Caseware UK (AP4) 2025.0.111 2025.0.111 2026-03-31 2026-03-31 2026-03-31 2025-04-01 false false Provision of advisory services.3 2 true false 13282309 2025-04-01 2026-03-31 13282309 2024-04-01 2025-03-31 13282309 2026-03-31 13282309 2025-03-31 13282309 2024-04-01 13282309 c:Director1 2025-04-01 2026-03-31 13282309 c:Director2 2025-04-01 2026-03-31 13282309 c:Director3 2025-04-01 2026-03-31 13282309 c:Director3 2026-03-31 13282309 c:Director4 2025-04-01 2026-03-31 13282309 c:Director4 2026-03-31 13282309 c:RegisteredOffice 2025-04-01 2026-03-31 13282309 d:CurrentFinancialInstruments 2026-03-31 13282309 d:CurrentFinancialInstruments 2025-03-31 13282309 d:CurrentFinancialInstruments d:WithinOneYear 2026-03-31 13282309 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 13282309 d:ShareCapital 2026-03-31 13282309 d:ShareCapital 2025-03-31 13282309 d:ShareCapital 2024-04-01 13282309 d:RetainedEarningsAccumulatedLosses 2025-04-01 2026-03-31 13282309 d:RetainedEarningsAccumulatedLosses 2026-03-31 13282309 d:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 13282309 d:RetainedEarningsAccumulatedLosses 2025-03-31 13282309 d:RetainedEarningsAccumulatedLosses 2024-04-01 13282309 d:AcceleratedTaxDepreciationDeferredTax 2026-03-31 13282309 d:AcceleratedTaxDepreciationDeferredTax 2025-03-31 13282309 d:TaxLossesCarry-forwardsDeferredTax 2026-03-31 13282309 d:TaxLossesCarry-forwardsDeferredTax 2025-03-31 13282309 c:OrdinaryShareClass1 2025-04-01 2026-03-31 13282309 c:OrdinaryShareClass1 2026-03-31 13282309 c:OrdinaryShareClass1 2025-03-31 13282309 c:FRS102 2025-04-01 2026-03-31 13282309 c:Audited 2025-04-01 2026-03-31 13282309 c:FullAccounts 2025-04-01 2026-03-31 13282309 c:PrivateLimitedCompanyLtd 2025-04-01 2026-03-31 13282309 d:Subsidiary1 2025-04-01 2026-03-31 13282309 d:Subsidiary1 1 2025-04-01 2026-03-31 13282309 d:Subsidiary2 2025-04-01 2026-03-31 13282309 d:Subsidiary2 1 2025-04-01 2026-03-31 13282309 d:Subsidiary3 2025-04-01 2026-03-31 13282309 d:Subsidiary3 1 2025-04-01 2026-03-31 13282309 d:Subsidiary4 2025-04-01 2026-03-31 13282309 d:Subsidiary4 1 2025-04-01 2026-03-31 13282309 d:Subsidiary5 2025-04-01 2026-03-31 13282309 d:Subsidiary5 1 2025-04-01 2026-03-31 13282309 d:Subsidiary6 2025-04-01 2026-03-31 13282309 d:Subsidiary6 1 2025-04-01 2026-03-31 13282309 d:Subsidiary7 2025-04-01 2026-03-31 13282309 d:Subsidiary7 1 2025-04-01 2026-03-31 13282309 c:Consolidated 2026-03-31 13282309 c:ConsolidatedGroupCompanyAccounts 2025-04-01 2026-03-31 13282309 2 2025-04-01 2026-03-31 13282309 4 2025-04-01 2026-03-31 13282309 6 2025-04-01 2026-03-31 13282309 e:PoundSterling 2025-04-01 2026-03-31 xbrli:shares iso4217:GBP xbrli:pure

Company registration number: 13282309
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| DELANCEY REAL ESTATE DEBT SERVICES LIMITED
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
COMPANY INFORMATION
Directors | J W J Ritblat
| P J Goswell
| J E B Bowden (appointed 18 November 2025)
| S M Lancaster (appointed 18 November 2025)
Registered number | 13282309
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 DEBT SERVICES LIMITED |  |
CONTENTS
| Page
Group strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditor's report | 6 - 9
Consolidated statement of comprehensive income | 10
Consolidated statement of financial position | 11
Company statement of financial position | 12
Consolidated statement of changes in equity | 13
Company statement of changes in equity | 14
Consolidated statement of cash flows | 15
Notes to the financial statements | 16 - 30
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2026
Introduction
The directors present their Strategic Report and the consolidated financial statements for the year ended 31 March 2026 for Delancey Real Estate Debt Services Limited (the 'Company') and its subsidiaries (the 'Group').
