Registered number: 02352250
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CANARY WHARF CONTRACTORS LIMITED
CONTENTS
CANARY WHARF CONTRACTORS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors, in preparing this Strategic Report, have complied with section 414C of the Companies Act 2006.
This Strategic Report has been prepared for the company and not for the group of which it is a member and therefore focuses only on matters which are significant to the company, unless otherwise stated.
This Strategic Report has been prepared for the company and not for the group of which it is a member and therefore focuses only on matters which are significant to the company, unless otherwise stated.
The company's immediate parent undertaking is Canary Wharf Central Limited and its ultimate parent undertaking is Stork HoldCo LP.
The principal activity of the company is to act as a construction and design manager for building projects in Canary Wharf and various other sites in London.
During the year to 31 December 2025 all of the company's construction projects were being undertaken on behalf of fellow subsidiaries or related parties of Canary Wharf Group. The company may also from time to time consider projects on behalf of unrelated third parties.
The principal activity of the company is to act as a construction and design manager for building projects in Canary Wharf and various other sites in London.
During the year to 31 December 2025 all of the company's construction projects were being undertaken on behalf of fellow subsidiaries or related parties of Canary Wharf Group. The company may also from time to time consider projects on behalf of unrelated third parties.
As shown in the company's statement of comprehensive income, the company's profit after tax for the year was £1,379,312 (2024 - £2,352,870).
The decrease in profit during the year was primarily attributable to lower construction revenue, partially offset by higher construction and development management fees and reduced cost of sales. Profitability was also impacted by administrative expenses in the current year, compared with administrative income in the prior year, which included the reversal of a £3.8m provision for an intercompany loan receivable.
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £11,379,315 (2024 - £78,474,476). Movement attributed to dividends paid to parent company during the year.
The decrease in profit during the year was primarily attributable to lower construction revenue, partially offset by higher construction and development management fees and reduced cost of sales. Profitability was also impacted by administrative expenses in the current year, compared with administrative income in the prior year, which included the reversal of a £3.8m provision for an intercompany loan receivable.
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £11,379,315 (2024 - £78,474,476). Movement attributed to dividends paid to parent company during the year.
Active Developments
An aparthotel comprising 279 Locke branded serviced residential apartments, a rooftop restaurant, ground floor retail and amenity space and achieved practical completion in April 2026 with operations expected to commence in May 2026.
The first phase of the North Quay development comprises a single building extending to 533,122 sq ft NIA across 23 floors.
Construction works continue to progress with programme, with the building due for completion in Q1 2028. Cores are complete with concrete slab cast up to level 15, installation of facade panels have begun. Over 80% of trade packages have been procured (by value) within approved budgets with prices agreed ahead of contract completion on a further 10%. An overage payment of up to £65.3m will be payable by the One North Quay joint venture within 30 months of practical completion of the building and is included in the ongoing valuation of the freehold.
Construction works continue to progress with programme, with the building due for completion in Q1 2028. Cores are complete with concrete slab cast up to level 15, installation of facade panels have begun. Over 80% of trade packages have been procured (by value) within approved budgets with prices agreed ahead of contract completion on a further 10%. An overage payment of up to £65.3m will be payable by the One North Quay joint venture within 30 months of practical completion of the building and is included in the ongoing valuation of the freehold.
A PFS (Private for sale) building comprising 92 units, it is the final plot to be developed at Southbank Place and achieved practical completion in March 2026.
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CANARY WHARF CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
North Quay
Outline planning consent is in place for a c2.5 m sq ft NIA masterplan (including 0.5m for One North Quay noted above) with flexibility across a range of uses including office, residential, hotel or serviced apartments, co-living space and retail.
Park Place
Detailed planning consent was achieved for a commercial office building. There is a draft planning policy allocation for residential use and a scheme of up to 634 units has been designed. There are no current plans for delivery. Consent has been achieved for a meanwhile use (Sea Lanes Canary Wharf) which will generate activity and income ahead of consideration of future development options.
10 Bank Street
Basement works have been completed for a new 865,000 sq ft office building.
