Caseware UK (AP4) 2025.0.111 2025.0.111 2025-12-31 2025-12-31 2025-01-01 false 0 0 false false false 02863616 2025-01-01 2025-12-31 02863616 2024-01-01 2024-12-31 02863616 2025-12-31 02863616 2024-12-31 02863616 2024-01-01 02863616 5 2025-01-01 2025-12-31 02863616 5 2024-01-01 2024-12-31 02863616 d:Director2 2025-01-01 2025-12-31 02863616 d:Director2 2025-12-31 02863616 d:Director3 2025-01-01 2025-12-31 02863616 d:Director3 2025-12-31 02863616 d:Director4 2025-01-01 2025-12-31 02863616 d:Director4 2025-12-31 02863616 d:Director5 2025-01-01 2025-12-31 02863616 d:Director5 2025-12-31 02863616 d:Director6 2025-01-01 2025-12-31 02863616 d:Director6 2025-12-31 02863616 d:Director7 2025-01-01 2025-12-31 02863616 d:Director7 2025-12-31 02863616 e:CurrentFinancialInstruments 2025-12-31 02863616 e:CurrentFinancialInstruments 2024-12-31 02863616 e:UKTax 2025-01-01 2025-12-31 02863616 e:UKTax 2024-01-01 2024-12-31 02863616 e:ShareCapital 2025-01-01 2025-12-31 02863616 e:ShareCapital 2025-12-31 02863616 e:ShareCapital 2024-01-01 2024-12-31 02863616 e:ShareCapital 2024-12-31 02863616 e:ShareCapital 2024-01-01 02863616 e:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 02863616 e:RetainedEarningsAccumulatedLosses 2025-12-31 02863616 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02863616 e:RetainedEarningsAccumulatedLosses 2024-12-31 02863616 e:RetainedEarningsAccumulatedLosses 2024-01-01 02863616 d:OrdinaryShareClass1 2025-01-01 2025-12-31 02863616 d:OrdinaryShareClass1 2025-12-31 02863616 d:OrdinaryShareClass1 2024-12-31 02863616 d:OrdinaryShareClass2 2025-01-01 2025-12-31 02863616 d:OrdinaryShareClass2 2025-12-31 02863616 d:OrdinaryShareClass2 2024-12-31 02863616 d:FRS102 2025-01-01 2025-12-31 02863616 d:Audited 2025-01-01 2025-12-31 02863616 d:FullAccounts 2025-01-01 2025-12-31 02863616 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 02863616 e:Subsidiary1 2025-01-01 2025-12-31 02863616 e:Subsidiary1 1 2025-01-01 2025-12-31 02863616 f:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

CANARY WHARF INVESTMENTS (TWO) LIMITED Registered number: 02863616 DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CANARY WHARF INVESTMENTS (TWO) LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Directors' Responsibilities Statement | 3
Independent Auditor's Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 15
CANARY WHARF INVESTMENTS (TWO) 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. In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A and 414B of the Companies Act 2006.
PRINCIPAL ACTIVITY
The principal activity of the company during the year was to act as the holding company for Canary Wharf Investments (Three). The activities of the company are not expected to change over the next 12 months.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £394,300 (2024 - £457,794). The statement of financial position shows net assets of £133,437,534 (2024: £133,043,234). No dividends have been paid or proposed for the year and to the date of this report (2024 - £Nil).
DIRECTORS
The directors who served during the year and up to the date of this report were:
S Z Khan (resigned 10 July 2025)
K J Kingston (resigned 31 December 2025)
R J Worthington (resigned 10 July 2025)
I J Benham (resigned 10 July 2025), (appointed 24 March 2026)
S A Tatford (appointed 10 July 2025)
J J Turner (appointed 10 July 2025)
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
CANARY WHARF INVESTMENTS (TWO) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
AUDITOR
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 9 July 2026 and signed on its behalf.
