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CW WOOD WHARF WATER STREET HOLDINGS LIMITED Registered number: 15240296 DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CW WOOD WHARF WATER STREET HOLDINGS LIMITED CONTENTS
| Page
Strategic Report | 1 - 4
Directors' Report | 5 - 6
Directors' Responsibilities Statement | 7
Independent Auditors' Report | 8 - 11
Statement of Comprehensive Income | 12
Statement of Financial Position | 13
Statement of Changes in Equity | 14
Notes to the Financial Statements | 15 - 21
CW WOOD WHARF WATER STREET HOLDINGS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
INTRODUCTION
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. BUSINESS MODEL The company's immediate parent undertaking is CWG (Wood Wharf) Holdings Limited and its ultimate parent undertaking is Stork HoldCo LP. The company is an investment holding company.
BUSINESS REVIEW
The company was incorporated on 27 October 2023. This entity acquired investments in two subsidiaries, CW Wood Wharf B3 Propco Limited and CW Wood Wharf D1/D2 Propco Limited. The company's performance in the year reflects its core activity as an investment holding company. As shown in the company's statement of comprehensive income, the company's loss after tax for the period was £6,624,406 (2024 - £6,599,136). The statement of financial position shows the company's financial position at the period end and indicates that net assets were £211,459,975 (2024 - £218,084,381).
PRINCIPAL RISKS AND UNCERTAINTIES
The Company has adopted Canary Wharf Group Investment Holdings 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. Geopolitical climate risk The past 12 months have marked the most significant escalation in international conflict and geopolitical tensions in the past 50 years, with conflict in Ukraine and the Middle East. The company's exposure to these trends is indirect and limited to exposure to increased energy costs and implications for global supply chains. Risks in this context are graded low to medium in terms of both likelihood and impact. The company has enhanced its monitoring of global developments by specialist in-house teams and external providers, and forward planning and scenario analysis in terms of energy requirements. The Company maintains strong relationships with occupiers, suppliers and agents to ensure it can appropriately react to changing geopolitical climates and how this might impact the business. Financing risk The Company’s financial risks are influenced by the broader macro-economic environment and conditions in the commercial real estate sector. The risks include the cost and availability of financing, maintenance of appropriate loan to value metrics, and the potential for reductions in revenue and asset valuations during periods of economic or market stress. These could adversely affect the Company’s ability to secure the required funding and maintain liquidity. Page 1
CW WOOD WHARF WATER STREET HOLDINGS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Concentration risk The Company’s real estate assets are located either on the Canary Wharf Estate or in its immediate vicinity. 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. 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. Technology and cybersecurity risk 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. Policy planning and risks 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. These risks are closely monitored through continuous monitoring and impact assessments over changes to public policy and regulations. Health and safety The company seeks to continually improve and develop its health and safety performance and places the overall wellbeing of its employees, tenants and visitors in the highest regard. The company operates a health and safety management system to the internationally recognised BS OHSAS 18001 standard. This ensures that best practice is followed as a minimum threshold. The company strives for continuous improvement to ensure a safe and healthy environment is maintained and adequate resources are made available for these purposes. The company’s accreditation to BS OHSAS 18001 is externally verified on an ongoing basis allowing opportunities for continuous improvement to be identified and enacted where feasible. The company’s health and safety departments are committed to supporting all employees in understanding their health and safety responsibilities through a system of processes and procedures in order to deliver the safest standards within the built and managed environment. Anti-bribery and corruption 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. This is undertaken by all new employees and agency workers and has been completed by 86.6% of the Group’s existing employees. 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. Page 2
CW WOOD WHARF WATER STREET HOLDINGS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Anti-slavery and human trafficking 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.
