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CW 8 HARBORD SQUARE LIMITED

Registered number: 11206707




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CW 8 HARBORD SQUARE 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 - 21

 
CW 8 HARBORD SQUARE 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 company is developer of 82 loft style apartments for sale at 8 Harbord Square, Wood Wharf, London. The building reached practical completion in December 2023.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £5,931,656 (2023 - loss £371,183).

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 
S Z Khan 
K J Kingston 
R J Worthington 

QUALIFIYING 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.
Page 1

 
CW 8 HARBORD SQUARE LIMITED
 

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


AUDITOR

On 21 November 2024, Deloitte LLP resigned as the auditors of the company. In their resignation letter, Deloitte confirmed that there are no matters related to their resignation that should be brought to the attention of the members or creditors of the company.
The auditors, Grant Thornton UK LLP, were appointed in the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006

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








I J Benham
Director
Page 2

 
CW 8 HARBORD SQUARE LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
CW 8 HARBORD SQUARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 8 HARBORD SQUARE LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

We have audited the financial statements of CW 8 Harbord Square Limited (the ‘company’) for the year ended 31 December 2024, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. 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).

In our opinion:
the financial statements 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; 
the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

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 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

We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as interest rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

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 8 HARBORD SQUARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 8 HARBORD SQUARE LIMITED
 

OTHER INFORMATION

The other information comprises the information included in the directors' report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the directors' 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

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.

MATTER ON WHICH WE ARE REQUIRED TO REPORT UNDER THE COMPANIES ACT 2006
 
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 material misstatements in the directors’ report.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you 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.
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement set out on page 3, 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.
Page 5

 
CW 8 HARBORD SQUARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 8 HARBORD SQUARE LIMITED
 

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: 

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined the most significant ones which are directly relevant to specific assertions in the financial statements are those related to the reporting frameworks (United Kingdom Generally Accepted Accounting Practice, Companies Act 2006 and UK tax compliance). 

In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations relating to health and safety, consumer rights, employee matters, environmental, and bribery and corruption practices.
We understood how the company is complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of board minutes and correspondence received from regulatory bodies.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by evaluating management's incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risk of management override of controls. We determined that the principal risks were in relation to:

journal entries involving unusual account combinations which improve the company’s financial performance through reduction in expenses or increases in income;
evaluating the design effectiveness of controls over revenue that management has in place to prevent and detect fraud.
potential management bias in journal entries related to significant accounting estimates and any significant transactions outside of the normal conduct of business operations; and
transactions with related parties.

Our audit procedures involved:
evaluation of the design effectiveness of relevant controls that management has in place to prevent and detect fraud;
identifying and testing journal entries identified as high risk; 
challenging assumptions and judgements made by management in its significant accounting estimates; 
completing audit procedures to conclude on the compliance of disclosures in the directors report and financial statements with applicable financial reporting requirements.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
Page 6

 
CW 8 HARBORD SQUARE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 8 HARBORD SQUARE LIMITED
 

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations through the following:

understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation; and
knowledge of the industry in which the client operates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.






Elizabeth Collins 
Senior statutory auditor
For and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
3 July 2025
Page 7

 
CW 8 HARBORD SQUARE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,906,804
3,331,400

Cost of sales
  
(13,209,657)
(3,239,922)

GROSS (LOSS)/PROFIT
  
(5,302,853)
91,478

Administrative expenses
  
(346,062)
(599,031)

Fair value movements
  
(319,979)
-

OPERATING LOSS
  
(5,968,894)
(507,553)

Interest receivable and similar income
 7 
38,642
137,482

Interest payable and similar expenses
 8 
(1,404)
(1,112)

LOSS BEFORE TAX
  
(5,931,656)
(371,183)

Tax on loss
 9 
-
-

LOSS FOR THE FINANCIAL YEAR
  
(5,931,656)
(371,183)

Other comprehensive income for the year
  
-
-

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
  
(5,931,656)
(371,183)

The notes on pages 11 to 21 form part of these financial statements.
Page 8

 
CW 8 HARBORD SQUARE LIMITED
REGISTERED NUMBER: 11206707

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investment property
 10 
3,100,000
-

  
3,100,000
-

CURRENT ASSETS
  

Work in progress
 11 
56,944,534
60,535,141

Debtors: amounts falling due within one year
 12 
1,380,182
237,577

Bank and cash balances
  
2,802,597
3,885,721

  
61,127,313
64,658,439

Creditors: amounts falling due within one year
 13 
(20,509,668)
(19,783,785)

NET CURRENT ASSETS
  
40,617,645
44,874,654

TOTAL ASSETS LESS CURRENT LIABILITIES
  
43,717,645
44,874,654

Creditors: amounts falling due after more than one year
 14 
(34,024,547)
(29,249,900)

  

NET ASSETS
  
9,693,098
15,624,754


CAPITAL AND RESERVES
  

Called up share capital 
 16 
16,444,149
16,444,149

Profit and loss account
  
(6,751,051)
(819,395)

  
9,693,098
15,624,754


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 July 2025.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.