Business review
The principal activity of the Group is that of the provision of investment management and advisory services. The results for the year and the financial position of the Group at the year end were considered satisfactory by the directors, who expect that turnover will be sufficient to fund the Group's expenses going forward. Future growth is expected as the Group secures new client mandates. The directors anticipate continued growth in the foreseeable future. The directors remain proactive in identifying and pursuing new opportunities with third parties to expand the Group's advisory offerings and generate additional revenue streams.
Principal risks and uncertainties
The Group'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 Group from such movements. Substantially all of the Group's turnover is derived from contractual agreements. The directors believe that given their knowledge of the activities and financial position of the Group's clients, there is no significant risk of non-collection of turnover due under these contracts. In relation to financial instruments, the Group has established financial risk management procedures whose primary objectives are to protect the Group from events that hinder the achievement of the Group'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 Group's key financial performance indicators are: Turnover Turnover has increased this year by £3,048k (152%) due to the growth in fees generated from new clients. Net liabilities Net liabilities have decreased by £682k (49%), principally as a result of the profit made in the year from new clients.
Credit and liquidity risk
The Group is exposed to credit risk primarily including deposits held with banks and from other 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 related undertakings, which is used to ensure it has sufficient cash to manage its working capital requirements. Page 1
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
Directors' statement of compliance with duty to promote the success of the Group
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 Group’s key stakeholders are its employees, clients, and suppliers. The Group engages with its employees, clients and suppliers through several means including: ∙Employees: internal updates on the Group's development, client relationship building, and employee training and development. ∙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 Group supports the community and the environment by way of donations and actively encouraging participation in volunteering opportunities. The Group is committed to fulfilling its Environmental, Social and Governance responsibilities across all its client mandates which should have a positive impact in society and the environment. As a Group which includes FCA regulated entities, the directors are aware of their responsibilities to ensure that the Group 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 Group. This report was approved by the board and signed on its behalf.
J E B Bowden Director
Date: 25 August 2026
Page 2
DELANCEY REAL ESTATE DEBT SERVICES 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 for Delancey Real Estate Debt Services Limited (the 'Company') and its subsidiaries (the 'Group').
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year after taxation amounted to £682k (2025: loss of £1,239k), of which £384k was attributable to owners of the parent and a profit of £298k was attributable to non-controlling interests. No dividends were paid during the year (2025: £NIL). Page 3
DELANCEY REAL ESTATE DEBT SERVICES 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 Group has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of the Group'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. Based on these stress test scenarios, the directors are satisfied that the Group has sufficient cash resources to meet its liabilities as they fall due for the period to 31 December 2027. The Company has received a letter of financial support from Delancey Investment Advisory Services Limited, which provides the Company with financial support through a loan agreement and has confirmed that it will not demand repayment of amounts due where doing so would prevent the Company from meeting its liabilities as they fall due. At the time of approving the financial statements, the directors have a reasonable expectation that Delancey Investment Advisory Services Limited has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of Delancey Investment Advisory Services Limited's forecast cashflows which covers the period to 31 December 2027. The directors, therefore, have a reasonable expectation that the Group 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.
Directors
The directors who served during the year were:
J W J Ritblat
P J Goswell
J E B Bowden (appointed 18 November 2025)
S M Lancaster (appointed 18 November 2025)
Future developments
The directors continue to pursue a broad range of opportunities. They are continually in discussion with third parties to provide investment management and advisory services which would generate additional revenue.
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 Group 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. This has been set out in the directors' statement of compliance with duty to promote the success of the Group. Information concerning financial risk management and the use of financial instruments, otherwise required to be included in the Directors' report, is included in the Group strategic report on page 1. Page 4
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026
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 and the Group'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 and the Group's auditor is aware of that information.
