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NQ6 PROPERTY LIMITED

Registered number: 13928636




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

 
NQ6 PROPERTY LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Notes to the Financial Statements
12 - 20


 
NQ6 PROPERTY 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.

PRINCIPAL ACTIVITY

The Company's principal activity is to develop the land at North Quay, Canary Wharf, London into a life science campus.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £921,671 (2024 - profit £143,845).

No dividends have been paid or proposed for the year and to date of this report (2024 - £nil).

DIRECTORS

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

T Berklayd 
M G T Leemhuis 
R B C Meller 
J P Mulqueen 
R J Worthington (alternate director to J P Mulqueen) 

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.

GOING CONCERN

For details in respect of going concern refer to Note 2.2.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.
Page 1

 
NQ6 PROPERTY LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025


AUDITOR

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

This report was approved by the board on 25 June 2026 and signed on its behalf.
 





J P Mulqueen
Director

Page 2

 
NQ6 PROPERTY LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025

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 United Kingdom-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards as issued by IASB. 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:

properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements of the financial reporting framework are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance;
make an assessment of the company’s ability to continue as a going concern.

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 2006They 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.

Page 3

 
NQ6 PROPERTY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NQ6 PROPERTY LIMITED
 

   
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

In our opinion the financial statements of NQ6 Property Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its loss for the year then ended; 
have been properly prepared in accordance with United Kingdom adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB); and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements which comprise:
the statement of comprehensive income;
the statement of financial position;
the statement of changes in equity;
the statement of cash flows; and
the related notes 1 to 15.

The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom adopted international accounting standards and IFRSs as issued by the IASB.

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.
Page 4

 
NQ6 PROPERTY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NQ6 PROPERTY 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. 
Page 5

 
NQ6 PROPERTY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NQ6 PROPERTY 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 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:

Investment Property Portfolio:  We have identified a fraud risk in the valuation of investment property, pinpointed specifically to the risk of management manipulation of the information provided to the valuers including lease length and rental values, which the valuers rely on during their valuation process. Our audit procedures included obtaining an understanding of the relevant controls in the investment properties' valuation and validating the tenancy data sent to the valuers for completeness and accuracy by agreeing a sample of data through to underlying lease agreements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 
enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and 
reading minutes of meetings of those charged with governance.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the directors’ report for the financial 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.
Page 6

 
NQ6 PROPERTY LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NQ6 PROPERTY LIMITED
 

Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to take advantage of the small companies’ exemption in preparing the 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.






Sarah Cairns, FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
25 June 2026
Page 7

 
NQ6 PROPERTY LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
Note
£
£

  

Administrative expenses
  
(162,485)
(122,112)

Fair value loss on investment property
 8 
(855,509)
-

OPERATING LOSS
  
(1,017,994)
(122,112)

Interest receivable and similar income
 6 
96,323
313,905

(LOSS)/PROFIT BEFORE TAX
  
(921,671)
191,793

Tax on (loss)/profit
 7 
-
(47,948)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(921,671)
143,845

Other comprehensive income
  
-
-

TOTAL COMPREHENSIVE (EXPENSE)/INCOME FOR THE YEAR
  
(921,671)
143,845

The notes on pages 12 to 20 form part of these financial statements.

Page 8

 
NQ6 PROPERTY LIMITED
REGISTERED NUMBER: 13928636

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025

2025
2024
Note
£
£

NON-CURRENT ASSETS
  

Investment property
 8 
162,825,405
81,494,718

  
162,825,405
81,494,718

CURRENT ASSETS
  

Trade and other receivables
 9 
69,495,617
8,882,659

Cash and cash equivalents
 10 
2,214,755
12,308

  
71,710,372
8,894,967

CURRENT LIABILITIES
  

Trade and other payables
 11 
(84,953,595)
(7,785,832)

NET CURRENT (LIABILITIES)/ASSETS
  
(13,243,223)
1,109,135

TOTAL ASSETS LESS CURRENT LIABILITIES
  
149,582,182
82,603,853

  

NET ASSETS
  
149,582,182
82,603,853


CAPITAL AND RESERVES
  

Called up share capital 
 13 
82,468,313
82,468,303

Share premium account
 13 
67,899,990
-

Retained earnings
  
(786,121)
135,550

  
149,582,182
82,603,853


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2026.




