Registered number: 07321420
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CWG (WOOD WHARF TWO) LIMITED
CONTENTS
CWG (WOOD WHARF TWO) 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.
The profit for the year, after taxation, amounted to £NIL (2023 - £NIL).
No dividends were paid or proposed during the year and to the date of this report (2023 - £NIL).
The directors who served during the year and to the date of this report were:
QUALIFIYING 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.
For details in respect of going concern refer to Note 2.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The auditor, Deloitte LLP have indicated their willingness to continue as auditors to the company.
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CWG (WOOD WHARF TWO) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 30 September 2025 and signed on its behalf.
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CWG (WOOD WHARF TWO) 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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CWG (WOOD WHARF TWO) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWG (WOOD WHARF TWO) LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
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 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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CWG (WOOD WHARF TWO) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWG (WOOD WHARF TWO) 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.
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CWG (WOOD WHARF TWO) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWG (WOOD WHARF TWO) 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 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.
As a result of performing the above, we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below:
Development Property Portfolio: We have identified a fraud risk in the valuation of the development property, pinpointed specifically to the risk of management manipulation of the information provided to the valuers including construction costs, which the valuers rely on during their valuation process. Our audit procedures included obtaining an understanding of the relevant controls in the development properties' valuation, testing the underlying actual and forecast cost data provided to the external valuers for completeness and accuracy and agreeing committed costs to signed contracts and total development expenditures to appraisals. We also assessed the accuracy of forecasting by comparing actual costs to budgets and performed a retrospective review of actual versus budgeted costs for the most recently completed development.
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.
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CWG (WOOD WHARF TWO) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CWG (WOOD WHARF TWO) 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' exemptions 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.
Statutory Auditor
London, United Kingdom
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CWG (WOOD WHARF TWO) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWG (WOOD WHARF TWO) LIMITED
REGISTERED NUMBER: 07321420
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
The notes on pages 11 to 23 form part of these financial statements.
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CWG (WOOD WHARF TWO) 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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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CWG (Wood Wharf Two) 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 Director's Report.
The nature of the company's operations and its principal activities are set out in the Director's Report.
2.ACCOUNTING POLICIES
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, 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 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 principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
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 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 principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
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 liability position. Included within liabilities were intercompany creditors of £175,310,603, which to the extent that the company cannot pay, will not be called in for at least a period of 12 months from the signing date of the financial statements as confirmed by ultimate controlling party Stork Holdco LP.
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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
At the year end, the company was in a net asset and net current liability position. Included within liabilities were intercompany creditors of £175,310,603, which to the extent that the company cannot pay, will not be called in for at least a period of 12 months from the signing date of the financial statements as confirmed by ultimate controlling party Stork Holdco LP.
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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Rental income from operating leases is recognised in the Income Statement on a straight-line basis over the term of the lease. Lease incentives granted, including rent free periods, are recognised as an integral part of the net consideration for the use of the property and are therefore also recognised on the same straight line basis. Direct costs incurred in negotiating and arranging new leases are also amortised on the same straight line basis. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example turnover rents, are recorded in the periods in which they are earned.
Revenue from property sales is recognised, net of VAT, on completion, when the significant risks and returns pass to the acquirer.
Revenue from property sales is recognised, net of VAT, on completion, when the significant risks and returns pass to the acquirer.
Investment properties, including land and buildings held for development and investment properties under construction, are measured initially at cost including related transaction costs. The finance costs associated with direct expenditure on properties under construction or undergoing refurbishment are capitalised.
Where a property interest is acquired under a lease the investment property and the associated lease liability are initially recognised at the lower of the fair value and the present value of the minimum lease payments including any initial premium. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
Investment properties are subsequently revalued, at each reporting date, to an amount comprising the fair value of the property interest plus the carrying value of the associated lease liability less separately identified accrued rent, amortised lease incentives and negotiation costs. The gain or loss on remeasurement is recognised in the income statement.
Where a property interest is acquired under a lease the investment property and the associated lease liability are initially recognised at the lower of the fair value and the present value of the minimum lease payments including any initial premium. Lease payments are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable. The total finance charge is allocated to accounting periods over the lease term so as to produce a constant periodic charge to the remaining balance of the obligation for each accounting period.
Investment properties are subsequently revalued, at each reporting date, to an amount comprising the fair value of the property interest plus the carrying value of the associated lease liability less separately identified accrued rent, amortised lease incentives and negotiation costs. The gain or loss on remeasurement is recognised in the income statement.
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
Borrowings
Standard loans payable are recognised initially at fair value less attributable transaction costs, unless the total cost does not represent the value of a financing transaction on an arm’s length basis. In this case the present value of future payments discounted at a market rate of interest for a similar debt instrument is used in place of proceeds and the difference between the two amounts is accounted for as a capital contribution.
Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.
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.
Borrowings
Standard loans payable are recognised initially at fair value less attributable transaction costs, unless the total cost does not represent the value of a financing transaction on an arm’s length basis. In this case the present value of future payments discounted at a market rate of interest for a similar debt instrument is used in place of proceeds and the difference between the two amounts is accounted for as a capital contribution.
Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.
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.
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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 investment properties
The company uses valuations performed by independent valuers as the fair value of its properties. The valuations are based upon assumptions including future rental income, anticipated void costs, the appropriate discount rate or yield and the estimated costs to completion. The valuers also make reference to market evidence of transaction prices for similar properties.
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 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 there were no other 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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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.TAXATION (CONTINUED)
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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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The company holds the development site at Wood Wharf subject to a 250 year lease (Note 14).
