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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
Registered number: 15240296
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD FROM 27 OCTOBER 2023 TO 31 DECEMBER 2024
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
CONTENTS
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Directors' Responsibilities Statement
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors, in preparing this Strategic Report, have complied with section 414C of the Companies Act 2006.
This Strategic Report has been prepared for the company and not for the group of which it is a member and therefore focuses only on matters which are significant to the company.
BUSINESS MODEL
The company is an investment holding company.
The company was incorporated on 27 October 2023. This entity acquired investments in two subsidiaries, CW Wood Wharf B3 Propco Limited and CW Wood Wharf D1/D2 Propco Limited. The company's performance in the year reflects it's core activity as an investment holding company.
As shown in the company's statement of comprehensive income, the company's loss after tax for the period was £6,599,136.
The statement of financial position shows the company's financial position at the period end and indicates that net assets were £218,084,381.
PRINCIPAL RISKS AND UNCERTAINTIES
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The Company operates as an investment holding entity, with its principal asset comprising its investment in a subsidiary undertaking. Accordingly, the key risk to the Company is the potential impairment of the carrying value of this investment, which is intrinsically linked to the financial performance and resilience of the underlying group. The Group, in which the Company holds a 100% interest, is primarily engaged in the development, construction, leasing, and management of office, retail and residential properties. These activities expose the Group to a number of commercial, economic, and regulatory risks that could affect asset values, income streams, and operational performance.
In the current UK economic environment, risks are heightened by a combination of persistent inflation, elevated interest rates, and geopolitical uncertainties. Although UK interest rates have begun to decline in 2025 following a prolonged period of monetary tightening, financing conditions remain relatively constrained. Inflation remains above target due to sustained energy price volatility and labour market pressures, while international trade tensions, particularly with the U.S., have weakened demand for UK exports contributing to wider economic uncertainty. These macroeconomic pressures influence investor sentiment, development costs, and occupier demand across all property sectors.
In the office leasing markets, structural and behavioural changes continue to reshape demand patterns. The hybrid working model, now firmly embedded across many sectors, has further reduced aggregate demand for conventional office space. The Group has a strong track record of creating value in the office market by diversifying, expanding and modernising its offerings engaging with new sectors such as healthcare and life sciences. In retail, leasing conditions remain challenging due to cost pressures on tenants, changes in consumer behaviour, and the continued shift toward online retail. Despite this the group has been able to maintain a high level of footfall through increased diversification of the retail offering, including expanding into hospitality.
To mitigate these risks, the Group continues to take a disciplined and forward-looking approach to asset management and capital allocation. This involves closely monitoring market trends, identifying emerging demand patterns, and adapting our properties to meet evolving tenant needs. Additionally, fostering strong tenant relationships, offering flexible leasing terms, and enhancing the amenities and services within our office buildings can help differentiate our properties in a competitive market environment. By staying agile and responsive to economic shifts, we aim to mitigate the impact of downturns and position our portfolio for long-term resilience and value creation.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
CORPORATE RESPONSIBILITY
As an investment holding company, we recognise the importance of integrating environmental, social, and governance principles into our operations to create sustainable value for all stakeholders. While our direct operational involvement may be limited, we recognise the importance of ensuring that our subsidiaries uphold responsible business practices. We actively monitor their activities to promote environmental sustainability, social well-being, and sound governance. Our oversight includes encouraging our subsidiaries to adhere to ethical standards in their financial dealings and to consider the impact of their operations on stakeholders and the broader community. Through these efforts, we aim to foster a culture of responsibility and contribute positively to the financial sector and society.
Further information can be found in the Canary Wharf Group Investment Holdings plc financial statements on the activities that the group participates in relating to sustainability.
FINANCIAL KEY PERFORMANCE INDICATORS
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No dividends have been paid or proposed during the period and to the date of this report. At 31 December 2024 the company made a loss after tax of £6,599,136 and had net assets of £218,084,381.
The directors confirm that the company does not currently use key performance indicators in managing or assessing the performance of the company. This is due to the nature and scale of the company’s operations, which do not warrant the use of formal KPIs at this time.
SECTION 172(1) STATEMENT COMPANIES ACT 2006
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Section 172(1) of the Companies Act 2006 requires that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole.
As a holding company with no employees and no direct suppliers, our Section 172 statement reflects our commitment to fulfilling our duties under the Companies Act 2006 while operating in a manner consistent with our role and responsibilities within the group structure.
Our primary obligation lies with our shareholder, Stork HoldCo LP, and our actions are guided by the objective of maximising shareholder value and ensuring the long-term success of the group. We engage with Canary Wharf Group plc, an entity under common ownership, to understand their strategic objectives, priorities, and expectations, aligning our decision-making processes accordingly.
While we do not have direct employees or suppliers, we recognise the broader impact of our activities on the communities and environment in which we operate and society at large. We uphold principles of ethical conduct, integrity, and compliance with relevant laws and regulations, contributing positively to the reputation and sustainability of the group.