There are currently no plans for delivery ahead of securing a significant pre let. In advance of securing a pre let occupier, the site has been repurposed to a park with padel courts.
7 Brannan Street
A 912 bed PBSA (Purpose Built Student Accommodation) scheme has been designed and a package of ground works completed. Planning consent was granted by the Greater London Authority in May 2025. The Group is considering delivery options for this development.
Wood Wharf offices
The outline planning consent for Wood Wharf allows for a further 1.8m sq ft of commercial office space across 4 buildings. Site enabling works have been undertaken with pre let opportunities being marketed. There are currently no plans for delivery ahead of securing a significant pre let. Potentials for alternative use and meanwhile activities are under consideration. One such example is the construction of the Troubadour Canary Wharf Theatre at 4 Charter Street which completed in the year, with the venue officially opened in October 2025.
Outline planning consent is in place for a c2.5 m sq ft NIA masterplan (including 0.5m for One North Quay noted above) with flexibility across a range of uses including office, residential, hotel or serviced apartments, co-living space and retail.
Park Place
Detailed planning consent was achieved for a commercial office building. There is a draft planning policy allocation for residential use and a scheme of up to 634 units has been designed. There are no current plans for delivery. Consent has been achieved for a meanwhile use (Sea Lanes Canary Wharf) which will generate activity and income ahead of consideration of future development options.
10 Bank Street
Basement works have been completed for a new 865,000 sq ft office building.
There are currently no plans for delivery ahead of securing a significant pre let. In advance of securing a pre let occupier, the site has been repurposed to a park with padel courts.
7 Brannan Street
A 912 bed PBSA (Purpose Built Student Accommodation) scheme has been designed and a package of ground works completed. Planning consent was granted by the Greater London Authority in May 2025. The Group is considering delivery options for this development.
Wood Wharf offices
The outline planning consent for Wood Wharf allows for a further 1.8m sq ft of commercial office space across 4 buildings. Site enabling works have been undertaken with pre let opportunities being marketed. There are currently no plans for delivery ahead of securing a significant pre let. Potentials for alternative use and meanwhile activities are under consideration. One such example is the construction of the Troubadour Canary Wharf Theatre at 4 Charter Street which completed in the year, with the venue officially opened in October 2025.
The Company has adopted Canary Wharf Group plc (‘the Group’) principal risks and uncertainties monitoring and management policies. The risks and uncertainties facing the business are monitored through continuous assessment, regular formal reviews and discussion at the Canary Wharf Group Investment Holdings plc audit committee and board. Such discussion focuses on the risks identified as part of the system of internal control which highlights key risks faced by the Group and allocates specific day to day monitoring and control responsibilities as appropriate. As a member of Canary Wharf Group, the current key risks of the company include: the current geopolitical climate and its potential impact on the economy, the financing risk, the cyclical nature of the property market, concentration risk and policy and planning risks.
The UK macroeconomic environment saw slow recovery with easing rates of interest and inflation over the year, this was balanced with emerging global risks around geopolitics, changes in global trade and international security, which increased the risk of macroeconomic volatility and impact on consumer sentiment.
Control measures adopted by the Group include continued engagement and support of shareholders, close monitoring of key economic indicators in the context of the Group's strategy and commitments and planning for a range of potential economic outcomes. Regular stress testing of the Group's business plan is undertaken to assess the impact of an economic downturn on operations and to ensure the Group's financial position remains resilient.
Control measures adopted by the Group include continued engagement and support of shareholders, close monitoring of key economic indicators in the context of the Group's strategy and commitments and planning for a range of potential economic outcomes. Regular stress testing of the Group's business plan is undertaken to assess the impact of an economic downturn on operations and to ensure the Group's financial position remains resilient.
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CANARY WHARF CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key financial risks for the Company are influenced by the broader macro-economic environment and the specific challenges facing the commercial real estate sector. Financing risk encompasses both liquidity and credit risk. The broader economic cycle inevitably leads to movements in inflation, interest rates and bond yields, all of which can impact the cost and availability of financing.
As the Company does not rely on external financing, risk is reduced. The Group mitigates this by maintaining cash flow forecasting and holding adequate cash reserves.