At 31 December 2024 and 31 December 2023, the company had given fixed and floating charges over
substantially all its assets to secure the commitments of certain other group companies.
The development site held by the company comprises an area immediately to the east of the existing Canary Wharf Estate with consent for 4.9m sq ft of development comprising 3,100 residential units, 1.9m sq ft of commercial and 270,000 sq ft of retail space.
At 31 December 2024 and 31 December 2023, the company had given fixed and floating charges over
substantially all its assets to secure the commitments of certain other group companies.
The development site held by the company comprises an area immediately to the east of the existing Canary Wharf Estate with consent for 4.9m sq ft of development comprising 3,100 residential units, 1.9m sq ft of commercial and 270,000 sq ft of retail space.
During 2015, the company granted 11 plot leases for the buildings in phase 1 of the master plan to 11 fellow subsidiary undertakings.
During 2017, two of the lessees, Vertus A2 Limited and Vertus E1/2 Limited, were sold by the group into a joint venture which is ultimately controlled as to 50% by Canary Wharf Group Investments Holdings Limited, as to 25% by Brookfield Property Partners LP and as to 25% by Qatar Investment Authority.
Also during 2017, the company granted a 12th plot lease to a fellow subsidiary undertaking and the company acquired the freehold interest of Block 10, Lovegrove Walk, Wood Wharf from a fellow subsidiary undertaking.
On 7 December 2020, the company transferred a severed part of the Wood Wharf Headlease for the premium of £1,057,240 to Edyn (Wood Wharf B2) Limited. The profit on disposal was recognised in the statement of comprehensive income.
On 19 May 2020, the company allocated 75 parking spaces to a fellow subsidiary undertaking for the premium of £2,850,000. The profit on disposal was recognised in the statement of comprehensive income.
On 26 March 2021, the company allocated 80 car parking spaces, 14 motorbike spaces and 242 basement storage spaces to a fellow subsidiary undertaking for the premium of £4,972,000. The profit on disposal has been recognised in the statement of comprehensive income.
On 8 April 2022, the company granted a plot lease over 8 Harbord Square to a fellow subsidiary undertaking for £23,135,841, being the fair value at the time of disposal.
On 8 August 2023, the company granted three plot leases over 50-60 Charter Street, 40 Charter Street and 13 Brannan Steet to fellow subsidiary undertakings for £126,547,134, being the fair value at the time of disposal. Also included in the disposal is £30,691,761 received from a fellow subsidiary company for Infrastructure relating to the grant of plot leases.
In August 2024, the company allocated parking spaces to CW One Park Drive Limited, CW 10 Park Drive Limited and CW 8 Harbord Square Limited for £756,825, being the fair value at the time of disposal. No
During 2017, two of the lessees, Vertus A2 Limited and Vertus E1/2 Limited, were sold by the group into a joint venture which is ultimately controlled as to 50% by Canary Wharf Group Investments Holdings Limited, as to 25% by Brookfield Property Partners LP and as to 25% by Qatar Investment Authority.
Also during 2017, the company granted a 12th plot lease to a fellow subsidiary undertaking and the company acquired the freehold interest of Block 10, Lovegrove Walk, Wood Wharf from a fellow subsidiary undertaking.
On 7 December 2020, the company transferred a severed part of the Wood Wharf Headlease for the premium of £1,057,240 to Edyn (Wood Wharf B2) Limited. The profit on disposal was recognised in the statement of comprehensive income.
On 19 May 2020, the company allocated 75 parking spaces to a fellow subsidiary undertaking for the premium of £2,850,000. The profit on disposal was recognised in the statement of comprehensive income.
On 26 March 2021, the company allocated 80 car parking spaces, 14 motorbike spaces and 242 basement storage spaces to a fellow subsidiary undertaking for the premium of £4,972,000. The profit on disposal has been recognised in the statement of comprehensive income.
On 8 April 2022, the company granted a plot lease over 8 Harbord Square to a fellow subsidiary undertaking for £23,135,841, being the fair value at the time of disposal.
On 8 August 2023, the company granted three plot leases over 50-60 Charter Street, 40 Charter Street and 13 Brannan Steet to fellow subsidiary undertakings for £126,547,134, being the fair value at the time of disposal. Also included in the disposal is £30,691,761 received from a fellow subsidiary company for Infrastructure relating to the grant of plot leases.
In August 2024, the company allocated parking spaces to CW One Park Drive Limited, CW 10 Park Drive Limited and CW 8 Harbord Square Limited for £756,825, being the fair value at the time of disposal. No
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.INVESTMENT PROPERTY (CONTINUED)
profit/loss on disposal has been recognised in the statement of comprehensive income.
The future minimum rents receivable under non-cancellable operating leases are as follows:
The future minimum rents receivable under non-cancellable operating leases are as follows:
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CWG (WOOD WHARF TWO) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
As part of the development of the Wood Wharf site, the company has entered into a contribution agreement with certain group and joint ventures companies with leasehold interests in Wood Wharf in respect of the costs of infrastructure and S106 obligations. A fixed amount is payable to or from the leaseholders at completion of the properties. The net cost is accrued as the associated works are carried, £nil accrued in 2024 (2023 - £25,060,081).
At 31 December 2024 and 31 December 2023, the company had given fixed and floating charges over substantially all its assets to secure the commitments of certain other group companies.
At 31 December 2024 and 31 December 2023, the company had given fixed and floating charges over substantially all its assets to secure the commitments of certain other group companies.
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CWG (WOOD WHARF TWO) 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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