Registered number: 09442059
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CW 10 PARK DRIVE LIMITED
CONTENTS
CW 10 PARK DRIVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors, in preparing this Strategic Report, have complied with section 414C of the Companies Act 2006.
The company has developed 10 Park Drive, Canary Wharf, a residential building. The units completed and were ready for final sale in December 2020.
As shown in the company's statement of comprehensive income, the company's loss after tax for the year was £3,215,912 (2024 - £3,697,533).
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £102,737,027 (2024 - £125,610,438).
By the year end, sales of 337 apartments out of the total of 346 apartments had completed. Residential sales relates to the sale of 10 (2024 - 21) apartments during the year.
During the year, the company undertook a capital reduction process. By special resolution dated 17 July 2025, the nominal value of the Company's 111,900,001 £1 ordinary shares was reduced to £0.00000001 per share, thereby creating £111,899,999 distributable reserves.
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £102,737,027 (2024 - £125,610,438).
By the year end, sales of 337 apartments out of the total of 346 apartments had completed. Residential sales relates to the sale of 10 (2024 - 21) apartments during the year.
During the year, the company undertook a capital reduction process. By special resolution dated 17 July 2025, the nominal value of the Company's 111,900,001 £1 ordinary shares was reduced to £0.00000001 per share, thereby creating £111,899,999 distributable reserves.
There is continuous monitoring of the principal risks and uncertainties facing the business of the Company, Canary Wharf Group Residential Limited (the 'Group') and Stork Holdco Group has been undertaken through regular assessment and formal quarterly reports to the Board. Canary Wharf Group Residential is the company's immediate parent undertaking whilst Stork HoldCo LP is the company's ultimate parent undertaking and controlling party. The Board focuses on the risks identified as part of Stork Group’s systems of internal control which highlight, amongst others, key risks faced by the Group and Stork Group and allocate specific day to day monitoring and control responsibilities as appropriate. The current risks of the Group and Stork Group, which directly impact the company, include the current geopolitical climate and its potential impact on the economy, the cyclical nature of the property market.
Risk Description: Increased geopolitical and geoeconomic polarisation, together with volatility in global equity and bond markets and changes to monetary and fiscal policy, have the potential to impact the Group’s financial performance and ability to achieve its strategic objectives.
Risk Context: Whilst the UK macroeconomic environment saw slow recovery with easing rates of interest and inflation over the year, this was balanced with emerging global risks around geopolitics, changes in global trade and international security, which increased the risk of macroeconomic volatility and impact on consumer sentiment. Consequently, this risk area continues to be among the most significant category of risks on the Group’s register with medium to high likelihood and impact.
Management and mitigation: Control measures adopted by the Group include continued engagement and support of shareholders, close monitoring of key economic indicators in the context of the Group’s strategy and commitments, and planning for a range of potential economic outcomes. The Group also assesses the financial solvency of potential tenants, suppliers, or partners before proceeding with new projects, ensuring no overreliance on any one tenant or supplier. Regular stress testing of the Group’s business plan is undertaken to assess the impact of an economic downturn on operations and to ensure the Group’s financial position remains resilient.
Risk Context: Whilst the UK macroeconomic environment saw slow recovery with easing rates of interest and inflation over the year, this was balanced with emerging global risks around geopolitics, changes in global trade and international security, which increased the risk of macroeconomic volatility and impact on consumer sentiment. Consequently, this risk area continues to be among the most significant category of risks on the Group’s register with medium to high likelihood and impact.
Management and mitigation: Control measures adopted by the Group include continued engagement and support of shareholders, close monitoring of key economic indicators in the context of the Group’s strategy and commitments, and planning for a range of potential economic outcomes. The Group also assesses the financial solvency of potential tenants, suppliers, or partners before proceeding with new projects, ensuring no overreliance on any one tenant or supplier. Regular stress testing of the Group’s business plan is undertaken to assess the impact of an economic downturn on operations and to ensure the Group’s financial position remains resilient.