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: 25 August 2026
Page 5
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES LIMITED
Opinion
We have audited the financial statements of Delancey Real Estate Debt Services Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2026 and of the Group's profit 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 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 Group 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 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 Group's or the parent 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 6
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES LIMITED (CONTINUED)
Opinion 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 Group 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 Group 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
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 7
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES 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 Group 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 Group 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 Standard 102; ∙General Data Protection Regulations; ∙UK tax legislation; and ∙Financial Conduct Authority Regulations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Group 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 Group's 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; 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 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 DEBT SERVICES LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES 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 25 August 2026 Page 9
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
| £000 | £000
Turnover | 3 | 5,057 | 2,009
Cost of sales |  | (2,902) | (1,507)
Gross profit |  | 2,155 | 502
Administrative expenses |  | (1,279) | (906)
Exceptional items relating to client mandates | 10 | - | (914)
Fair value movements | 11 | 78 | -
Operating profit/(loss) |  | 954 | (1,318)
Interest receivable and similar income | 7 | 2 | -
Interest payable and similar expenses | 8 | (213) | (42)
Profit/(loss) before tax |  | 743 | (1,360)
Tax on profit/(loss) | 9 | (61) | 121
Profit/(loss) for the financial year |  | 682 | (1,239)
Profit/(loss) for the year attributable to: |  |  |
Owners of the Company |  | 384 | (947)
Non-controlling interest |  | 298 | (292)
|  | 682 | (1,239)
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 16 to 30 form part of these financial statements.
Page 10
DELANCEY REAL ESTATE DEBT SERVICES LIMITED REGISTERED NUMBER:13282309 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 11 |  | 2,379 |  | 12
|  |  | 2,379 |  | 12
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 1,184 |  | 798 |
Cash at bank and in hand | 14 | 1,158 |  | 752 |
|  | 2,342 |  | 1,550 |
Creditors: amounts falling due within one year | 15 | (5,419) |  | (2,942) |
Net current liabilities |  |  | (3,077) |  | (1,392)
Total assets less current liabilities |  |  | (698) |  | (1,380)
Net liabilities |  |  | (698) |  | (1,380)
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 1 |  | 1
Profit and loss account | 18 |  | (705) |  | (1,089)
Equity attributable to owners of the Company |  |  | (704) |  | (1,088)
Non-controlling interests |  |  | 6 |  | (292)
|  |  | (698) |  | (1,380)
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: 25 August 2026
The notes on pages 16 to 30 form part of these financial statements. Page 11
DELANCEY REAL ESTATE DEBT SERVICES LIMITED REGISTERED NUMBER:13282309 |  |
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 11 |  | 1,450 |  | 1,450
|  |  | 1,450 |  | 1,450
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 2,362 |  | 570 |
Cash at bank and in hand | 14 | 1 |  | 1 |
|  | 2,363 |  | 571 |
Creditors: amounts falling due within one year | 15 | (4,102) |  | (2,142) |
Net current liabilities |  |  | (1,739) |  | (1,571)
Total assets less current liabilities |  |  | (289) |  | (121)
Net liabilities |  |  | (289) |  | (121)
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 1 |  | 1
Profit and loss account brought forward | 18 | (122) |  | (61) |
Loss for the year |  | (168) |  | (61) |
Profit and loss account carried forward |  |  | (290) |  | (122)
|  |  | (289) |  | (121)
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: 25 August 2026
The notes on pages 16 to 30 form part of these financial statements. Page 12
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Profit and loss account | Non-controlling interests | Total equity
| £000 | £000 | £000 | £000
At 1 April 2024 | 1 | (142) | - | (141)
Loss for the year | - | (947) | (292) | (1,239)
At 1 April 2025 | 1 | (1,089) | (292) | (1,380)
Profit for the year | - | 384 | 298 | 682
At 31 March 2026 | 1 | (705) | 6 | (698)
| The notes on pages 16 to 30 form part of these financial statements.
Page 13
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 April 2024 | 1 | (61) | (60)
Loss for the year | - | (61) | (61)
At 1 April 2025 | 1 | (122) | (121)
Loss for the year | - | (168) | (168)
At 31 March 2026 | 1 | (290) | (289)
| The notes on pages 16 to 30 form part of these financial statements.