Our governance practices prioritise transparency, accountability, and effective communication with Canary Wharf Group plc, ensuring that our activities are aligned with the group's overall mission and values. Despite our limited operational scope, we remain committed to responsible corporate citizenship and to acting in the best interests of the group as a whole.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
This report was approved by the board on 25 July 2025 and signed on its behalf.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the period ended 31 December 2024.
The Company was incorporated on 27 October 2023 with one no par value ordinary share which was issued at £1.The company is an investment holding company.
The loss for the period, after taxation, amounted to £6,599,136.
No dividends have been paid or proposed for the period and to the date of this report.
The directors who served during the period and to the date of this report were:
I J Benham (appointed 27 October 2023)
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S Z Khan (appointed 27 October 2023)
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K J Kingston (appointed 4 January 2024)
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R J Worthington (appointed 27 October 2023)
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QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS
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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.
For details in respect of going concern refer to Note 2.
The company will continue to be an investment holding company.
The financial risk management objectives and policies together with the principal risks and uncertainties with regard to the use of financial instruments are contained within the Strategic Report. The company only engages in basic financial instruments.
DISCLOSURE OF INFORMATION TO AUDITORS
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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 auditors are 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 auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
Deloitte LLP were appointed during the period and have indicated their willingness to continue as auditors to the company.
This report was approved by the board on 25 July 2025 and signed on its behalf.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic Report, 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 judgments 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 2006. They 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.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
In our opinion the financial statements of CW Wood Wharf Water Street Holdings 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 12.
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.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS 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.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS 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.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors’ report have 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 strategic and 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;
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
25 July 2025
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Period from 27 October 2023 to
31 December
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Impairment of investments
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LOSS FOR THE FINANCIAL PERIOD
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Other comprehensive income in the period
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TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD
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The notes on pages 14 to 19 form part of these financial statements.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
REGISTERED NUMBER: 15240296
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2025.
The notes on pages 14 to 19 form part of these financial statements.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
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On incorporation at 27 October 2023
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COMPREHENSIVE EXPENSE FOR THE PERIOD
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TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD
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CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS
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Shares issued during the period
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TOTAL TRANSACTIONS WITH OWNERS
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The notes on pages 14 to 19 form part of these financial statements.
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Page 13
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
CW Wood Wharf Water Street Holdings 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.
The company was incorporated on 27 October 2023. These financial statements cover the period from incorporation to 31 December 2024.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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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, Stork Holdings Limited, which may be obtained at 7 Esplanade, St Helier, JE1 0BD Jersey.
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which they operate.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
In assessing the going concern basis of the company the partners have considered a period of at least 12 months from the date of approval of these financial statements.
At the year end the partnership was in a net asset position but had net current liabilities. Included within liabilities were intercompany creditors of £2, which to the extent that the company cannot pay, will not be called in for at least a period of 12 months from the signing date of the financial statements as confirmed by ultimate controlling party Stork Holdco LP.
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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
Investments in subsidiaries are stated at cost less any provision for impairment.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Income from investments is recognised as the company becomes entitled to receive payment. Dividend income from investments in companies is recognised when received or irrevocably declared.
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.
Trade and other payables
Trade and other creditors are stated at cost.
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.
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JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
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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.
Impairment of investments
Investments in subsidiaries are stated at cost less any provision for impairment. In assessing provisions for impairment, the directors have valued each subsidiary at its net asset value, as adjusted for material differences between the fair value and carrying value of its assets and liabilities.
For the period 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.
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Auditor's remuneration of £1,652 for the audit of the company for the period has been borne by another group undertaking.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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The Company had no employees during the period. 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.
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Period from 27 October 2023 to
31 December
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Current tax on losses for the period
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FACTORS AFFECTING TAX CHARGE FOR THE PERIOD
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The tax assessed for the period is different to the standard rate of corporation tax in the UK of 25%. The differences are explained below:
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Period from 27 October 2023 to
31 December
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
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Expenses not deductible for tax purposes
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TOTAL TAX CHARGE FOR THE PERIOD
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
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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.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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CW Wood Wharf B3 Propco Limited
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CW Wood Wharf D1/D2 Propco Limited
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The subsidiaries are registered at One Canada Square, Canary Wharf, London E14 5AB.
Dividends totalling £Nil were paid by the company's subsidiaries during the period ended 31 December 2024.
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 12).
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.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Amounts owed by group undertakings are interest free and repayable on demand.
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Amounts owed to group undertakings are interest free and repayable on demand.
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ALLOTTED, CALLED UP AND FULLY PAID
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2 Ordinary shares of £1.00 each
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The Company was incorporated on 27 October 2023 with a share capital of 1 ordinary £1 share which was issued at par. On 19 December 2024, the Company issued 1 ordinary £1 share for a premium of £224,683,515.
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OTHER FINANCIAL COMMITMENTS
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As at 31 December 2024 the company had given fixed charges over substantially all of its assets to secure the commitments of certain other group undertakings.
Page 18
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
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.
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