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CABOT PLACE (RT2) LIMITED Registered number: 03719122 DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CABOT PLACE (RT2) 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 - 16
CABOT PLACE (RT2) 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 and 414B of the Companies Act 2006.
PRINCIPAL ACTIVITY
The company held a 40 year pass through lease in Canada Place Mall, Canary Wharf, London. On 29 September 2022 the company sold this interest to Canary Wharf Retail Limited, a fellow subsidiary undertaking, and is therefore not expected to trade in future. The directors intend to liquidate the company in the foreseeable future and as a result the financial statements have been prepared on a basis other than going concern.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £Nil (2023 - £Nil). No dividends have been paid or proposed for the year and to the date of this report (2023 - £Nil).
DIRECTORS
The directors who served during the year and to the date of this report were:
I J Benham (resigned 28 May 2025)
K J Kingston
S Z Khan (resigned 28 May 2025)
R J Worthington (resigned 28 May 2025)
S A Tatford (appointed 28 May 2025) J J Turner (appointed 28 May 2025)
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.
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
CABOT PLACE (RT2) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
AUDITOR
The auditor, Deloitte LLP was appointed as auditor and has indicated thier willingness to contine as auditor to the company, will be proposed for reappointment ub accordance with s485 of the Companies Act 2006. This report was approved by the board on 26 August 2025 and signed on its behalf.
S A Tatford Director
Page 2
CABOT PLACE (RT2) 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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
CABOT PLACE (RT2) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CABOT PLACE (RT2) LIMITED REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OPINION In our opinion the financial statements of Cabot Place (RT2) 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 result 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 13. 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. EMPHASIS OF MATTER - FINANCIAL STATEMENTS PREPARED OTHER THAN ON A GOING CONCERN BASIS We draw attention to note 2 in the financial statements, which indicates that the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter. Page 4
CABOT PLACE (RT2) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CABOT PLACE (RT2) 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
CABOT PLACE (RT2) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CABOT PLACE (RT2) 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 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
CABOT PLACE (RT2) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CABOT PLACE (RT2) 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’ 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 26 August 2025 Page 7
CABOT PLACE (RT2) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Cost of sales |  | 6,249 | (4,249)
GROSS PROFIT/(LOSS) |  | 6,249 | (4,249)
Administrative expenses |  | - | 1,300
Other income |  | 62,500 | -
Movement in fair value of loan from group undertaking |  | 397,710 | 406,961
OPERATING PROFIT |  | 466,459 | 404,012
Interest receivable and similar income | 6 | 1,033 | 12,629
Interest payable and similar expenses | 7 | (467,492) | (416,641)
RESULT BEFORE TAX |  | - | -
Tax on profit | 8 | - | -
RESULT FOR THE FINANCIAL YEAR |  | - | -
Other comprehensive income for the year |  | - | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | - | -
The notes on pages 11 to 16 form part of these financial statements.
The above amounts were derived from discontinued operations.
Page 8
CABOT PLACE (RT2) LIMITED REGISTERED NUMBER: 03719122 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
CURRENT ASSETS |  |  |
Debtors: amounts falling due within one year | 9 | 6,493,310 | 26,778,551
Cash at bank and in hand | 10 | 5,586 | 438,573
|  | 6,498,896 | 27,217,124
Creditors: amounts falling due within one year | 11 | (6,498,895) | (27,217,123)
NET CURRENT ASSETS |  | 1 | 1
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 1 | 1
NET ASSETS |  | 1 | 1
CAPITAL AND RESERVES |  |  |
Called up share capital | 12 | 1 | 1
|  | 1 | 1
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 August 2025.
S A Tatford
Director
The notes on pages 11 to 16 form part of these financial statements. Page 9
CABOT PLACE (RT2) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Total equity
| £ | £
At 1 January 2024 | 1 | 1
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | -
AT 31 DECEMBER 2024 | 1 | 1
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2023
| Called up share capital | Total equity
| £ | £
At 1 January 2023 | 1 | 1
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | -
AT 31 DECEMBER 2023 | 1 | 1
| The notes on pages 11 to 16 form part of these financial statements.
Page 10
CABOT PLACE (RT2) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | GENERAL INFORMATION
Cabot Place (RT2) 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
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”). The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see Note 3). The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The Company is consolidated in the financial statements of its parent, Stork Holdings Limited, which may be obtained at 7 Esplanade, St Helier, JE1 0BD Jersey. The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which they operate. The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
| 2.2 | Going concern
In the prior years the company's fixed assets were transferred to Canary Wharf Retail Limited. The company has now completed its activities and the directors intend to liquidate the company in the foreseeable future. As a result the financial statements have been prepared on a basis other than that of a going concern which includes, where appropriate, writing down the company's assets to net realisable value. No adjustments arose as a result of ceasing to apply the going concern basis.
| 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. Page 11
CABOT PLACE (RT2) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 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.
| 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 the 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 £2,576 (2023 - £2,500) for the audit of the company for the year has been borne by another group undertaking.
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CABOT PLACE (RT2) 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 RECEIVABLE AND SIMILAR INCOME
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 1,033 | 12,629
|  | 1,033 | 12,629
7. | INTEREST PAYABLE AND SIMILAR CHARGES
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank charges | 8,365 | 695
| Interest on loan from group undertakings | 459,127 | 415,946
|  | 467,492 | 416,641
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CABOT PLACE (RT2) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | 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
|  |  |  |  | £ | £
| Effects of: |  |
| Property rental business | - | 856
| Fair value movements not subject to tax | (99,427) | (95,636)
| Interest restriction | 116,615 | 97,747
| Group relief | (17,188) | (2,967)
| Total tax charge for the year | - | -
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
The company is a member of a REIT headed by Stork Holdings Limited. As a consequence all qualifying property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable. Page 14
CABOT PLACE (RT2) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | DEBTORS: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 76 | 68,000
| Amounts owed by fellow subsidiary undertakings | 6,271,287 | 26,497,433
| Amounts owed by parent undertaking | - | 1
| Other debtors | 221,947 | 213,117
|  | 6,493,310 | 26,778,551
| Amounts owed by fellow subsidiary undertakings and parent undertakings are interest free and repayable on demand.
10. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Unrestricted cash | 5,586 | 109,124
| Restricted cash | - | 329,449
|  | 5,586 | 438,573
| Restricted cash of £Nil (2023: £329,449) relates to tenant deposits.
11. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 19,464 | -
| Loan from fellow subsidiary undertaking | 2,188,816 | 4,422,640
| Amounts owed to fellow subsidiary undertakings | 4,290,615 | 21,865,102
| Other creditors | - | 929,381
|  | 6,498,895 | 27,217,123
| The loan from a fellow subsidiary undertaking bears interest at 10%, subject to certain caps, and is repayable on demand. Other amounts owed to fellow subsidiary undertakings are interest free and repayable on demand.
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CABOT PLACE (RT2) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | SHARE CAPITAL
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023 - 1) Ordinary share of £1.00 | 1 | 1
13. | CONTROLLING PARTY
The company's immediate parent undertaking is Cabot Place Holdings Limited. As at 31 December 2024, the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB. The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda. Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority. The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.
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