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CWBC PROPERTIES (BP1) LIMITED

Registered number: 04610749




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CWBC PROPERTIES (BP1) LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Directors' Responsibilities Statement
6
Independent Auditor's Report
7 - 10
Statement of Comprehensive Income
11
Statement of Financial Position
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 22


 
CWBC PROPERTIES (BP1) 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 holds a 999 year leasehold interest in One Churchill Place, a commercial office building at Canary Wharf.

BUSINESS REVIEW
 
As shown in the company's income statement, the company's profit after tax for the year was £Nil (2023 - £Nil). 
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £1 (2023 - £1). 

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company faces several principal risks and uncertainties that could significantly impact its business model and financial performance, primarily centred around its property investments in Canary Wharf. Market risk is a key concern, as the value of our freehold and leasehold property interests in the Canary Wharf estate fluctuates with the real estate market. 
As the company holds the property interest in the real estate industry comprising of an office building. Market demand fluctuations, influenced by economic conditions and consumer behaviour, directly impact the viability and profitability of these properties. Economic downturns can reduce demand for office and retail spaces, leading to decreased occupancy rates and rental income. To mitigate market risk, we continuously monitor market trends and economic indicators, allowing us to adjust our investment strategy proactively. Additionally, One Churchill Place is rent solely by Barclays who extended their lease of the building by a further 5 years ending July 2039. This helps mitigate the market risk and provides security to the company for the foreseeable future.
In the UK, the recent economic downturn, exacerbated by factors such as Brexit uncertainty and the global COVID-19 pandemic, has significantly impacted the office market. Businesses have reevaluated their office space requirements considering remote working trends and changing business models, leading to a decrease in demand for traditional office spaces, particularly in city centres. High vacancy rates have emerged in some areas, challenging property owners and investors. Despite this, the group has maintained a high occupancy rate in relation to the office portfolio. 
To further navigate these challenges, the group has adopted a proactive approach to managing our property portfolio. This involves closely monitoring market trends, identifying emerging demand patterns, and adapting our properties to meet evolving tenant needs. Additionally, fostering strong tenant relationships, offering flexible leasing terms, and enhancing the amenities and services within our office buildings can help differentiate our properties in a competitive market environment. By staying agile and responsive to economic shifts, we aim to mitigate the impact of downturns and position our portfolio for long-term success and resilience.

Page 1

 
CWBC PROPERTIES (BP1) LIMITED
 

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

CORPORATE RESPONSIBILITY

We recognise the importance of integrating environmental, social, and governance principles into our operations to create sustainable value for all stakeholders. While our direct operational involvement may be limited, we recognise the importance of ensuring that our subsidiaries uphold responsible business practices. We actively monitor their activities to promote environmental sustainability, social well-being, and sound governance. Our oversight includes encouraging our subsidiaries to adhere to ethical standards in their financial dealings and to consider the impact of their operations on stakeholders and the broader community. Through these efforts, we aim to foster a culture of responsibility and contribute positively to the financial sector and society.
Further information can be found in the Canary Wharf Group Investment Holdings plc financial statements on the activities that the group participates in relating to sustainability.
 

SECTION 172 (1) STATEMENT COMPANIES ACT 2006

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 an investment holding 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. We engage with Canary Wharf Group plc, an entity under common ownership, to understand their strategic objectives, priorities, and expectations, aligning our decision-making processes accordingly.
While we do not have direct employees, we recognise our responsibility to prioritise the concerns and expectations of shareholders, customers, suppliers, environment and the wider community in its decision-making processes. By maintaining transparent communication channels and fostering collaborative partnerships, Canary Wharf Limited aims to ensure that the needs of its stakeholders are effectively addressed and reflected in the strategic direction of the group.
Our governance practices prioritise transparency, accountability, and effective communication with Canary Wharf Group plc, ensuring that our activities are aligned with the group's overall mission and values. Despite our limited operational scope, we remain committed to responsible corporate citizenship and to acting in the best interests of the group as a whole.

KEY PERFORMANCE INDICATORS
 
No dividends have been paid or proposed during the period and to the date of this report. 
At 31 December 2024 the company made a profit after tax of £Nil (2023 – £Nil) and had net assets of £1 (2023 - £1).

Page 2

 
CWBC PROPERTIES (BP1) LIMITED
 

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


This report was approved by the board on 26 June 2025 and signed on its behalf.








I J Benham
Director

Page 3

 
CWBC PROPERTIES (BP1) 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 £NIL (2023 - £NIL).