As the Company does not rely on external financing, risk is reduced. The Group mitigates this by maintaining cash flow forecasting and holding adequate cash reserves.
The Group’s real estate assets are currently located on or adjacent to the Estate. Although a majority of tenants have traditionally been linked to the financial services industry, this proportion has now fallen to around only 54% of tenants. Wherever possible steps are still taken to mitigate or avoid material consequences arising from this concentration.
Although the focus of the Group has been on and around the Estate, where value can be added the Group will also consider opportunities elsewhere. The Group has also reviewed current consents for development to react to changes in the market. This review has led to an increased focus on the residential build to rent sector as reflected in the composition of the master plan for the mixed-use development at Wood Wharf.
Although the focus of the Group has been on and around the Estate, where value can be added the Group will also consider opportunities elsewhere. The Group has also reviewed current consents for development to react to changes in the market. This review has led to an increased focus on the residential build to rent sector as reflected in the composition of the master plan for the mixed-use development at Wood Wharf.
The Company recognises that risks from cyber threat actors are evolving in scale and complexity, while at the same time noting that the rapid evolution of technology and information systems, particularly around AI, will be a critical component of its continued success. The Company’s risks in this context are graded to be of medium likelihood and impact.
The Company monitors the evolution of risks and employs multilayered controls to address these, including the establishment, implementation and maintenance of appropriate policies, mandatory staff awareness training, and appropriate and proportionate cyber defences with third party providers.
The principal risks facing the Group are discussed in the Annual Report of Canary Wharf Investment Holdings Group plc, which does not form part of this report.
The Company monitors the evolution of risks and employs multilayered controls to address these, including the establishment, implementation and maintenance of appropriate policies, mandatory staff awareness training, and appropriate and proportionate cyber defences with third party providers.
The principal risks facing the Group are discussed in the Annual Report of Canary Wharf Investment Holdings Group plc, which does not form part of this report.
All of the Group’s assets are currently located within London. Appropriate contact is maintained with local and national Government, but changes in Governmental policy on planning, tax or other regulations could limit the ability of the Group to maximise the long term potential of its assets. The Group conducts continuous monitoring and impact assessments over changes to public policy and regulations. Further safeguards include the development and maintenance of appropriate company policies, and the provision of specialised staff training against compliance requirements. Continued investment in the risk and internal controls teams provide targeted assurance over control effectiveness and alignment with best practices. On a local scale, the Group engages continually with the London Borough of Tower Hamlets council to ensure awareness of any local regulatory changes.
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CANARY WHARF CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group operates in a competitive and evolving labour market, where access to skilled and diverse talent underpins the delivery of high-quality services and operations. Changing workforce expectations, increased competition for specialist skills and new ways of working continue to shape employee needs and behaviours. Maintaining a strong, inclusive culture that supports colleague development and wellbeing is therefore key to sustaining service standards, and the delivery of the Group’s strategic ambitions.
The Group fosters a positive, inclusive and engaging culture, supported by well-established policies, employee wellbeing forums, and a comprehensive programme of equity, diversity and inclusion initiatives. Recruitment processes include assessing alignment with company values, and ongoing career development is supported by employee performance assessments and access to a Career Development Framework. Further measures include structured succession planning, and bespoke employee training to continually develop skills and uphold service quality.
The Group fosters a positive, inclusive and engaging culture, supported by well-established policies, employee wellbeing forums, and a comprehensive programme of equity, diversity and inclusion initiatives. Recruitment processes include assessing alignment with company values, and ongoing career development is supported by employee performance assessments and access to a Career Development Framework. Further measures include structured succession planning, and bespoke employee training to continually develop skills and uphold service quality.
The Group delivers a complex programme of construction, engineering and maintenance across its real estate portfolio, which involve a wide range of health, safety and security risks for staff, tenants and the general public. The Canary Wharf estate has an average weekly footfall of 1.5 million people and is a significant transport hub which increases the scope of security risks which could impact the Estate. The ongoing diversification towards a mixed-use Estate and catering to a growing range of tenant groups means that the risk landscape continues to evolve.