J P Mulqueen
Director

The notes on pages 12 to 20 form part of these financial statements.

Page 9

 
NQ6 PROPERTY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025


Called up share capital
Share premium account
Retained earnings
Total equity

£
£
£
£

At 1 January 2025
82,468,303
-
135,550
82,603,853


COMPREHENSIVE EXPENSE FOR THE YEAR

Loss for the year
-
-
(921,671)
(921,671)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
-
-
(921,671)
(921,671)


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Shares issued during the year (Note 13)
10
67,899,990
-
67,900,000


AT 31 DECEMBER 2025
82,468,313
67,899,990
(786,121)
149,582,182



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Retained earnings
Total equity

£
£
£
£

At 1 January 2024
24,200,001
-
(8,295)
24,191,706


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
-
143,845
143,845
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
-
143,845
143,845


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Shares issued during the year
58,268,302
-
-
58,268,302


AT 31 DECEMBER 2024
82,468,303
-
135,550
82,603,853


The notes on pages 12 to 20 form part of these financial statements.

Page 10

 
NQ6 PROPERTY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

(Loss)/profit for the year
(921,671)
143,845

ADJUSTMENTS FOR:

Interest received
(96,323)
(313,905)

Decrease in debtors
7,287,042
7,283,217

Increase in creditors
77,167,764
5,825,898

Revaluation of investment property
(855,509)
-

NET CASH GENERATED FROM OPERATING ACTIVITIES

82,581,303
12,939,055


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investment property
(80,475,179)
(71,554,477)

Interest received
96,323
127,898

NET CASH FROM INVESTING ACTIVITIES

(80,378,856)
(71,426,579)

CASH FLOWS FROM FINANCING ACTIVITIES

Issue of ordinary shares
-
58,268,302

NET CASH FROM FINANCING ACTIVITIES
-
58,268,302

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
2,202,447
(219,222)

Cash and cash equivalents at beginning of year
12,308
231,530

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
2,214,755
12,308


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
2,214,755
12,308

2,214,755
12,308


The notes on pages 12 to 20 form part of these financial statements.

Page 11

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.


GENERAL INFORMATION

NQ6 Property Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB. 

The nature of the company's operations and its principal activities are set out in the Directors' Report. 

2.MATERIAL ACCOUNTING POLICIES

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with United Kingdom-adopted international accounting standards and International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) in conformity with the requirements of the Companies Act 2006. 

At the date of authorisation of these financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the Company and no Interpretations have been issued that are applicable and need to be taken into consideration by the Company at either reporting date. 

Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’. Although IFRS 18 includes many of the requirements of IAS 1, it introduces new requirements to better structure financial statements and to provide more detailed and useful information to investors, including: 
 
Two new subtotals defined in the statement of profit or loss, namely (1) operating profit and (2) profit or loss before financing and income taxes;
The classification of all income and expenses within the statement of profit or loss in one of five categories;
A new requirement to disclose performance measures defined by management; and
An improvement in the principles related to the aggregation and disaggregation of information in the financial statements and accompanying notes.
 
Some of the disclosure requirements previously contained in IAS 1 have been transferred to IAS 8 without any material changes. This applies in particular to disclosures on accounting policies and sources of estimation uncertainty. As a result of these changes, IAS 8 will be renamed ‘Basis of Preparation of Financial Statements’. The publication of IFRS 18 also results in consequential amendments to other IFRS Accounting Standards, including IAS 7. IFRS 18 is effective for annual periods beginning on or after 1 January 2027, with earlier application permitted. 

IFRS 18 will be applied retrospectively with specific transitional provisions. The group of which the company is part is currently working to identify all the impacts that IFRS 18 will have on the primary financial statements and notes to the financial statements. Other new Standards, amendments and Interpretations that have not been adopted in the current year have not been disclosed as they are not expected to have a material impact on the company's financial statements. 

The preparation of financial statements in compliance with IFRS 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:

Page 12

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.MATERIAL ACCOUNTING POLICIES (CONTINUED)

 
2.2

Going concern

In assessing the going concern basis of the company, the directors have considered a period of at least 12 months from the date of approval of these financial statements.

At the year end, the company was in a net asset position but had net current liabilities. 
 