I J Benham Director
Page 2
CANARY WHARF INVESTMENTS (TWO) 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
CANARY WHARF INVESTMENTS (TWO) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (TWO) LIMITED REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OPINION We have audited the financial statements of Canary Wharf Investments (Two) Limited (the ‘company’) for the year ended 31 December 2025, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. 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). In our opinion: ∙the financial statements give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its profit for the year then ended; ∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern. In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as interest rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period. 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
CANARY WHARF INVESTMENTS (TWO) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (TWO) LIMITED OTHER INFORMATION The other information comprises the information included in the directors' report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the directors' report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the directors’ report has been prepared in accordance with applicable legal requirements. Matter on which we are required to report under the Companies Act 2006 In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors’ remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report. RESPONSIBILITIES OF DIRECTORS As explained more fully in the directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Page 5
CANARY WHARF INVESTMENTS (TWO) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (TWO) LIMITED 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: ∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant were United Kingdom Accounting Standards, including Financial Reporting Standard 102, tax legislation and the Companies Act; ∙We obtained an understanding of the legal and regulatory frameworks applicable to the company and industry in which it operates through our general commercial and sector experience and discussions with management. We corroborated our enquiries through review of Board minutes and discussions with those outside of finance. ∙We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur and the risk of management override of controls. ∙Our audit procedures performed by the engagement team included: °Identifying and assessing the design and implementation of controls management has in place to prevent and detect fraud; °Challenging assumptions and judgements made by management in its significant accounting estimates; °Journal entry testing, with a focus on unusual account combinations and those that were posted outside of the usual business process cycle: and °Completing audit procedures to conclude on the compliance of disclosures in the annual report and accounts with applicable financial reporting requirements. ∙These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it; ∙The engagement team's assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: °Understanding of, and practical experience with audit engagements of a similar nature and complexity through appropriate training and participation °Knowledge of the industry in which the client operates °Understanding of the legal and regulatory requirements specific to the entity ∙We communicated relevant laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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. Page 6
CANARY WHARF INVESTMENTS (TWO) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF INVESTMENTS (TWO) 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. Samuel Brown Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London 09 July 2026 Page 7
CANARY WHARF INVESTMENTS (TWO) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Interest receivable and similar income | 6 | 394,300 | 457,794
PROFIT BEFORE TAX |  | 394,300 | 457,794
Tax on profit | 7 | - | -
PROFIT FOR THE FINANCIAL YEAR |  | 394,300 | 457,794
Other comprehensive income for the year |  | - | -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 394,300 | 457,794
The notes on pages 11 to 15 form part of these financial statements.
Page 8
CANARY WHARF INVESTMENTS (TWO) LIMITED REGISTERED NUMBER: 02863616 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
FIXED ASSETS |  |  |
Investments | 8 | 123,787,865 | 123,787,865
|  | 123,787,865 | 123,787,865
CURRENT ASSETS |  |  |
Debtors: amounts falling due within one year | 9 | 9,649,669 | 9,255,369
|  | 9,649,669 | 9,255,369
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 133,437,534 | 133,043,234
NET ASSETS |  | 133,437,534 | 133,043,234
CAPITAL AND RESERVES |  |  |
Called up share capital | 10 | 128,815,700 | 128,815,700
Retained earnings |  | 4,621,834 | 4,227,534
|  | 133,437,534 | 133,043,234
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2026.
I J Benham
Director
The notes on pages 11 to 15 form part of these financial statements. Page 9
CANARY WHARF INVESTMENTS (TWO) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2025 | 128,815,700 | 4,227,534 | 133,043,234
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 394,300 | 394,300
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 394,300 | 394,300
AT 31 DECEMBER 2025 | 128,815,700 | 4,621,834 | 133,437,534
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2024 | 128,815,700 | 3,769,740 | 132,585,440
COMPREHENSIVE INCOME FOR THE YEAR |  |  |
Profit for the year | - | 457,794 | 457,794
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | - | 457,794 | 457,794
AT 31 DECEMBER 2024 | 128,815,700 | 4,227,534 | 133,043,234
| The notes on pages 11 to 15 form part of these financial statements.
Page 10
CANARY WHARF INVESTMENTS (TWO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Canary Wharf Investments (Two) Limited is a private company limited by shares incorporated in the UK under the Companies Act 2006 and registered in England and Wales at 30th Floor, One Canada Square, Canary Wharf, London, E14 5AB. The nature of the company's operations and its principal activities are set out in the Directors' Report. 2.ACCOUNTING POLICIES
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”). The 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 company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its parent, Canary Wharf Group Investment Holdings Plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB. The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which it operate. The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
| 2.2 | Going concern
In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements. At the year end, the company was in a net asset and net current asset position. Having made the requisite enquiries and assessed the resources at the disposal of the group and the company, the directors have a reasonable expectation that the group and the company will have adequate resources to continue their operations for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Cash flow statement
The company has taken the exemption from preparing the cash flow statement under Section 1.12(b) as it is a member of a group where the parent of the group prepares publicly available consolidated accounts which are intended to give a true and fair view.
