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img5e77.png










HERON QUAYS PROPERTIES LIMITED

Registered number: 02276627




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HERON QUAYS PROPERTIES 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 - 19


 
HERON QUAYS PROPERTIES 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 sections 414B and 415A of the Companies Act 2006.

PRINCIPAL ACTIVITY

On 25 October 2024 the company disposed of the freehold interest it held in East Winter Garden and West Winter Garden, Canary Wharf, London, to a fellow subsidiary undertaking. The company remains in operation to incur any residual costs. 

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £61,265 (2023 - profit £252,241).

Dividends of £12,284,216 have been paid during the year (2023 - £NIL).

DIRECTORS

The directors who served during the year and up to the date of signing were:

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

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.

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

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

Page 1

 
HERON QUAYS PROPERTIES LIMITED
 

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

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





I J Benham
Director
Page 2

 
HERON QUAYS PROPERTIES 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  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

 
HERON QUAYS PROPERTIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HERON QUAYS PROPERTIES LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of Heron Quays Properties Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its loss for the 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

 
HERON QUAYS PROPERTIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HERON QUAYS PROPERTIES 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

 
HERON QUAYS PROPERTIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HERON QUAYS PROPERTIES LIMITED
 

EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.  

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

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

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

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following: 
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 
reading minutes of meetings of those charged with governance.
Page 6

 
HERON QUAYS PROPERTIES LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HERON QUAYS PROPERTIES 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

 
HERON QUAYS PROPERTIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
588,424
431,456

Cost of sales
  
(778,051)
(1,902)

GROSS (LOSS)/PROFIT
  
(189,627)
429,554

Other income
      5
69,156
17,442

Movement in fair value of properties
 10 
104,388
(200,768)

OPERATING (LOSS)/PROFIT
  
(16,083)
246,228

Interest receivable and similar income
 8 
2,956
13,346

(LOSS)/PROFIT BEFORE TAX
  
(13,127)
259,574

Tax on (loss)/profit
 9 
(48,138)
(7,333)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(61,265)
252,241

Other comprehensive income for the year
  
-
-

TOTAL COMPREHENSIVE (EXPENSE)/INCOME FOR THE YEAR
  
(61,265)
252,241

The notes on pages 11 to 19 form part of these financial statements.
Page 8

 
HERON QUAYS PROPERTIES LIMITED
REGISTERED NUMBER: 02276627

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 10 
-
8,085,699

  
-
8,085,699

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 11 
-
514,301

Debtors: amounts falling due within one year
 11 
4,394,721
19,957,778

Cash at bank and in hand
  
20,000
152,994

  
4,414,721
20,625,073

Creditors: amounts falling due within one year
 12 
(4,407,320)
(16,357,890)

NET CURRENT ASSETS
  
7,401
4,267,183

TOTAL ASSETS LESS CURRENT LIABILITIES
  
7,401
12,352,882

  

NET ASSETS
  
7,401
12,352,882


CAPITAL AND RESERVES
  

Called up share capital 
 14 
100
44,359,348

Retained earnings
 15 
7,301
(32,006,466)

  
7,401
12,352,882


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 19 form part of these financial statements.
Page 9

 
HERON QUAYS PROPERTIES 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
44,359,348
(32,006,466)
12,352,882


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
(61,265)
(61,265)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(61,265)
(61,265)


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends
-
(12,284,216)
(12,284,216)

Share capital reduction
(44,359,248)
-
(44,359,248)

Transfer to profit and loss account
-
44,359,248
44,359,248


AT 31 DECEMBER 2024
100
7,301
7,401



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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
44,359,348
(32,258,707)
12,100,641


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
252,241
252,241
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
252,241
252,241


AT 31 DECEMBER 2023
44,359,348
(32,006,466)
12,352,882


The notes on pages 11 to 19 form part of these financial statements.
Page 10

 
HERON QUAYS PROPERTIES LIMITED
 

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

1.


GENERAL INFORMATION

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

  
2.3
Cash flow statement

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

Page 11

 
HERON QUAYS PROPERTIES 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. 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 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

 
HERON QUAYS PROPERTIES 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 peri/od. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.
 

