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Registered number: 04517621
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
COMPANY INFORMATION
Directors | J W J Ritblat
| P J Goswell
| S M Lancaster
| J E B Bowden (appointed 28 May 2025)
Registered number | 04517621
Registered office | 2 Fitzroy Place
| 8 Mortimer Street
| London
| W1T 3JJ
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| 4th Floor
| 95 Gresham Street
| London
| EC2V 7AB
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditor's report | 6 - 9
Statement of comprehensive income | 10
Statement of financial position | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 27
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2026
Introduction
The directors present their Strategic Report for the year ended 31 March 2026.
Business review
The principal activity of the Company is that of the provision of advisory and investment management services to a real estate portfolio of a UK pension scheme. The results for the year and the financial position of the Company at the year-end were considered satisfactory by the directors, who expect that revenue, together with funding from group undertakings, will be sufficient to fund the Company's expenses going forward.
Principal risks and uncertainties
The Company's operations are affected by fluctuations in the UK property market and the UK financial climate in general and the directors are actively monitoring the evolving market conditions. The directors believe that the quality and breadth of its clients portfolios largely protect the Company from such movements. Substantially all the Company's turnover is derived from contractual agreements. The directors believe that given their knowledge of the activities and financial position of the Company's clients, there is no significant risk of non-collection of turnover due under these contracts. The Company is registered as an Exempt Reporting Advisor with the US Securities and Exchange Commission (SEC) and is a fully authorised and regulated firm by the Financial Conduct Authority (FCA). In relation to financial instruments, the Company has established financial risk management procedures whose primary objectives are to protect the Company from events that hinder the achievement of the Company's performance. The objectives aim to limit undue counterparty exposure, ensure sufficient working capital exists and monitor the management of risk.
Financial key performance indicators
The Company's key financial performance indicators are: Turnover Turnover has decreased by £624k (15%) to £3,585k from £4,209k during the year, principally attributable to a reduction in project-specific development management fees from the UK pension scheme’s real estate portfolio. Net assets Net assets have decreased by £1,423k (25%) to £4,202k from £5,625k during the year, principally due to the depreciation of the Company’s fixed assets.
Credit and liquidity risk
The Company is exposed to credit risk primarily including deposits held with banks and from trade receivables. The carrying value of cash and trade receivables disclosed in the financial statements represents the maximum exposure at the year end. The Company has access to cash from its group undertakings, which is used to ensure it has sufficient cash to manage its working capital requirements. Page 1
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Directors' statement of compliance with duty to promote the success of the Company
Section 172 of the Companies Act requires directors to take into consideration the interests of stakeholders and other matters in their decision making. The Board considers that the decisions they have made during the financial year and the way they have acted have been in the best interests of stakeholders and related parties, having regard for matters set out in s172(1) (a-f) of the Act. The Board acts in good faith and in a manner that they consider promotes the long-term success of the business for the benefit of its stakeholders. The directors are constantly exploring opportunities to generate additional business. The Company’s key stakeholders are its clients and suppliers. The Company engages with its clients and suppliers through several means including: ∙Clients: providing support and advice to clients to build sustainable long-term business relationships to help them achieve their goals and objectives. ∙Suppliers: effective communications and updates on contracts to develop sustainable long-term business relationships. The Company supports the community projects and the environment by way of donations and actively encouraging participation in volunteering opportunities. The Company is committed to fulfilling its Environmental, Social and Governance (ESG) responsibilities across all its client mandates which should have a positive impact on society and the environment. As an FCA regulated entity, the directors are aware of their responsibilities to ensure that the Company has sufficient funding and liquidity such that the decision to maintain enough reserves and working capital are always a top priority which ultimately promotes the long-term success of the Company. This report was approved by the board and signed on its behalf.
J E B Bowden Director
Date: 20 July 2026
Page 2
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The directors present their report and the financial statements for the year ended 31 March 2026.
Directors' responsibilities statement
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 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 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £1,423,000 (2025 - loss £24,525,000). No dividends were paid or proposed during the year (2025: £nil).