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CW 10 PARK DRIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Risk description: Reduced demand across the residential build to sell markets, driven by market trends, and influenced by political and regulatory considerations has the potential to impact revenue and asset valuations.
Risk Context: The London (PFS) market continues to face a waning supply of new-build construction, whilst local buyers have been constrained by persistently high interest rates and tightening of home-buying schemes and stamp duty thresholds. International investor demand has slowed due to wider global geopolitical, and economic uncertainty. The Group’s risk exposure to these challenges continues to reduce following the completion of further PFS sales in the year and will continue to decrease as remaining units are sold at the Group’s sole PFS asset.
Management and mitigation: The Group conducts ongoing monitoring and analysis of market conditions, go to market strategies and buyers behaviours to ensure early identification of emerging risks and opportunities. Ongoing expansion of complimentary offerings and amenities in the retail, lifestyle, and entertainment space, as well as continued investment in shared spaces and community initiatives help to enhance the attractiveness of the estate as a residential destination.
Risk Context: The London (PFS) market continues to face a waning supply of new-build construction, whilst local buyers have been constrained by persistently high interest rates and tightening of home-buying schemes and stamp duty thresholds. International investor demand has slowed due to wider global geopolitical, and economic uncertainty. The Group’s risk exposure to these challenges continues to reduce following the completion of further PFS sales in the year and will continue to decrease as remaining units are sold at the Group’s sole PFS asset.
Management and mitigation: The Group conducts ongoing monitoring and analysis of market conditions, go to market strategies and buyers behaviours to ensure early identification of emerging risks and opportunities. Ongoing expansion of complimentary offerings and amenities in the retail, lifestyle, and entertainment space, as well as continued investment in shared spaces and community initiatives help to enhance the attractiveness of the estate as a residential destination.
Risk Description: Changes to policy and regulation by national and local government will lead to increased costs to development projects and the Group’s operations.
Risk Context: The UK political landscape continues to evolve with government led changes to tax legislation, directly impacting the Groups cost base as well as those of our tenants which may contribute to insolvency and credit risk among tenant groups. New and emerging regulatory requirements relevant to the Group, such as the Renters Rights Act and the Building Safety Act, creates increased operational complexity and risk of non-compliance. Ongoing uncertainty is expected at both the local and national government levels increasing the risk of further volatility and uncertainty. Due to these developments the Group has increased the risk grading from low to medium likelihood and impact.
Management and mitigation: The Group conducts continuous monitoring and impact assessments over changes to public policy and regulations. Further safeguards include the development and maintenance of appropriate company policies, and the provision of specialised staff training against compliance requirements. Continued investment in the risk and internal controls teams provide targeted assurance over control effectiveness and alignment with best practices. On a local scale, the Group engages continually with the London Borough of Tower Hamlets council to ensure awareness of any local regulatory changes.
Risk Context: The UK political landscape continues to evolve with government led changes to tax legislation, directly impacting the Groups cost base as well as those of our tenants which may contribute to insolvency and credit risk among tenant groups. New and emerging regulatory requirements relevant to the Group, such as the Renters Rights Act and the Building Safety Act, creates increased operational complexity and risk of non-compliance. Ongoing uncertainty is expected at both the local and national government levels increasing the risk of further volatility and uncertainty. Due to these developments the Group has increased the risk grading from low to medium likelihood and impact.
Management and mitigation: The Group conducts continuous monitoring and impact assessments over changes to public policy and regulations. Further safeguards include the development and maintenance of appropriate company policies, and the provision of specialised staff training against compliance requirements. Continued investment in the risk and internal controls teams provide targeted assurance over control effectiveness and alignment with best practices. On a local scale, the Group engages continually with the London Borough of Tower Hamlets council to ensure awareness of any local regulatory changes.
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CW 10 PARK DRIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company has not adopted its own sustainability, environmental and social policies. However, the directors are conscious of sustainability, environmental and social issues and adhere, where applicable, to the policies of the wider group.
