Registered number: 03114622
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
CANARY WHARF ESTATE LIMITED
CONTENTS
CANARY WHARF ESTATE 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.
This Strategic Report has been prepared for the company and not for the group of which it is a member and therefore focuses only on matters which are significant to the company.
This Strategic Report has been prepared for the company and not for the group of which it is a member and therefore focuses only on matters which are significant to the company.
The company is an investment holding company.
The company is a principal holding company in the group, of which the principal activity of the group is the ownership, management and development of the Canary Wharf Estate in East London.
The company’s immediate parent undertaking is Canary Wharf Group plc and its ultimate parent undertaking is Stork HoldCo LP.
The company is a principal holding company in the group, of which the principal activity of the group is the ownership, management and development of the Canary Wharf Estate in East London.
The company’s immediate parent undertaking is Canary Wharf Group plc and its ultimate parent undertaking is Stork HoldCo LP.
As shown in the company's statement of comprehensive income, the company's profit after tax for the year was £177,939,951 (2024 - £980,923). Dividends of £177,095,096 (2024 - £Nil) were received from the company's subsidiary during the year. This was the main movement resulting in a profit for the year.
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £787,225,360 (2024 - £673,449,805). The movement in net assets primarily relates to the difference in dividends received from the company's subsidiary undertaking and the dividends paid to the company's parent company.
The statement of financial position shows the company's financial position at the year end and indicates that net assets were £787,225,360 (2024 - £673,449,805). The movement in net assets primarily relates to the difference in dividends received from the company's subsidiary undertaking and the dividends paid to the company's parent company.
The Company has adopted Canary Wharf Group Investment Holdings plc (‘the Group’) principal risks and uncertainties monitoring and management policies. The risks and uncertainties facing the business are monitored through continuous assessment, regular formal reviews and discussion at the Canary Wharf Group Investment Holdings plc audit committee and board. Such discussion focuses on the risks identified as part of the system of internal control which highlights key risks faced by the Group and allocates specific day to day monitoring and control responsibilities as appropriate. As a member of Canary Wharf Group, the current key risks of the company include: the current geopolitical climate and its potential impact on the economy, the financing risk, the cyclical nature of the property market, concentration risk and policy and planning risks.
The past 12 months have marked the most significant escalation in international conflict and Geopolitical tensions in the past 50 years, with conflict in Ukraine and the Middle East. The company's exposure to these trends is indirect and limited to exposure to increased energy costs and implications for global supply chains. Risks in this context are graded low to medium in terms of both likelihood and impact.
The company has enhanced its monitoring of global developments by specialist in-house teams and external providers, and forward planning and scenario analysis in terms of energy requirements. The Company maintains strong relationships with occupiers, suppliers and agents to ensure it can appropriately react to changing geopolitical climates and how this might impact the business.
The company has enhanced its monitoring of global developments by specialist in-house teams and external providers, and forward planning and scenario analysis in terms of energy requirements. The Company maintains strong relationships with occupiers, suppliers and agents to ensure it can appropriately react to changing geopolitical climates and how this might impact the business.
Key financial risks for the Company are influenced by the broader macro-economic environment and the specific challenges facing the commercial real estate sector. Financing risk encompasses both liquidity and credit risk. The broader economic cycle inevitably leads to movements in inflation, interest rates and bond yields, all of which can impact the cost and availability of financing.
As the Company does not rely on external financing, risk is reduced. The Group mitigates this by maintaining cash flow forecasting and holding adequate cash reserves.
As the Company does not rely on external financing, risk is reduced. The Group mitigates this by maintaining cash flow forecasting and holding adequate cash reserves.
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CANARY WHARF ESTATE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group’s real estate assets are currently located on or adjacent to the Estate. Although a majority of tenants have traditionally been linked to the financial services industry, this proportion has now fallen to around only 54% of tenants. Wherever possible steps are still taken to mitigate or avoid material consequences arising from this concentration.
Although the focus of the Group has been on and around the Estate, where value can be added the Group will also consider opportunities elsewhere. The Group is involved as construction manager and joint development manager in the joint venture with Qatari Diar to redevelop the Shell Centre in London’s South Bank. The Group has also reviewed current consents for development to react to changes in the market. This review has led to an increased focus on the residential build to rent sector as reflected in the composition of the master plan for the mixed-use development at Wood Wharf.
