ACCOUNTS - Final Accounts

CANARY WHARF CONTRACTORS (DS2) LIMITED

Registered number: 03605337

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CANARY WHARF CONTRACTORS (DS2) 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 building contracting in relation to 8 Canada Square, Canary Wharf, London.

DIRECTORS

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

K J Kingston

S A Tatford (appointed 5 March 2025)

J J Turner (appointed 5 March 2025)

I J Benham (resigned 5 March 2025)

S Z Khan (resigned 5 March 2025)

R J Worthington (resigned 5 March 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.

This report was approved by the board on 18 September 2025 and signed on its behalf.

S A Tatford

Director

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CANARY WHARF CONTRACTORS (DS2) LIMITED

REGISTERED NUMBER: 03605337

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	2024	2023
Note	£	£


CURRENT ASSETS
Debtors: amounts falling due within one year	4	50,001	50,001
		50,001	50,001
Creditors: amounts falling due within one year	5	(50,000)	(50,000)
NET CURRENT ASSETS		1	1
TOTAL ASSETS LESS CURRENT LIABILITIES		1	1

NET ASSETS		1	1

CAPITAL AND RESERVES
Called up share capital	6	1	1
		1	1

No statement of comprehensive income is presented with these financial statements because the company has not recognised any income, expenditure or any other items of comprehensive income in respect of the year or the prior year.

For the year ended 31 December 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2025.

S A Tatford

Director

The notes on pages 3 to 5 form part of these financial statements.

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CANARY WHARF CONTRACTORS (DS2) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Canary Wharf Contractors (DS2) 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.
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.
In accordance with paragraph 35.10(m) of FRS 102, the company has elected to retain its previous accounting policies for reported assets, liabilities and equity until there is any change to those balances or the company undertakes any new transactions.

2.2

Cash flow statement

The company had no cash flows during the year and has accordingly not produced a Cash Flow Statement.

2.3

Statement of changes in equity

There have been no changes to equity and accordingly the company not produced a Statement of Changes in Equity.

3.	EMPLOYEES
	The Company had no employees during the year (2023: nil). No remuneration was paid by the Company to the Directors for their services to the Company and no costs were allocated or recharged to the Company (2023: £nil).

4.	DEBTORS: Amounts falling due within one year

					2024	2023
					£	£


Amounts owed by group undertakings	50,001	50,001
	50,001	50,001

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

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CANARY WHARF CONTRACTORS (DS2) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	CREDITORS: Amounts falling due within one year
		2024	2023
		£	£

Payments received on account	50,000	50,000
	50,000	50,000

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

Payments received on account
	2024	2023
	£	£


Total received	260,166,063	260,166,063
Cumulative allocation to turnover	(260,116,063)	(260,116,063)
	50,000	50,000

The company entered into an agreement with a fellow subsidiary whereby it designed and constructed a building and the associated infrastructure at Canary Wharf in return for a fee which accrued over the life of the project. The company received £224.31 million on account, net of a subsequent repayment, equal to the estimated sums due including the fee. The fee was allocated against the initial payment as it became due.

6.	SHARE CAPITAL
		2024	2023
		£	£

Allotted, called up and fully paid

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

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CANARY WHARF CONTRACTORS (DS2) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	CONTROLLING PARTY

On 5 June 2025, Canary Wharf (DS2) Limited transferred its shareholding to Canary Wharf (Former Projects) Limited, who is now the company's immediate parent undertaking.
At 31 December 2024 the smallest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork Holdings Limited, an entity registered in Jersey.
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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