Sustainability is front and centre for Canary Wharf Group. Canary Wharf Group are aware of the increasing sustainability requirements of current and prospective customers. To deliver sustainability, the Group integrate actions and targets into every phase of project delivery and are improving the environmental performance of existing facilities through effective retrofitting and facilities management. The Group aims to design, build and manage central London’s highest quality, best value and most sustainable office, retail and residential buildings and districts. In doing this, the Group works with all its stakeholders to create and nurture vibrant, inclusive communities that meet today’s economic, environmental and social needs while anticipating those of tomorrow for the benefit of the environment, tenants, employees, the community and stakeholders. Since 1997, over £3.0bn of business has been generated for local businesses in East London through initiatives supported by the Group. Canary Wharf Group has maintained ISO 14001 accreditation since early 2005 and environmental management has been an inherent part of construction since 2002.
Sustainability is front and centre for Canary Wharf Group. Canary Wharf Group are aware of the increasing sustainability requirements of current and prospective customers. To deliver sustainability, the Group integrate actions and targets into every phase of project delivery and are improving the environmental performance of existing facilities through effective retrofitting and facilities management. The Group aims to design, build and manage central London’s highest quality, best value and most sustainable office, retail and residential buildings and districts. In doing this, the Group works with all its stakeholders to create and nurture vibrant, inclusive communities that meet today’s economic, environmental and social needs while anticipating those of tomorrow for the benefit of the environment, tenants, employees, the community and stakeholders. Since 1997, over £3.0bn of business has been generated for local businesses in East London through initiatives supported by the Group. Canary Wharf Group has maintained ISO 14001 accreditation since early 2005 and environmental management has been an inherent part of construction since 2002.
Canary Wharf Group is an active member of many industry groups including the UK Green Building Council (UKGBC), the Better Building Partnership (BBP) and Concrete Zero. The Group has also signed the BBP Climate Change Commitment, as well as The Climate Pledge, joining Amazon and other companies in pledging to achieve net zero carbon at least 10 years ahead of the Paris Agreement. Canary Wharf Group targets the reduction of energy, water and resource use, and the reuse and the recycling of waste where possible during the design, construction, and management of properties. The minimisation of disruption and disturbance to the environment and local community is targeted during the construction and management of buildings. Canary Wharf Group is also committed to preventing and monitoring pollution and to reducing any emissions which may have an adverse impact on the environment and/or local community.
Canary Wharf Group endeavours to raise awareness and promote effective management of sustainability, environmental and social issues with staff, designers, suppliers, and contractors and also works closely with suppliers and contractors to establish effective environmental supply chain management and to promote the procurement of sustainable products and materials.
In 2020, the Group published its Net Zero Carbon Pathway, a roadmap for reaching net zero carbon by 2030, 20 years ahead of the Paris Agreement. The Group also published ambitious Science Based Targets (SBTs) ratified by the Science Based Targets Initiative (SBTi). Progress against both the Net Zero Carbon Pathway and SBTs are published in the annual Sustainability Report.
In 2024, the Group participated in GRESB and CDP Sustainability Benchmarking schemes, receiving a GRESB 5 star rating, and a CDP score of B.
The Group has purchased 100.0% renewable electricity for all operations since 2012, which has reduced its Scope 2 emissions (using a market based approach) from electricity to zero during this reporting year. This electricity supply is backed by Renewable Energy Guarantee of Origin (REGO) certificates. The Group are also investigating Power Purchase Agreements (PPAs) to further reduce tenant Scope 2 emissions.
The annual Group Sustainability Report, produced in accordance with EPRA guidelines, provides details of performance against a range of specified targets and objectives with third party verification in line with ISAE 3000. This report, together with additional supporting information and Group publications related to this area can be downloaded from the Canary Wharf Group website, www.cwg.com.
Canary Wharf Group endeavours to raise awareness and promote effective management of sustainability, environmental and social issues with staff, designers, suppliers, and contractors and also works closely with suppliers and contractors to establish effective environmental supply chain management and to promote the procurement of sustainable products and materials.
