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img42e8.png










CANARY WHARF INVESTMENTS (BP4) LIMITED

Registered number: 07774523




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CANARY WHARF INVESTMENTS (BP4) 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 - 25



 
CANARY WHARF INVESTMENTS (BP4) 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 and 414B of the Companies Act 2006.

PRINCIPAL ACTIVITIES

The company holds a 999 year leasehold interest and is a financing company for 25 Churchill Place, Canary Wharf.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £3,156,694 (2023 - loss £44,338,740).

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


DIRECTORS

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

I J Benham 
K J Kingston 
S Z Khan 
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.

FUTURE DEVELOPMENTS

The company will contine to hold a 999 year leasehold interest and is a financing company for 25 Churchill Place, Canary Wharf.

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.
Page 1

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 

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

AUDITORS

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

This report was approved by the board on 3 July 2025 and signed on its behalf.
 





I J Benham
Director

Page 2

 
CANARY WHARF INVESTMENTS (BP4) 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

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (BP4) LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of Canary Wharf Investments (BP4) 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 23.

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

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (BP4) 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

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (BP4) 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:

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

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

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

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (BP4) 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
3 July 2025
Page 7

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4
3,094,060
3,119,530

GROSS PROFIT
  
3,094,060
3,119,530

Administrative expenses
  
(167,125)
(48,500)

Movement in fair value of investment properties
 11 
-
(45,000,000)

OPERATING PROFIT/(LOSS)
  
2,926,935
(41,928,970)

Interest receivable and similar income
 7 
25,038,804
28,962,294

Interest payable and similar charges
 8 
(31,122,433)
(31,372,064)

LOSS BEFORE TAX
  
(3,156,694)
(44,338,740)

Tax on loss
 9 
-
-

LOSS FOR THE FINANCIAL YEAR
  
(3,156,694)
(44,338,740)

OTHER COMPREHENSIVE EXPENSE FOR THE YEAR
  

Fair value movement of effective hedging instrument
 8 
(8,857,940)
(13,285,582)

Hedge reserve recycling
 8 
9,799,647
9,335,487

OTHER COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR
  
941,707
(3,950,095)

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
  
(2,214,987)
(48,288,835)

For details of restatement, see Note 4.
The notes on pages 11 to 25 form part of these financial statements.

Page 8

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
REGISTERED NUMBER:07774523

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

As restated
2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 10 
1
1

Investment property
 11 
130,217,129
130,217,129

  
130,217,130
130,217,130

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 12 
235,852,519
350,800,355

Debtors: amounts falling due within one year
 12 
125,169,507
90,404,720

Cash at bank and in hand
 13 
8,585,530
9,626,872

  
369,607,556
450,831,947

Creditors: amounts falling due within one year
 14 
(124,361,456)
(89,463,480)

NET CURRENT ASSETS
  
245,246,100
361,368,467

TOTAL ASSETS LESS CURRENT LIABILITIES
  
375,463,230
491,585,597

Creditors: amounts falling due after more than one year
 15 
(324,314,492)
(438,221,872)

  

NET ASSETS
  
51,148,738
53,363,725


CAPITAL AND RESERVES
  

Called up share capital 
 19 
1
1

Hedging reserve
 19 
(304,423)
(1,246,130)

Retained earnings
20
51,453,160
54,609,854

  
51,148,738
53,363,725


For details of restatement, see Note 4.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 July 2025.