For the year ended 31 December 2024 there were no critical accounting judgements or estimates identified that would have a significant impact on the amounts recognised in the financial statements, or create a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 13

 
HERON QUAYS PROPERTIES 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
£
£

Rent receivable
529,024
414,367

Insurance recoveries
43,525
17,089

Other
15,875
-

588,424
431,456


All turnover arose within the United Kingdom.


5.


OTHER INCOME

2024
2023
£
£



VAT refund
69,156
-

Other
-
17,442

69,156
17,442


6.


AUDITOR'S REMUNERATION



Auditor's remuneration of £7,664 (2023 - £7,000) for the audit of the company for the year has been borne by another group undertaking.





7.


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).


8.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Bank interest receivable
2,956
13,346

2,956
13,346

Page 14

 
HERON QUAYS PROPERTIES LIMITED
 

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

9.


TAXATION


2024
2023
£
£



Current tax on profits for the year
-
-


TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
48,138
7,333

TOTAL DEFERRED TAX
48,138
7,333


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
48,138
7,333

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
£
£


(Loss)/profit on ordinary activities before tax
(13,127)
259,574


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(3,282)
61,000

EFFECTS OF:


Property rental business
(72,450)
(112,622)

Fair value movements not subject to tax
(26,097)
47,180

Capital allowances
(32,959)
-

Non-deductible expenses
135,527
7,578

Change in tax rates
-
1,061

Write-off of deferred tax asset
48,138
-

Group relief
(739)
3,136

TOTAL TAX CHARGE FOR THE YEAR
48,138
7,333


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

 
HERON QUAYS PROPERTIES LIMITED
 

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

10.


INVESTMENT PROPERTY


Freehold investment property

£





At 1 January 2024
8,085,699


Disposals
(8,190,087)


Revaluation
104,388



AT 31 DECEMBER 2024
-

On 25 October 2024 the company disposed of the freehold interest it held in East Winter Garden and West Winter Garden, Canary Wharf, London to a fellow subsidiary undertaking for consideration of £8,190,087.



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
-
851,310

-
851,310

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


2024
2023
£
£



Freehold investment property
-
8,085,699

Lease incentives
-
431,995

Negotiation costs
-
82,306

-
8,600,000

The property was let to several tenants with a weighted average lease length of 7.7 years in 2023. After the restructure all property interest were transferred to a fellow subsidiary undertaking.
The future minimum rents receivable under non-cancellable operating leases are as follows:


2024
2023
£
£



Due within one year
-
534,206

In one to five years
-
2,127,581

After more than five years
-
1,437,037

-
4,098,824

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HERON QUAYS PROPERTIES LIMITED
 

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

11.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Lease incentives and negotiation costs
-
514,301

-
514,301


2024
2023
£
£

DUE WITHIN ONE YEAR

Trade debtors
47,946
404,782

Amounts owed by group undertakings
4,307,090
19,495,682

Prepayments and accrued income
39,685
9,176

Deferred taxation
-
48,138

4,394,721
19,957,778



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


12.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
-
98,546

Amounts owed to group undertakings
4,227,092
15,346,485

Other taxation and social security
109,589
495,233

Other creditors
57,000
253,828

Deferred income
13,639
163,798

4,407,320
16,357,890


Amounts owed to group undertakings are interest free and repayable on demand.
Other creditors comprise tenant deposits. 

Page 17

 
HERON QUAYS PROPERTIES LIMITED
 

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

13.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
48,138
55,471


Charged to profit or loss
(48,138)
(7,333)



AT END OF YEAR
-
48,138

The deferred tax asset is made up as follows:

2024
2023
£
£


Capital allowances
-
48,138

-
48,138


14.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



44,359,348 (2023 - 44,359,348) Ordinary shares of £0.000002 each
100
44,359,348

On 16 December 2024 the aggregate nominal share capital of the company was reduced from £44,359,438 to £100 by reducing the nominal value of each share from £1 each to £0.00000225 each.


Page 18

 
HERON QUAYS PROPERTIES LIMITED
 

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

15.


RESERVES

The company had distributable reserves of £7,301 at 31 December 2024 (2023 - £nil). The total of the company's realised gains and losses was as follows:


2024
2023
£
£



Retained earnings
7,301
(32,006,466)

Revaluation of investment properties
-
(7,234,391)

Deferred tax on capital allowances
-
(48,138)

Distributable reserves
7,301
(39,288,995)


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.


17.


CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf Investments 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 19