In 2020, the Group published its Net Zero Carbon Pathway, a roadmap for reaching net zero carbon by 2030, 20 years ahead of the Paris Agreement. The Group also published ambitious Science Based Targets (SBTs) ratified by the Science Based Targets Initiative (SBTi). Progress against both the Net Zero Carbon Pathway and SBTs are published in the annual Sustainability Report.
In 2024, the Group participated in GRESB and CDP Sustainability Benchmarking schemes, receiving a GRESB 5 star rating, and a CDP score of B.
The Group has purchased 100.0% renewable electricity for all operations since 2012, which has reduced its Scope 2 emissions (using a market based approach) from electricity to zero during this reporting year. This electricity supply is backed by Renewable Energy Guarantee of Origin (REGO) certificates. The Group are also investigating Power Purchase Agreements (PPAs) to further reduce tenant Scope 2 emissions.
The annual Group Sustainability Report, produced in accordance with EPRA guidelines, provides details of performance against a range of specified targets and objectives with third party verification in line with ISAE 3000. This report, together with additional supporting information and Group publications related to this area can be downloaded from the Canary Wharf Group website, www.cwg.com.
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CW 10 PARK DRIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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:
(a) the likely consequences of any decision in the long term
The Board meets regularly to discuss and make decisions on matters of strategic importance to the business, to promote the long-term success of the Company and to consider the likely long term impact of any such
decisions.
In accordance with the Articles of Association the Company has by ordinary resolution appointed each of the directors. Accordingly, there is an alignment of the interests between shareholders and the Board. The Group Chief Executive Officer is also a member of the Board.
(b) the interests of the Company's employees
The Company has no employees other than the directors, who did not receive remuneration from the Company during the year.
(c) the need to foster the Company's business relationships with suppliers, customers and others
The company as part of the wider CW group has strong and well-established long-term relationships with its suppliers, tenants and customers. This is evidenced by the continuation of links across the full value chain, over many years, with the full range of contractors, advisors and suppliers who interact directly with employees of the company without the intervention of sub-contractors.
(d) the impact of the Company's operations on the community and the environment
The company as part of the wider CW group publishes an annual Corporate Responsibility report which is available on the Group website. The latest report available is for 2024. However, in addition to the above, the Group is committed to fostering positive links within the local communities in which it works. The Group has an appointed Group Strategy Director who manages a team which works collaboratively with the London Borough of Tower Hamlets. The Director is also engaged politically and is responsible for the Group’s long-term strategy, planning, community and sports events, links with local educational establishments and promotional arts events.
The company as part of the wider CW group is an established member of the Tower Hamlets Partnership Executive Group which engages with a range of local business leaders. The Group’s Personnel Department has well established links with local schools, colleges, universities and with the local job centre.
(e) the desirability of the Company maintaining a reputation for high standards of business conduct
The company as part of the wider CW group expects the highest standards of conduct from its employees, business partners and suppliers with which it engages. The Group has an established internal risk control and audit process with a range of official policies. In addition, the Internal Audit process is provided independently by Ernst & Young LLP.
The company as part of the wider CW group is fully compliant with all current GDPR laws and employment legislation.
(f) the need to act fairly between members of the Company
The Company’s articles of association may be amended by special resolution of the Company’s shareholder. The Company is a wholly owned subsidiary within the Stork HoldCo LP group of companies and is a single member company under section 123 (1) of the Companies Act 2006.
Throughout 2025 the Board will continue to review how the Group on behalf of company can improve engagement with its employees and stakeholders.
(a) the likely consequences of any decision in the long term
The Board meets regularly to discuss and make decisions on matters of strategic importance to the business, to promote the long-term success of the Company and to consider the likely long term impact of any such
decisions.
In accordance with the Articles of Association the Company has by ordinary resolution appointed each of the directors. Accordingly, there is an alignment of the interests between shareholders and the Board. The Group Chief Executive Officer is also a member of the Board.
(b) the interests of the Company's employees
The Company has no employees other than the directors, who did not receive remuneration from the Company during the year.
