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CWE SPVC LIMITED

Registered number: 03123343




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CWE SPVC LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 20


 
CWE SPVC 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.

In preparing this report, the directors have taken advantage of the small companies exemptions by section 415A of the Companies Act 2006.

PRINCIPAL ACTIVITY

The company holds a 99 year pass through interest in the floors 5,6,10,25,26,27,29 and 30 of One Canada Square, Canary Wharf.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £225,097 (2023 - £246,150).

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 the report were:

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

QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS
The company has in place a qualifying third-party imdemnity 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 year 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.  

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.

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

Page 1

 
CWE SPVC LIMITED
 

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


AUDITOR

Deloitte LLP have indicated their willingness to continue as auditors to the company.

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








I J Benham
Director

Page 2

 
CWE SPVC LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 judgements and accounting estimates that are reasonable and prudent;

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 3

 
CWE SPVC LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWE SPVC LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of CWE SPVc 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 profit 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 4

 
CWE SPVC LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWE SPVC 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 5

 
CWE SPVC LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWE SPVC 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 and the directors 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 etc, 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.
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 6

 
CWE SPVC LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWE SPVC 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 year 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; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 

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
5 June 2025
Page 7

 
CWE SPVC LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,738,533
7,217,290

Cost of sales
  
(7,675,533)
(7,216,958)

GROSS PROFIT
  
63,000
332

Administrative Income/(expenses)
  
(1,689)
53,734

Movement in fair value of investment properties
  
170,527
184,472

OPERATING PROFIT
  
231,838
238,538

Interest payable and similar income
 7 
177
1,937

PROFIT BEFORE TAX
  
232,015
240,475

Tax on profit
 8 
(6,918)
5,675

PROFIT FOR THE FINANCIAL YEAR
  
225,097
246,150

Other comprehensive income for the year
  
-
-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
225,097
246,150

The notes on pages 11 to 20 form part of these financial statements.

Page 8

 
CWE SPVC LIMITED
REGISTERED NUMBER: 03123343

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 9 
1,441,523
1,270,996

  
1,441,523
1,270,996

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 10 
8,477,283
8,699,297

Debtors: amounts falling due within one year
 10 
8,854,552
9,875,312

Cash at bank and in hand
  
207,977
42,210

  
17,539,812
18,616,819

Creditors: amounts falling due within one year
 11 
(8,288,662)
(9,205,670)

NET CURRENT ASSETS
  
9,251,150
9,411,149

TOTAL ASSETS LESS CURRENT LIABILITIES
  
10,692,673
10,682,145

Creditors: amounts falling due after more than one year
 12 
(8,468,806)
(8,690,293)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 13 
(39,257)
(32,339)

  
(39,257)
(32,339)

NET ASSETS
  
2,184,610
1,959,513


CAPITAL AND RESERVES
  

Called up share capital 
 14 
1
1

Retained earnings
 15 
2,184,609
1,959,512

  
2,184,610
1,959,513


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 11 to 20 form part of these financial statements.

Page 9

 
CWE SPVC 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
1,959,512
1,959,513


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
225,097
225,097
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
225,097
225,097


AT 31 DECEMBER 2024
1
2,184,609
2,184,610



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
1,713,362
1,713,363


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
246,150
246,150
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
246,150
246,150


AT 31 DECEMBER 2023
1
1,959,512
1,959,513


The notes on pages 11 to 20 form part of these financial statements.

Page 10

 
CWE SPVC LIMITED
 

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

1.


GENERAL INFORMATION

CWE SPVc 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 Directors' 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 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. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Page 11

 
CWE SPVC LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
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.
 
 
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. 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 an investment property interest is acquired under a lease 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 separately identified accrued rent, amortised lease incentives and negotiation costs. The gain or loss on remeasurement is recognised in the income statement. 

 
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.
Trade and other receivables
Debtors 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.
Trade and other payables
Trade and other creditors are stated at cost.

Page 12

 
CWE SPVC LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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. 
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.                
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference. Deferred tax relating to investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expenses or income.


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.
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.
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.