Directors
The directors who served during the year were:
J W J Ritblat
P J Goswell
S M Lancaster
J E B Bowden (appointed 28 May 2025)
Future developments
The directors continue to pursue a broad range of opportunities. They are constantly exploring new opportunities with third parties to provide advisory services which would generate additional revenue. Page 3
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of the Company's forecast cash flows which covers the period to 31 December 2027. The directors have considered various stress test scenarios including a downside scenario, which assumes no revenue growth beyond what is currently contractually due and an inflation rate of 10% throughout the period to 31 December 2027. The directors have also considered that there is sufficient financial support from its ultimate parent undertaking, Cortx Holdings Limited, together with its subsidiaries to settle these liabilities. The directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
Qualifying third-party indemnity provisions
The Company maintains directors' and officers’ liability insurance which provides appropriate cover for legal action brought against its directors. The Company's practice has always been to indemnify its directors in accordance with the Company's Articles and to the maximum extent permitted by law. Qualifying third party indemnities, under which the Company has agreed to indemnify the directors, were in force during the financial year and at the date of approval of the financial statements, in accordance with the Company’s Articles and to the maximum extent permitted by law, in respect of all costs, charges, expenses, losses and liabilities which they may incur in or about the execution of their duties for the Company, or any entity which is an associated company (as defined in Section 256 of the Companies Act 2006), or as a result of duties performed by the directors on behalf of the Company or any such associated company.
Matters covered in the Strategic report
The Company has chosen, in accordance with Companies Act 2006, s. 414C(11), to set out in the Company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
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 the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the 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. Page 4
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Auditor
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
J E B Bowden Director
Date: 20 July 2026
Page 5
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED
Qualified opinion
We have audited the financial statements of Delancey Real Estate Asset Management Limited (the 'Company') for the year ended 31 March 2026, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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, except for the effects of the matter described in the Basis for qualified opinion section of our report, the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 March 2026 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
The prior year financial statements were qualified because they did not disclose the nature and amount of a settlement agreement entered into between the Company and HM Revenue & Customs during the previous year, which was a disclosure required under FRS 102. The directors did not disclose this information on the grounds that the terms of the settlement were confidential and to disclose these terms would be prejudicial to the Company and the parties to the agreement. As the prior year financial statements were qualified, the current year financial statements are also qualified but only in respect of the comparative information. The matter giving rise to the qualification does not affect the current year figures. 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 United Kingdom, including the Financial Reporting Council'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 qualified 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. Page 6
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED (CONTINUED)
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. As described in the Basis for qualified opinion section of our report, our audit opinion is qualified for non-disclosure of a material litigation settlement. The Strategic report and Directors' report also omits information in respect of the nature and value of the litigation settlement and accordingly we have concluded that the other information is materially misstated for the same reason.
Opinion on other matters prescribed by the Companies Act 2006
Except for the matter described in the Basis for qualified opinion section of our report, 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.
Matters on which we are required to report by exception
Except for the matter described in the Basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report. 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.
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 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 7
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED (CONTINUED)
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. 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: The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant: ∙The Companies Act 2006; ∙Financial Reporting Standards 102; ∙General Data Protection Regulations; ∙Financial Conduct Authority Handbook; and ∙UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial items. We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures. The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: ∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; ∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; ∙Challenging assumptions and judgements made by management in its significant accounting estimates and; ∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be the use of management override of controls or inappropriate assumptions used in accounting estimates to manipulate results, or to cause the Company to enter into transactions not in its best interests. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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. Page 8
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED (CONTINUED)
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. Sarah Hallam FCCA (Senior Statutory Auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 4th Floor 95 Gresham Street London EC2V 7AB 20 July 2026 Page 9
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £000 | £000
Turnover | 4 | 3,585 | 4,209
Cost of sales |  | (3,585) | (4,209)
Gross profit |  | - | -
Administrative expenses |  | (3,470) | (28,075)
Other operating income | 5 | 1,715 | 3,423
Operating loss | 6 | (1,755) | (24,652)
Interest receivable and similar income | 9 | 2 | 5
Interest payable and similar expenses | 10 | (92) | (73)
Loss before tax |  | (1,845) | (24,720)
Tax on loss | 11 | 422 | 195
Loss for the financial year |  | (1,423) | (24,525)
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 13 to 27 form part of these financial statements.