(c) the need to foster the Company's business relationships with suppliers, customers and others
The company as part of the wider CW group has strong and well-established long-term relationships with its suppliers, tenants and customers. This is evidenced by the continuation of links across the full value chain, over many years, with the full range of contractors, advisors and suppliers who interact directly with employees of the company without the intervention of sub-contractors.
(d) the impact of the Company's operations on the community and the environment
The company as part of the wider CW group publishes an annual Corporate Responsibility report which is available on the Group website. The latest report available is for 2024. However, in addition to the above, the Group is committed to fostering positive links within the local communities in which it works. The Group has an appointed Group Strategy Director who manages a team which works collaboratively with the London Borough of Tower Hamlets. The Director is also engaged politically and is responsible for the Group’s long-term strategy, planning, community and sports events, links with local educational establishments and promotional arts events.
The company as part of the wider CW group is an established member of the Tower Hamlets Partnership Executive Group which engages with a range of local business leaders. The Group’s Personnel Department has well established links with local schools, colleges, universities and with the local job centre.
(e) the desirability of the Company maintaining a reputation for high standards of business conduct
The company as part of the wider CW group expects the highest standards of conduct from its employees, business partners and suppliers with which it engages. The Group has an established internal risk control and audit process with a range of official policies. In addition, the Internal Audit process is provided independently by Ernst & Young LLP.
The company as part of the wider CW group is fully compliant with all current GDPR laws and employment legislation.
(f) the need to act fairly between members of the Company
The Company’s articles of association may be amended by special resolution of the Company’s shareholder. The Company is a wholly owned subsidiary within the Stork HoldCo LP group of companies and is a single member company under section 123 (1) of the Companies Act 2006.
Throughout 2025 the Board will continue to review how the Group on behalf of company can improve engagement with its employees and stakeholders.
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CW 10 PARK DRIVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company as part of the wider CW group manages its operations on a unified basis. For this reason, the company's directors believe that key performance indicators specific to the company are not necessary or appropriate for an understanding of the development, performance or position of its business.
This report was approved by the board on 1 May 2026 and signed on its behalf.
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CW 10 PARK DRIVE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The Company has chosen in accordance with Companies Act, s.414C(11) to set out in the Company's Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors Report. It has done so in respect of the review of the business review and financial position at the reporting date, key performance indicators, and principal risks and uncertainties.
The principal activity of the company is property development. The company has developed 10 Park Drive, Canary Wharf, a residential building with 346 apartments which are held for sale. The units completed and were ready for sale in December 2020.
Dividends of £19,657,499 have been proposed in the year and to date of this report (2024 - £1,800,000).
The directors who served during the year and up to the date of this report were:
QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS
The Company has in place a qualifying third party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The Company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the year ended 31 December 2025 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provides cover in the event that the director is proven to have acted dishonestly or fraudulently.
For details in respect of going concern refer to Note 2.
There have been no significant events since the balance sheet date.
The units were completed and ready for sale in December 2020. The company continues to sell the remaining apartments.
The units were completed and ready for sale in December 2020. The company continues to sell the remaining apartments.
The principal risks and uncertainties of the company are contained within the Strategic Report.
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CW 10 PARK DRIVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company provides the following disclosure requirements in relation to UK energy use and carbon emissions for the Company only, as detailed below:
The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from activities for which the Company is responsible involving the combustion of gas or the consumption of fuel for the purposes of transport:.
Gas & Fuel: 0 tCO2e (2024: 0 tCO2e).
The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport:
Electricity and district heating and cooling: 91 tCO2e (2024:120.2 tCO2e).
The figure, in kWh, which is the aggregate of the annual quantity of energy consumed from activities for which the Company is responsible involving the combustion of gas or the consumption of fuel for the purposes of transport and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport:
Total: 514,157 kWh (2024: 580,524.4 kWh).
RATIO normalised: 0.002533 tCO2e/m2 (2024: 0.003346 tCO2e/m2).
The annual quantity of emissions in tonnes of carbon dioxide equivalent resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport:
Electricity and district heating and cooling: 91 tCO2e (2024:120.2 tCO2e).
