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CANARY WHARF (FC2) OFFICE LIMITED

Registered number: 15251335




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD FROM 1 NOVEMBER 2023 TO 31 DECEMBER 2024

 
CANARY WHARF (FC2) OFFICE 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 - 15


 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
DIRECTORS' REPORT
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

The directors present their report and the financial statements for the period from 1 November 2023 to 31 December 2024.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A and 414B of the Companies Act 2006.

PRINCIPAL ACTIVITY

The Company was incorporated on 1 November 2023. On 20 December 2024, the Company entered into a leasehold interest in 10 Cabot Square, Canary Wharf ending June 2032.

RESULTS AND DIVIDENDS

The loss for the period from 1 November 2023 to 31 December 2024, after taxation, amounted to £7,690,024.

No dividends have been paid or proposed for the period and to the date of this report.

DIRECTORS

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

I J Benham (appointed 1 November 2023)
S Z Khan (appointed 1 November 2023)
K J Kingston (appointed 4 January 2024)
R J Worthington (appointed 1 November 2023)

QUALIFYING THIRD-PARTY PROVISIONS

The Company has in place a qualifying third-party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The Company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the period ended 31 December 2024 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provide cover in the event that the director is proven to have acted dishonestly or fraudulently.

GOING CONCERN

For details in respect of going concern refer to Note 2.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Page 1

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024


AUDITOR

Deloitte LLP were appointed during the period and have indicated their willingness to continue as auditor to the company.

This report was approved by the board on 31 July 2025 and signed on its behalf.
 







I J Benham
Director

Page 2

 
CANARY WHARF (FC2) OFFICE LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD 1 NOVEMBER 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

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF (FC2) OFFICE LIMITED
 

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of Canary Wharf (FC2) Office 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 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 10.

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 (FC2) OFFICE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF (FC2) OFFICE 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 (FC2) OFFICE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF (FC2) OFFICE 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.
Page 6

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF (FC2) OFFICE 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.






Lyn Cowie CA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Aberdeen, United Kingdom
31 July 2025
Page 7

 
CANARY WHARF (FC2) OFFICE LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

Period from 1 November 2023 to
31 December
2024
Note
£

  

Cost of sales
  
(7,690,024)

GROSS LOSS
  
(7,690,024)

Tax on loss
 6 
-

LOSS FOR THE FINANCIAL PERIOD
  
(7,690,024)

Other comprehensive income for the period
  
-

TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD
  
(7,690,024)

The notes on pages 11 to 15 form part of these financial statements.

Page 8

 
CANARY WHARF (FC2) OFFICE LIMITED
REGISTERED NUMBER: 15251335

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Note
£

  

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 7 
960

Debtors: amounts falling due within one year
 7 
472,772

  
473,732

Creditors: amounts falling due within one year
 8 
(8,163,755)

NET CURRENT LIABILITIES
  
(7,690,023)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(7,690,023)

  

NET LIABILITIES
  
(7,690,023)


CAPITAL AND RESERVES
  

Called up share capital 
 9 
1

Retained earnings
  
(7,690,024)

  
(7,690,023)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2025.






I J Benham
Director

The notes on pages 11 to 15 form part of these financial statements.

Page 9

 
CANARY WHARF (FC2) OFFICE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024


Called up share capital
Retained earnings
Total equity

£
£
£

On incorporation at 1 November 2023
-
-
-


COMPREHENSIVE EXPENSE FOR THE PERIOD

Loss for the period
-
(7,690,024)
(7,690,024)
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD
-
(7,690,024)
(7,690,024)


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Shares issued during the period
1
-
1


TOTAL TRANSACTIONS WITH OWNERS
1
-
1


AT 31 DECEMBER 2024
1
(7,690,024)
(7,690,023)

The notes on pages 11 to 15 form part of these financial statements.

Page 10

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

1.


GENERAL INFORMATION

Canary Wharf (FC2) Office Limited is a private company limited by shares, incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB.
 
The nature of the company's operations and its principal activities are set out in the Directors' Report. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”).
 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3).
 
The Company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The Company is consolidated in the financial statements of its parent, Canary Wharf Group Investment Holdings plc, which may be obtained at One Canada Square, Canary Wharf, London, E14 5AB.
 
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which they operate.
 
The principal accounting policies have been applied consistently throughout the period 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 liability position and had net current liabilities. Included within liabilities were intercompany creditors of £8,162,505, 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 the ultimate parent 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
STATEMENT OF CASH FLOWS

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.

Page 11

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
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.
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.

  
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. 


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.


4.


AUDITOR'S REMUNERATION

Auditor's remuneration of £4,720 for the audit of the company for the period has been borne by another group undertaking.




5.


EMPLOYEES




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.

Page 12

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

6.


TAXATION


Period from 1 November 2023 to
31 December
2024
£



Current tax on loss for the period
-


Total current tax
-

FACTORS AFFECTING TAX CHARGE FOR THE PERIOD

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:

Period from 1 November 2023 to
31 December
2024
£


Loss on ordinary activities before tax
(7,690,024)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%
(1,922,506)

Effects of:


Property rental business
1,922,506

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 13

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

7.


DEBTORS

2024
£

Due after more than one year

Lease incentives and negotiation costs
960

960


2024
£

Due within one year

Amounts owed by group undertakings
1

Other taxation
458,669

Prepayments and accrued income
14,102

472,772


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


8.


CREDITORS: Amounts falling due within one year

2024
£

Amounts owed to group undertakings
8,162,505

Accruals and deferred income
1,250

8,163,755


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


9.


SHARE CAPITAL

2024
£
Allotted, called up and fully paid


1 Ordinary share of £1.00
1


The Company was incorporated on 1 November 2023 with a share capital of 1 ordinary £1 share which was issued at par.

Page 14

 
CANARY WHARF (FC2) OFFICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2023 TO 31 DECEMBER 2024

10.


CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf Investments 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 15