Page 10
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED REGISTERED NUMBER:04517621 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 3,627 |  | 4,571
|  |  | 3,627 |  | 4,571
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 9,751 |  | 10,006 |
Bank and cash balances | 15 | 288 |  | 100 |
|  | 10,039 |  | 10,106 |
Creditors: amounts falling due within one year | 16 | (8,457) |  | (8,195) |
Net current assets |  |  | 1,582 |  | 1,911
Total assets less current liabilities |  |  | 5,209 |  | 6,482
Creditors: amounts falling due after more than one year | 17 |  | (118) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (170) |  | (230) |
Other provisions | 19 | (719) |  | (627) |
|  |  | (889) |  | (857)
Net assets |  |  | 4,202 |  | 5,625
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | - |  | -
Share premium account | 21 |  | 25,100 |  | 25,100
Profit and loss account | 21 |  | (20,898) |  | (19,475)
|  |  | 4,202 |  | 5,625
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J E B Bowden
Director
Date: 20 July 2026
The notes on pages 13 to 27 form part of these financial statements. Page 11
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Share premium account | Retained Earnings | Total equity
| £000 | £000 | £000 | £000
At 1 April 2024 | - | 2,100 | 5,050 | 7,150
Loss for the year | - | - | (24,525) | (24,525)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | - | 23,000 | - | 23,000
At 1 April 2025 | - | 25,100 | (19,475) | 5,625
Loss for the year | - | - | (1,423) | (1,423)
At 31 March 2026 | - | 25,100 | (20,898) | 4,202
| The notes on pages 13 to 27 form part of these financial statements.
Page 12
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Delancey Real Estate Asset Management Limited (the 'Company') is a private company limited by shares incorporated and domiciled in England & Wales. The registered office is 2 Fitzroy Place, 8 Mortimer Street, London, United Kingdom, W1T 3JJ. 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 (see note 3). The following principal accounting policies have been applied:
| 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 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Cortx Holdings Limited as at 31 March 2026 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The financial statements present information about the Company as an individual undertaking and not about its Group. The Company has not prepared Group financial statements as it is exempt from the requirement to do so by Section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Cortx Holdings Limited, a Company registered in England & Wales and is included in the publicly available consolidated financial statements of that Company which can be obtained from Companies House. Page 13
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.4 | Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of the Company's forecast cash flows which covers the period to 31 December 2027. The directors have considered various stress test scenarios including a downside scenario, which assumes no revenue growth beyond what is currently contractually due and an inflation rate of 10% throughout the period to 31 December 2027. The directors have also considered that there is sufficient financial support from its ultimate parent undertaking, Cortx Holdings Limited, together with its subsidiaries to settle these liabilities. The directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.
| 2.5 | Turnover
Turnover represents fees receivable for advisory and investment management services provided under contractual arrangements. The Company recognises turnover as principal where it is responsible for the regulated service provided to the client and holds relevant FCA permissions. Amounts charged by group undertakings for performing the underlying work are recognised within cost of sales. Turnover is recognised to the extent that the services have been provided.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | over the life of the lease
|  |  |  | Fixtures, fittings and equipment | - | over 2 to 3 years
|  |  |  | Artwork (included in Fixtures, fittings & equipment) | - | no depreciation
|  |  |  | Motor vehicles | - | 5 years
|  |  |  | Other assets | - | 5 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 14
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.7 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.8 | Pensions
The Company operates a defined contribution pension scheme. The pension costs charged to the Statement of Comprehensive Income represent the contributions payable by the Company during the year.
| 2.9 | 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.
| 2.10 | Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Comprehensive Income.
| 2.11 | Investments in joint ventures
Investments in joint ventures are accounted for at cost. Where indicators of impairment have been identified, the Company recognises an impairment loss immediately in the Statement of Comprehensive Income. Page 15
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.12 | Investments in subsidiaries
Investments in subsidiaries are accounted for at cost. Where indicators of impairment have been identified, the Company recognises an impairment loss immediately in the Statement of Comprehensive Income.
| 2.13 | Loan notes
Loan notes which are basic financial instruments are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest rate method.
| 2.14 | 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. Increases in provisions are generally charged as an expense to profit or loss. Page 16
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other facts, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 of the financial statements for the carrying amount of the tangible fixed assets and note 2.6 to the financial statements for the useful economic lives for each class of asset. (ii) Assessment of impairment indicators Impairment assessments of financial assets and non-financial assets are carried out at least annually. Various indicators are considered including the economic utilisation and the physical condition of the assets however the resulting assessments are judgemental. (iii) Dilapidations provision The financial statements include a provision to cover the anticipated costs of restoring leased properties to their original condition at the end of the lease term, as stipulated in the lease agreements. The key sources of estimation uncertainty affecting the dilapidations provision include the estimates price per square foot for any restoration works and the discount rate used to calculate the present value of the future obligation. The directors regularly review the dilapidations provision, taking into account any new information or changes in circumstances. The estimation of the dilapidations provision is inherently uncertain and changes in these assumptions could result in material adjustments to the financial statements in future periods.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Fees receivable under advisory agreements | 3,585 | 4,209
|  | 3,585 | 4,209
| All turnover arose within the United Kingdom.
