Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 2025-01-21 0 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true false The principal activity of the Company is to to preserve and grow the assets undermanagement on behalf of the shareholders.0 true false 16199315 2025-01-21 2025-12-31 16199315 2024-01-21 2025-01-20 16199315 2025-12-31 16199315 2025-01-20 16199315 c:Director1 2025-01-21 2025-12-31 16199315 d:Non-currentFinancialInstruments 2025-12-31 16199315 d:Non-currentFinancialInstruments d:AfterOneYear 2025-12-31 16199315 d:ShareCapital 2025-12-31 16199315 d:SharePremium 2025-12-31 16199315 d:RetainedEarningsAccumulatedLosses 2025-12-31 16199315 d:OtherDeferredTax 2025-12-31 16199315 c:FRS102 2025-01-21 2025-12-31 16199315 c:AuditExempt-NoAccountantsReport 2025-01-21 2025-12-31 16199315 c:FullAccounts 2025-01-21 2025-12-31 16199315 c:PrivateLimitedCompanyLtd 2025-01-21 2025-12-31 16199315 6 2025-01-21 2025-12-31 16199315 e:PoundSterling 2025-01-21 2025-12-31 iso4217:GBP xbrli:pure

Registered number: 16199315 WINDTREE BETA LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 31 DECEMBER 2025
WINDTREE BETA LIMITED REGISTERED NUMBER: 16199315 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | £
Fixed assets |  |  |
Investments | 5 |  | 7,991,000
Current assets |  |  |
Cash at bank and in hand | 6 | 28,641 |
Total assets less current liabilities |  |  | 8,019,641
Creditors: amounts falling due after more than one year | 7 |  | (5,149,500)
Provisions for liabilities |  |  |
Deferred tax | 8 | (635,248) |
|  |  | (635,248)
Net assets |  |  | 2,234,893
Capital and reserves |  |  |
Called up share capital |  |  | 535
Share premium account |  |  | 349,965
Profit and loss account |  |  | 1,884,393
|  |  | 2,234,893
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. 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. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Nicholas James Fallows
Director
Page 1
WINDTREE BETA LIMITED REGISTERED NUMBER: 16199315 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
Date: 19 August 2026
The notes on pages 3 to 6 form part of these financial statements. Page 2
WINDTREE BETA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
Windtree Beta Limited (the 'Company') is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 16199315). The registered office address is 25 Hanover Square, London, W1S 1JF. The principal activity of the Company is to preserve and grow the assets under management on behalf of the shareholders. This is the Company's first set of accounts since being incorporated during the period on 21 January 2025. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
As at 31 December 2025, the Company had net assets of £2,234,893, including cash and cash equivalents of £28,641. Net assets includes a loan payable to the Company’s parent undertaking of £5,149,500, which is repayable on 20 March 2036. The Directors have assessed the Company’s ability to continue as a going concern and have considered the following: ∙The Company’s relatively limited ongoing operating expenditure; ∙Its contractual obligations in respect of investments; ∙The availability of continued financial support from its parent undertaking; and ∙The expectation of further funding being made available as and when required. Taking these factors into account, the Directors are satisfied that the Company has sufficient resources to meet its obligations as they fall due for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, the financial statements have been prepared on a going concern basis. Page 3
WINDTREE BETA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Current and deferred taxation
The tax expense for the period 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
| 2.4 | Valuation of investments
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.5 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Loans from group undertakings are initially recognised at transaction price and are subsequently carried at transaction price less any amounts settled. Page 4
WINDTREE BETA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, the directors have made significant judgements in applying the Company’s accounting policies, particularly in relation to the classification and valuation of unquoted equity investments held as part of the Company’s investment portfolio. Judgement is applied in assessing the appropriate valuation methodology and the relevance of observable versus unobservable inputs, particularly for investments in early-stage or private companies.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration.
5. | Fixed asset investments
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 21 January 2025 | -
| Additions | 5,450,007
| Revaluations | 2,540,993
| At 31 December 2025 | 7,991,000
6. | Cash and cash equivalents
|  |  |  |  | 2025
|  |  |  |  | £
| Cash at bank and in hand | 28,641
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WINDTREE BETA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025
|  |  |  |  | £
| Shareholder loans | 5,149,500
| The Company has an interest free loan of £5,149,500 which has been provided by its shareholder. The loan is interest free and repayable on 20 March 2036. The directors have assessed the requirements of FRS 102 and consider that measurement at transaction price provides relevant information reflecting the commercial substance of the funding arrangement between group entities.
8. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | -
| Charged to profit or loss | (635,248)
| At end of year | (635,248)
| The deferred tax balance is made up as follows:
|  |  |  |  | 2025
|  |  |  |  | £
| Fair value movements | (635,248)
| Comprising: |
| Liability | (635,248)
9. | Related party transactions
| The Company received funding from its shareholder totalling £5,149,500. The loan is unsecured, interest-free and repayable on 20 March 2036. See note 7 for further details.
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