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img11f8.png










CANARY WHARF PROPERTIES (FC4) LIMITED

Registered number: 05389389



DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CANARY WHARF PROPERTIES (FC4) 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 - 20


 
CANARY WHARF PROPERTIES (FC4) 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 principal activity of the company is property investment. The company holds several floors of 20 Cabot Square, Canary Wharf, London and 10 South Colonnade, Canary Wharf, London directly and via a Jersey Property Unit Trust ('JPUT').

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £8,278,277 (2023 - loss  £42,693,604).

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 were and up until the date of signing:

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

QUALIFYING 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.

FINANCIAL INSTRUMENTS

The financial risk management objectives and policies are managed at a group level and are not material to the company.

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.

AUDITORS

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

Page 1

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

This report was approved by the board on 19 June 2025 and signed on its behalf.
 








I J Benham
Director

Page 2

 
CANARY WHARF PROPERTIES (FC4) 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 and;
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

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (FC4) LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of Canary Wharf Properties (FC4) Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its loss for the year then ended; 
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
the statement of comprehensive income;
the statement of financial position;
the statement of changes in equity; and
the related notes 1 to 17.

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

BASIS FOR OPINION

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

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

CONCLUSIONS RELATING TO GOING CONCERN

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

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

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 4

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (FC4) LIMITED
 

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 5

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

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

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

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

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
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
Validating the tenancy data sent to the valuers for completeness and accuracy by agreeing a sample of data
through to underlying lease agreements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (FC4) LIMITED
 

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies' exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. 

We have nothing to report in respect of these matters.

USE OF OUR REPORT

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.






Sarah Cairns FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
19 June 2025
Page 7

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
268,183
301,648

GROSS PROFIT
  
268,183
301,648

Revaluation of investment property
 9 
(245,692)
(235,040)

OPERATING PROFIT
  
22,491
66,608

Income from Jersey Property Unit Trust
 8 
14,729,284
(22,656,411)

Interest payable and similar charges
 6 
(23,030,052)
(20,103,801)

LOSS BEFORE TAX
  
(8,278,277)
(42,693,604)

Tax on loss
 7 
-
-

LOSS FOR THE FINANCIAL YEAR
  
(8,278,277)
(42,693,604)

Other comprehensive income for the year
  
-
-

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
  
(8,278,277)
(42,693,604)

The notes on pages 11 to 20 form part of these financial statements.

Page 8

 
CANARY WHARF PROPERTIES (FC4) LIMITED
REGISTERED NUMBER: 05389389

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Investments
 8 
296,377,489
304,568,244

Investment property
 9 
448,984
694,676

  
296,826,473
305,262,920

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 10 
8,389,018
2,756,477

  
8,389,018
2,756,477

Creditors: amounts falling due within one year
 11 
(8,258,776)
(2,528,064)

NET CURRENT ASSETS
  
130,242
228,413

TOTAL ASSETS LESS CURRENT LIABILITIES
  
296,956,715
305,491,333

Creditors: amounts falling due after more than one year
 12 
(218,342,908)
(218,599,249)

  

NET ASSETS
  
78,613,807
86,892,084


CAPITAL AND RESERVES
  

Called up share capital 
 14 
1
1

Retained earnings
 15 
78,613,806
86,892,083

  
78,613,807
86,892,084


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 June 2025.







I J Benham
Director

The notes on pages 11 to 20 form part of these financial statements.

Page 9

 
CANARY WHARF PROPERTIES (FC4) 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
1
86,892,083
86,892,084


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
(8,278,277)
(8,278,277)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(8,278,277)
(8,278,277)


AT 31 DECEMBER 2024
1
78,613,806
78,613,807



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


Called up share capital
Retained earnings
Total equity

£
£
£

At 1 January 2023
1
129,585,687
129,585,688


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
(42,693,604)
(42,693,604)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
(42,693,604)
(42,693,604)


AT 31 DECEMBER 2023
1
86,892,083
86,892,084


The notes on pages 11 to 20 form part of these financial statements.

Page 10

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

1.


GENERAL INFORMATION

Canary Wharf Properties (FC4) Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB.
The nature of the company's operations and its principal activities are set out in the Directors' Report.

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”). 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3). 
 
The Company meets the definition of a quailfying 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:

 
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 at 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

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

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
2.5
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. 

 
2.6

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. 

 
2.7

Investments

Investments in subsidiaries are stated at cost less any provision for impairment.
Investments in unit trusts are stated at fair value. The fair value is calculated by reference to the company's share of the net assets of the investment, as adjusted for assets and liabilities which are not carried at fair value. Any movement is taken to the income statement.
 
 
2.8

Financial instruments


The directors have taken advantage of the exemption in paragraph 1.12c of FRS 102 allowing the company not to disclose the summary of financial instruments by the categories specified in paragraph 11.41.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned.
Trade and other payables
Trade and other creditors are stated at cost.

Page 12

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

2.ACCOUNTING POLICIES (CONTINUED)

  
Borrowings

Standard loans payable are recognised initially at 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.
Valuation of investments
Investments in JPUTs are carried at fair value. The directors have valued the investment at the company’s share of the JPUTs net asset value, as adjusted for the fair value of the JPUTs property interest.
Valuation of intercompany debt
The carrying value of non-standard loans are subject to fair value adjustments in the form of loan caps to ensure the value represents the most likely contractual cash flows of the underlying instrument. Estimates and judgments are made in calculating the quantum of the cap as the future cash flows are subject to fluctuations depending on the net assets of the company. These assessments are reviewed and amended annually.
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.


