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CW LENDING II LIMITED

Registered number: 03929555




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CW LENDING II LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditor's 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 - 17

 
CW LENDING II 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 provided by section 415A of the Companies Act 2006.

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of finance to the group, comprising Canary Wharf Holdings Limited ('CWHL') and its subsidiary undertakings.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £54,480 (2023 - £85,386).

No dividends have been paid or proposed for the year or 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 
S Z Khan 
K J Kingston 
R J Worthington 

QUALIFYING THIRD-PARTY INDEMNITY PROVISION
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 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.

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, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

Page 1

 
CW LENDING II LIMITED
 

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

This report was approved by the board on 23 June 2025 and signed on its behalf.
 








I J Benham
Director
Page 2

 
CW LENDING II 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  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

 
CW LENDING II LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW LENDING II LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of CW Lending II 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 14.

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

 
CW LENDING II LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW LENDING II 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

 
CW LENDING II LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW LENDING II 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.

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

 
CW LENDING II LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW LENDING II 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
23 June 2025
Page 7

 
CW LENDING II LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Interest receivable and similar income
 6 
62,342,709
119,976,819

Interest payable and similar expenses
 7 
(62,288,229)
(119,891,433)

PROFIT BEFORE TAX
  
54,480
85,386

Tax on profit
 8 
-
-

PROFIT FOR THE FINANCIAL YEAR
  
54,480
85,386

Other comprehensive income for the year
  
-
-

OTHER COMPREHENSIVE INCOME FOR THE YEAR
  
-
-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
54,480
85,386

The notes on pages 11 to 17 form part of these financial statements.
Page 8

 
CW LENDING II LIMITED
REGISTERED NUMBER: 03929555

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

  

CURRENT ASSETS
  

Debtors
 9
1,227,356,537
1,510,919,465

Cash at bank and in hand
  
76,964,099
59,255,495

  
1,304,320,636
1,570,174,960

Creditors: amounts falling due within one year
 10 
(274,354,691)
(499,702,478)

NET CURRENT ASSETS
  
1,029,965,945
1,070,472,482

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,029,965,945
1,070,472,482

Creditors: amounts falling due after more than one year
 11 
(1,022,928,573)
(1,063,489,590)

  

NET ASSETS
  
7,037,372
6,982,892


CAPITAL AND RESERVES
  

Called up share capital 
 12 
2
2

Retained earnings
  
7,037,370
6,982,890

  
7,037,372
6,982,892


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 June 2025.







I J Benham
Director

The notes on pages 11 to 17 form part of these financial statements.
Page 9

 
CW LENDING II 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
2
6,982,890
6,982,892


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
54,480
54,480
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
54,480
54,480


AT 31 DECEMBER 2024
2
7,037,370
7,037,372



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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
2
6,897,504
6,897,506


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
85,386
85,386
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
85,386
85,386


AT 31 DECEMBER 2023
2
6,982,890
6,982,892


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
CW LENDING II LIMITED
 

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

1.


GENERAL INFORMATION

CW Lending II 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 Company meets the definition of a qualifying entity under FRS102 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, 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 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 11

 
CW LENDING II LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

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.
Loans receivable
Loans receivable are recognised initially at fair value less attributable 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.

 
2.5

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. 
Page 12

 
CW LENDING II LIMITED
 

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

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.
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.


4.


AUDITOR'S REMUNERATION

Auditor's remuneration of £17,720 (2023 - £11,000) for the audit of the company for the year has been
borne by another group undertaking.





5.


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).






6.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Debt modification amounts recoverable from a fellow subsidiary undertaking
-
40,787,671

Interest receivable from group companies
62,017,678
78,839,946

Bank and other interest receivable
325,031
349,202

62,342,709
119,976,819



Page 13

 
CW LENDING II LIMITED
 

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

7.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Debt modification charge from a fellow subsidiary undertaking
-
40,787,671

Loans from group undertakings
62,288,229
79,093,489

Other borrowing fees payable
-
10,273

62,288,229
119,891,433


8.


TAXATION



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 the standard rate of corporation tax in the UK of 25%
 (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
54,480
85,386


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
13,620
20,066

EFFECTS OF:


Group relief
(13,620)
(20,066)

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. 


9.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR


Loan to fellow subsidiary undertaking
1,208,812,623
1,144,305,336

1,208,812,623
1,144,305,336

Page 14

 
CW LENDING II LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
£
£

DUE WITHIN ONE YEAR


Loan to fellow subsidiary undertaking
18,543,912
325,526,905

Amounts owed by group undertakings
2
41,087,224

Other accrued interest
-
-

18,543,914
366,614,129

The loan to the company's fellow subsidiary undertaking, CWCB Finance II Limited, was made in tranches and the principal terms are equal to those disclosed in Note 11, however a mark up of 0.01% is applied to the interest rate charged to CWCB Finance II Limited by CW Lending II Limited compared to that charged by CW Finance II Plc to CW Lending II Limited.  


10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
  
38,258
43,069

Loan from Canary Wharf Finance II plc due within one year
  
18,543,912
325,526,905

Accrued interest on loan from Canary Wharf Finance II plc
  
23,016,048
15,331,476

Other loans from fellow subsidiary undertakings
  
69,635,317
58,171,476

Amounts owed to group undertakings
  
163,121,156
100,629,552

  
274,354,691
499,702,478


Other loans from fellow subsidiary undertakings bear interest at a rate linked to interest earned on the company's bank accounts. These loans are repayable on demand.
Amounts owed to group undertakings are interest free and repayable on demand.

Page 15

 
CW LENDING II LIMITED
 

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

11.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Loan from Canary Wharf Finance II plc
1,022,928,573
1,063,489,590

1,022,928,573
1,063,489,590


The loan from the company's fellow subsidiary undertaking, Canary Wharf Finance II plc, was made in tranches, the principal terms of which are:
 


Interest
Effective
interest
Repayment
2024
£m

2023
£m





A1
6.455%
5.692%
By instalment 2009-2033
68.7

154.5


A3
5.952%
5.736%
By instalment 2024-2037
208.0

400.0


A7
5.114%
5.298%
January 2035
222.0

222.0


B
6.800%
6.409%
By instalment 2005-2030
100.2

107.1


B3
5.163%
5.435%
January 2035
77.9

77.9


C2
5.442%
6.059%
January 2035
239.7

239.7


D2
5.801%
6.743%
January 2035
125.0

125.0


1,041.5

1,326.2


Unamortised premium
7.8
9.4

Accrued financing costs
10.9
12.9

1,060.2
1,348.5



The company's aggregate borrowings (excluding accrued interest payable and premium) are repayable as follows:

2024
2023
£
£



In one year or less, or on demand
18,543,912
284,739,234

Between one and two years
15,766,816
18,543,912

Between two and five years
43,004,902
43,764,127

In five years or more
964,156,856
979,164,447

1,041,472,486
1,326,211,720
Page 16

 
CW LENDING II LIMITED
 

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

12.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



13.OTHER FINANCIAL COMMITMENTS

As of 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.


14.


CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf Finance 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.

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