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CW WOOD WHARF G5 LIMITED

Registered number: 15232816




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD FROM 24 OCTOBER 2023 TO 31 DECEMBER 2024

 
CW WOOD WHARF G5 LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 19


 
CW WOOD WHARF G5 LIMITED
 
 
DIRECTORS' REPORT
FOR THE PERIOD FROM 24 OCTOBER 2023 TO 31 DECEMBER 2024

The directors present their report and the financial statements for the period from incorporation on 24 October 2023 to 31 December 2024.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

PRINCIPAL ACTIVITY

The principal activity of the company is to act as developer and owner of the aparthotel at 15 West Lane. The development reached practical completion in December 2024.

RESULTS AND DIVIDENDS

The profit for the period  24 October 2023 to 31 December 2024, after taxation, amounted to £6,188,170.
No Dividend has been paid or proposed for the period and to the date of signing this report.
The company was incorporated on 24 October 2023 with 1 ordinary GBP 1 share capital which was issued at par.

DIRECTORS

The directors who served during the period and up to the date of signing this report were:

I J Benham (appointed 24 October 2023)
S Z Khan (appointed 24 October 2023)
K J Kingston (appointed 4 January 2024)
R J Worthington (appointed 24 October 2023)

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 24 October 2023 to 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 AUDITORS

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.

Page 1

 
CW WOOD WHARF G5 LIMITED
 

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


AUDITORS

The auditorsDeloitte LLP were appointed as auditor and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





I J Benham
Director

Page 2

 
CW WOOD WHARF G5 LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD FROM 24 OCTOBER 2023 TO 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 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 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 WOOD WHARF G5 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF G5 LIMITED
 


REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
 

OPINION
 
In our opinion the financial statements of CW Wood Wharf G5 Limited (the ‘company’): 
give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its profit for the period 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 16.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

BASIS FOR OPINION
 
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. 

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN
 
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 4

 
CW WOOD WHARF G5 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF G5 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 :http://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.

Page 5

 
CW WOOD WHARF G5 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF G5 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.
 
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:
Investment Property Portfolio: 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 the completeness and accuracy by agreeing a sample of data through to underlying lease agreement.
 
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 
reading minutes of meetings of those charged with governance. 

Page 6

 
CW WOOD WHARF G5 LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF G5 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 period 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’ exemption 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.

 



Sarah Cairns FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
23 July 2025

Page 7

 
CW WOOD WHARF G5 LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

Period from 24 October 2023 to 31 December 2024
Note
£

  

Administrative expenses
  
(90,750)

Revaluation of investment properties
 9 
6,254,931

OPERATING PROFIT
  
6,164,181

Interest receivable and similar income
 6 
23,989

PROFIT BEFORE TAX
  
6,188,170

PROFIT FOR THE FINANCIAL PERIOD
  
6,188,170

Hedging reserves recycling
  
(104,697)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
  
6,083,473

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

Page 8

 
CW WOOD WHARF G5 LIMITED
REGISTERED NUMBER:15232816

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Note
£

FIXED ASSETS
  

Investment property
 9 
67,900,000

  
67,900,000

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
  
987,683

Debtors: amounts falling due within one year
 10 
35,679,518

Cash at bank and in hand
  
321,473

CURRENT LIABILITIES
  
36,988,674

Creditors: amounts falling due within one year
 11 
(59,977,672)

NET CURRENT LIABILITIES
  
(22,988,998)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
44,911,002

Creditors: amounts falling due after more than one year
 12 
(38,827,528)

  

NET ASSETS
  
6,083,474


CAPITAL AND RESERVES
  

Called up share capital 
 14 
1

Hedging reserve
 7 
(104,697)

Retained earnings
  
6,188,170

  
6,083,474


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




I J Benham
Director

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

Page 9

 
CW WOOD WHARF G5 LIMITED
 

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


Called up share capital
Hedging reserve
Retained earnings
Total equity

£
£
£
£

At 24 October 2023
-
-
-
-


Comprehensive income for the period

Profit for the period
-
-
6,188,170
6,188,170

Hedging reserve recycling
-
(104,697)
-
(104,697)
Total comprehensive income for the period
-
(104,697)
6,188,170
6,083,473

Shares issued during the period
1
-
-
1


Total transactions with owners
1
-
-
1


At 31 December 2024
1
(104,697)
6,188,170
6,083,474

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

Page 10

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

CW Wood Wharf G5 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 unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment 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 Holding Limited, which may be obtained at 7 Esplanade, St Helier, JE0 1BD 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 operated.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:

 
2.2

 Going Concern

In assessing the going concern basis of the company the directors have considered a year of at least 12 months from the date of approval of these financial statements.
At the year end the company was in a net asset position but had net current liabilities. Included within liabilities were intercompany creditors of £59,820,458, which to the extent that the company cannot pay, will not be called in for at least a year of 12 months from the signing date of the financial statements as confirmed by ultimate holding company 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.