The figure, in kWh, which is the aggregate of the annual quantity of energy consumed from activities for which the Company is responsible involving the combustion of gas or the consumption of fuel for the purposes of transport and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport:
Total: 514,157 kWh (2024: 580,524.4 kWh).
RATIO normalised: 0.002533 tCO2e/m2 (2024: 0.003346 tCO2e/m2).
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
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 1 May 2026 and signed on its behalf.
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CW 10 PARK DRIVE 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 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 and profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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CW 10 PARK DRIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 10 PARK DRIVE LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the 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 global 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.
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CW 10 PARK DRIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 10 PARK DRIVE LIMITED
Other information
The other information comprises the information included in the strategic and directors' report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the strategic and directors' 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 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 strategic and directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic and 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 strategic and 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
Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 7, 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.
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CW 10 PARK DRIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 10 PARK DRIVE 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 partnership 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;
°Identifying and testing journal entries, in particular unusual account combinations journal entries to revenue; 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 partner'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 Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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CW 10 PARK DRIVE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CW 10 PARK DRIVE 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.
Senior Statutory Auditor
Statutory Auditor, Chartered Accountants
London
01 May 2026
01 May 2026
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CW 10 PARK DRIVE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CW 10 PARK DRIVE LIMITED
REGISTERED NUMBER: 09442059
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
The notes on pages 16 to 25 form part of these financial statements.
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CW 10 PARK DRIVE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CW 10 Park Drive 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.
The nature of the company's operations and its principal activities are set out in the Directors' Report.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value and in accordance with United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice, including FRS 102 “the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland”).
The 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 Residential Limited, which may be obtained at 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 they operate.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below.
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 Residential Limited, which may be obtained at 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 they operate.
The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below.
In assessing the going concern basis of preparation 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 current asset position.
The directors have also given consideration of the wider group and relationship of intercompany balances with entities in the Stork group in which this company sits. Given these relationships the ultimate shareholders Brookfield and QIA have confirmed in writing that they intend to provide financial support to enable the ultimate parent to meet its liabilities if required for a period of at least 12 months from the date of signing these financial statements to enable the company to continue to operate as a going concern and to meet their financial liabilities and obligations as they fall due.
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.
The directors have also given consideration of the wider group and relationship of intercompany balances with entities in the Stork group in which this company sits. Given these relationships the ultimate shareholders Brookfield and QIA have confirmed in writing that they intend to provide financial support to enable the ultimate parent to meet its liabilities if required for a period of at least 12 months from the date of signing these financial statements to enable the company to continue to operate as a going concern and to meet their financial liabilities and obligations as they fall due.
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.
The company has taken the exemption from preparing the cash flow statement under Section 1.12(b) as it is a member of a group where the parent of the group prepares publicly available consolidated accounts which are intended to give a true and fair view.
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Sales of apartments are recognised at legal completion and measured at the fair value of consideration received or receivable net of VAT. Reservations and stage payments are recognised initially on the balance sheet as deferred residential sales proceeds within trade and other payables.
Service charge income – Service charges and other recoveries include directly recoverable expenditure together with any chargeable management fees and are recognised as they fall due.
Rescinded income comprises reservation fees, deposits and stage payments retained upon cancellation of the apartment sales process by the buyer. Fifty per cent is recognised in the year of cancellation and the remaining fifty per cent is recognised in the following year.
Other income from operating leases is recognised in the Income Statement on a straight line basis
over the term of the lease. Lease incentives granted, including rent free periods, are recognised as
an integral part of the net consideration for the use of the property and are therefore also recognised
on the same straight line basis. Direct costs incurred in negotiating and arranging new leases are
also amortised on the same straight line basis. Contingent rents, being those lease payments that are
not fixed at the inception of a lease, for example turnover rents, are recorded in the periods in which
they are earned.
Service charge income – Service charges and other recoveries include directly recoverable expenditure together with any chargeable management fees and are recognised as they fall due.
Rescinded income comprises reservation fees, deposits and stage payments retained upon cancellation of the apartment sales process by the buyer. Fifty per cent is recognised in the year of cancellation and the remaining fifty per cent is recognised in the following year.