Page 14
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
|  |  |  | 2026 | 2025
|  |  | Note | £000 | £000
Cash flows from operating activities |  |  |
Profit/(loss) for the financial year |  | 682 | (1,239)
Adjustments for: |  |  |
Interest payable | 8 | 213 | 42
Interest receivable | 7 | (2) | -
Taxation charge/(credit) | 9 | 61 | (121)
(Increase)/decrease in debtors |  | (488) | 329
Increase in creditors |  | 613 | 555
Net fair value gains recognised in P&L | 11 | (78) | -
Corporation tax received/(paid) |  | 54 | (123)
Interest paid |  | (2) | (1)
Interest received |  | 2 | -
Net cash generated from/(used in) operating activities |  | 1,055 | (558)
Cash flows from investing activities |  |  |
Purchase of unlisted and other investments | 11 | (2,289) | (12)
Net cash used in investing activities |  | (2,289) | (12)
Cash flows from financing activities |  |  |
Proceeds from borrowings |  | 3,581 | 514
Repayment of borrowings |  | (1,941) | -
Net cash from financing activities |  | 1,640 | 514
Net increase/(decrease) in cash and cash equivalents |  | 406 | (56)
Cash and cash equivalents at beginning of year |  | 752 | 808
Cash and cash equivalents at the end of year |  | 1,158 | 752
Cash and cash equivalents at the end of year comprise: |  |  |
Cash at bank and in hand |  | 1,158 | 752
|  | 1,158 | 752
The notes on pages 16 to 30 form part of these financial statements.
Page 15
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Delancey Real Estate Debt Services Limited (the 'Company') and its subsidiaries (the 'Group') are private companies limited by shares incorporated and domiciled in England & Wales. The registered office is 2 Fitzroy Place, 8 Mortimer Street, London, 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 Group management to exercise judgement in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. 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 3,18 (d) ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
| 2.3 | Basis of consolidation
The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 16
DELANCEY REAL ESTATE DEBT SERVICES 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 Group has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of the Group'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. Based on these stress test scenarios, the directors are satisfied that the Group has sufficient cash resources to meet its liabilities as they fall due for the period to 31 December 2027. The Company has received a letter of financial support from Delancey Investment Advisory Services Limited, which provides the Company with financial support through a loan agreement and has confirmed that it will not demand repayment of amounts due where doing so would prevent the Company from meeting its liabilities as they fall due. At the time of approving the financial statements, the directors have a reasonable expectation that Delancey Investment Advisory Services Limited has adequate resources to continue in operational existence for the foreseeable future. This is based on an assessment of Delancey Investment Advisory Services Limited's forecast cashflows which covers the period to 31 December 2027. The directors, therefore, have a reasonable expectation that the Group 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 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 17
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.6 | Turnover
Turnover represents fees receivable for investment management and advisory services provided under investment management and advisory agreements which were in existence during the accounting period. Turnover is recognised to the extent that investment management and advisory services have been provided.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | 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.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds. Page 18
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.10 | 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 reporting date in the countries where the Company and the Group operate and generate 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; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. 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.
| 2.11 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
| 2.12 | Valuation of investments
Investments in subsidiaries held by the Parent Company 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. Other investments are recognised initially at fair value which is normally the transaction price (but excludes transaction costs, where the investment is subsequently measured at fair value through profit or loss). Subsequently, they are measured at fair value through profit or loss. The fair value of the equity investments is determined with reference to the Company's percentage share of the underlying investments' net assets, which are adjusted as appropriate to their fair value. The underlying investment properties are valued at fair value by independent external valuation experts.
| 2.13 | 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. Page 19
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | 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.
| 2.16 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 20
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Investment management and advisory services | 5,057 | 2,009
|  | 5,057 | 2,009
| All turnover arose within the United Kingdom.
