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CANARY WHARF HOLDINGS (PB) LIMITED Registered number: 08500776 DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
CANARY WHARF HOLDINGS (PB) LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Directors' Responsibilities Statement | 3
Independent Auditor's Report | 4 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 17
CANARY WHARF HOLDINGS (PB) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025. In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A and 414B of the Companies Act 2006.
PRINCIPAL ACTIVITY
The company acts as a holding company for Canary Wharf (PB) Jersey Limited, holds a 50% interest in Braeburn Estates (GP) Limited and holds a 1% interest in Canary Wharf (PB) Jersey Unit Trust.
RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £16,244 (2024 - loss £96,129). A final dividend of £8,900,000 was declared and paid during the year (2024: £Nil).
DIRECTORS
The directors who served during the year and up to the date of this report were:
J J Turner (appointed 31 December 2025)
K J Kingston (resigned 31 December 2025)
S Z Khan
R J Worthington
I J Benham
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. Page 1
CANARY WHARF HOLDINGS (PB) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
DISCLOSURE OF INFORMATION TO AUDITOR
The directors confirm that: ∙so far as each director is aware, there is no relevant audit information of which the company’s auditor is unaware; and ∙the directors have taken all the steps that they ought to have taken as directors in order to make themselves 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, 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 24 July 2026 and signed on its behalf.
I J Benham Director
Page 2
CANARY WHARF HOLDINGS (PB) LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Jersey 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 Jersey 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 and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
CANARY WHARF HOLDINGS (PB) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF HOLDINGS (PB) LIMITED REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the financial statements of Canary Wharf Holdings (PB) Limited (the ‘company’) for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the Notes to the Financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Generally Accepted Accounting Practice including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”; and In our opinion, the financial statements: ∙give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of the company’s loss for the year then ended in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been properly prepared in accordance with the Companies (Jersey) Law 1991. 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 parent company to cease to continue as a going concern. In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company’s business model including effects arising from macro-economic uncertainties such as interest rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company’s financial resources or ability to continue operations over the going concern period. In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
CANARY WHARF HOLDINGS (PB) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF HOLDINGS (PB) 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 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. 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 (Jersey) Law 1991 requires us to report to you if, in our opinion: ∙proper accounting records have not been kept by the company; or ∙proper returns adequate for our audit have not been received from branches not visited by us; or ∙the parent company’s accounts are not in agreement with its accounting records and returns; or ∙we have failed to obtain from the company any information or explanation that, to the best of our knowledge and belief, was necessary for the audit. Responsibilities of directors As explained more fully in the directors’ responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements which 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. Page 5
CANARY WHARF HOLDINGS (PB) LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF HOLDINGS (PB) LIMITED Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. ∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant were United Kingdom Accounting Standards, including Financial Reporting Standard 102, tax legislation and Companies (Jersey) Law 1991; ∙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; ∙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; °Identifying and testing journal entries that are deemed unusual based on our risk assessment; 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. Use of our report This report is made solely to the company’s members, as a body, in accordance with Article 113A(1) of the Companies (Jersey) Law 1991. 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. Elizabeth Collins Bsc (Hons) ACA for and on behalf of Grant Thornton UK LLP London 24 July 2026 Page 6
CANARY WHARF HOLDINGS (PB) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Administrative expenses |  | (18) | (434)
OPERATING LOSS |  | (18) | (434)
Fair value movement in investments | 8 | (19,393) | (100,852)
Interest receivable and similar income | 6 | 2,926 | 894
LOSS BEFORE TAX |  | (16,485) | (100,392)
Tax on loss | 7 | 241 | 4,263
LOSS FOR THE FINANCIAL YEAR |  | (16,244) | (96,129)
Other comprehensive income |  | - | -
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR |  | (16,244) | (96,129)
The notes on pages 10 to 17 form part of these financial statements.
Page 7
CANARY WHARF HOLDINGS (PB) LIMITED REGISTERED NUMBER: 08500776 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
FIXED ASSETS |  |  |
Investments | 8 | 146,726,931 | 155,646,324
|  | 146,726,931 | 155,646,324
CURRENT ASSETS |  |  |
Debtors: amounts falling due within one year | 9 | 31,129 | 31,129
Cash at bank and in hand |  | 9,094 | 6,187
|  | 40,223 | 37,316
Creditors: amounts falling due within one year | 10 | (70,166,794) | (70,162,833)
NET CURRENT LIABILITIES |  | (70,126,571) | (70,125,517)
TOTAL ASSETS LESS CURRENT LIABILITIES |  | 76,600,360 | 85,520,807
Deferred taxation | 11 | (11,151) | (15,354)
NET ASSETS |  | 76,589,209 | 85,505,453
CAPITAL AND RESERVES |  |  |
Called up share capital | 12 | 1 | 1
Retained earnings |  | 76,589,208 | 85,505,452
|  | 76,589,209 | 85,505,453
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2026.
I J Benham
Director
The notes on pages 10 to 17 form part of these financial statements. Page 8
CANARY WHARF HOLDINGS (PB) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2025 | 1 | 85,505,452 | 85,505,453
COMPREHENSIVE EXPENSE FOR THE YEAR |  |  |
Loss for the year | - | (16,244) | (16,244)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR | - | (16,244) | (16,244)
CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS |  |  |
Dividends paid | - | (8,900,000) | (8,900,000)
AT 31 DECEMBER 2025 | 1 | 76,589,208 | 76,589,209
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Retained earnings | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 85,601,581 | 85,601,582
COMPREHENSIVE EXPENSE FOR THE YEAR |  |  |
Loss for the year | - | (96,129) | (96,129)
TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR | - | (96,129) | (96,129)
AT 31 DECEMBER 2024 | 1 | 85,505,452 | 85,505,453
| The notes on pages 10 to 17 form part of these financial statements.
