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NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED Registered number: 13877799 DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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 s415A of the Companies Act 2006.
PRINCIPAL ACTIVITY
The company is an infrastructure development company for the site known as North Quay, Canary Wharf, London. The company was incorporated on 28 January 2022 with 1 ordinary £1 share capital which was issued at par.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £102,878 (2023 - £99,398). No dividends have been paid or proposed during the year and to the date of this report (2023 - £NIL).
DIRECTORS
The directors who served during the year and up to the date of this report were:
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 year 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 s148 of the Companies Act 2006.
AUDITOR
The auditor, Deloitte LLP, has indicated their willingness to continue as auditor to the company in accordance with s485 of the Companies Act 2006. Page 1
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 This report was approved by the board on 22 August 2025 and signed on its behalf.
I J Benham Director
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NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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 year. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion In our opinion the financial statements of North Quay Infrastructure Developments 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 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. 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
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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 director 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 22 August 2025 Page 7
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 4,207,829 | 18,181,019
Cost of sales | 9 | (4,107,829) | (18,081,019)
GROSS PROFIT |  | 100,000 | 100,000
Administrative expenses |  | (432) | (1,879)
OPERATING PROFIT |  | 99,568 | 98,121
Interest receivable and similar income | 7 | 3,310 | 1,277
PROFIT BEFORE TAX |  | 102,878 | 99,398
Tax on profit | 8 | - | -
PROFIT FOR THE FINANCIAL YEAR |  | 102,878 | 99,398
Other comprehensive income |  | - | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 102,878 | 99,398
The notes on pages 11 to 15 form part of these financial statements.
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NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED REGISTERED NUMBER: 13877799 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
CURRENT ASSETS |  |  |
Debtors: amounts falling due within one year | 10 | 12,650,648 | 14,022,752
Cash at bank and in hand |  | 519,201 | 957
|  | 13,169,849 | 14,023,709
Creditors: amounts falling due within one year | 11 | (12,892,599) | (13,849,337)
NET CURRENT ASSETS |  | 277,250 | 174,372
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 277,250 | 174,372
NET ASSETS |  | 277,250 | 174,372
CAPITAL AND RESERVES |  |  |
Called up share capital | 12 | 1 | 1
Retained earnings |  | 277,249 | 174,371
|  | 277,250 | 174,372
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2025.
I J Benham
Director
The notes on pages 11 to 15 form part of these financial statements. Page 9
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS 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 | 174,371 | 174,372
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 102,878 | 102,878
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 102,878 | 102,878
AT 31 DECEMBER 2024 | 1 | 277,249 | 277,250
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 | 74,973 | 74,974
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 99,398 | 99,398
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 99,398 | 99,398
AT 31 DECEMBER 2023 | 1 | 174,371 | 174,372
| The notes on pages 11 to 15 form part of these financial statements.
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NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | GENERAL INFORMATION
North Quay Infrastructure Developments 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 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 following principal accounting policies have been applied:
| 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 asset and 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 a least 12 months from the date of approval of these financial statements. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Revenue
Revenue from the provision of building services is recognised by reference to the recoverable direct and indirect costs charged in the period, plus a fixed percentage fee.
| 2.4 | 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.
| 2.5 | 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. Page 11
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES 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 year 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. | TURNOVER
| An analysis of turnover is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Turnover | 4,207,829 | 18,181,019
|  | 4,207,829 | 18,181,019
| All turnover arose within the United Kingdom.
5. | AUDITOR'S REMUNERATION
| Auditor's remuneration of £7,570 (2023 - £7,000) for the audit of the company has been borne by another group undertaking.
6. | 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).
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NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | INTEREST RECEIVABLE AND SIMILAR INCOME
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest receivable | 3,310 | 1,277
|  | 3,310 | 1,277
8. | TAXATION
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Current tax on profits for the year | - | -
| Total current tax | - | -
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is different than the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 102,878 | 99,398
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | 25,720 | 23,378
| Effects of: |  |
| Group relief | (25,720) | (23,378)
| 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 nonqualifying activities will continue to be taxable. Page 13
NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | WORK IN PROGRESS
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Opening balance | - | -
| Additions | 4,012,882 | 18,808,650
| Movement in accruals | 94,947 | (727,631)
| Transfer to cost of sales | (4,107,829) | (18,081,019)
|  | - | -
10. | DEBTORS: Amount falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed by parent undertaking | 1 | 1
| Amounts owed by group undertakings | 12,530,476 | 14,022,748
| Other taxation and social security | 120,171 | -
| Other debtors | - | 3
|  | 12,650,648 | 14,022,752
| Amounts owed by group and parent undertakings are interest free and repayable on demand.
11. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 66,990 | 38,190
| Amounts owed to group undertakings | 11,885,868 | 12,818,501
| Other taxation and social security | - | 147,852
| Accruals and deferred income | 939,741 | 844,794
|  | 12,892,599 | 13,849,337
| Amounts owed to group undertakings are interest free and repayable on demand.
12. | SHARE CAPITAL
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2023 - 1) Ordinary share of £1.00 | 1 | 1
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NORTH QUAY INFRASTRUCTURE DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. | CONTROLLING PARTY
The company's immediate parent undertaking is Canary Wharf Developments 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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