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CANARY WHARF TELECOMS LIMITED

Registered number: 04278376




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

 
CANARY WHARF TELECOMS LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Directors' Responsibilities Statement
3
Independent Auditor's Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18

 
CANARY WHARF TELECOMS 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 of the Companies Act 2006.

PRINCIPAL ACTIVITY

The principal activity of the company is the provision of telecommunications infrastructure.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £NIL (2024 - £NIL).

No dividends have been paid or proposed for the year and to the date of this report (2024 - £nil).

DIRECTORS

The directors who served during the year and up to the date of this report were:

I J Benham 
S Z Khan 
K J Kingston (resigned 31 December 2025)
R J Worthington 
J J Turner (appointed 31 December 2025)

QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS

The company has in place a qualifying third-party indemnity provision for all directors (to the extent permitted by law) in respect of liabilities incurred as a result of their office. The company also has in place liability insurance covering the directors and officers of the company and any associated companies. Both the indemnity and insurance were in force during the year ended 31 December 2025 and at the time of the approval of this Directors' Report. Neither the indemnity nor the insurance provides cover in the event that the director is proven to have acted dishonestly or fraudulently.

GOING CONCERN

For details in respect of going concern refer to Note 2.
Page 1

 
CANARY WHARF TELECOMS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025


DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
∙so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware, and

∙each director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the  Companies Act 2006.

AUDITOR

The auditor, Grant Thornton UK LLP, have indicated their willingness to continue as auditors to the company.

This report was approved by the board on 30 September 2026 and signed on its behalf.
 








I J Benham
Director

Page 2

 
CANARY WHARF TELECOMS LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Accounting Standards), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
CANARY WHARF TELECOMS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF TELECOMS LIMITED
 

   
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

OPINION

We have audited the financial statements of Canary Wharf Telecoms Limited ("the company") for the year ended 31 December 2025, which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion:
∙the financial statements give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its loss for the year then ended; 
∙the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 
∙the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the ‘Auditor’s responsibilities for the audit of the financial statements’ section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We are responsible for concluding on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.

In our evaluation of the directors’ conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as interest rates, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 4

 
CANARY WHARF TELECOMS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF TELECOMS LIMITED
 

OTHER INFORMATION

The other information comprises the information included in the directors' report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the directors' report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the directors’ report has been prepared in accordance with applicable legal requirements.

Matter on which we are required to report under the Companies Act 2006
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 
∙the financial statements are not in agreement with the accounting records and returns; or 
∙certain disclosures of directors’ remuneration specified by law are not made; or 
∙we have not received all the information and explanations we require for our audit; or 
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement [Page 3] the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Page 5

 
CANARY WHARF TELECOMS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF TELECOMS 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: . This description forms part of our auditor’s report.
Page 6

 
CANARY WHARF TELECOMS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CANARY WHARF TELECOMS LIMITED
 

USE OF OUR REPORT

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.






Samuel Brown
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
30 September 2026
Page 7

 
CANARY WHARF TELECOMS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025

2025
2024
Note
£
£

  

Turnover
 4 
801,373
801,420

Cost of sales
  
(447,164)
(299,128)

GROSS PROFIT
  
354,209
502,292

Administrative expenses
  
8,945
(193,069)

OPERATING PROFIT
  
363,154
309,223

Interest receivable and similar income
 7 
3,746
4,264

Interest payable and similar expenses
 8 
(374,688)
(309,842)

(LOSS)/PROFIT BEFORE TAX
  
(7,788)
3,645

Tax on (loss)/profit
 9 
7,788
(3,645)

OTHER COMPREHENSIVE EXPENSE FOR THE YEAR
  
-
-

TOTAL COMPREHENSIVE EXPENSE FOR THE YEAR
  
-
-

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
CANARY WHARF TELECOMS LIMITED
REGISTERED NUMBER: 04278376

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025

2025
2024
Note
£
£

FIXED ASSETS
  

Tangible assets
 10 
26,684
53,224

  
26,684
53,224

CURRENT ASSETS
  

Debtors: amounts falling due after more than one year
 11 
25,173
17,386

Debtors: amounts falling due within one year
 11 
4,121,918
3,071,813

Cash at bank and in hand
  
15,067
96,034

  
4,162,158
3,185,233

Creditors: amounts falling due within one year
 12 
(4,188,841)
(3,238,456)

NET CURRENT LIABILITIES
  
(26,683)
(53,223)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1
1

  

NET ASSETS
  
1
1


CAPITAL AND RESERVES
  

Called up share capital 
 14 
1
1

  
1
1


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2026.