Included within liabilities were intercompany creditors of £82,920,343, 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 the General Partner of NQ6 Limited Partnership.
 
Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the company will have adequate resources to continue its operation for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. 

Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.3

Financial instruments

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. The expected credit losses are recognised based on the Group's historic credit loss experience and adjusted for current and forward looking economic conditions.

Trade and other payables

Trade and other creditors are stated at cost.

  
2.4

Taxation

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. 

  
2.5

Cash and cash equivalents

In the statement of financial position, cash and bank balances comprise cash (i.e. cash on hand and demand deposits) and cash equivalents. Cash equivalents are short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

Page 13

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.MATERIAL ACCOUNTING POLICIES (CONTINUED)

  
2.6

Investment properties

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 the 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.


3.


CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.

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 and the appropriate discount rate or yield. The valuers also make reference to market evidence of transaction prices for similar properties (see Note 8).

It is reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from the assumptions could require a material adjustment to the carrying amount of investment property.

For the year ended 31 December 2025, the financial statements of the company did not contain any significant items that required the application of judgements, apart from those involving estimation.


4.


AUDITOR'S REMUNERATION

2025
2024
£
£



Fees payable to the Company's auditor for the audit of the Company's
financial statements
3,741
3,300

3,741
3,300

Page 14

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

5.


EMPLOYEES

The Company had no employees during the year (2024 - nil). No remuneration was paid by the Company to Directors for their services to the Company and no costs were allocated or recharged to the Company (2024 - £Nil).






6.


INTEREST RECEIVABLE AND SIMILAR INCOME

2025
2024
£
£


Interest income from infrastructure loan
-
186,008

Other interest
96,323
127,897

96,323
313,905


7.


TAXATION


2025
2024
£
£

Corporation tax


Current tax on (loss)/profit for the year
-
47,948


Total current tax
-
47,948


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different from the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


(Loss)/profit on ordinary activities before tax
(921,671)
191,793


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
(230,418)
47,948

Effects of:


Movement in fair value of investment properties
213,877
-

Carried forward losses
2,927
-

Group relief
13,614
-

Total tax charge for the year
-
47,948

Page 15

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

8.


INVESTMENT PROPERTY


Long-term leasehold property

£



Cost or valuation


At 1 January 2025
81,494,718


Additions
82,186,196


Revaluations
(855,509)



At 31 December 2025

162,825,405






Net book value



At 31 December 2025
162,825,405



At 31 December 2024
81,494,718

The company has incurred further costs on the ongoing development of the site at North Quay, London.

At 31 December 2025, the property was valued externally by Savills (UK) Limited, Chartered Surveyors, qualified valuers with recent experience in office properties and development sites at Canary Wharf. The fair value was determined in accordance with the RICS Valuation – Global Standards (incorporating the IVSC International Valuation Standards) effective from 31 January 2022 together, where applicable, with the UK National Supplement effective 1 May 2024, together the ‘’Red Book’’, using:

Residual methodology based on inputs provided by the company (cost of works comprising infrastructure, prelims, main construction cost and professional fees) and assumptions and valuation models adopted by the valuers (assuming completion of the proposed scheme and deducted from this the cost of works, to include the inter alia build costs, professional fees and finance. Also deducted is an explicit profit allowance as reward for undertaking the development risks). 

The fair value determined is net of purchasers' costs at 6.8% comprising stamp duty land tax at a maximum of 5% as per the thresholds of the March 2016 budget, agent acquisition fees at 1% and legal acquisition fees at 0.5%, with VAT at 20%. 

Page 16

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

9.


TRADE AND OTHER RECEIVABLES

2025
2024
£
£


Amounts owed by group undertakings
67,903,599
5,078,598

Amounts owed by associate entities
-
456,032

Other taxation and social security receivables
1,574,047
3,339,443

Other receivables
17,971
8,586

69,495,617
8,882,659


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

Amounts owed by associate entities comprise:


2025
2024
£
£



North Quay Infrastructure Developments Limited
-
456,032

-
456,032


Amount owed by group undertakings comprise:


2025
2024
£
£



NQ6 Limited Partnership
-
5,074,999

NQ6 Holdings Limited
67,903,599
3,599

67,903,599
5,078,598

Page 17

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

10.