CORPORATE RESPONSIBILITY
As an investment holding company, we recognise the importance of integrating environmental, social, and governance principles into our operations to create sustainable value for all stakeholders. While our direct operational involvement may be limited, we recognise the importance of ensuring that our subsidiaries uphold responsible business practices. We actively monitor their activities to promote environmental sustainability, social well-being, and sound governance. Our oversight includes encouraging our subsidiaries to adhere to ethical standards in their financial dealings and to consider the impact of their operations on stakeholders and the broader community. Through these efforts, we aim to foster a culture of responsibility and contribute positively to the financial sector and society. Further information can be found in the Canary Wharf Group Investment Holdings plc financial statements on the activities that the group participates in relating to sustainability.
FINANCIAL KEY PERFORMANCE INDICATORS
No dividends have been paid or proposed during the period and to the date of this report. At 31 December 2025 the company made a loss after tax of £6,624,406 (2024 - £6,599,136) and had net assets of £211,459,975 (2024 - £218,084,381). The directors confirm that the company does not currently use key performance indicators in managing or assessing the performance of the company. This is due to the nature and scale of the company’s operations, which do not warrant the use of formal KPIs at this time. Page 3
CW WOOD WHARF WATER STREET HOLDINGS LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
SECTION 172(1) STATEMENT COMPANIES ACT 2006
Section 172(1) of the Companies Act 2006 requires that a director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to the factors set out in paragraphs (a) to (f) of that subsection. As a company that forms part of a wider group structure and has no direct employees, the Company's operations and decision-making are closely integrated with those of Canary Wharf Group. The directors have had regard to the s.172(1) factors as set out below. (a) The likely consequences of any decision in the long term Strategic decisions are made with a focus on sustainable long-term value rather than short-term outcomes. This includes regular reviews of the Company's property assets to ensure they continue to meet market demand and support long-term rental income, and engagement with Canary Wharf Group Investment Holdings plc on strategic priorities to ensure alignment with the Group's longer-term objectives. (b) The interests of the Company's employees The Company has no direct employees. The functions necessary to operate the Company are provided through shared services arrangements with other Group companies, whose employees' interests are considered as part of the Group's wider employee engagement and governance arrangements. (c) The need to foster the Company's business relationships with suppliers, customers and others The directors recognise the importance of maintaining strong relationships with tenants, suppliers and other counterparties. The Company works closely with its suppliers to ensure the efficient operation of its properties and prioritises tenant satisfaction through proactive property management. (d) The impact of the Company's operations on the community and the environment The directors consider the environmental and community impact of the Company's activities and operate within the Group's wider ESG framework. (e) The desirability of the Company maintaining a reputation for high standards of business conduct The Company's governance practices prioritise transparency, accountability and effective communication. The directors are committed to responsible corporate citizenship and to upholding the Group's standards of business conduct in all dealings on behalf of the Company. (f) The need to act fairly as between members of the Company The Company's primary obligation is to its shareholder Stork HoldCo LP. The directors act in a manner that supports the long-term success of the Company for the benefit of the member, and where decisions affect related parties within the Group, they are taken with regard to the proper allocation of value and risk. This report was approved by the board on 21 July 2026 and signed on its behalf.
I J Benham Director
Page 4
CW WOOD WHARF WATER STREET HOLDINGS 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 was incorporated on 27 October 2023 with one no par value ordinary share which was issued at £1. The company is an investment holding company.
RESULTS AND DIVIDENDS
The loss for the year to December 2025, after taxation, amounted to £6,624,406 (2024 - £6,599,136). No dividends have been paid or proposed for the year and to the date of this report (2024 - £nil).
RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £6,624,406 (2024 - loss £6,599,136). No dividends have been paid or proposed for the period and to the date of this report.
DIRECTORS
The directors who served during the year and up to the date of this report were:
I J Benham
S Z Khan
K J Kingston (resigned 31 December 2025)
R J Worthington
J J Turner (appointed 31 December 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.
FUTURE DEVELOPMENTS
The company will continue to be an investment holding company.
FINANCIAL INSTRUMENTS
The financial risk management objectives and policies together with the principal risks and uncertainties with regard to the use of financial instruments are contained within the Strategic Report. The company only engages in basic financial instruments.