Although the focus of the Group has been on and around the Estate, where value can be added the Group will also consider opportunities elsewhere. The Group is involved as construction manager and joint development manager in the joint venture with Qatari Diar to redevelop the Shell Centre in London’s South Bank. The Group has also reviewed current consents for development to react to changes in the market. This review has led to an increased focus on the residential build to rent sector as reflected in the composition of the master plan for the mixed-use development at Wood Wharf.
The Company recognises that risks from cyber threat actors are evolving in scale and complexity, while at the same time noting that the rapid evolution of technology and information systems, particularly around AI, will be a critical component of its continued success. The Company’s risks in this context are graded to be of medium likelihood and impact.
The Company monitors the evolution of risks and employs multilayered controls to address these, including the establishment, implementation and maintenance of appropriate policies, mandatory staff awareness training, and appropriate and proportionate cyber defences with third party providers.
The principal risks facing the Group are discussed in the Annual Report of Canary Wharf Investment Holdings Group plc, which does not form part of this report.
The Company monitors the evolution of risks and employs multilayered controls to address these, including the establishment, implementation and maintenance of appropriate policies, mandatory staff awareness training, and appropriate and proportionate cyber defences with third party providers.
The principal risks facing the Group are discussed in the Annual Report of Canary Wharf Investment Holdings Group plc, which does not form part of this report.
All of the Group’s assets are currently located within London. Appropriate contact is maintained with local and national Government, but changes in Governmental policy on planning, tax or other regulations could limit the ability of the Group to maximise the long term potential of its assets. These risks are closely monitored.
Employees and Workforce
The Company does not have any employees.
The company seeks to continually improve and develop its health and safety performance and places the overall wellbeing of its tenants and visitors in the highest regard. The company operates a health and safety management system to the internationally recognised BS OHSAS 18001 standard. This ensures that best practice is followed as a minimum threshold.
The company strives for continuous improvement to ensure a safe and healthy environment is maintained and adequate resources are made available for these purposes. The company’s accreditation to BS OHSAS 18001 is externally verified on an ongoing basis allowing opportunities for continuous improvement to be identified and enacted where feasible.
The company strives for continuous improvement to ensure a safe and healthy environment is maintained and adequate resources are made available for these purposes. The company’s accreditation to BS OHSAS 18001 is externally verified on an ongoing basis allowing opportunities for continuous improvement to be identified and enacted where feasible.
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CANARY WHARF ESTATE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Board continues to demonstrate commitment to the prevention of bribery and corruption and understands the importance of maintaining a culture in which it is not acceptable at any level. An updated online bribery and corruption awareness training module was launched in the year. This is undertaken by all new agency workers and has been completed by 86.6% of the Group’s existing employees. The Group has a Code of Business Practices and Ethics and a formal Anti Bribery and Corruption policy, which requires all directors to behave with integrity and in a manner that ensures the objectives of the policies are achieved. The Group has a strict approach to maintaining high standards of finance, business principles and ethics and appropriate risk assessments are undertaken periodically.
To comply with the Modern Slavery Act 2015 the Group has established controls to combat slavery, servitude, forced or compulsory labour and human trafficking. The Group’s adopted policy and formal statement sets out the Group’s commitment to prohibiting any form of forced labour or slavery. Online anti-slavery and human trafficking training is mandatory for all agency workers.
The 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. The performance of the group, which includes the company, is discussed in the Annual Report of Canary Wharf Group Investment Holdings plc, which does not form part of this report.
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CANARY WHARF ESTATE 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 the factors set out in paragraphs (a) to (f) of that subsection. As a company that forms part of a wider group structure and has no direct employees, the Company's operations and decision-making are closely integrated with those of Canary Wharf Group. The directors have had regard to the s.172(1) factors as set out below.
(a) The likely consequences of any decision in the long term
Strategic decisions are made with a focus on sustainable long-term value rather than short-term outcomes. This includes regular reviews of the Company's property assets to ensure they continue to meet market demand and support long-term rental income, and engagement with Canary Wharf Group Investment Holdings plc on strategic priorities to ensure alignment with the Group's longer-term objectives.
(b) The interests of the Company's employees
The Company has no direct employees. The functions necessary to operate the Company are provided through shared services arrangements with other Group companies, whose employees' interests are considered as part of the Group's wider employee engagement and governance arrangements.