CASH AND CASH EQUIVALENTS

2025
2024
£
£

Cash at bank and in hand
2,214,755
12,308

2,214,755
12,308



11.


TRADE AND OTHER PAYABLES

2025
2024
£
£

Trade creditors
-
5,652,672

Amounts owed to group undertakings
82,920,343
1,940,130

Amounts owed to associated entities
1,875,017
46,695

Corporation tax
9,667
-

Accruals
148,568
146,335

84,953,595
7,785,832


Amounts owed to group undertakings comprise:


2025
2024
£
£



NQ6 Developments Limited
69,968,939
1,940,130

NQ6 Limited Partnership
12,951,404
-

82,920,343
1,940,130

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


Amounts owed to associated entities comprise:


2025
2024
£
£



Canary Wharf Limited
355,214
46,695

North Quay Infrastructure Developments Limited
1,519,803
-

1,875,017
46,695

Page 18

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

12.


FINANCIAL INSTRUMENTS

2025
2024
£
£

Financial assets



Cash and cash equivalents
2,214,755
12,308

Financial assets that are debt instruments measured at amortised cost
67,903,599
5,534,630

70,118,354
5,546,938


Financial liabilities



Financial liabilities measured at amortised cost
84,943,928
7,785,832

84,943,928
7,785,832




Capital risk management

The company manages its capital to ensure that it will be able to continue as a going concern. The capital structure of the company consists of cash and cash equivalents and equity, including reserves, as disclosed in the Statement of Changes in Equity.


Credit risk management

The company’s credit risk is primarily attributable to its receivables. The amounts presented in the balance sheet are presented net of loss allowances where required. 

The company measures the loss allowance for other receivables at an amount equal to a 12-month expected credit loss as the credit risk on other receivables has not increased significantly since the initial recognition. The company has not recognised any loss allowance at 31 December 2025 and 2024 against receivables because the amounts are receivable from a related party and historical experience has indicated that these receivables are fully recoverable. 

There has been no change in the estimation techniques or significant assumptions made during the current reporting period.


Financial risk management objectives

The company's objective in managing risk is the creation and protection of shareholder value. Risk is inherent in the Company's activities, but it is managed through a process of ongoing identification, measurement and monitoring, subject to risk limits and other controls. The process of risk management is critical to the company's continuing profitability.

The Board of Directors supervises and is ultimately responsible for the overall risk management of the company.

Page 19

 
NQ6 PROPERTY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

13.


SHARE CAPITAL

2025
2024
£
£
Allotted, called up and fully paid



82,468,313 (2024 - 82,468,303) Ordinary shares of £1.00 each
82,468,313
82,468,303

On 31 December 2025, the company issued a further 10 ordinary £1 shares at a total share premium of £67,899,990. See Statement of Changes In Equity.





14.


RELATED PARTY TRANSACTIONS

During the year, the company incurred the following costs from entities owned by Canary Wharf Group plc and Kadans Holdings B.V., or from entities in the same group:


Costs

2025
2024
£
£



NQ6 Developments Limited - development costs
69,327,071
36,782,302

Canary Wharf Limited - administration fees
128,565
80,259

North Quay Infrastructure Developments Limited - infrastructure costs
7,477,573
3,334,030

Kadans Science Partners UK Services Limited - development manager fees
1,414,873
1,249,266

Canary Wharf Limited - development management fee
1,414,873
1,249,266

79,762,955
42,695,123

Comparative information for 2024 within this note has been corrected to ensure consistency with the 2025 information. 


15.


CONTROLLING PARTY

The company's immediate parent undertaking is NQ6 Holdings Limited. 

The group headed by NQ6 Limited Partnership is 50% owned by BPY Jersey NQ6 LP Limited, 25% by CW NQ6 Limited, a wholly owned subsidiary of Canary Wharf Group plc and 25% owned by Kadans Science Partner UK JV I B.V. 

NQ6 Limited Partnership is in turn ultimately controlled as to 62.5% by Brookfield Corporation. Brookfield Corporation is registered at Brookfield Place, 181 Bay Street, Suite 100, Toronto, Ontario, Canada M5J 2T3. 

At 31 December 2025, the smallest and largest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of NQ6 Limited Partnership. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB. 

Page 20