments (BS)		0		23,545		23,545
Shares in Group Undertakings (BS)		135,856		50		135,906
Related party balance (BS)		0		(50)		(50)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

4. Tangible assets

	Office equipment		Total
	£		£
Cost
At 01 April 2024	1,947		1,947
Additions	360		360
At 31 March 2025	2,307		2,307
Accumulated depreciation
At 01 April 2024	0		0
Charge for the financial year	401		401
At 31 March 2025	401		401
Net book value
At 31 March 2025	1,906		1,906
At 31 March 2024	1,947		1,947

5. Fixed asset investments

	Investments in joint ventures		Other investments		Total
	£		£		£
Cost or valuation before impairment
At 01 April 2024	50		135,856		135,906
Additions	0		1		1
At 31 March 2025	50		135,857		135,907
Carrying value at 31 March 2025	50		135,857		135,907
Carrying value at 31 March 2024	50		135,856		135,906

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 31.03.2025	Ownership 31.03.2024
LSG Capital Limited	227 West George Street, Glasgow, G2 2ND	Holding Company	Ordinary	50.00%	50.00%
40 Thirlestane Road Limited	36 Bruntsfield Place, Edinburgh, Scotland, EH10 4HJ	Letting/operating of real estate	Ordinary	100.00%	0.00%
Windward Energy Limited	1 Blossom Yard, Fourth Floor, London, E1 6RS	Management Consultancy	Ordinary A	4.24%	4.24%
Windward Energy Limited	1 Blossom Yard, Fourth Floor, London, E1 6RS	Management Consultancy	Ordinary B	7.50%	7.50%

6. Debtors

	2025		2024
	£		£
Amounts owed by related parties	4,626,759		560,148
Other debtors	1		54,803
	4,626,760		614,951

7. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	275,256		295,094
Short-term deposits	0		4,100,000
	275,256		4,395,094

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Other taxation and social security	15,598		0
Other creditors	3,120		66,525
	18,718		66,525

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

10. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts Owed by Directors	0		21,000

Other related party transactions

	2025		2024
	£		£
Amounts Owed by Related Parties	4,626,760		560,200