ACCOUNTS - Final Accounts

TURNOVER AND COST OF SALES

An analysis of turnover by class of business is as follows:

CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

Registered number: 06468592

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

CANARY WHARF PROPERTIES (CROSSRAIL) 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

CANARY WHARF PROPERTIES (CROSSRAIL) 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 the development of the Crossrail station at Canary Wharf, London. Major construction works on the station were completed in 2015. The company remains in operation to incur any residual costs.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £8,549,006 (2023 - £6,367,711).

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 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 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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITOR

The auditor, Deloitte LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 September 2025 and signed on its behalf.

I J Benham

Director

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CANARY WHARF PROPERTIES (CROSSRAIL) 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;

∙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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

In our opinion the financial statements of Canary Wharf Properties (Crossrail) 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 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 12.

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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (CROSSRAIL) 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.

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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

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.

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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF PROPERTIES (CROSSRAIL) 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.

Sarah Cairns FCA (Senior statutory auditor)

For and on behalf of Deloitte LLP

Statutory Auditor

London, United Kingdom
24 September 2025

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	(102,093)	-
Cost of sales		102,093	(777,881)
GROSS PROFIT/(LOSS)		-	(777,881)
Interest receivable and similar income	7	8,549,006	7,145,592
PROFIT BEFORE TAX		8,549,006	6,367,711
Tax on profit	8	-	-
PROFIT FOR THE FINANCIAL YEAR		8,549,006	6,367,711

Other comprehensive income		-	-
TOTAL COMPREHENSIVE INCOME FOR THE YEAR		8,549,006	6,367,711

The notes on pages 11 to 16 form part of these financial statements.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

REGISTERED NUMBER: 06468592

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

	2024	2023
Note	£	£


CURRENT ASSETS
Debtors: amounts falling due within one year	9	173,450,974	264,023,651
Cash at bank and in hand		446	1,736
		173,451,420	264,025,387
Creditors: amounts falling due within one year	10	(3,464,220)	(102,587,193)
NET CURRENT ASSETS		169,987,200	161,438,194
TOTAL ASSETS LESS CURRENT LIABILITIES		169,987,200	161,438,194

NET ASSETS		169,987,200	161,438,194

CAPITAL AND RESERVES
Called up share capital	11	150,000,001	150,000,001
Retained earnings		19,987,199	11,438,193
		169,987,200	161,438,194

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.

I J Benham

Director

The notes on pages 11 to 16 form part of these financial statements.

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CANARY WHARF PROPERTIES (CROSSRAIL) 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	150,000,001	11,438,193	161,438,194
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	8,549,006	8,549,006
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	8,549,006	8,549,006
AT 31 DECEMBER 2024	150,000,001	19,987,199	169,987,200

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Retained earnings	Total equity
	£	£	£
At 1 January 2023	150,000,001	5,070,482	155,070,483
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	6,367,711	6,367,711
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	6,367,711	6,367,711
AT 31 DECEMBER 2023	150,000,001	11,438,193	161,438,194

The notes on pages 11 to 16 form part of these financial statements.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Canary Wharf Properties (Crossrail) 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 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. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
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 year and the preceding year and 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 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.

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.

2.4

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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


	2.5	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
Debtors 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.
Loans receivable
Loans receivable are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, loans receivable are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
Trade and other payables
Trade and other creditors are stated at cost.

2.6

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 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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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover	(102,093)	-
	(102,093)	-

All turnover arose within the United Kingdom.

The Company has historically been recharged for capitalised costs originally recognised in Canary Wharf Contractors (Crossrail) Limited, a fellow group undertaking. During the year, a reduction in those capitalised costs was recharged to the Company, which was then passed on to Canary Wharf Properties (RT5) Limited, another fellow group undertaking, through the profit and loss account. This gave rise to the negative turnover and positive cost of sales balances disclosed above
Revenue from construction contracts is recognised in accordance with the accounting policy on construction contracts.

5.	AUDITOR'S REMUNERATION
	Auditor's remuneration of £9,820 (2023 - £9,000) for the audit of the company has been borne by another group undertaking.

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).

7.	INTEREST RECEIVABLE AND SIMILAR INCOME
		2024	2023
		£	£

Interest receivable from group companies	8,548,953	7,143,861
Bank interest	53	1,731
	8,549,006	7,145,592

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


Current tax on profits for the year	-	-
Total current tax	-	-

Profit on ordinary activities before tax

8,549,006

6,367,711

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	2,137,252	1,497,686
Effects of:
Group relief	(2,137,252)	(1,497,686)
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.

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	DEBTORS: Amounts falling due within one year

					2024	2023
					£	£


Loan to fellow subsidiary undertaking	172,817,018	164,268,065
Amounts owed by parent undertaking	1	1
Amounts owed by fellow subsidiary undertakings	633,955	99,755,585
	173,450,974	264,023,651

The loan to a fellow subsidiary undertaking carries interest at a rate linked to SONIA and is repayable on demand.
Other amounts owed by parent undertaking and fellow subsidiary undertakings are interest free and repayable on demand.

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

Amounts owed to group undertakings	3,464,220	102,587,193
	3,464,220	102,587,193

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

11.	SHARE CAPITAL
		2024	2023
		£	£

Allotted, called up and fully paid

150,000,001 (2023 - 150,000,001) Ordinary shares of £1.00 each	150,000,001	150,000,001

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CANARY WHARF PROPERTIES (CROSSRAIL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf Investments (Crossrail) 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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