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CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED

Registered number:13831398




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 18


 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors, in preparing this Strategic Report, have complied with section 414C of the Companies Act 2006.
This Strategic Report has been prepared for the company and not for the group of which it is a member and therefore focuses only on matters which are significant to the company.

BUSINESS MODEL
 
The company is a contractor for residential buildings at 50-60 Charter Street, Wood Wharf, Canary Wharf. The projects are expected to be completed by 2026.

BUSINESS REVIEW
 
The company’s principal activity during the year is to undertake design, construction and completion works for the building of 50-60 Charter Street. The company recharges all costs to the land owner (employer) and earns a 1% fee. The company is part of a larger phase of development adding residential apartments to the mixed use offering at Wood Wharf, London.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company has a single employer under common ownership and therefore credit and liquidity risk are considered low. The broader economic cycle inevitably leads to movements in inflation, interest rates and bond yields. The company finances its operations largely through surplus cash and intercompany finance. 

DIRECTORS' STATEMENT OF COMPLIANCE WITH SECTION 172(1)
 
Section 172(1) of the Companies Act 2006 requires that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.
 
As a company with no employees, our Section 172 statement reflects our commitment to fulfilling our duties under the Companies Act 2006, while operating in a manner consistent with our role and responsibilities within the Group Structure.
 
Our primary obligation lies with our shareholder, Stork HoldCo LP, and our actions are guided by the objective of maximising shareholder value and ensuring the long-term success of the group. Strategic decisions are made with a focus on sustainable growth and maximising rental income from our property portfolio. This includes regular reviews of our property assets to ensure they meet market demands and maintaining a proactive approach to property management to enhance long-term value.
 
Whilst we do not have direct employees, we recognise our responsibility to prioritise the concerns and expectations for shareholders, customers, suppliers, wider community and the impact on the environment in the decision-making processes.
Our governance practices prioritise transparency, accountability, ensuring that our activities are aligned with the group’s overall mission and values. We remain committed to responsible corporate citizenship and to acting in the best interests.

KEY PERFORMANCE INDICATORS

As shown in the company’s statement of comprehensive income, the company’s profit for the year was £968,341 (2023 – £878,882). At 31 December 2024, the company had net assets of £1,960,880 (2023 - £992,539).
This was driven by increased construction during the period, leading to higher revenue through recharges of associated costs.  

Page 1

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


This report was approved by the board on 5 June 2025 and signed on its behalf.








I J Benham
Director

Page 2

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £968,341 (2023 - £878,882).

No dividends have been paid or proposed during the period and to the date of this report.

DIRECTORS

The directors who served during the year and to the date of this report were:

I J Benham 
S Z Khan 
K J Kingston 
R J Worthington 

QUALIFIYING THIRD-PARTY INDEMNITY PROVISIONS

The company has in place a qualifying third-party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the period ended 31 December 2024 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provide cover in the event that the director is proven to have acted dishonestly or fraudulently.

GOING CONCERN

For details in respect of going concern refer to Note 2.

FUTURE DEVELOPMENTS

The company will continue to act as contractor for 50-60 Charter Street until practical completion is reached in 2026. 

FINANCIAL INSTRUMENTS

The principal risks and uncertainties of the company are contained within the Strategic Report. The financial risk management objectives and policies are managed at a group level and are not material to the company.

ENERGY AND CARBON REPORTING

The company makes the following disclosure requirement in relation to UK energy use and carbon emissions for periods commencing on or after 1 April 2019 for construction projects only. The company has taken an exemption from providing carbon and energy information it has consumed less than 40,000kWh of energy in the financial year.


STATEMENT ON ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS IN A BUSINESS RELATIONSHIP WITH THE COMPANY

Details on how the company has fostered relationships with suppliers, customers and others can be  found within the Company’s Section 172 statement in the Strategic Report on pages 1-2.

Page 3

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

DISCLOSURE OF INFORMATION TO AUDITOR

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'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's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies
Act 2006
AUDITOR

The auditor, Deloitte LLP have indicated their willingness to continue as the auditor.

This report was approved by the board on 5 June 2025 and signed on its behalf.
 
 








I J Benham
Director

Page 4

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, 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 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 of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 5

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

In our opinion the financial statements of CW Wood Wharf J1-J3 Development Company Limited (the "company") : 
give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its loss for the period then ended; 
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
the statement of comprehensive income;
the statement of financial position;
the statement of changes in equity; and
the related notes 1 to 15.

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).

Basis for opinion

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’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.

Conclusions relating to going concern

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. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 6

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

Other information

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.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:http://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.

Page 7

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

Extent to which the audit was considered capable of detecting irregularities, including fraud

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. 

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector. 

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that: 
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, and relevant tax legislation; and
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 
reading minutes of meetings of those charged with governance. 

Page 8

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.

We have nothing to report in respect of these matters.

Use of our report

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.






Sarah Cairns FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
05 June 2025

Page 9

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
86,258,969
88,865,348

Cost of sales
  
(85,404,920)
(87,985,493)

GROSS PROFIT
  
854,049
879,855

Interest receivable and similar income
 7 
120,347
-

Interest payable and similar expenses
 8 
(6,055)
(973)

PROFIT BEFORE TAX
  
968,341
878,882

Tax on profit
 9 
-
-

PROFIT FOR THE FINANCIAL YEAR
  
968,341
878,882

Other comprehensive income for the period
  
-
-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
968,341
878,882

All turnover arose in the United Kingdom. 
The notes on pages 13 to 18 form part of these financial statements.