Page 17
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Management recharges | 1,701 | 3,181
| Fees receivable | 14 | 242
|  | 1,715 | 3,423
6. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Depreciation of tangible fixed assets | 629 | 718
| Impairment of tangible fixed assets | 71 | -
| Exchange differences | 10 | 11
| Other operating lease rentals | 913 | 974
7. | Employees
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Wages and salaries | - | 152
| Social security costs | - | 22
| Cost of defined contribution scheme | - | 173
|  | - | 347
| The Company had no employees during the year (2025 - NIL).
8. | Auditor's remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Fees payable for the audit of the Company's financial statements | 23 | 28
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 18
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Other interest receivable | 2 | 5
|  | 2 | 5
10. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Group interest payable | - | 48
| Other interest payable | 92 | 25
|  | 92 | 73
11. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | - | (59)
| Adjustments in respect of previous years | (107) | (220)
| s171A transfers receivable | (30) | -
| Group relief taxation | (225) | -
| Total current tax | (362) | (279)
| Deferred tax |  |
| Deferred tax (credit)/charge | (60) | 84
| Total deferred tax | (60) | 84
| Tax credit on loss for the year | (422) | (195)
Page 19
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - higher than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Loss on ordinary activities before tax | (1,845) | (24,720)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | (461) | (6,180)
| Effects of: |  |
| Expenses not deductible for tax purposes | 48 | 5,970
| Capital allowances for year in excess of depreciation | 129 | 151
| Payment/(receipt) for s171A transfers | (30) | -
| Receipt in respect of prior year group relief surrendered | (107) | (220)
| Dividends from UK companies | - | (48)
| Adjustments to tax charge in respect of prior periods - deferred tax | (1) | 132
| Total tax credit for the year | (422) | (195)
Page 20
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 11.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Tangible fixed assets
|  | Fixtures, fittings & equipment | Leasehold improvement | Motor vehicles | Other assets | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 1 April 2025 | 5,292 | 2,640 | 394 | 1,092 | 9,418
| Disposals | (244) | - | (64) | - | (308)
| At 31 March 2026 | 5,048 | 2,640 | 330 | 1,092 | 9,110
| Depreciation |  |  |  |  |
| At 1 April 2025 | 2,555 | 826 | 374 | 1,092 | 4,847
| Charge for the year on owned assets | 60 | 549 | 20 | - | 629
| Disposals | - | - | (64) | - | (64)
| Impairment charge | 71 | - | - | - | 71
| At 31 March 2026 | 2,686 | 1,375 | 330 | 1,092 | 5,483
| Net book value |  |  |  |  |
| At 31 March 2026 | 2,362 | 1,265 | - | - | 3,627
| At 31 March 2025 | 2,737 | 1,814 | 20 | - | 4,571
Page 21
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Net book value |
| At 31 March 2026 | -
| At 31 March 2025 | -
Page 22
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 At 31 March 2026 the Company had interests in the following active subsidiaries:
| Subsidiary | Proportion held (%) | Nature of business
| Delancey Asset Management Limited | 100 | Real estate advisory
| Delancey Investment Advisory Services Limited | 100 | Real estate advisory
| Delancey Real Estate Asset Management Group Limited | 100 | Management
| Mount Kendal Limited | 100 | Real estate advisory
| Newincco 1404 Limited | 100 | Holding company
| NW1 Capital Management Limited | 45 | Real estate management
| NW1 Partners UK LLP | 45 | Real estate advisory
The registered office for the above entities is the same as that for Delancey Real Estate Asset Management Limited being 2 Fitzroy Place, 8 Mortimer Street, London, United Kingdom, W1T 3JJ. At 31 March 2026 the Company had interests in the following wholly owned dormant subsidiaries:
| Delancey Limited
| Delancey Associates Limited
| Delancey Developments Limited
| Delancey Estates Limited
| Delancey (General Partner) Limited
| Delancey Properties Limited
| Five Oaks Developments Limited
| Mount Kendal Group Limited
At 31 March 2026 the Company had an interest in NW1 Partners (GP) Limited which was dormant during year. The proportion held was 45%. NW1 Partners UK LLP is a subsidiary of Newincco 1404 Limited. NW1 Capital Management Limited and NW1 Partners (GP) Ltd are subsidiaries of NW1 Partners UK LLP. Delancey Asset Management Limited, Delancey Real Estate Asset Management Group Limited, and Mount Kendal Limited are subsidiaries of Delancey Investment Advisory Services Limited. Mount Kendal Group Limited is a subsidiary of Mount Kendal Limited. All other subsidiaries are direct subsidiaries of the Company. The Company's holdings are determined with reference to its percentage share of Ordinary shares held, except for its holding in NW1 Partners UK LLP which is determined with reference to voting rights. Page 23