I J Benham
Director

The notes on pages 11 to 18 form part of these financial statements.

Page 9

 
CANARY WHARF TELECOMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025


Called up share capital
Total equity

£
£

At 1 January 2025
1
1


OTHER COMPREHENSIVE EXPENSE FOR THE YEAR
-
-


AT 31 DECEMBER 2025
1
1



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Total equity

£
£

At 1 January 2024
1
1


OTHER COMPREHENSIVE INCOME FOR THE YEAR
-
-


AT 31 DECEMBER 2024
1
1


The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

1.


GENERAL INFORMATION

Canary Wharf Telecoms 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 unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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.

The principal accounting policies have been applied consistently throughout the year and the preceding year and are summarised below:

  
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

 
2.3

Going concern

In assessing the going concern basis of the company the directors have considered a period of at least 12 months from the date of approval of these financial statements. 

At the year end the company was in net asset position in FY25.

Included within liabilities were intercompany creditors of £3,429,995, 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’s ultimate controlling parties.  

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. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 11

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

  
2.4
Revenue

Revenue comprises rental income from telecommunications infrastructure, net of VAT.
 
Rental income from operating leases is recognised in profit or loss on a straight-line basis over the lease term. Rental income is recognised as the Company's performance obligation is satisfied and the customer obtains the benefit of the right to use the underlying infrastructure.

Amounts received in advance of the provision of access rights or lease benefits are recognised as deferred income in the statement of financial position and released to revenue over the period to which the income relates. This includes non-refundable upfront payments, premiums and advance rental receipts, which are recognised over the period in which the related services or lease rights are provided.

  
2.5
Tangible fixed assets

Tangible fixed assets, other than investment properties, are stated at cost less depreciation and impairment. Depreciation is calculated so as to write off the cost in equal annual instalments over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are:

Plant and machinery: over 15 years

  
2.6
Financial instruments

The directors have taken advantage of the exemption in paragraph 1.12c of FRS 102 allowing the company not to disclose the summary of financial instruments by the categories specified in paragraph 11.41.

Trade and other receivables

Trade and other receivables are recognised initially at 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.

Borrowings

Standard loans payable are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, loans payable are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the loan, using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period.  The effective interest rate is the rate that exactly discounts estimated future cash flows (including all fees that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability.

Where loans are subject to contractual terms and arrangements that are non-standard they are carried at fair value. The fair value is assessed as the present value of most likely cash flows, subject to the limitations of the underlying terms. Any movements are recognised in the income statement.
Page 12

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

  
2.7
Taxation

Current tax is provided at amounts expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date. 

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. Deferred tax relating to investment property is measured using the tax rates and allowances that apply to the sale of the asset.

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 judgements, apart from those involving estimation, that management makes in the process of applying the entity’s accounting policies.

Valuation of intercompany debt

In assessing the carrying value of the non-standard loans (see note 12), the company forecasts the present value of the most likely contractual cash flows of the underlying instrument. Estimates and judgments are made in the timing and quantum of the cash flows, the discount rate applied as well as the impact of the underlying terms that can be triggered in the agreements to change the cash flows. These assessments are reviewed and amended annually.

For the year ended 31 December 2025, the financial statements of the company did not contain any significant items that required the application of judgements, apart from those involving estimation.

Page 13

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

4.


TURNOVER

2025
2024
£
£

Rents receivable on telecommunication infrastructure
801,373
801,420

801,373
801,420


All turnover arose within the United Kingdom.


5.


AUDITOR'S REMUNERATION

The auditor's remuneration of £14,529 (2024 - £8,000) for the audit of the company for the year has been borne by another group undertaking.





6.


EMPLOYEES




The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).


7.


INTEREST RECEIVABLE AND SIMILAR INCOME

2025
2024
£
£


Bank and other interest receivable
3,746
4,264

3,746
4,264


8.