Page 13

 
CWE SPVC 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
£
£

Rental income
7,216,773
7,186,310

Insurance recoveries
111,760
30,980

Dilapidations received
410,000
-

7,738,533
7,217,290


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
£
£


Bank interest receivable
177
1,937

177
1,937

Page 14

 
CWE SPVC LIMITED
 

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

8.


TAXATION


2024
2023
£
£



Current tax on profits for the year
-
-


TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
6,918
(5,675)

TOTAL DEFERRED TAX
6,918
(5,675)


DEFERRED TAXATION ON ORDINARY ACTIVITIES
6,918
(5,675)

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 the standard rate of corporation tax in the UK of25%
 (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
232,015
240,475


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
58,004
56,512

EFFECTS OF:


Property rental business
(45,757)
(37,016)

Expenses not deductible for tax purposes
83,053
65,894

Capital allowances for year in excess of depreciation
(13,857)
(21,654)

Group relief
(31,893)
(20,384)

Fair value movements not subject to tax
(42,632)
(49,027)

TOTAL TAX CHARGE/(CREDIT) FOR THE YEAR
6,918
(5,675)


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 15

 
CWE SPVC LIMITED
 

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

9.


INVESTMENT PROPERTY


Long term leasehold investment property

£



VALUATION


At 1 January 2024
1,270,996


Revaluation
170,527



AT 31 DECEMBER 2024
1,441,523

The company holds a 99 year pass through interest in certain the 5,6,25,26,27,29 and 30th floors of One Canada Square, Canary Wharf, expiring in July 2086.
At 31 December 2024, the property was valued externally by Savills (UK) Limited, qualified valuers 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
50,000
50,000

50,000
50,000

Page 16

 
CWE SPVC LIMITED
 

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

The fair value has been allocated to the following balance sheet items:

2024
2023
£
£



Leasehold properties
1,441,523
1,270,996

Negotiation costs
550,202
764,548

Lease incentives
7,927,082
7,934,749

Negotiation costs attributable to fellow subsidiaries
(549,652)
(764,548)

Lease incentives attributable to fellow subsidiaries
(7,919,155)
(7,925,745)

1,450,000
1,280,000

The property interest in One Canada Square is let to several tenants with an average lease length of 4.6 years (2023 - 5.1 years).
The future minimum undiscounted payments under the non-cancellable operating leases are as follows:

2024
2023
£
£



Within one year
8,049,587
8,249,467

In one to five years
20,685,163
22,643,345

After more than five years
9,148,604
13,382,243

37,883,354
44,275,055

During the year ended 31 December 2024, the company recorded additional income of £521,760 (2023 -  £30,320) from leases in respect of insurance recoveries and dilapidations.
Page 17

 
CWE SPVC LIMITED
 

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

10.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Lease incentives and negotiation costs
8,477,283
8,699,297

8,477,283
8,699,297


2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
533,885
221,874

Amounts owed by group undertakings
8,276,808
9,609,045

Other debtors
-
3,581

Prepayments and accrued income
43,859
40,812

8,854,552
9,875,312


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


11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
-
17,542

Amounts owed to group undertakings
5,839,865
7,219,655

Other creditors
334,988
680,209

Accruals and deferred income
2,113,809
1,288,264

8,288,662
9,205,670


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


12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Lease incentives and negotiation costs attributable to fellow subsidiaries
8,468,806
8,690,293

8,468,806
8,690,293


Page 18

 
CWE SPVC LIMITED
 

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

13.


DEFERRED TAXATION




2024


£






At beginning of year
(32,339)


Charged to profit or loss
(6,918)



AT END OF YEAR
(39,257)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
(39,257)
(32,339)

(39,257)
(32,339)


14.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



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



15.


RESERVES

The distributable reserves of the company differ from its retained earnings as follows:


2024
2023
£
£



Retained earnings
2,184,609
1,959,512

Revaluation of investment properties
(1,443,216)
(1,220,996)

Deferred tax on revaluation of investment properties
39,257
32,339

Distributable reserves
780,650
770,855


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 in respect of operating leases on land and buildings expiring after more than five years equal to 99% of its net rents receivable. The expense recognised in the year was £6,237,144 (2023 - £5,357,178).

Page 19

 
CWE SPVC LIMITED
 

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

17.


CONTROLLING PARTY

The company's immediate parent undertaking is CWE SPV HCo 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 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 20