AUDITOR'S REMUNERATION

Auditor's remuneration of £17,540 (2023 - £15,000) for the audit of the company for the year was borne by another group undertaking.



Page 13

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

5.


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).


6.


INTEREST PAYABLE AND SIMILAR CHARGES

2024
2023
£
£


Loans from group undertakings
23,007,561
20,068,724

Operating lease finance charge
22,491
35,077

23,030,052
20,103,801

Page 14

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

7.


TAXATION


2024
2023
£
£



Current tax on profits for the year
-
-


TOTAL CURRENT TAX
-
-

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2024
2023
£
£


Loss on ordinary activities before tax
(8,278,277)
(42,693,604)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(2,069,569)
(10,032,997)

EFFECTS OF:


Property rental business
(2,367,845)
(2,120,733)

Expenses not deductible for tax purpose
52,683
49,489

Interest restriction
2,279,015
1,609,159

Fair value movements not subject to tax
2,105,716
10,495,082

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. The deferred tax liability relating to accumulated capital profits has been released. 

Page 15

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

8.


FIXED ASSET INVESTMENTS





Investment in Jersey Property Unit Trust

£



COST OR VALUATION


At 1 January 2024
304,568,244


Revaluations
(8,190,755)



At 31 December 2024
296,377,489




The share of capital profits relates to revaluation of an investment property recognised in the income statement of the Jersey Property Unit Trust.

At 31 December 2024 and 31 December 2023 the company held 99.9% of the units in the 20 Cabot Square I Unit Trust.


2024
2023
£
£



Cost of interest in Jersey Property Unit Trust
219,836,731
219,836,731

Share of accumulated capital profits
76,540,758
84,731,513

296,377,489
304,568,244


During the year the company received distributions as follows:

2024
2023
£
£



Accrued distributions brought forward
(1,668,749)
(1,756,315)

Distributions received
17,501,669
21,880,986

Accrued distributions carried forward
7,087,119
1,668,749

Share of capital losses
(8,190,755)
(44,449,831)

Income from Jersey Property Unit Trusts
14,729,284
(22,656,411)

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 investment are included in the consolidated financial statements of a larger group (Note 17).
The directors are of the opinion that the value of the company's investments at 31 December 2024, net of the provision for impairment, was not less than the amount shown in the company's statement of financial position.
Page 16

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

9.


INVESTMENT PROPERTY


Long term leasehold investment property

£



VALUATION


At 1 January 2024
694,676


Revaluation
(245,692)



AT 31 DECEMBER 2024
448,984

At 31 December 2024, the property was valued externally by CBRE 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.



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
5,000
5,000

5,000
5,000


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

2024
2023
£
£

  


Leasehold properties
  
448,984
694,676

Operating lease liabilities
  
(438,984)
(684,676)

Fair value
  
10,000
10,000

The property interest is let to Canary Wharf Leasing (FC4) Limited and Canary Wharf Leasing (FC4) No. 2 Limited at a rent of £93,345 and £176,775 per annum until 31 March 2030 and 27 December 2024 respectively.The latter rent is a peppercorn after 27 December 2024. The leasehold expires on 5 May 2994.
Page 17

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

The future minimum receivable under non-cancellable operating leases are as follows:

2024
2023
£
£



Within one year
93,345
268,183

In one to five years
373,380
373,380

After more than five years
23,017
116,362

489,742
757,925

10.


DEBTORS: Amounts falling due within one year

2024
2023
£
£


Amounts owed by group undertakings
8,389,018
1,087,728

Prepayments and accrued income
-
1,668,749

8,389,018
2,756,477


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


11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Amounts owed to group undertakings
7,981,556
2,293,021

Operating lease liabilities
245,692
235,043

Other creditors
31,528
-

8,258,776
2,528,064



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


12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Operating lease liabilities
193,292
449,633

Loan from fellow subsidiary undertaking
218,149,616
218,149,616

218,342,908
218,599,249



The loan from a fellow subsidiary undertaking bears interest at 10%, subject to certain caps and is repayable on 22 April 2038.

Page 18

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

13.


OPERATING LEASE LIABILITIES

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


2024
2023
£
£


Within one year
93,345
268,183

Between 1-5 years
373,380
373,380

Over 5 years
23,017
116,362

489,742
757,925


The amount at which operating lease obligations are stated comprises:

2024
2023
£
£



Opening balance
684,674
919,717

Rents paid
(268,183)
(270,120)

Finance charges (including amortisation of expenses)
22,491
35,077

438,982
684,674

Finance rents of £93,345 and £176,775 per annum payable until 31 March 2030 and 27 December 2024 respectively. The interest rate implicit in the leases is 5.4%.

14.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



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


Page 19

 
CANARY WHARF PROPERTIES (FC4) LIMITED
 

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

15.


RESERVES

The company has no distributable reserves at 31 December 2024. The total of the company's realised gains and losses was as follows


2024
2023
£
£



Retained earnings
78,613,806
86,892,083

Share of accumulated capital profits
(76,540,758)
(84,731,513)

2,073,048
2,160,570

The share of accumulated capital profits relates to the revaluation of an investment property recognised in the income statement of the Jersey Property Unit Trust. The company recognises its share of unrealised profit in the carrying value of its investments.


16.OTHER FINANCIAL COMMITMENTS

As at 31 December 2024 and 31 December 2023 the company had given fixed and floating charges over substantially all its assets to secure the commitments of certain other group undertakings.


17.


CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf Funding (FC2/FC4) 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 20