I J Benham
Director

The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 

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


Called up share capital
Hedging reserve
Retained earnings
Total equity

£
£
£
£

At 1 January 2024
1
(1,246,130)
54,609,854
53,363,725


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
-
(3,156,694)
(3,156,694)

Hedge reserve recycling
-
9,799,647
-
9,799,647

Fair value movement of effective hedging instrument
-
(8,857,940)
-
(8,857,940)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
941,707
(3,156,694)
(2,214,987)


AT 31 DECEMBER 2024
1
(304,423)
51,453,160
51,148,738



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


Called up share capital
Hedging reserve
Retained earnings
Total equity

£
£
£
£

At 1 January 2023 (as previously stated)
1
2,703,965
97,365,655
100,069,621

Prior year adjustment (Note 4)
-
-
1,582,939
1,582,939

At 1 January 2023 (as restated)
1
2,703,965
98,948,594
101,652,560


COMPREHENSIVE EXPENSE FOR THE YEAR

Restated loss for the year
-
-
(44,338,740)
(44,338,740)

Hedge reserve recycling
-
9,335,487
-
9,335,487

Fair value movement of effective hedging instrument
-
(13,285,582)
-
(13,285,582)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(3,950,095)
(44,338,740)
(48,288,835)


AT 31 DECEMBER 2023
1
(1,246,130)
54,609,854
53,363,725


The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Canary Wharf Investments (BP4) 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 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, Canary Wharf Group Investment Holdings plc, which may be obtained at One Canada Square, Canary Wharf, London, E14 5AB.
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
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.

 
2.3

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.

Page 11

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.4
Revenue

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

  
2.5
Investment properties

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

  
2.6
Financial instruments

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

  
Trade and other receivables

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

  
Loans receivable

Loans receivable are recognised initially at the transaction price including transaction costs. Subsequent to initial recognition, loans receivable are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.

  
Trade and other payables

Trade and other creditors are stated at cost.

Page 12

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
Borrowings

Standard loans payable are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.
Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.

  
2.7
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. 
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.

 
2.8

 Derivative instruments

The company uses interest rate derivatives to help manage its risks of changes in interest rates. The company does not hold or issue derivatives for trading purposes.
In order for a derivative to qualify for hedge accounting, the company is required to document the relationship between the item being hedged and the hedging instrument. The company is also required to demonstrate an assessment of the relationship between the hedged item and the hedging instrument for its economic relationship, effects of credit risk and hedge ratio. This shows that the hedge will be effective on an on-going basis. The effectiveness testing is re-performed at each balance sheet date to ensure that the hedge remains effective.
The changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in other comprehensive income. The changes in the fair value of derivative financial instruments that are designated and effective as fair value hedges are recognised against the item being hedged. The changes in the fair value of any ineffective portions of hedges or undesignated financial instruments are recognised in the profit and loss account.
Hedge accounting is discontinued when the company revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to net profit or loss for the period.

Page 13

 
CANARY WHARF INVESTMENTS (BP4) 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.
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.
Derivative financial instruments
The fair values of derivative financial instruments are provided by counter party financial institutions, which is level 2 of the fair value hierarchy. 
Consistent with International Accounting Standards, the value provided is then reduced for the company’s own credit risk, in the case of credit balances, and for the counterparty’s credit risk, in the case of debit balances. These adjustments are calculated by using a calculation tool provided by Bloomberg.
 
The fair values of derivative financial instruments with other group undertakings are calculated using discounted forecast cash flows. The forecast interest curve is provided by Chatham Financial.
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 14

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


PRIOR YEAR ADJUSTMENT

On review of intercompany lease documentation it was found that the increase in rent as a result of rent reviews to align with open market rent had not been reflected since July 2019. As a result, in 2023, the turnover was understated by £452,268, the retained earnings was understated by £2,035,207 and the creditors falling due within one year was overstated by £2,035,207. The effect of the restatement is summarised in the following table.

As previously stated 31 December 2023
Adjustment
As restated 31 December 2023
        £
        £
        £
Statement of Financial Position

Creditors: Amounts falling due within one year

Amounts owed to group undertakings

63,828,983

(2,035,207)

61,793,776
 
Statement of Comprehensive Income

Turnover

2,667,262

452,268

3,119,530
 
Gross profit

2,667,262

452,268

3,119,530
 
Operating loss

(42,381,239)

452,268

(41,928,970)
 
Loss before tax and for the financial year

(44,791,008)

452,268

(44,338,740)
 
Total comprehensive expense for the year

(48,741,103)

452,268

(48,288,835)
 
Statement of Changes in Equity

Retained earnings at 1 January 2023

97,365,655

1,582,939

98,948,594
 


5.