Page 10

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
REGISTERED NUMBER: 13831398

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 11 
18,208,027
31,170,599

Cash at bank and in hand
  
3,459,205
62,575

  
21,667,232
31,233,174

Creditors: amounts falling due within one year
 12 
(19,706,352)
(30,240,635)

NET CURRENT ASSETS
  
1,960,880
992,539

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,960,880
992,539

  

NET ASSETS
  
1,960,880
992,539


CAPITAL AND RESERVES
  

Called up share capital 
 13 
1
1

Retained earnings
  
1,960,879
992,538

  
1,960,880
992,539


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 June 2025.




I J Benham
Director

The notes on pages 13 to 18 form part of these financial statements.

Page 11

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2024
1
992,538
992,539



Profit for the year
-
968,341
968,341
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
968,341
968,341


AT 31 DECEMBER 2024
1
1,960,879
1,960,880



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
1
113,656
113,657



Profit for the year
-
878,882
878,882
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
878,882
878,882


AT 31 DECEMBER 2023
1
992,538
992,539


The notes on pages 13 to 18 form part of these financial statements.

Page 12

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

CW Wood Wharf J1-J3 Development Company Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB.
The nature of the company's operations and its principal activities are set out in the Strategic Report.

2.ACCOUNTING POLICIES

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”). 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3). 
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken
advantage of the disclosure exemptions available to it in respect of its separate financial statements.
The Company is consolidated in the financial statements of its parent, Stork Holdings Limited, which
may be obtained at 7 Esplanade, St Helier, JE1 0BD Jersey
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which they operate.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:

  
2.2

Going concern

In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements. 
At the period end the company was in a net current asset position. Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the company will have adequate resources to continue its operation for the foreseeable future, being a period of a least 12 months from the date of approval of these financial statements. 
Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

  
2.3
Cash flow statement

The company has taken the exemption from preparing the cash flow statement under Section 1.12(b) as it is a member of a group where the parent of the group prepares publicly available consolidated accounts which are intended to give a true and fair view.

Page 13

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.4
Revenue

Revenue from the provision of building services is recognised by reference to the recoverable direct and indirect costs charged in the period,plus a fixed percentage fee.
 
  
2.5

Interest Income

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

  
2.6
Financial instruments

The directors have taken advantage of the exemption in paragraph 1.12c of FRS 102 allowing the company not to disclose the summary of financial instruments by the categories specified in paragraph 11.41.

  
2.7

Trade and other recievables

Trade and other receivables are recognised initially at fair value. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned.

  
2.8

Trade and other payables

Trade and other creditors are stated at cost.

 
2.9

Taxation

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. 


3.


CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.
For the year ended 31 December 2024 there were no critical accounting judgements or estimates identified that would have a significant impact on the amounts recognised in the financial statements, or create a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 14

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
86,258,969
88,865,348

86,258,969
88,865,348


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
86,258,969
88,865,348

86,258,969
88,865,348



5.


AUDITOR'S REMUNERATION



Auditor's remuneration of £2,376 (2023 - £2,200) for the audit of the company for the period was borne by another group undertaking.





6.


EMPLOYEES




The Company had no employees during the year (2023: £nil). No remuneration was paid by the Company to Directors for their services to the Company and no costs were allocated or recharged to the Company (2023: £nil).


7.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
120,347
-

120,347
-

Page 15

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
6,055
973

6,055
973


9.


TAXATION


2024
2023
£
£



Current tax on profits for the period
-
-


Total current tax
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different to the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
968,341
878,882


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
242,085
206,713

Effects of:


Group relief
(242,085)
(206,713)

Total tax charge for the year
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company is a member of a REIT headed by Stork Holdings Limited. As a consequence all qualifying property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable.

Page 16

 
CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


WORK IN PROGRESS

2024
2023
£
£



Opening balance
-
-

Additions
90,953,450
72,096,549

Movement in accruals
(5,548,530)
15,888,944

Transferred to cost of sales
(85,404,920)
(87,985,493)

-
-


11.


DEBTORS: Amounts falling due within one year

2024
2023
£
£


Amounts owed by group undertakings
18,208,027
30,299,753

Other debtors
-
870,846

18,208,027
31,170,599


Amounts owed by group undertakings are interest free and repayable on demand.


12.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Trade creditors
12,469
53,466

Amounts owed to group undertakings
7,206,201
12,573,769

Other taxation and social security
422,812
-

Accruals
12,064,870
17,613,400

19,706,352
30,240,635


Amounts owed to group undertakings are interest free and repayable on demand.


13.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £1.00
1
1


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CW WOOD WHARF J1-J3 DEVELOPMENT COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.OTHER FINANCIAL COMMITMENTS

As at 31 December 2024 the company had given charges over substantially all its assets to secure the commitments of certain other group undertakings.


15.


CONTROLLING PARTY

The company's immediate parent undertaking is WW Residential DevCo Holdco Limited. On 12 July 2023 CWG (Wood Wharf) Holdings Limited transferred its share holding in CW Wood Wharf J1-J3 Development Company Limited to WW Residential DevCo Holdco Limited.
The smallest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork Holdings Limited, an entity registered in Jersey. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.
Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority.
The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.

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