(c) The need to foster the Company's business relationships with suppliers, customers and others
The directors recognise the importance of maintaining strong relationships with tenants, suppliers and other counterparties. The Company works closely with its suppliers to ensure the efficient operation of its properties and prioritises tenant satisfaction through proactive property management.
(d) The impact of the Company's operations on the community and the environment
The directors consider the environmental and community impact of the Company's activities and operate within the Group's wider ESG framework.
(e) The desirability of the Company maintaining a reputation for high standards of business conduct
The Company's governance practices prioritise transparency, accountability and effective communication. The directors are committed to responsible corporate citizenship and to upholding the Group's standards of business conduct in all dealings on behalf of the Company.
(f) The need to act fairly as between members of the Company
The Company's primary obligation is to its shareholder Stork HoldCo LP. The directors act in a manner that supports the long-term success of the Company for the benefit of the member, and where decisions affect related parties within the Group, they are taken with regard to the proper allocation of value and risk.
(a) The likely consequences of any decision in the long term
Strategic decisions are made with a focus on sustainable long-term value rather than short-term outcomes. This includes regular reviews of the Company's property assets to ensure they continue to meet market demand and support long-term rental income, and engagement with Canary Wharf Group Investment Holdings plc on strategic priorities to ensure alignment with the Group's longer-term objectives.
(b) The interests of the Company's employees
The Company has no direct employees. The functions necessary to operate the Company are provided through shared services arrangements with other Group companies, whose employees' interests are considered as part of the Group's wider employee engagement and governance arrangements.
(c) The need to foster the Company's business relationships with suppliers, customers and others
The directors recognise the importance of maintaining strong relationships with tenants, suppliers and other counterparties. The Company works closely with its suppliers to ensure the efficient operation of its properties and prioritises tenant satisfaction through proactive property management.
(d) The impact of the Company's operations on the community and the environment
The directors consider the environmental and community impact of the Company's activities and operate within the Group's wider ESG framework.
(e) The desirability of the Company maintaining a reputation for high standards of business conduct
The Company's governance practices prioritise transparency, accountability and effective communication. The directors are committed to responsible corporate citizenship and to upholding the Group's standards of business conduct in all dealings on behalf of the Company.
(f) The need to act fairly as between members of the Company
The Company's primary obligation is to its shareholder Stork HoldCo LP. The directors act in a manner that supports the long-term success of the Company for the benefit of the member, and where decisions affect related parties within the Group, they are taken with regard to the proper allocation of value and risk.
This report was approved by the board on 28 August 2026 and signed on its behalf.
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CANARY WHARF ESTATE 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 profit for the year, after taxation, amounted to £177,939,951 (2024 - £980,923).
Dividends of £64,164,396 have been paid for the year and to the date of this report (2024 - £Nil).
The directors who served during the year 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 2.3.
The company will continue to be an investment holding company.
Details on how the company has fostered relationships with suppliers, customers and others can be found within the Strategic Report on pages 1-4.
The financial risk management objectives and policies together with the principal risks and uncertainties of the
company are contained within the Strategic Report. The company considers the risks immaterial and therefore,
the company only engages in basic financial instruments.
company are contained within the Strategic Report. The company considers the risks immaterial and therefore,
the company only engages in basic financial instruments.
The Company has taken the group and subsidiary exemption from providing carbon and energy information provided by The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
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CANARY WHARF ESTATE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This confirmation is given and should be interpreted in accordance with the provisions of Section 148 of the Companies Act 2006.
The auditor, Deloitte LLP, has indicated their willingness to continue as auditor to the company.
This report was approved by the board on 28 August 2026 and signed on its behalf.
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CANARY WHARF ESTATE 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 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
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CANARY WHARF ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF ESTATE LIMITED
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
OPINION
We have audited the financial statements which comprise:
∙the statement of comprehensive income;
∙the statement of financial position;
∙the statement of changes in equity;
∙the related notes 1 to 14.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CANARY WHARF ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF ESTATE LIMITED
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: http://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
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CANARY WHARF ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF ESTATE LIMITED
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
∙had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, and relevant tax legislation; and
∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
∙reading minutes of meetings of those charged with governance.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
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CANARY WHARF ESTATE LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF ESTATE 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.
Statutory Auditor
London, United Kingdom
Date:28 August 2026
Date:
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CANARY WHARF ESTATE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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CANARY WHARF ESTATE LIMITED
REGISTERED NUMBER: 03114622
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 28 August 2026 .
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