AUDITOR'S REMUNERATION

Auditor's remuneration of £14,040 (2023: £13,000) for the audit of the company for the year has been borne by another group undertaking.




6.


EMPLOYEES




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


7.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Interest receivable from group undertakings
24,984,898
28,935,807

Other interest receivable
53,906
26,487

25,038,804
28,962,294

Page 15

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Bank charges
380
335

Bank loan interest payable
13,029,360
14,802,187

Hedge reserve recycling
9,799,647
9,335,487

Interest payable from group undertakings
8,291,719
7,232,728

Finance charge on operating lease liabilities
1,327
1,327

31,122,433
31,372,064


9.


TAXATION


2024
2023
£
£




Current tax on profits for the year
-
-

Total current tax
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

As restated
2024
2023
£
£


Loss on ordinary activities before tax
(3,156,694)
(44,338,740)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(789,174)
(10,419,604)

Effects of:


Property rental business
280,372
6,757,026

Fair value movements not subject to tax
-
10,575,000

Group relief
-
(6,806,139)

Prior year adjustment (Note 4)
508,802
(106,283)

Total tax charge for the year
-
-

Page 16

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
9.TAXATION (CONTINUED)


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.


10.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
1



At 31 December 2024
1





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the company:

Name

Principal activity

Class of shares

Holding

Canary Wharf Properties (BP4) Limited
Property investment
Ordinary
100%

The subsidiaries are registered at One Canada Square, Canary Wharf, London, E14 5AB.
In accordance with Section 400 of the Companies Act 2006, financial information is only presented in these financial statements about the company as an individual undertaking and not about its group because the company and its subsidiary undertakings are included in the consolidated financial statements of a larger group (Note 23).
The directors are of the opinion that the value of the company's investments at 31 December 2024 was not less than the amount shown in the company's balance sheet.

Page 17

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


INVESTMENT PROPERTY


Long term leasehold investment property

£



Valuation


At 1 January 2024
130,217,129



At 31 December 2024
130,217,129


In 2011, the company was granted a 999 year overriding lease in 25 Churchill Place, Canary Wharf, London, subject to an underlease of 99 years held by a fellow subsidiary undertaking.
The property is held subject to a fixed charge to secure the bank loan in Note 16.

At 31 December 2024, the property was valued externally by CBRE Limited, Chartered Surveyors, with recent experience in office properties at Canary Wharf. The fair value was determined in accordance with the Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors, using:
- Discounted cash flow 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
57,000,000
57,000,000

Page 18

 
CANARY WHARF INVESTMENTS (BP4) 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
130,217,129
130,217,129

Operating lease liabilities
(17,129)
(17,129)

130,200,000
130,200,000

The property interest is let to Canary Wharf Limited until July 2086, at an annual rent equivalent to the greater of £2,659,762 10% of the rent from occupational tenants plus 12.5% of the amount by which the open market rent exceeds the open market rent at the first underlease date.
 
The future minimum receipts under non-cancellable operating lease are as follows:


2024
2023
£
£



Within one year
3,544,035
1,635,489

In one to five years
14,176,139
6,541,956

After more than five years
203,781,997
94,110,070

221,502,171
102,287,515


12.