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Fixed asset investments (continued)
At 31 March 2026 the Company had the following significant shareholdings:
| Joint ventures | Proportion held (%) | Country of incorporation | Nature of business
| NW1 Partners US, LLC | 45 | USA (Delaware) | Real estate advisory
NW1 Partners US, LLC is a significant shareholding of Newincco 1404 Limited. The Company's holdings are determined with reference to its percentage share of Ordinary shares held. The registered office of NW1 Partners US, LLC is Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle, Delaware 19801. Additional disclosures are given in respect of significant shareholdings, which exceed certain 25% thresholds under FRS 102 Section 15 - "Interests in Joint Ventures", for the year ended 31 March 2026 as follows:
|  | Loss after taxation for the financial year £'000 | Aggregate of capital and reserves at 31 March 2026 £'000
| NW1 Partners US, LLC | (81) | (934)
14. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Trade debtors | 1,120 | 1,174
| Amounts owed by group undertakings | 5,405 | 5,493
| Amounts owed by related undertakings | 302 | 310
| Other debtors | 1,645 | 1,106
| Prepayments and accrued income | 1,024 | 1,594
| Corporation tax recoverable | - | 294
| Group relief receivable | 255 | 35
|  | 9,751 | 10,006
Page 24
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
15. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 288 | 100
|  | 288 | 100
16. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Trade creditors | 818 | 772
| Other taxation and social security | - | 344
| Amounts owed to group undertakings | 7,254 | 6,508
| Accruals and deferred income | 322 | 571
| Corporation tax | 63 | -
|  | 8,457 | 8,195
17. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Accruals | 118 | -
|  | 118 | -
18. | Deferred taxation
|  | 2026
|  | £000
| At beginning of year | (230)
| Credited to profit or loss | 60
| At end of year | (170)
Page 25
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 18.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Accelerated capital allowances | (170) | (230)
|  | (170) | (230)
19. | Provisions
|  | Dilapidations
|  | £000
| At 1 April 2025 | 627
| Unwind of discount | 92
| At 31 March 2026 | 719
20. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 9 (2025 - 9) Ordinary shares of £1.00 each | 9 | 9
| Each Ordinary share in issue carries one vote in respect of any resolution to appoint or remove a director or an alternate director.
21. | Reserves
Share premium account This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account This reserve records retained earnings and accumulated losses. Page 26
DELANCEY REAL ESTATE ASSET MANAGEMENT LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
22. | Commitments under operating leases
| At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Not later than 1 year | 1,095 | 1,092
| Later than 1 year and not later than 5 years | 788 | 1,881
|  | 1,883 | 2,973
23. | Related party transactions
| The Company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with group undertakings on the grounds that it is a wholly owned subsidiary of Cortx Holdings Limited, whose consolidated financial statements are publicly available. At the year end, an amount of £301k (2025: £301k) was due from Delancey Real Estate Debt Services Limited, a company under common ownership. No transactions were entered into with Delancey Real Estate Debt Services Limited during the year. The balance was unsecured, interest free and repayable on demand. During the year, the Company received recharged expenses amounting to £8k, from Evermill Capital Limited, a company under common ownership. At the year end, an amount of £1k was payable to Evermill Capital Limited (2025: £7k receivable). The balance was unsecured, interest free and repayable on demand.
24. | Controlling party
The ultimate and immediate parent undertaking is Cortx Holdings Limited, a company registered in England & Wales. The smallest group in which the results of the Company are consolidated is that headed by Cortx Holdings Limited. The registered office is 2 Fitzroy Place, 8 Mortimer Street, London, United Kingdom, W1T 3JJ. The consolidated financial statements of Cortx Holdings Limited are publicly available from Companies House. The ultimate controlling party is J W J Ritblat.
Page 27