Other income from operating leases is recognised in the Income Statement on a straight line basis
over the term of the lease. Lease incentives granted, including rent free periods, are recognised as
an integral part of the net consideration for the use of the property and are therefore also recognised
on the same straight line basis. Direct costs incurred in negotiating and arranging new leases are
also amortised on the same straight line basis. Contingent rents, being those lease payments that are
not fixed at the inception of a lease, for example turnover rents, are recorded in the periods in which
they are earned.
Work in progress is stated at the lower of cost and net realisable value. Cost includes construction costs and development expenditure directly related to the development, including attributable employee and related costs.
Net realisable value is calculated as the amount estimated to be recovered from the development once development work has been completed and the development leased, less costs to complete.
Net realisable value is calculated as the amount estimated to be recovered from the development once development work has been completed and the development leased, less costs to complete.
The directors have taken advantage of the exemption in paragraph 1.12c of FRS 102 allowing the company not to disclose the summary of financial instruments by the categories specified in paragraph 11.41.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned.
Trade and other payables
Trade and other creditors are stated at cost.
Trade and other receivables
Trade and other receivables are recognised initially at fair value. A provision for impairment is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor concerned.
Trade and other payables
Trade and other creditors are stated at cost.
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing difference.
Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expenses or income.
Cash and cash equivalents comprise cash balances, deposits held with banks and other short term highly liquid investments with original maturities of 3 months or less, which are held for the purpose of meeting short term cash commitments.
Cash and cash equivalents also include certain restricted cash balances held in service charge accounts. These balances are maintained in segregated bank accounts and are subject to restrictions under management agreements, which limit their use to covering property-related expenditure on behalf of tenants.
However, these funds are classified as cash and cash equivalents because they are readily available, highly liquid and form part of the Company’s short-term cash management.
Cash and cash equivalents also include certain restricted cash balances held in service charge accounts. These balances are maintained in segregated bank accounts and are subject to restrictions under management agreements, which limit their use to covering property-related expenditure on behalf of tenants.
However, these funds are classified as cash and cash equivalents because they are readily available, highly liquid and form part of the Company’s short-term cash management.
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
Work in progress
The company uses valuations performed by independent valuers in determining the net realisable value of the company’s work in progress.
For the year ended 31 December 2025, the financial statements of the company did not contain any significant items that required the application of significant management judgements, apart from those involving estimation uncertainty.
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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At 31 December 2025 and 31 December 2024 the company had given fixed and floating charges over substantially all its assets to secure its loan commitments.
CW 10 Park Drive Limited has acquired a lease which expires in 2261 in residential development sites at Wood Wharf. Ground rent is payable on this site at an amount which is equal to the greater of £46,200 p.a. and the residential ground rent. The residential ground rent is currently £250 per apartment p.a. but has the capacity to increase to £624 per apartment p.a. in the future and will also double every 25 years with the first such increase taking effect on 1 January 2045. These ground rents are payable to CW Wood Wharf (Two) Limited, a member of the CWGIH Group (Canary Wharf Group Investment Holdings) and the entity which has the liability to pay ground rents to a third party.
CW 10 Park Drive Limited has acquired a lease which expires in 2261 in residential development sites at Wood Wharf. Ground rent is payable on this site at an amount which is equal to the greater of £46,200 p.a. and the residential ground rent. The residential ground rent is currently £250 per apartment p.a. but has the capacity to increase to £624 per apartment p.a. in the future and will also double every 25 years with the first such increase taking effect on 1 January 2045. These ground rents are payable to CW Wood Wharf (Two) Limited, a member of the CWGIH Group (Canary Wharf Group Investment Holdings) and the entity which has the liability to pay ground rents to a third party.
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CW 10 PARK DRIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company's immediate parent undertaking is Canary Wharf Group Residential 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 Residential Limited. Copies of the financial statements may be obtained from the Company Secretary.
The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.
Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar investment Authority.
The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.
As at 31 December 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 Residential Limited. Copies of the financial statements may be obtained from the Company Secretary.
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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