No dividends have been paid or proposed for the year and to the date of this report (2023 - £Nil).

DIRECTORS

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

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

QUALIFIED 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.

FUTURE DEVELOPMENTS

The company will continue to hold a 999 year leasehold interest in One Churchill Place, a commercial office building at Canary Wharf.

GOING CONCERN

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

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.

STATEMENT ON BUSINESS RELATIONSHIPS

A full disclosure has been made under section 172 (1) part (c) in the Company’s Strategic Report on page 2.

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.
 
Page 4

 
CWBC PROPERTIES (BP1) 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 LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 June 2025 and signed on its behalf.
 





I J Benham
Director

Page 5

 
CWBC PROPERTIES (BP1) 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 6

 
CWBC PROPERTIES (BP1) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWBC PROPERTIES (BP1) LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of CWBC Properties (BP1) 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 result for the year 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 17.

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 7

 
CWBC PROPERTIES (BP1) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWBC PROPERTIES (BP1) 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 8

 
CWBC PROPERTIES (BP1) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWBC PROPERTIES (BP1) 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.

As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:

Investment Property Portfolio:  We have identified a fraud risk in the valuation of investment property, pinpointed specifically to the risk of management manipulation of the information provided to the valuers including lease length and rental values, which the valuers rely on during their valuation process. Our audit procedures included obtaining an understanding of the relevant controls in the investment properties' valuation and validating the tenancy data sent to the valuers for completeness and accuracy by agreeing a sample of data through to underlying lease agreements.

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 9

 
CWBC PROPERTIES (BP1) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWBC PROPERTIES (BP1) 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 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 strategic report and the directors’ report have 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 strategic report or 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.






Lyn Cowie, CA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Aberdeen, United Kingdom
26 June 2025
Page 10

 
CWBC PROPERTIES (BP1) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
42,858,239
41,371,141

Cost of sales
  
(1,000)
(1,000)

GROSS PROFIT
  
42,857,239
41,370,141

Administrative expenses
  
(17)
(18)

Fair value movements
 10 
(27,000,000)
(110,800,000)

OPERATING PROFIT/(LOSS)
  
15,857,222
(69,429,877)

Interest receivable and similar income
 7 
40,789,110
35,745,890

Interest payable and similar expenses
 8 
(56,646,332)
33,683,987

PROFIT BEFORE TAX
  
-
-

Tax on profit
 9 
-
-

PROFIT FOR THE FINANCIAL YEAR
  
-
-

OTHER COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR
  

TOTAL COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR
  
-
-

The notes on pages 14 to 22 form part of these financial statements.
Page 11

 
CWBC PROPERTIES (BP1) LIMITED
REGISTERED NUMBER: 04610749

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 10 
649,300,000
676,300,000

  
649,300,000
676,300,000

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 11 
656,828,627
609,482,984

Bank and cash balances
  
10,756,461
10,886,481

  
667,585,088
620,369,465

Creditors: amounts falling due within one year
 12 
(277,524,778)
(317,394,288)

NET CURRENT ASSETS
  
390,060,310
302,975,177

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,039,360,310
979,275,177

Creditors: amounts falling due after more than one year
 13 
(1,039,360,309)
(979,275,176)

  

NET ASSETS
  
1
1


CAPITAL AND RESERVES
  

Called up share capital 
 15 
1
1

  
1
1


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.




I J Benham
Director

The notes on pages 14 to 22 form part of these financial statements.

Page 12

 
CWBC PROPERTIES (BP1) LIMITED
 

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


Called up share capital
Total equity

£
£

At 1 January 2024
1
1
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-


AT 31 DECEMBER 2024
1
1



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


Called up share capital
Total equity

£
£

At 1 January 2023
1
1
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
-


AT 31 DECEMBER 2023
1
1


The notes on pages 14 to 22 form part of these financial statements.

Page 13

 
CWBC PROPERTIES (BP1) LIMITED
 

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

1.


GENERAL INFORMATION

CWBC Properties (BP1) 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, United Kingdom, 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 year end the company was in a net asset and 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. 

  
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 14

 
CWBC PROPERTIES (BP1) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.4
Revenue

Rental income from operating leases is recognised in the Income Statement on a straight-line basis over the term of the lease. Lease incentives granted, including rent free periods, are recognised as an integral part of the net consideration for the use of the property and are therefore also recognised on the same straight line basis. Direct costs incurred in negotiating and arranging new leases are also amortised on the same straight line basis. An adjustment is made to ensure that the carrying value of the related property, including the accrued rent, amortised lease incentives and negotiation costs, does not exceed the external valuation.
Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example turnover rents, are recorded in the periods in which they are earned.
 