INTEREST PAYABLE AND SIMILAR CHARGES

2025
2024
£
£


Bank interest payable
183
129

Fair value adjustment on loans to group undertakings
374,505
309,713

374,688
309,842

Page 14

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

9.


TAXATION


2025
2024
£
£



Current tax on (loss)/profit for the year
-
-


Total current tax

-
-

Deferred tax


Origination and reversal of timing differences (Note 13)
(7,788)
3,645

Total deferred tax
(7,788)
3,645


Taxation on (loss)/profit on ordinary activities
(7,788)
3,645

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is different from the standard rate of corporation tax in the UK of25% (2024 - 25%). The differences are explained below:

2025
2024
£
£


(Loss)/profit on ordinary activities before tax
(7,788)
3,645


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
(1,947)
911

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
6,852

Capital allowances for year in excess of depreciation
-
(3,816)

Fair value movements not subject to tax
(638,540)
(542,715)

Group relief
632,699
542,413

Total tax charge for the year
(7,788)
3,645


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company is a member of a REIT headed by Stork Holdings Limited . As a consequence all qualifying property rental business is exempt from corporation tax. Only income and expenses relating to non-qualifying activities will continue to be taxable. 

Page 15

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

10.


TANGIBLE FIXED ASSETS


Plant and machinery

£



Cost or valuation


At 1 January 2025
7,684,318



At 31 December 2025

7,684,318



Depreciation


At 1 January 2025
7,631,094


Charge for the year on owned assets
26,540



At 31 December 2025

7,657,634



Net book value



At 31 December 2025
26,684



At 31 December 2024
53,224


11.


DEBTORS

2025
2024
£
£

Due after more than one year

Deferred tax asset (Note 13)
25,173
17,386

25,173
17,386


2025
2024
£
£

Due within one year

Trade debtors
525,010
314,519

Amounts owed by group undertakings
3,582,407
2,757,294

Prepayments and accrued income
14,501
-

4,121,918
3,071,813


Amounts owed by parent group undertakings are interest-free and repayable on demand.

Page 16

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

12.


CREDITORS: Amounts falling due within one year

2025
2024
£
£

Trade creditors
24,668
-

Amounts owed to group companies
406,035
309,560

Loan from a fellow subsidiary undertaking
3,046,058
2,671,555

Other creditors
97,346
17,327

Accruals and deferred income
614,734
240,014

4,188,841
3,238,456


The loan from a fellow subsidiary undertaking bears interest at 10% and is repayable on demand. The company's liability under this loan is subject to a net asset cap. Consequently, at 31 December 2025, the carrying value of this loan has been reduced from its initial carrying amount of £30,935,821 (2024 - £28,026,330). The increase in carrying value in the year of £374,505 (2024 - £309,713) has been taken to the income statement.


13.


DEFERRED TAXATION




2025


£






At beginning of year
17,386


Credited to profit or loss
7,787



At end of year
25,173

The deferred tax asset is made up as follows:

2025
2024
£
£


Capital allowances in excess of depreciation
25,173
17,386

25,173
17,386

Page 17

 
CANARY WHARF TELECOMS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025

14.


SHARE CAPITAL

2025
2024
£
£
Allotted, called up and fully paid



1 (2024 - 1) Ordinary share of £1.00
1
1



15.


CONTROLLING PARTY

The company's immediate parent undertaking is Canary Wharf Central Limited.

As at 31 December 2025, the smallest group of which the company is a member and for which group financial statements are drawn up is the consolidated financial statements of Canary Wharf Group Investment Holdings plc. Copies of the financial statements may be obtained from the Company Secretary, One Canada Square, Canary Wharf, London E14 5AB.

The largest group of which the company is a member for which group financial statements are drawn up is the consolidated financial statements of Stork HoldCo LP, an entity registered in Bermuda and the ultimate parent undertaking and controlling party. Stork HoldCo LP is registered at 73 Front Street, 5th Floor, Hamilton HM12, Bermuda.

Stork HoldCo LP is controlled as to 50% by Brookfield Property Partners LP and as to 50% by Qatar Investment Authority.

The directors have taken advantage of the exemption in paragraph 33.1A of FRS 102 allowing the company not to disclose related party transactions with respect to other wholly-owned group companies.

Page 18