The Group places the highest priority on the safety and security of visitors and employees alike by continuing to commit the resources required to deliver a world-class security capability. Our in-house security team is supported by market-leading technologies and a dedicated resilience team certified to ISO 22301 to manage critical incidents and minimise operational disruption.
Regular operational resilience and stress tests are carried out to validate preparedness and assure the effectiveness of response arrangements. Employees are required to undertake training on security and resilience awareness and fire awareness. In addition, the Group utilises Everbridge, a Critical Event Management platform, to support the management of critical events and enhance organisational resilience, ensuring that all staff can be contacted and located in an emergency.
The Group places the highest priority on the safety and security of visitors and employees alike by continuing to commit the resources required to deliver a world-class security capability. Our in-house security team is supported by market-leading technologies and a dedicated resilience team certified to ISO 22301 to manage critical incidents and minimise operational disruption.
Regular operational resilience and stress tests are carried out to validate preparedness and assure the effectiveness of response arrangements. Employees are required to undertake training on security and resilience awareness and fire awareness. In addition, the Group utilises Everbridge, a Critical Event Management platform, to support the management of critical events and enhance organisational resilience, ensuring that all staff can be contacted and located in an emergency.
The Board continues to demonstrate commitment to the prevention of bribery and corruption and understands the importance of maintaining a culture in which it is not acceptable at any level. An updated online bribery and corruption awareness training module was launched in the year. The Group has a Code of Business Practices and Ethics and a formal Anti Bribery and Corruption policy, which requires all directors and employees to behave with integrity and in a manner that ensures the objectives of the policies are achieved. The Group has a strict approach to maintaining high standards of finance, business principles and ethics and appropriate risk assessments are undertaken periodically.
To comply with the Modern Slavery Act 2015 the Group has established controls to combat slavery, servitude, forced or compulsory labour and human trafficking. The Group’s adopted policy and formal statement sets out the Group’s commitment to prohibiting any form of forced labour or slavery. Online anti slavery and human trafficking training is mandatory for all employees and agency workers.
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CANARY WHARF CONTRACTORS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The DPO and management continue to take a risk based approach to address GDPR compliance. A GDPR committee with representation from key senior personnel across the business meets periodically to discuss and communicate data protection issues. Privacy policies are published on the Group’s public facing websites. Data protection policies and procedures are in place and appropriate registers are maintained. Online mandatory GDPR refresher training has been completed by 99% of employees. The Group also issues regular phishing simulation tests and Cyber Security training which was completed by 99% of employees.
The Group manages its operations on a unified basis. For this reason, the company's directors believe that key performance indicators specific to the company are not necessary or appropriate for an understanding of the development, performance or position of its business. The performance of the group, which includes the company, is discussed in the Annual Report of Canary Wharf Group Investment Holdings plc, which does not form part of this report.
This report was approved by the board on 29 June 2026 and signed on its behalf.
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CANARY WHARF CONTRACTORS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £1,379,312 (2024 - £2,352,870).
Dividends of £68,474,473 have been paid during the year and to the date of this report (2024 - £NIL).
The directors who served during the year and up to the date of this report were:
QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS
The Company has in place a qualifying third party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The Company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the year ended 31 December 2025 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provides 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.
The principal risks and uncertainties of the company are contained within the Strategic Report. The financial risk management objectives and policies are managed at a group level and are not material to the company.
A comprehensive overview of the company's strategic active and future developments is included in the Strategic Report and should be read in conjunction with this section.
The Company has taken the group and subsidiary exemption from providing carbon and energy information provided by The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
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CANARY WHARF CONTRACTORS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
The auditor, Deloitte LLP, has indicated their willingness to continue as auditor of the company.
This report was approved by the board on 29 June 2026 and signed on its behalf.
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CANARY WHARF CONTRACTORS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, 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;
∙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 to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors 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 CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF CONTRACTORS LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the statement of financial position;
∙the statement of changes in equity;
∙the related notes 1 to 20.
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 CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF CONTRACTORS 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 and directors 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 CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF CONTRACTORS 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors’ report have 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 strategic report or 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.
We have nothing to report in respect of these matters.
