Windward Shipping (London) Limited 31/03/2025 iXBRL

Company registration number: 10670359

Windward Shipping (London) Limited

Filleted financial statements

31 March 2025

Windward Shipping (London) Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Windward Shipping (London) Limited

Directors and other information


	Directors	Mr Andrew Dawson
		Mr Thomas Alexander Pitfield Hallett
		Mr Sean Padriac Colgan
		Mr Robert Kennedy Walsh


	Company number	10670359


	Registered office	The Broadgate Tower
		20 Primrose Street
		City of London
		London
		EC2A 2EW


	Business address	Magdalene House
		3rd Floor
		136-148 Tooley street
		London
		SE1 2TU


	Auditor	Kay Peters & Co
		8 Domingo street
		Clerkenwell
		London
		EC1Y 0TA


	Accountants	Kay Peters & Co
		8 Domingo street
		Clerkenwell
		London
		EC1Y 0TA




	Bankers	Lloyds Bank plc
		39 Threadneedle Street
		City of London
		London
		EC2R 8AU

		Barclays Bank plc
		East Kent Group 9
		Leicester
		Leicestershire
		United Kingdom
		LE87 2BB


	Solicitors	Hill Dickinson LLP
		The Broadgate Tower
		20 Primrose Street
		City of London
		London
		EC2A 2EW

Windward Shipping (London) Limited

Directors responsibilities statement

Year ended 31 March 2025

The directors are responsible for preparing the directors report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Windward Shipping (London) Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	9	133,384		150,014
		_______		_______
			133,384		150,014

Current assets
Debtors	10	1,555,098		1,478,263
Cash at bank and in hand		1,368,437		1,410,958
		_______		_______
		2,923,535		2,889,221
Creditors: amounts falling due
within one year	11	( 1,603,340)		( 1,143,313)
		_______		_______
Net current assets			1,320,195		1,745,908
			_______		_______
Total assets less current liabilities			1,453,579		1,895,922


Provisions for liabilities	12		( 84,855)		( 119,938)

			_______		_______
Net assets			1,368,724		1,775,984
			_______		_______

Capital and reserves
Called up share capital	13		200		200
Share premium account	14		74,178		74,178
Profit and loss account	14		1,294,346		1,701,606
			_______		_______
Shareholders funds			1,368,724		1,775,984
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

Mr Andrew Dawson Mr Thomas Alexander Pitfield Hallett

Director Director

Company registration number: 10670359

Windward Shipping (London) Limited

Statement of changes in equity

Year ended 31 March 2025

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 April 2023 (as previously reported)	200	74,178	4,434,970	4,509,348
Prior period adjustments	(-)	(-)	(22,978)	(22,978)
	_______	_______	_______	_______
At 1 April 2023 (restated)	200	74,178	4,411,992	4,486,370

Profit for the year			789,496	789,496
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	789,496	789,496

Dividends paid and payable			( 3,499,882)	( 3,499,882)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 3,499,882)	( 3,499,882)

At 31 March 2024 (as previously reported)	200	74,178	1,701,606	1,775,984
Prior period adjustments	(-)	(-)	(46,120)	(46,120)
	_______	_______	_______	_______
At 31 March 2024 (restated) and 1 April 2024	200	74,178	1,655,486	1,729,864

Profit for the year			534,603	534,603
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	534,603	534,603

Dividends paid and payable			( 895,743)	( 895,743)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 895,743)	( 895,743)

	_______	_______	_______	_______
At 31 March 2025	200	74,178	1,294,346	1,368,724
	_______	_______	_______	_______

Windward Shipping (London) Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Broadgate Tower, 20 Primrose Street, City of London, London, EC2A 2EW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Other operating income

	2025	2024
	£	£
Other operating income	-	6,499
	_______	_______

5. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	33,347	39,909
Privision for dilapidations	26,000	-
Directors' loans write off	66,406	-
Foreign exchange differences	90,983	34,120
Fees payable for the audit of the financial statements	7,500	4,300
	_______	_______

6. Auditors remuneration

	2025	2024
	£	£
Fees payable to Kay Peters & Co
Fees payable for the audit of the financial statements	7,500	4,300
	_______	_______

7. Staff costs

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	3,907,091	3,454,363
Social security costs	4,294	3,210
Other pension costs	98,620	95,689
	_______	_______
	4,010,005	3,553,262
	_______	_______

8. Employee numbers

The average number of persons employed by the company during the year amounted to 31 (2024: 32 ).

9. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Computer Equipment	Total
	£	£	£	£
Cost
At 1 April 2024	119,779	162,110	-	281,889
Additions	1,047	2,957	12,714	16,718
	_______	_______	_______	_______
At 31 March 2025	120,826	165,067	12,714	298,607
	_______	_______	_______	_______
Depreciation
At 1 April 2024	56,318	75,558	-	131,876
Charge for the year	12,902	17,902	2,543	33,347
	_______	_______	_______	_______
At 31 March 2025	69,220	93,460	2,543	165,223
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	51,606	71,607	10,171	133,384
	_______	_______	_______	_______
At 31 March 2024	63,461	86,552	-	150,013
	_______	_______	_______	_______

10. Debtors

	2025	2024
	£	£
Trade debtors	760,314	889,233
Amounts owed by group undertakings and undertakings in which the company has a participating interest	527,188	307,659
Other debtors	267,596	281,371
	_______	_______
	1,555,098	1,478,263
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Other debtors	68,495	82,800
	_______	_______

11. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	4,701	-
Corporation tax	172,671	321,206
Social security and other taxes	531,923	299,050
Other creditors	894,045	523,057
	_______	_______
	1,603,340	1,143,313
	_______	_______

12. Provisions

	Provisions - Anticipated Expenses	Total
	£	£
At 1 April 2024	14,275	14,275
Additions	70,580	70,580
	_______	_______
At 31 March 2025	84,855	84,855
	_______	_______

13. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares of £ 0.00 each	200,000	200	200,000	200
	_______	_______	_______	_______

The share par value was changed to 0.001p per share. The issued capital was revised to 200,000 fully voting shares.

14. Reserves

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

15. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	285,388	168,034
Later than 1 year and not later than 5 years	945,241	515,325
Later than 5 years	-	105,890
	_______	_______
	1,230,629	789,249
	_______	_______

The payments relate to the non cancellable lease of the business premises effective from 2023 and expiring in 2028 discounted at 8%.

16. Summary audit opinion

The auditor's report for the year is dated 27 December 2025

The Financial Statements were audited for the financial year 2025.Our audit report was not qualified.

The senior statutory auditor was David Constantine Kay for and on behalf of Kay Peters & Co

17. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts written off	Balance o/standing
		£	£	£	£
	Mr Andrew Dawson	57,229	-	(57,229)	-
	Mr Thomas Alexander Pitfield Hallett	8,503	-	(8,503)	-
		_______	_______	_______	_______
		65,732	-	(65,732)	-
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts written off	Balance o/standing
		£	£	£	£
	Mr Andrew Dawson	16,237	40,992	-	57,229
	Mr Thomas Alexander Pitfield Hallett	1,798	6,705	-	8,503
		_______	_______	_______	_______
		18,035	47,697	-	65,732
		_______	_______	_______	_______

The directors' loans were written off as directed by a resolution passed by the members of the company.

18. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Services rendered to associated company	3,820,221	3,307,548	-	-
Advances to Subsidiary- Singapore	-	100,000	430,484	307,659
Advances to Subsidiary- Dubai	-	226,241	11,061	-
Advances to Branch Offices - Turkey	1,085,245	518,144	-	35,000
Advances to Branch Offices - Athens	233,922	140,730	30,416	-
Advances to Magellan Shipping Limited	-	-	55,227	-
	_______	_______	_______	_______

The company exercises significant influence on the above overseas companies and Branches through its ownership of share capital and common directors.

19. Controlling party

Windward Shipping (London) Limited is controlled by its directors and Windward Shipping (US) Management LLC incorporated in the USA through their respective shareholdngs.