ENERGY AND CARBON REPORTING
The company has not presented the carbon and energy information required by Schedule 7, Part 7A of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 because it is relying on the exemption in paragraph 20D(7)(a), having consumed 40,000 kWh of energy or less in the United Kingdom during the reporting period. Page 5
CW WOOD WHARF WATER STREET HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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 21 July 2026 and signed on its behalf.
I J Benham Director
Page 6
CW WOOD WHARF WATER STREET HOLDINGS 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 judgments 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 7
CW WOOD WHARF WATER STREET HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS LIMITED REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OPINION In our opinion the financial statements of CW Wood Wharf Water Street Holdings 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 Generally Accepted Accounting Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and ∙have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements which comprise: ∙the statement of comprehensive income; ∙the statement of financial position; ∙the statement of changes in equity; ∙the related notes 1 to 12. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 8
CW WOOD WHARF WATER STREET HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS 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. Page 9
CW WOOD WHARF WATER STREET HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS 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. Page 10
CW WOOD WHARF WATER STREET HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CW WOOD WHARF WATER STREET HOLDINGS 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. Lyn Cowie, CA (Senior statutory auditor) For and on behalf of Deloitte LLP Statutory Auditor Aberdeen, United Kingdom 21 July 2026 Page 11
CW WOOD WHARF WATER STREET HOLDINGS LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| Year ended 31 December | Period from 27 October 2023 to 31 December
| 2025 | 2024
Note | £ | £
Impairment of investments | 7 | (6,624,406) | (6,599,136)
OPERATING LOSS |  | (6,624,406) | (6,599,136)
Tax on loss | 6 | - | -
LOSS FOR THE FINANCIAL YEAR/PERIOD |  | (6,624,406) | (6,599,136)
Other comprehensive income in the year/period |  | - | -
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR/PERIOD |  | (6,624,406) | (6,599,136)
The notes on pages 15 to 21 form part of these financial statements.
Page 12
CW WOOD WHARF WATER STREET HOLDINGS LIMITED REGISTERED NUMBER: 15240296 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
FIXED ASSETS |  |  |
Investments | 7 | 211,459,976 | 218,084,382
|  | 211,459,976 | 218,084,382
CURRENT ASSETS |  |  |
Debtors: amounts falling due within one year | 8 | 4,248 | 1
|  | 4,248 | 1
Creditors: amounts falling due within one year | 9 | (4,249) | (2)
NET CURRENT LIABILITIES |  | (1) | (1)
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 211,459,975 | 218,084,381
NET ASSETS |  | 211,459,975 | 218,084,381
CAPITAL AND RESERVES |  |  |
Called up share capital | 10 | 2 | 2
Share premium account |  | 224,683,515 | 224,683,515
Retained earnings |  | (13,223,542) | (6,599,136)
|  | 211,459,975 | 218,084,381
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 July 2026.
I J Benham
Director
The notes on pages 15 to 21 form part of these financial statements. Page 13
CW WOOD WHARF WATER STREET HOLDINGS 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 | 2 | 224,683,515 | (6,599,136) | 218,084,381
COMPREHENSIVE EXPENSE FOR THE YEAR |  |  |  |
Loss for the year | - | - | (6,624,406) | (6,624,406)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR | - | - | (6,624,406) | (6,624,406)
AT 31 DECEMBER 2025 | 2 | 224,683,515 | (13,223,542) | 211,459,975
| The notes on pages 15 to 21 form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
On incorporation at 27 October 2023 | - | - | - | -
COMPREHENSIVE EXPENSE FOR THE PERIOD |  |  |  |
Loss for the period | - | - | (6,599,136) | (6,599,136)
TOTAL COMPREHENSIVE EXPENSE FOR THE PERIOD | - | - | (6,599,136) | (6,599,136)
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |  |
Shares issued during the period | 2 | 224,683,515 | - | 224,683,517
TOTAL TRANSACTIONS WITH OWNERS | 2 | 224,683,515 | - | 224,683,517
AT 31 DECEMBER 2024 | 2 | 224,683,515 | (6,599,136) | 218,084,381
| The notes on pages 15 to 21 form part of these financial statements.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
CW Wood Wharf Water Street Holdings Limited is a private company limited by shares, incorporated in the UK under the Companies Act 2006 and registered in England and Wales at One Canada Square, Canary Wharf, London, E14 5AB. The nature of the company's operations and its principal activities are set out in the Directors' Report. 2.ACCOUNTING POLICIES