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CANARY WHARF CONTRACTORS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF CONTRACTORS 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.
Statutory Auditor
London, United Kingdom
29 June 2026
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CANARY WHARF CONTRACTORS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF CONTRACTORS LIMITED
REGISTERED NUMBER: 02352250
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026 .
The notes on pages 16 to 26 form part of these financial statements.
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CANARY WHARF CONTRACTORS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Canary Wharf Contractors 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 Strategic Report.
The nature of the company's operations and its principal activities are set out in the Strategic 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, Canary Wharf Group Investment Holdings plc, which may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
At the date of authorisation of these financial statements, the Financial Reporting Council (FRC) had issued amendments to FRS 102 that are not yet effective for the Company. The only amendment becoming effective for accounting periods beginning on or after 1 January 2025 relates to supplier finance arrangements, and the Company has assessed this amendment and concluded that it does not have a material impact on the financial statements for the year ended 31 December 2025.
All other FRC amendments are effective for periods beginning on or after 1 January 2026 and have therefore not been applied in these financial statements.
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 it operates.
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, Canary Wharf Group Investment Holdings plc, which may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.
At the date of authorisation of these financial statements, the Financial Reporting Council (FRC) had issued amendments to FRS 102 that are not yet effective for the Company. The only amendment becoming effective for accounting periods beginning on or after 1 January 2025 relates to supplier finance arrangements, and the Company has assessed this amendment and concluded that it does not have a material impact on the financial statements for the year ended 31 December 2025.
All other FRC amendments are effective for periods beginning on or after 1 January 2026 and have therefore not been applied in these financial statements.
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 it operates.
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 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 operations for the foreseeable future. Accordingly, the directors 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 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 operations for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
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.
Revenue from the provision of building services is recognised, net of VAT, as it falls due.
The contributions are recognised as an expense in profit or loss in the period as employees provide service. Amounts due but unpaid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference. Deferred tax relating to investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expenses or income.
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Construction contracts consist of properties that are being constructed in accordance with long term development contracts and for which the detailed design specification of each building is agreed with the purchaser. Where applicable the contracts are split into 3 component parts: sale of land, completed construction works at the date of entering into the contracts; and on-going construction contracts.
Revenue on construction contracts is recognised according to the stage reached in the contract using the percentage completion method. The percentage of completion is calculated by reference to costs incurred on the building compared with the estimated total costs.
The resulting balance carried in the statement of financial position comprises total costs incurred less costs released to the income statement plus total progress billings less income recognised to the income statement. Where the sum of these items is shown as a credit the balance is shown as payments on account.
If it is probable that total contract cost will exceed total contract revenue, the expected loss is recognised immediately as an expense.
Revenue on construction contracts is recognised according to the stage reached in the contract using the percentage completion method. The percentage of completion is calculated by reference to costs incurred on the building compared with the estimated total costs.
The resulting balance carried in the statement of financial position comprises total costs incurred less costs released to the income statement plus total progress billings less income recognised to the income statement. Where the sum of these items is shown as a credit the balance is shown as payments on account.
If it is probable that total contract cost will exceed total contract revenue, the expected loss is recognised immediately as an expense.
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 receivables are recognised initially at fair value and are reduced for any lifetime expected credit loss associated with the receivables.
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
Trade receivables are recognised initially at fair value and are reduced for any lifetime expected credit loss associated with the receivables.
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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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Borrowings
Standard loans payable are recognised initially at transaction price including 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.
Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
Standard loans payable are recognised initially at transaction price including 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.
Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
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 2025, there were no items which the directors believe are significant to the financial statements.
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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As part of the Canary Wharf Group pension arrangements, the company participates in a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge, which amounted to £2,723,228 for the year (2024 - £2,637,873), represents contributions payable by the company to the scheme.
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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
17.OTHER FINANCIAL COMMITMENTS
At 31 December 2025 and 31 December 2024, 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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CANARY WHARF CONTRACTORS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's immediate parent undertaking is Canary Wharf Central Limited.
As at 31 December 2025, 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 group companies.
As at 31 December 2025, 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 group companies.
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