  
2.5
Investment properties

Investment properties, including land and buildings held for development and investment properties under construction, are measured initially at cost including related transaction costs. The finance costs associated with direct expenditure on properties under construction or undergoing refurbishment are capitalised.
Where a property interest is acquired under a lease the investment property and the associated lease liability are initially recognised at the lower of the fair value and the present value of the minimum lease payments including any initial premium. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
Investment properties are subsequently revalued, at each reporting date, to an amount comprising the fair value of the property interest plus the carrying value of the associated lease liability less any separately identified lease incentive assets. The gain or loss on remeasurement is recognised in the income statement. 

  
2.6
Finance lease agreements: lessee

Assets held under finance leases which confer rights and obligations similar to those attached to owned assets are capitalised as tangible fixed assets at the value equal to the present value of minimum lease payments over the term of the lease. 
The corresponding leasing commitments are shown as amounts payable to the lessor. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
 
  
2.7
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.
Trade and other receivables
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.
 
Page 15

 
CWBC PROPERTIES (BP1) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

Loans receivable
Loans receivable are recognised initially at the transaction price including transaction costs. Subsequent to initial recognition, loans receivable are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
Trade and other payables
Trade and other creditors are stated at cost.
Borrowings
Loans payable are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period.  The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.
Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
 
  
2.8
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.
Valuation of investment properties
The company uses valuations performed by independent valuers as the fair value of its properties. The valuations are based upon assumptions including future rental income, anticipated void costs and the appropriate discount rate or yield. The valuers also make reference to market evidence of transaction prices for similar properties.

Page 16

 
CWBC PROPERTIES (BP1) LIMITED
 

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

Valuation of intercompany debt

The carrying value of non-standard loans are subject to fair value adjustments in the form of loan caps to ensure the value represents the most likely contractual cash flows of the underlying instrument. Estimates and judgments are made in the calculating the quantum of the cap as the future cash flows are subject to fluctuations depending on the net assets of the company. These assessments are reviewed and amended annually. 
For the year ended 31 December 2024, the financial statements of the company did not contain any significant items that required the application of judgements, apart from those involving estimation.


4.


TURNOVER

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


2024
2023
£
£

Rents
42,858,239
41,371,141

42,858,239
41,371,141


All turnover arose within the United Kingdom.


5.


AUDITOR'S REMUNERATION

Auditor's remuneration of £9,720 (2023: £9,000) for the audit of the company for the year has been 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 AND SIMILAR INCOME

2024
2023
£
£


Interest receivable from group companies
40,615,019
35,571,453

Bank interest receivable
174,091
174,437

40,789,110
35,745,890

Page 17

 
CWBC PROPERTIES (BP1) LIMITED
 

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

8.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Interest paid to group undertakings
61,895,711
60,094,823

Fair value adjustment on loans from group undertakings
(43,228,344)
(126,962,056)

Finance leases
37,978,965
33,183,246

56,646,332
(33,683,987)


9.


TAXATION


2024
2023
£
£



Current tax on profits for the year
-
-


TOTAL CURRENT TAX
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

In October 2022, the government announced changes to the Corporation Tax rate from 1 April 2023, increasing the main rate of Corporation Tax to 25%.
The tax assessed for the year is different to the standard rate of corporation tax in the UK of 25%
 (2023 - 23.5%). The differences are explained below:

2024
2023
£
£

EFFECTS OF:


Fair value movement of investment property
6,750,000
26,038,000

Capital allowances for year in excess of depreciation
(10,807,086)
(29,836,083)

Property rental business
(4,885,748)
(4,601,190)

Interest restriction
8,986,357
8,440,266

Group relief
(43,523)
(40,993)

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 18

 
CWBC PROPERTIES (BP1) LIMITED
 

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

10.