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”). The 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, Stork Holdings Limited, which may be obtained at 7 Esplanade, St Helier, JE1 0BD Jersey. The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which it operates. The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); - the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and - the requirements of Section 33 Related Party Disclosures paragraph 33.7. Page 15
CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.3 | 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 and had net current liabilities. Included within liabilities were intercompany creditors of £4,249 which to the extent that the company cannot pay, will not be called in for at least a period of 12 months from the date of approval of these financial statements, as confirmed by the ultimate parent company, Stork HoldCo LP. Having made the requisite enquiries and assessed the resources at the disposal of the company, the directors have a reasonable expectation that the company will have adequate resources to continue its operations for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements. In addition, the company’s ultimate shareholders Brookfield Property Partners LP and Qatar Investment Authority have confirmed that they have the intent and ability to provide such financial support to the Stork HoldCo LP Group and its wholly owned subsidiaries to meet their liabilities if required for 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.
| 2.4 | 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.
| 2.5 | Investments
Investments in subsidiaries 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.
| 2.6 | 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. Trade and other payables Trade and other creditors are stated at cost.
| 2.7 | 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. Page 16
CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES 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. In assessing provisions for impairment, 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.
4. | AUDITORS' REMUNERATION
| Auditor's remuneration of £1,643 (2024: £1,652) for the audit of the company for the year 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.
6. | TAXATION
|  |  |  |  | Year ended 31 December | Period from 27 October 2023 to 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Current tax on losses for the year/period | - | -
| TOTAL CURRENT TAX | - | -
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 6.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR/PERIOD
| The tax assessed for the year/period is the same as the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | Year ended 31 December | Period from 27 October 2023 to 31 December
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (6,624,406) | (6,599,136)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | (1,656,102) | (1,649,784)
| EFFECTS OF: |  |
| Expenses not deductible for tax purposes | 1,656,102 | 1,649,784
| TOTAL TAX CHARGE FOR THE YEAR/PERIOD | - | -
| 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. Page 18
CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies
|  | £
| COST OR VALUATION |
| At 1 January 2025 | 224,683,518
| At 31 December 2025 | 224,683,518
| IMPAIRMENT |
| At 1 January 2025 | 6,599,136
| Charge for the period | 6,624,406
| At 31 December 2025 | 13,223,542
| NET BOOK VALUE |
| At 31 December 2025 | 211,459,976
| At 31 December 2024 | 218,084,382
| SUBSIDIARY UNDERTAKINGS
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| CW Wood Wharf B3 Propco Limited | Property investment | Ordinary £1 | 100%
| CW Wood Wharf D1/D2 Propco Limited | Property investment | Ordinary £1 | 100%
| The subsidiaries are registered at One Canada Square, Canary Wharf, London E14 5AB. Dividends totalling £Nil (2024: £Nil) were paid by the company's subsidiaries during the year ended 31 December 2025. 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 12). 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 balance sheet.
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CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 4,248 | 1
|  | 4,248 | 1
| Amounts owed by group undertakings are interest free and repayable on demand.
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 4,249 | 2
|  | 4,249 | 2
| Amounts owed to group undertakings are interest free and repayable on demand.
10. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 2 (2024 - 2) Ordinary shares of £1.00 each | 2 | 2
11. | OTHER FINANCIAL COMMITMENTS
As at 31 December 2025 and 31 December 2024 the company had given fixed charges over substantially all of its assets to secure the commitments of certain other group undertakings. Page 20
CW WOOD WHARF WATER STREET HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | CONTROLLING PARTY
The company's immediate parent undertaking is CWG (Wood Wharf) Holdings 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.
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