Page 9
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | GENERAL INFORMATION
Canary Wharf Holdings (PB) 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 47 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 | Going concern
In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements. At the year end, the company was in a net asset position but had net current liabilities. Included within liabilities were intercompany creditors of £70,166,794 which to the extent that the company cannot pay, will not be called in for at least a period of 12 months from the signing date of the financial statements as confirmed by 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.
| 2.3 | Cash flow statement
The Company has taken the exemption from preparing the cash flow statement under Section 1.12(b) as it is a member of a group where the parent of the group prepares publicly available consolidated accounts which are intended to give a true and fair view. Page 10
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | Investments
Investments in subsidiaries are stated at cost less any provision for impairment. Investments in unit trusts are stated at fair value. The fair value is calculated by reference to the company’s share of the net assets of the investment, as adjusted for assets and liabilities which are not carried at fair value. Any movement is taken to the income statement. Other investments are stated at cost less any provision for impairment. Loans to subsidiaries, which only entitle the company to an interest in the assets of the company once it has completed its principal activity, are treated as additional investments. 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.
| 2.5 | Financial instruments
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. Trade and other receivables Trade and other receivables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest method. 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 Financial liabilities are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method Page 11
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | Taxation
Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. 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 differences. 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.
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on management’s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. The preparation of financial statements also requires use of significant judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies. The following are areas of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Valuation of investments Investments in unit trusts are carried at fair value. The directors have valued the investment at the company’s share of the trust's net asset value, as adjusted for the fair value movement down of unit trust's property interests. 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 significant management judgements, apart from those involving estimation uncertainty. Page 12
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | AUDITOR'S REMUNERATION
| The auditor's remuneration of £5,150 (2024 - £2,537) for the audit of the company has been borne by another group undertaking.
5. | EMPLOYEES
| The Company had no employees (excluding directors) 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 for their services (2024 - £Nil).
6. | INTEREST RECEIVABLE AND SIMILAR INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 2,926 | 894
|  | 2,926 | 894
7. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on loss for the year | 3,962 | -
| TOTAL CURRENT TAX | 3,962 | -
| DEFERRED TAX |  |
| Origination and reversal of timing differences | (4,203) | (4,263)
| TOTAL DEFERRED TAX | (4,203) | (4,263)
| TAXATION ON LOSS ON ORDINARY ACTIVITIES | (241) | (4,263)
Page 13
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 7.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is different than the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (16,485) | (100,392)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (4,121) | (25,098)
| EFFECTS OF: |  |
| Other timing differences leading to an increase (decrease) in taxation | (4,203) | (4,263)
| Non-deductible partnership distributions | 6,167 | -
| Taxable share of partnership | (2,046) | -
| Under provision of prior year tax | 3,962 | -
| Group relief surrendered | - | 25,098
| TOTAL TAX CHARGE FOR THE YEAR | (241) | (4,263)
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
The standard rate of corporation tax payable by the company for the year ended 31 December 2025 is 25% (2024 - 25%). Page 14
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | INVESTMENTS
|  | Investments in subsidiary companies | Investments in Jersey Property Unit Trust | Investment in joint ventures | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 153,598,917 | 1,982,357 | 65,050 | 155,646,324
| Return of capital | (8,811,000) | (89,000) | - | (8,900,000)
| Revaluations | - | (19,393) | - | (19,393)
| At 31 December 2025 | 144,787,917 | 1,873,964 | 65,050 | 146,726,931
| SUBSIDIARY UNDERTAKING
| The following was a subsidiary undertaking of the company:
| Name | Principal activity | Class of shares | Holding
| Canary Wharf (PB) Jersey Limited | Investment company | Ordinary | 100%
| The subsidiary is registered at 47 Esplanade, St Helier, Jersey, Channel Islands, JE1 0BD. 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 13). JOINT VENTURES The company holds a 50% interest in the ordinary shares of Braeburn Estates (GP) Limited, a company registered in England and Wales. At December 2025, Braeburn Estates (GP) Limited had net assets of £194,909 (2024 - £197,999). The directors are of the opinion that the value of the investments at 31 December 2025 are not less than the amount shown in the balance sheet.
Page 15
CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | DEBTORS: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 31,129 | 31,129
|  | 31,129 | 31,129
| Amounts owed by group undertakings are interest-free and repayable on demand.
10. | CREDITORS: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 70,166,794 | 70,162,833
|  | 70,166,794 | 70,162,833
| Amounts owed to group undertakings are interest-free and repayable on demand.
11. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (15,354)
| Charged to the profit or loss | 4,203
| At end of year | (11,151)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Revaluation of investments | (11,151) | (15,354)
|  | (11,151) | (15,354)
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CANARY WHARF HOLDINGS (PB) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | CALLED UP SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) ordinary share of £1.00 | 1 | 1
13. | CONTROLLING PARTY
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, One Canada Square, Canary Wharf, London E14 5AB. The largest group of which the company is a member and 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 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 of other wholly-owned group companies.
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