INVESTMENT PROPERTY


Long term leasehold investment property

£



VALUATION


At 1 January 2024
676,300,000


Revaluation
(27,000,000)



AT 31 DECEMBER 2024
649,300,000

The company holds a 999 year lease in One Churchill Place, Canary Wharf, subject to the finance lease in Note 13.
At 31 December 2024, the property was valued externally by CBRE Limited, Chartered Surveyors with recent experience in office properties at Canary Wharf. The fair value was determined in accordance with the Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors, using:
- Discounted cash flows based on inputs provided by the company (current rents, terms and conditions of lease agreements) and assumptions and valuation models adopted by the valuers (estimated rental values, terminal values and discount rates).
- Yield methodology based on inputs provided by the company (current rents) and assumptions and valuation models adopted by the valuers (estimated rental values and market capitalisation rates).
The resulting valuations are cross checked against the initial yields and the fair market values per square foot derived from actual market transactions. 
No allowance was made for any expenses of realisation nor for any taxation which might arise in the event of disposal.




If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:


2024
2023
£
£


Historic cost
753,500,000
753,500,000

Impairment
(104,200,000)
(77,200,000)

649,300,000
676,300,000

The property is let to CWBC Leasing (BP1) Limited until March 3001. Rent receivable equates to 99.99% of the rent from the occupational tenants less deductible leasing expenses.
As the leasing expenses are not fixed, the future minimum receivable under non-cancellable operating leases are £nil.

Page 19

 
CWBC PROPERTIES (BP1) LIMITED
 

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

11.


DEBTORS: Amounts falling due within one year

2024
2023
£
£


Amounts owed by group undertakings
656,794,994
609,449,351

Other debtors
33,633
33,633

656,828,627
609,482,984



Amounts owed by group undertakings include:

2024
2023
£
£



Amount owed by parent undertaking
1
1

Amount owed by fellow subsidiary undertaking
126,769,418
82,814,634

Loan to fellow subsidiary undertaking
530,025,575
526,634,716

656,794,994
609,449,351

The loan to a fellow subsidiary undertaking bears interest at 10%, subject to certain caps, and is repayable on demand. Amounts owed by parent undertaking and amounts owed by fellow subsidiary are interest free and repayable on demand.

12.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
277,524,778
317,394,288

277,524,778
317,394,288


Included in the amounts owed to group undertakings is a loan from a fellow subsidiary undertaking of £141,466,959 (2023: £224,324,205). The loan bears interest at 10%, subject to certain caps and is repayable on demand. The fair value of the loan has been reduced by £43,226,622 (2023 - £126,962,056) as a result of the cap.

Page 20

 
CWBC PROPERTIES (BP1) LIMITED
 

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

13.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Finance lease agreements
567,199,573
566,444,770

Loans from fellow subsidiary undertaking
472,160,736
412,830,406

1,039,360,309
979,275,176


Loans from a fellow subsidiary undertaking comprise interest bearing loan notes accounted for at amortised cost. The total carrying value of these loans is £472,160,736, consisting of the following balances:

£394,805,922 (2023: £412,820,304) of loans with a fixed rate of interest of 5.815% repayable by instalments with final repayment due in July 2039.

£77,344,712 (2023: £Nil) of new loans subscribed to on 28 June 2024. These loans carry a interest rate of 6.6478% and are repayable by instalments, with final repayment due in July 2039.

£10,102 (2023: £10,102) of loans with a variable rate of interest linked to SONIA with repayment due in July 2034.


14.


FINANCE LEASES

The finance lease obligations fall due as follows:


2024
2023
£
£


Over 5 years
567,199,573
566,444,770

567,199,573
566,444,770

The amount at which finance lease obligations are stated comprises:


2024
2023
£
£



Opening balance
566,444,770
567,137,162

Finance rents paid
(37,224,162)
(33,875,638)

Finance charge (including amortisation of expenses)
37,978,965
33,183,246

567,199,573
566,444,770


Finance rents are calculated by reference to a notional rate of SONIA on the notional amount of principal outstanding under the finance lease. At 31 December 2024 the finance lease was stated at £567,199,573 (2023: £566,444,770) representing the notional principal amount outstanding at that time. The finance lessor is a fellow subsidiary undertaking.
The rate of interest implicit in the finance lease was 6.71% at 31 December 2024 (2023: 6.85%).
Page 21

 
CWBC PROPERTIES (BP1) LIMITED
 

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

15.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



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


The company has no distributable reserves at 31 December 2024 (2023 - £Nil).






16.OTHER FINANCIAL COMMITMENTS

As at 31 December 2024 and 31 December 2023 the company had given fixed and floating charges over substantially all its assets to secure the commitments of certain other group undertakings.
The company has annual commitments of £1,000, which expire after more than five years, in respect of operating leases on land and buildings.


17.


CONTROLLING PARTY

The company's immediate parent undertaking is CWCB Holdings Limited.
As at 31 December 2024, the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. 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.

Page 22