  
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

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.

Page 11

 
CW WOOD WHARF G5 LIMITED
 

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

2.ACCOUNTING POLICIES (continued)


2.4
Financial instruments (continued)


  
2.5

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.

  
2.6

Trade and other payables

Trade and other creditors are stated at cost.

  
2.7

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 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. 

  
2.8

Derivatives

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 12

 
CW WOOD WHARF G5 LIMITED
 

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

2.ACCOUNTING POLICIES (continued)

  
2.9

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.


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


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 the appropriate discount rate or yield and the estimated costs to completion. The valuers also make reference to market evidence of transaction prices for similar properties.


4.


AUDITOR'S REMUNERATION

Auditor's remuneration of £7,000 for the audit of the company for the period was borne by another group undertaking.




Page 13

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


EMPLOYEES

The Company had no employees during the period. No remuneration was paid by the Company to director for their services to the Company and no costs were allocated or recharged to the Company.






6.


INTEREST RECEIVABLE AND SIMILAR INCOME

Period from
24 October
2023 to
31
December
2024
£


Bank interest receivable
23,989

23,989


7.


INTEREST PAYABLE AND SIMILAR EXPENSES

Period from
24 October
2023 to
31
December
2024
£


Bank interest payable
63

Hedge reserve recycling
419,620

Capitalised interest
(2,452,539)

Bank loan interest
2,032,856

-

Page 14

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


TAXATION


Period from
24 October
2023 to
31
December
2024
£



Total current tax
-



Tax on profit
-

Factors affecting tax charge for the period

The tax assessed for the period is the same as the standard rate of corporation tax in the UK of 25% as set out below:

Period from
24 October
2023 to
31
December
2024
£


Profit on ordinary activities before tax
6,188,170


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
1,547,043

Effects of:


Group relief
(5,997)

Fair value of investment properties
(1,563,733)

Capitalised interest
(613,135)

Exempt income
635,822

Total tax charge for the period
-


Factors that may affect future tax charges

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

Page 15

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

9.


INVESTMENT PROPERTY





Long-term leasehold investment property

£



Valuation


At 24 October 2023
-


Additions
61,645,069


Revaluations
6,254,931



At 31 December 2024
67,900,000

The company has incurred further costs on the ongoing development of the site at Wood Wharf, London. The historical cost of the investment property is £61,645,069.
At 31 December 2024, the property was valued externally by CB Richard Ellis Limited, qualified valuers 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 flows 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.

Page 16

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

10.


DEBTORS

2024
£

Due after more than one year

Derivative financial instruments (note - 14)
987,683

987,683


2024
£

Due within one year

Amounts owed by group undertakings
35,265,513

Other debtors
257,026

Prepayments and accrued income
156,979

35,679,518



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
£

Bank overdrafts
5

Trade creditors
157,209

Amounts owed to group undertakings
59,820,458

59,977,672



12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
£

Bank loans
38,827,528

38,827,528


Page 17

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

 
Bank loans

The amount at which bank loans are stated comprise:


2024
£



Principal drawdowns
37,719,185

Capitalised interest
1,623,185

Capitalised commitment fees
103,548

Unamortised loan fees
(618,390)

38,827,528

On 23rd April 2024, the company entered into a £45m facility agreement which bears interest at SONIA plus 2.95% margin and is repayable on 24th April 2026.


13.


DERIVATIVE FINANCIAL INSTRUMENTS

2024
£



Interest rate cap
987,683




On 4 June 2024 the company entered into a 2% SONIA cap. The notional amount is variable in line with expected principal on the construction loan facility. At the year end the interest cap was on a notional amount of £29.5m. The company paid a fixed amount of £1.5m for the cap which is recycled to the profit and loss over the life of the cap until termination on 24 April 2026. The cap is designated as an effective hedge for hedge accounting.





14.


SHARE CAPITAL

2024
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


On 24 October 2023, the company issued 1 ordinary shares for a consideration of £1.

Page 18

 
CW WOOD WHARF G5 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

15.


OTHER FINANCIAL COMMITMENTS

At 31 December 2024, the company had given charges over substantially all its assets to secure the commitments of its borrowings.


16.


CONTROLLING PARTY

At incorporation on 24 October 2023 the company's immediate parent was CWG (Wood Wharf) Phase 2 Limited. On 24 January 2024 the shareholding was transferred to Vertus WW Properties Limited who is now the Company's immediate parent.
As at 31 December 2024 the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.
Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority.
The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.

Page 19