DEBTORS

2024
2023
£
£

Due after more than one year

Loans owed by group undertakings
235,852,519
350,800,355

235,852,519
350,800,355


2024
2023
£
£

Due within one year

Loans owed by group undertakings
94,438,575
64,468,484

Amounts owed by group undertakings
23,275,719
17,212,145

Other debtors
35,773
9,700

Prepayments and accrued income
1,071,768
2,315,779

Derivative financial instruments (Note 16)
6,347,672
6,398,612

125,169,507
90,404,720


Page 19

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.DEBTORS (CONTINUED)

£296.6m of the loan to group undertaking bears interest at a rate of SONIA plus 1.8% and £60.0m bears interest at SONIA plus 5.2%. On 24 April 2024, the loan repayment date was extended to July 2030.
On 21 January 2024, the company received a partial principal repayment of £2,659,513 from Canary Wharf Limited on the £296.6m loan. On 24 April 2024, received a partial principal repayment of £100,178,653 from Canary Wharf Limited. On 22 July 2024, the company received a partial principal repayment of £3,436,414 from Canary Wharf Limited. On 22 October 2024, the company received an additional partial principal repayment of £1,687,500 from Canary Wharf Limited.
On 24 January 2024, the company received a partial principal repayment of £1,868,000 from Canary Wharf  Limited on the £60.0m loan. 
Included in the loan balance is £4,221,019 (2023 - £1,458,312) of unamortised loan fees.
Amount owed by group companies are interest free and repayable on demand.


13.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
8,585,530
9,626,872

8,585,530
9,626,872



14.


CREDITORS: Amounts falling due within one year

As restated
2024
2023
£
£

Bank loans (Note 15)
10,172,575
7,747,465

Trade creditors
248
533,235

Amounts owed to group undertakings
88,462,165
61,793,776

Loans owed to group undertakings
25,680,160
19,389,004

Accruals and deferred income
46,308
-

124,361,456
89,463,480


Amounts owed to group undertakings are interest free and are repayable on demand.
For details of restatement, see Note 4.

Page 20

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (Note 15)
266,165,363
380,072,743

Operating lease liability
17,129
17,129

Loans owed to group undertakings
58,132,000
58,132,000

324,314,492
438,221,872


During 2020 a new loan was drawn down against property interest at 25 Churchill Place which comprised £384.0m of senior debt and £60.0m of mezzanine debt. The mezzanine facility was lent to another group undertaking and on-lent to the company at an interest rate of SONIA plus 5.1%. On 24 April 2024, the loan repayment date was extended to July 2030.
On 24 January 2024, the company made a partial principal repayment of £1,868,000 to Canary Wharf (BP4) Limited after receiving a principal repayment of £1,868,000 from Canary Wharf Limited.  


 
16.
 

BANK LOANS
 
During 2020 a new loan was drawn down against property interest at 25 Churchill Place which comprised £384.0 of senior debt and £60.0m of mezzanine debt.
The company is the borrower of the senior debt on which interest is payable at SONIA plus 1.7% (2023: 1.8%). The mezzanine facility was lent to another group undertaking and on-lent to the company. Interest on the intercompany loan is payable at SONIA plus 5.1% (2023: 5.1%).
On 22 January 2024,  the company made a partial principal repayment of £2,659,513 on the senior debt after receiving a principal repayment of £2,659,513 from Canary Wharf Limited. On 24 April 2024, the company made an additional principal repayment of £100,178,653 on the senior debt after receiving a principal repayment of £100,178,653 from Canary Wharf Limited. On the same date, the Group agreed an amendment and restatement to the senior and mezzanine facilities on 25 Churchill Place, extending the maturity of both facilities for 5 years to 24 July 2030. On 22 July 2024, the company made an additional principal repayment of £3,436,414 on the senior debt after receiving a principal repayment of £3,436,414 from Canary Wharf Limited. On 22 October 2024, the company made an additional principal repayment of £1,687,500 on the senior debt after receiving a principal repayment of £1,687,500 from Canary Wharf Limited.
The balance is shown net of unamortised arrangement fees of £ 3,488,691 (2023: £1,222,744) 
The maturity profile of the company's contracted undiscounted cash flows is as follows:

2024
2023
£
£



Within one year
24,206,696
27,228,232

In one to two years
18,445,439
396,008,382

In two to five years
48,895,860
-

After more than five years
279,775,840
-

371,323,835
423,236,614
Page 21

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£



Principal repayments
275,992,919
383,955,000

Interest repayments
95,330,916
39,281,614

371,323,835
423,236,614

The above table contains undiscounted cash flows (including interest) and therefore results in a higher balance than the carrying values or fair values of the borrowings.
The market value of the loan at 31 December 2024 the same as its carrying value.
The weighted average maturity of the loan at 31 December 2024 was 5.41 years (2023: 1.56 years).
The weighted average interest rate of the company at 31 December 2024 was 7.03% (2023: 6.26%).
Page 22

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


DERIVATIVE FINANCIAL INSTRUMENTS

On 22 July 2023, the company entered into an interest rate cap to hedge the exposure to the variability in cash flows on floating rate debt caused by movements in market rates of interest. The capped interest rate was 2% on a notional amount of £384m and expired on 22 July 2024. On the same date, the company entered into a new interest cap. The capped interest rate was 2.75% on a notional amount of £279m and will expire on 22 July 2026.
The fair value of the interest rate cap resulted in the recognition of a £6.4m asset at the year end, of which £8.8m was paid at inception. This instrument has been designated as part of a hedging relationship and therefore is revalued through other comprehensive income. Included within prepayments and accrued income is an amount of £1,071,768 (2023 - £2,315,779) relating to financial year ended 31 December 2024.
The fair values of derivative financial instruments have been determined by reference to market values provided by the relevant counter party, which is level 2 of the fair value hierarchy.
Changes in interest rates would primarily affect the market value of derivative financial instruments.
A +1% parallel shift in the interest rate curve used to value the derivatives, with all other variables held constant, would debit the value of the derivatives by £3.6m (2023: £1.9m) and credit the income statement with the same amount.
A -1% parallel shift in the interest rate curve used to value the derivatives, with all other variables held constant, would credit the value of the derivatives by £3.4m (2023: £2.0m) and debit the income statement with the same amount.
The 1% sensitivity has been selected based on the directors' view of a reasonable interest rate curve movement assumption.
 
Page 23

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

The following table shows the undiscounted cash outflows in relation to the company's interest rate cap based on the company's prediction of future movements in interest rates:

2024
2023
£
£



Within one year
3,130,874
-

In one to two years
2,541,805
-

5,672,679
-


18.


OPERATING LEASE LIABILITIES

The minimum lease payments under the operating lease liability fall due as follows:


2024
2023
£
£


Within one year
1,327
1,327

Between 1-5 years
5,308
5,308

Over 5 years
1,301,729
1,303,056

1,308,364
1,309,691


2024
2023
£
£



Opening balance
17,129
17,129

Finance rents paid
(1,327)
(1,327)

Finance charges
1,327
1,327

17,129
17,129

Rents of £1,327 per annum are payable until 16 December 3010. The interest rate implicit in the lease is 6.2%.

19.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



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


Page 24

 
CANARY WHARF INVESTMENTS (BP4) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


HEDGING RESERVE

2024
2023
£
£



At 1 January
(1,246,130)
2,703,965

Hedging reserve recycling
9,799,647
9,335,487

Fair value movement of effective hedging instrument
(8,857,940)
(13,285,582)

(304,423)
(1,246,130)


21.


RESERVES

The company has no distributable reserves at 31 December 2024 (2023 - £Nil). The total of the company's realised gains and losses was as follows:


2024
2023
£
£



Retained earnings
51,453,160
54,609,854

Revaluation of investment properties
(73,200,000)
(73,200,000)

(21,746,840)
(18,590,146)


22.OTHER FINANCIAL COMMITMENTS

As at 31 December 2024 and 31 December 2023 the company had given fixed and floating charges over substantially all its assets to secure the commitments of certain other group undertakings.
The company has annual commitments of £1,327 (2023 - £1,327), which expire after more than five years, in respect of operating leases on land and buildings.


23.


CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf (BP4) 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 25