I J Benham
Director

The notes on pages 11 to 21 form part of these financial statements.
Page 9

 
CW 8 HARBORD SQUARE 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
16,444,149
(819,395)
15,624,754


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
(5,931,656)
(5,931,656)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(5,931,656)
(5,931,656)


AT 31 DECEMBER 2024
16,444,149
(6,751,051)
9,693,098



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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
16,444,149
(448,212)
15,995,937


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
(371,183)
(371,183)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(371,183)
(371,183)


AT 31 DECEMBER 2023
16,444,149
(819,395)
15,624,754


The notes on pages 11 to 21 form part of these financial statements.
Page 10

 
CW 8 HARBORD SQUARE LIMITED
 

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

1.


GENERAL INFORMATION

CW 8 Harbord Square Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB.
The nature of the company's operations and its principal activities are set out in the Directors' Report.

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”). 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3). 
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which they operate.
The principal accounting policies 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.

  
2.4

Revenue

Sales of apartments are recognised at legal completion and measured at the fair value of consideration received or receivable net of VAT. Reservations and stage payments are recognised initially on the balance sheet as deferred residential sales proceeds within trade and other payables.
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.

Page 11

 
CW 8 HARBORD SQUARE LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.5

Investment Property

Investment properties, including land and buildings held for development and investment properties under construction, are measured initially at cost including related transaction costs. The finance costs associated with direct expenditure on properties under construction or undergoing refurbishment are capitalised.
Where an investment property interest is acquired under a lease the associated lease liability is 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.
Borrowings
Standard loans payable are recognised initially at transaction price including 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.

Page 12

 
CW 8 HARBORD SQUARE LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.7

Work in Progress

Work in progress is stated at the lower of cost and net realisable value. Cost includes construction costs and development expenditure directly related to the development, including attributable employee and related costs, and finance costs directly attributable to the development..
Net realisable value is calculated as the amount estimated to be recovered from the development once development work has been completed and the development leased, less costs to complete.

  
2.8
Taxation

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. 
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.  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.

Page 13

 
CW 8 HARBORD SQUARE 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.(Note 10)
Work in Progress
The company uses valuations performed by independent valuers in determining the net realisable value of the company’s work in progress. 
For the year ended 31 December 2024, the financial statements of the company did not contain any significant items that required the application of judgements, apart from those involving estimation.


4.


TURNOVER

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


2024
2023
£
£

Residential sales proceeds
7,844,700
3,331,400

Service charge income
62,104
-

7,906,804
3,331,400


Residential sales relate to the sale of 12 (2023 - 4) apartments in 8 Harbord Square, Wood Wharf, London. 


5.


AUDITOR'S REMUNERATION



Auditor's remuneration of £21,450 (2023 - £19,500) for the audit of the company for the year has been borne by another group undertaking.




Page 14

 
CW 8 HARBORD SQUARE LIMITED
 

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

6.


EMPLOYEES




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


7.


INTEREST RECEIVABLE AND SIMILAR INCOME

2024
2023
£
£


Bank interest receivable
38,642
137,482

38,642
137,482


8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank charges
1,404
1,112

Bank interest payable
3,057,266
2,401,855

Financing fees
423,819
434,021

Capitalised interest
(3,481,085)
(2,835,876)

1,404
1,112
Page 15

 
CW 8 HARBORD SQUARE LIMITED
 

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

9.


TAXATION


2024
2023
£
£



Current tax on loss for the year
-
-


Total current tax
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different to the standard rate of corporation tax in the UK of 25%    (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(5,931,656)
(371,183)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
(1,482,914)
(87,302)

Effects of:


Group relief surrendered
1,482,914
-

Capitalised interest
(76,527)
-

Property rental business income
76,527
-

Property income distribution
-
87,302

Total tax charge for the year
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company is a member of a REIT headed by Stork Holdings Limited . As a consequence all qualifying property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable. 

Page 16

 
CW 8 HARBORD SQUARE LIMITED
 

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

10.


INVESTMENT PROPERTY


Long term leasehold investment property

£



Valuation


Additions at cost
3,419,979


Surplus on revaluation
(319,979)



At 31 December 2024
3,100,000

The company's investment properties comprise retail properties held.
During the year, the company reclassified it's retail property units from Work in Progress to Investment Property. The property was originally developed for sale, but during the year, the Group made a strategic decision to retain the asset for the purpose of earning rental income and benefiting from future capital appreciation. 
The asset was transferred at cost of £3,419,979, which represents the carrying amount of the asset at the date of transfer. Following the transfer, the property has been measured at fair value at each reporting date, with movements in fair value recognised in profit or loss in accordance with the company’s accounting policy.
At 31 December 2024, property interests were valued externally by CBRE Limited. The fair value was determined in accordance with the Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors, using:
- Discounted cash flows based on inputs provided by the company (current rents, terms and conditions on 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.
At 31 December 2024, all retail units were vacant. Subsequent to the year end, up until the date of signing of the financial statements, 6 retail leases had been signed.