| 2.4 | Investments
Investments in subsidiaries and joint ventures are stated at cost less any provision for impairment. Income from investments is recognised as the company becomes entitled to receive payment. Dividend income from investments in companies is recognised when received or irrevocably declared. Page 11
CANARY WHARF INVESTMENTS (TWO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | Financial instruments
The directors have taken advantage of the exemption in paragraph 1.12c of FRS 102 allowing the company not to disclose the summary of financial instruments by the categories specified in paragraph 11.41. Trade and other receivables Trade and other receivables are recognised initially at transaction price. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned. Loans receivable Loans receivable are recognised initially at the transaction price including transaction costs. Subsequent to initial recognition, loans receivable are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method. Where loans are subject to contractual terms and arrangements that are non-standard they are recognised initially 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.
| 2.6 | Taxation
Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The preparation of financial statements also requires use of judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies. Impairment of investments Investments in subsidiaries are stated at cost less any provision for impairment (Note 8). In assessing provisions for whether an impairment is required, the directors have valued each subsidiary at its net asset value, as adjusted for material differences between the fair value and carrying value of its assets and liabilities. 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. Page 12
CANARY WHARF INVESTMENTS (TWO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | AUDITOR'S REMUNERATION
| The auditor's remuneration of £6,180 (2024 - £6,000) for the audit of the company has been borne by another group undertaking.
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 receivable from group companies | 394,300 | 457,794
|  | 394,300 | 457,794
7. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax on profits for the year | - | -
| TOTAL CURRENT TAX | - | -
| 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
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 394,300 | 457,794
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 98,575 | 114,449
| EFFECTS OF: |  |
| Group relief | (98,575) | (114,449)
| TOTAL TAX CHARGE FOR THE YEAR | - | -
Page 13
CANARY WHARF INVESTMENTS (TWO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 7.TAXATION (CONTINUED)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
The company is a member of a REIT headed by Stork Holdings Limited. As a consequence all qualifying property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable.
8. | INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 January 2025 | 123,787,865
| At 31 December 2025 | 123,787,865
| SUBSIDIARY UNDERTAKING
| The following was a subsidiary undertaking of the company:
| Name | Registered office | Principal activity | Class of shares | Holding
| Canary Wharf Investments (Three) | England & Wales | Property investment | Ordinary £1 | 100%
| Dividends totalling £Nil (2024 - £Nil) were paid by the company's subsidiary during the year ended 31 December 2025. At 31 December 2025, an assessment of the net realisable value of the company's investment in Canary Wharf Investments (Three) has resulted in a provision for impairment of £Nil (2024 - £Nil). The decrease in the provision of £Nil (2024 - £Nil) has been credited to the income statement. In accordance with Section 400 of the Companies Act 2006, financial information is only presented in these financial statements about the company as an individual undertaking and not about its group because the company and its subsidiary undertakings are included in the consolidated financial statements of a larger group (Note 11). The directors are of the opinion that the value of the company's investments at 31 December 2025 was not less than the amount shown in the company's Statement of Financial Position.
Page 14
CANARY WHARF INVESTMENTS (TWO) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | DEBTORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by parent undertaking | 1,000 | 1,000
| Amounts owed by fellow subsidiary undertakings | 69 | 69
| Loan to fellow subsidiary undertaking | 9,648,600 | 9,254,300
|  | 9,649,669 | 9,255,369
| The loan to a fellow subsidiary undertaking carries interest at a rate linked to SONIA and is repayable on demand. Amounts owed by the parent and fellow subsidiary undertakings are interest free and repayable on demand.
10. | CALLED UP SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 1,000 (2024 - 1,000) Deferred ordinary shares of £1.00 each | 1,000 | 1,000
|  | 201,944,081 (2024 - 201,944,081) Ordinary shares of $1.00 each | 128,814,700 | 128,814,700
|  |  | 128,815,700 | 128,815,700
| The holders of the deferred ordinary shares are entitled to a restricted participation in the profits or assets of the company and do not have any right to attend and vote at any general meeting.
11. | CONTROLLING PARTY
The company's immediate parent undertaking is CWE SPV HCo 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 wholly-owned group companies.
Page 15