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Registered number: 12114333 TANATUS DEVELOPMENTS LIMITED AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
TANATUS DEVELOPMENTS LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 12
TANATUS DEVELOPMENTS LIMITED COMPANY INFORMATION
Directors | Mr A S Brockley
| Mr N D Taee
| Mr R N Kierans
| Mr T Ward
Registered number | 12114333
Registered office | Lower Ground Floor Gardner House
| Hornbeam Park Avenue
| Harrogate
| North Yorkshire
| HG2 8NA
Independent auditors | Wellden Turnbull Limited
| Chartered Accountants & Statutory Auditors
| Albany House
| Claremont Lane
| Esher
| Surrey
| KT10 9FQ
Page 1
TANATUS DEVELOPMENTS LIMITED REGISTERED NUMBER: 12114333 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investment property | 6 |  | 34,050 |  | 35,600
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 7 | 426 |  | 484 |
Cash at bank and in hand | 8 | 406 |  | 39 |
|  | 832 |  | 523 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 9 | (1,106) |  | (1,113) |
Net current liabilities |  |  | (274) |  | (590)
Total assets less current liabilities |  |  | 33,776 |  | 35,010
Creditors: amounts falling due after more than one year | 10 |  | (29,494) |  | (29,352)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (1,477) |  | (1,864) |
|  |  | (1,477) |  | (1,864)
Net assets |  |  | 2,805 |  | 3,794
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | - |  | -
Profit and loss account | 13 |  | 2,805 |  | 3,794
|  |  | 2,805 |  | 3,794
Page 2
TANATUS DEVELOPMENTS LIMITED REGISTERED NUMBER: 12114333 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr R N Kierans
Director
Date: 9 March 2026
The notes on pages 4 to 12 form part of these financial statements. Page 3
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Tanatus Developments Limited is a private company, limited by shares and incorporated in England and Wales, registration number 12114333. The registered office address is Lower Ground Floor Gardner House, Hornbeam Park Avenue, Harrogate, North Yorkshire, HG2 8NA. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. 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). These financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £'000 unless otherwise stated. The following principal accounting policies have been applied:
| 2.2 | Compliance with accounting standards
The financial statements have been prepared using FRS102, the financial reporting standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.
| 2.3 | Going concern
The Company was loss making in the period, is in a net current liability position and a net asset position at the year end date. The financial statements have been prepared on a going concern basis which means the Company can be expected to meet its liabilities as the fall due for a period of at least 12 months from the date of signing these financial statements. In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks of the business as well as the Company's business model and availability of cash resources. In preparing this assessment the Directors note that the Company has met all required interest payments in the year and cite the ability of the Company to generate sufficient cash to meet its liabilities as they fall due. On this basis, the Directors consider it appropriate to prepare the financial statements on a going concern basis. Page 4
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: The revenue shown in the profit and loss account represents rent receivable during the year. Rent is recognised over the contract period. Where rental income is invoiced in advance, the proportion of rent relating to the period after the balance sheet date is included as deferred income.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.8 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence. Page 5
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Investment Property
Investment property is carried at fair value determined annually by management and derived from forecast market rents discounted at an appropriate rate of interest. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.10 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.11 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.12 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss. Page 6
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments. Impairment of financial assets Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 7
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. The following are the Company's key sources of estimation uncertainty. Fair value of investment properties The fair value of the investment properties is calculated by management in line with the accounting policy stated in note 2.9. In calculating the fair value management make judgements regarding the applicable discount rate, market rent levels and forecast future cashflows.
4. | Employees
| The Company has no employees other than the Directors, who did not receive any remuneration (2024 - £NIL).
5. | Exceptional items
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Loan prepayment fee | - | 285
| In the prior year the Company refinanced its bank borrowings and incurred a one off prepayment fee of £285,000.
6. | Investment property
|  | Investment property
|  | £000
| Valuation |
| At 1 October 2024 | 35,600
| Loss on revaluation | (1,550)
| At 30 September 2025 | 34,050
Investment property comprises a student accommodation building situated in London. Investment property is carried at fair value determined annually by management and derived from forecast market rents discounted at an appropriate rate of interest. During the year a revaluation loss was recognised of £1,550,000 (2024 loss: £3,810,000). Included within the amounts capitalised are finance costs of £1,562,000 (2024: £1,562,000).
Page 8
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
7. | Debtors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 30 | 50
| Other debtors | 371 | 412
| Prepayments and accrued income | 25 | 22
|  | 426 | 484
| Other debtors comprise amounts held in a bank account controlled by the property manager.
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 406 | 39
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 111 | 26
| Trade creditors | 41 | 133
| Other creditors | 2 | 2
| Accruals and deferred income | 952 | 952
|  | 1,106 | 1,113
Page 9
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
10. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank loans | 20,165 | 20,023
| Loans from related undertakings | 9,329 | 9,329
|  | 29,494 | 29,352
| Bank loans Bank loans comprise an interest bearing loan which is repayable in August 2027. The loan attracts interest at 5.98% per annum. Bank loans are secured by fixed and floating charge over all assets of the Company. Loans from related undertakings Loans from related undertakings are unsecured, interest free and repayable on demand. The lenders have entered into an agreement to subordinate repayment to the bank loans and therefore the outstanding balance has been classified as falling due after more than one year.
Page 10
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | Deferred taxation
|  | 2025 | 2024
|  | £000 | £000
| At beginning of year | (1,864) | (2,817)
| Charged to profit or loss | 387 | 953
| At end of year | (1,477) | (1,864)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Timing differences arising from fair value adjustments | (1,477) | (1,865)
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10 (2024 - 10) Ordinary shares of £1.00 each | 10 | 10
13. | Reserves
Profit and loss account The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
14. | Related party transactions
| The Company has taken advantage of the exemption under paragraph 1AC.35 of the Financial Reporting Standard 102 - section 1A.
15. | Controlling party
The Company's immediate and ultimate parent undertaking is Tanatus Holdings Limited, a company incorporated in England and Wales. The registered office address of Tanatus Holdings Limited is Lower Ground Floor Gardner House, Hornbeam Park Avenue, Harrogate, North Yorkshire, HG2 8NA. Page 11
TANATUS DEVELOPMENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | Auditors' information
The auditors' report on the financial statements for the year ended 30 September 2025 was unqualified. The audit report was signed on 10 March 2026 by Thomas Clark ACA (Senior statutory auditor) on behalf of Wellden Turnbull Limited.
Page 12