Registered number: 01660938
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WOOD WHARF MANAGEMENT COMPANY LIMITED
CONTENTS
WOOD WHARF MANAGEMENT COMPANY 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
sections 414B and 415A of the Companies Act 2006.
sections 414B and 415A of the Companies Act 2006.
Accordingly, the company has ceased to trade.
The profit for the year, after taxation, amounted to £112 (2023 - £8,092).
The statement of financial position shows the financial position at the year end and indicates that net assets
were £9,091 (2023: £8,979).
The statement of financial position shows the financial position at the year end and indicates that net assets
were £9,091 (2023: £8,979).
No dividends have been paid or proposed for the year and to the date of this report (2023 - £Nil).
The directors who served during the year were:
QUALIFYING THIRD PARTY INDEMNITY PROVISIONS
The company provides a qualifying third-party indemnity provision to 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.
Following the completion of the entity's activities, the directors believe the basis of preparation of the entity’s financial statements is no longer appropriate and as such, the financial statements have been prepared on a basis other than going concern. The entity will continue its operations until the outstanding liabilities have been settled, after which the entity will be liquidated. The financial statements have been updated to reflect assets at their net realisable values and all assets and liabilities as current. No liquidation costs have been accrued as at the year end.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
On 21 November 2024, Deloitte LLP resigned as the auditors of the company. In their resignation letter, Deloitte LLP confirmed that there are no matters related to their resignation that should be brought to the attention of the members or creditors of the company.
The auditors, Grant Thornton UK LLP, were appointed in the year and will be proposed for reappointment in
accordance with section 485 of the Companies Act 2006.
The auditors, Grant Thornton UK LLP, were appointed in the year and will be proposed for reappointment in
accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 24 June 2025 and signed on its behalf.
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WOOD WHARF MANAGEMENT COMPANY 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 Accounting Standards), 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 and profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 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.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD WHARF MANAGEMENT COMPANY LIMITED
Opinion
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 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 – basis of preparation of the financial statements
We draw attention to Note 2.1 to the financial statements, which describes the basis of preparation of the financial statements. As described in that note, the company has completed its activities and intends to be wound up in the next 12 months following signature of these financial statements, and accordingly the directors have prepared the financial statements on a basis of preparation other than that of a going concern which includes, where appropriate, writing down the company’s assets to net realizable value.
Our opinion is not modified in respect of this matter.
Other information
The other information comprises the information included in the directors' report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the directors' report and financial statements. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD WHARF MANAGEMENT COMPANY LIMITED
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.
Matter on which we are required to report under the Companies Act 2006
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 material misstatements in the directors’ report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 3, 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.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD WHARF MANAGEMENT COMPANY LIMITED
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant were Financial Reporting Standards 102 (The Financial Reporting Standard applicable in the UK and Republic of Ireland, tax legislation and the Companies Act 2006;
∙We enquired of management and the board, concerning the Group and parent company’s policies and procedures relating to:
- the identification, evaluation and compliance with laws and regulations;
- the detection and response to the risks of fraud; and
- the establishment of internal controls to mitigate risks related to fraud or non-compliance with laws and regulations.
∙We enquired of management and the board, whether they were aware of any instances of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected, or alleged fraud;
∙We corroborated the results of our enquiries to relevant supporting documentation such as board minutes;
∙We communicated relevant laws and regulations and potential fraud risks to all the engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
The engagement team’s assessment of the susceptibility of the entity’s financial statements to material misstatements, including how fraud may occur:
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur, by evaluating management’s incentives and opportunities for manipulation of the financial statements. This included the evaluation of the risks of management override of controls. We determined that the principal risks were in relation to:
- journal entries with a focus on manual journals and journals indicating large of unusual transaction based on our understanding of the business.
- evaluating the design effectiveness of controls over revenue that management has in place to prevent and detect fraud.
- potential management bias in determining accounting estimates.
- transactions with related parties.
∙Our audit procedures involved:
- evaluation of the design effectiveness of controls that management has in place to prevent and detect fraud;
- identifying and testing journal entries identified as high risk;
- assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement line item.
∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.
The engagement partners’ assessment of whether the engagement team collectively has the appropriate competence and capabilities has to identify or recognise non-compliance with laws and regulations:
∙Assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s:
- understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.
- knowledge of the industry in which the client operates.
- understanding of the legal and regulatory requirements specific to the Company.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WOOD WHARF MANAGEMENT COMPANY LIMITED
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.
Senior Statutory Auditor
Statutory Auditor, Chartered Accountants
London
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WOOD WHARF MANAGEMENT COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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WOOD WHARF MANAGEMENT COMPANY LIMITED
REGISTERED NUMBER: 01660938
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 June 2025 .
The notes on pages 11 to 14 form part of these financial statements.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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WOOD WHARF MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Wood Wharf Management Company 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, United Kingdom E14 5AB.
The nature of the company's operations and its principal activities are set out in the Directors Report.
The nature of the company's operations and its principal activities are set out in the Directors Report.
2.ACCOUNTING POLICIES
Following the completion of the entity's activities, the directors believe the basis of preparation of the entity’s financial statements is no longer appropriate and as such, the financial statements have been prepared on a basis other than going concern. The entity will continue its operations until the outstanding liabilities have been settled, after which the entity will be liquidated. The financial statements have been updated to reflect assets at their net realisable values and all assets and liabilities as current. No liquidation costs have been accrued as at the year end.
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 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 and are summarised below:
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 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 and are summarised below:
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.
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.
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.
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.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
that have been enacted or substantively enacted at the balance sheet date.
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.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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%. (below the factors affecting 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.
property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable.
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WOOD WHARF MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's immediate parent undertaking is CWG (Wood Wharf) 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.
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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