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
3,419,979
-

3,419,979
-

Page 17

 
CW 8 HARBORD SQUARE LIMITED
 

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

11.


WORK IN PROGRESS

2024
2023
£
£

Work in progress
56,944,534
60,535,141

56,944,534
60,535,141


2024
2023
£
£



Brought forward
60,535,141
52,657,844

Additions
8,244,096
10,089,740

Capitalised interest
3,481,085
2,835,876

Movement in accruals
(312,259)
(2,006,922)

Release to cost of sales
(11,583,550)
(3,041,397)

Transfer to investment property
(3,419,979)
-

56,944,534
60,535,141

In 2022, the company acquired a 238 year lease expiring 28 December 2261 over 8 Harbord Square, Canary Wharf. The lease is subject to ground rent equal to the greater of £5,000 and £250 per residential unit per annum. Following the completion of 8 Harbord Square in December 2023, sales completed on 16 units by 31 December 2024. 
The company uses valuations performed by independent professional valuers in determining the net realisable value of residential trading properties held within work in progress. These valuations are carried out at the balance sheet date and reflect relevant market data, current pricing trends, development progress, and the specific characteristics of each site.
In addition to these third-party valuations, management undertakes its own review of the carrying value of work in progress at each reporting date. During the year, the London residential sales market experienced a noticeable slowdown. This has impacted both pricing expectations and the pace of future sales.
As a result, management has revised down the expected selling prices of residential units. This has been done by applying appropriate discounts to previous sales forecasts to reflect current market conditions and reduced sales momentum. Where the revised net realisable value fell below the carrying amount of the associated work in progress, an impairment has been recognised.
An impairment charge of £3,511,390 (2023: £nil) has been recorded in the year ended 31 December 2024. This adjustment reflects the difference between the original carrying values and the revised, lower net realisable values of the residential units.
The determination of net realisable value involves significant judgement and estimation, particularly in assessing achievable sales prices, market absorption rates, cost to complete, and the expected timeframe for disposal. Management considers the assumptions used in the year-end review to be prudent and reflective of current economic and market conditions. The company will continue to monitor market trends and adjust valuations accordingly in future reporting periods.

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CW 8 HARBORD SQUARE LIMITED
 

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

12.


DEBTORS: Amounts falling due within one year

2024
2023
£
£


Trade debtors
13,001
-

Amounts owed by group undertakings
10,761
72,201

Taxation and social security
1,271,619
165,376

Prepayments and accrued income
84,801
-

1,380,182
237,577


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


13.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank loans (Note 15)
409,968
2,594,713

Trade creditors
43,052
17,173

Amounts owed to group undertakings
19,159,625
13,917,192

Other creditors
66,333
1,054,712

Accruals and deferred income
830,690
2,199,995

20,509,668
19,783,785


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


14.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans (Note 15)
34,024,547
29,249,900

34,024,547
29,249,900


Page 19

 
CW 8 HARBORD SQUARE LIMITED
 

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

15.


BANK LOANS

The amounts at which bank loans are stated comprise:


2024
2023
£
£



Principal drawdowns
34,024,547
32,426,634

Unamortised fees
(198,202)
(582,021)

Accrued interest
608,170
-

34,434,515
31,844,613

On 8 April 2022 the company entered into a £49.2m development facility. The loan is secured against the leasehold property 8 Harbord Square, the net residential sales proceeds will be used to repay the loan.  The loan carries interest at SONIA+4.25% and was repayable on 8 July 2025.
Subsequent to the year end, on 20 June 2025, the company agreed an extension to the loan facility. The loan, which was previously due for repayment on 8 July 2025, now has a revised final repayment date of 8 January 2027.
Under the revised terms, the interest rate on the facility is variable and calculated as follows:
4.25% margin above SONIA where the Loan-to-Value (LTV) exceeds 35%
3.00% margin above SONIA where the LTV is 35% or less


16.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



16,444,149 (2023 - 16,444,149) ordinary shares of £1.00 each
16,444,149
16,444,149


Page 20

 
CW 8 HARBORD SQUARE LIMITED
 

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

17.


CONTROLLING PARTY

The company's immediate parent undertaking is CWG (Wood Wharf) Holdings Limited.
As at 31 December 2024, the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.
Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority.
The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.

Page 21