4. | Auditor's remuneration
| During the year, the Group obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Audit of Group financial statements | 8 | 8
| Audit of subsidiaries | 39 | 37
| Non-audit services | 16 | 15
Page 21
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
5. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2026 | 2025
|  | £000 | £000
| Wages and salaries | 544 | 177
| Social security costs | 67 | 23
| Company contributions to defined contribution pension schemes | 20 | 9
|  | 631 | 209
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2026 | 2025 | 2026 | 2025
|  |  | No. | No. | No. | No.
|  | Directors | 3 | 2 | 3 | 2
|  | Directors of subsidiary companies | 3 | - | - | -
|  |  | 6 | 2 | 3 | 2
6. | Directors' remuneration
| The directors of the Company received no remuneration in respect of qualifying services to the Company or any of its subsidiary undertakings during the year (2025: £nil).
7. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Other interest receivable | 2 | -
|  | 2 | -
Page 22
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Bank interest payable | 2 | -
| Other loan interest payable | 211 | 40
| Other interest payable | - | 2
|  | 213 | 42
9. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits/(losses) for the year | 84 | (11)
| Adjustments in respect of previous periods | (22) | 31
| Total current tax | 62 | 20
| Deferred tax |  |
| Origination and reversal of timing differences | (1) | (141)
| Total deferred tax | (1) | (141)
| Tax on profit/(loss) | 61 | (121)
Page 23
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2025 - lower than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Profit/(loss) on ordinary activities before tax | 743 | (1,360)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 186 | (340)
| Effects of: |  |
| Non-deductible expenses | 25 | 93
| Non-taxable income | (20) | -
| Adjustments in respect of prior periods | (22) | 16
| Other timing differences | - | 5
| Movement in deferred tax not recognised | (108) | 105
| Total tax charge/(credit) for the year | 61 | (121)
| Factors that may affect future tax charges
At the reporting date, the Group has recognised a deferred tax asset of £142k (2025: £141k) in respect of timing differences and tax losses carried forward, as the directors consider it probable that these amounts will be recovered against future taxable profits.
10. | Exceptional items
|  |  |  |  | 2026 | 2025
|  |  |  |  | £000 | £000
| Non-recurring professional fees | - | 415
| Fund set up costs written off | - | 499
|  | - | 914
Page 24
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
11. | Fixed asset investments
| Group
|  | Unlisted investments
|  | £000
| Cost or valuation |
| At 1 April 2025 | 12
| Additions | 2,289
| Revaluations | 78
| At 31 March 2026 | 2,379
| During the prior year, the Group acquired an LP Interest in DV5 Co-investment SLP by way of a capital contribution of £1 and a loan of £12k. On 4 April 2025, the Group acquired a further LP Interest in DV5 Co-investment SLP by way of a capital contribution of £1 and a loan of £6k. On 20 May 2025, the Group acquired a further LP Interest in DV5 Co-investment SLP by way of a capital contribution of £1 and a loan of £12k. During the year, a total £8k was contributed to DV5 Co-investment SLP. At the year end date, the Group has £12k of uncalled commitments which are payable in a timely manner for the purpose of the Group funding the operating requirements, acquisitions and future liabilities of this Partnership as they fall due. During the prior year, the Group acquired an LP Interest in Delancey DARE Co-investment LP committing £4,250k to the Partnership. During the year, a total £2,258k was contributed to Delancey DARE Co-investment LP. On 5 December 2025, the Group acquired a further LP Interest in Delancey DARE Co-investment LP by way of a capital contribution of £5k. At the year end date, the Group has £1,996k of uncalled commitments which are payable in a timely manner for the purpose of the Group funding the operating requirements, acquisitions and future liabilities of this Partnership as they fall due.
Page 25
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
| Company
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 April 2025 | 1,450
| At 31 March 2026 | 1,450
| On 6th October 2025, the Company acquired the entire issued share capital of Delancey Debt Capital Limited for consideration of £1. The amount is rounded to £nil in the above table.
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Delancey Real Estate Investment Management Limited | Ordinary | 100%
| Delancey Credit Solutions Limited | Ordinary | 100%
| DREDS Group Limited | Ordinary | 100%
| DREDS Holdings Limited | Ordinary | 100%
| Evermill Partners Limited * | Ordinary | 50%
| Evermill Capital Limited * | Ordinary | 50%
| Delancey Debt Capital Limited | Ordinary | 100%
| * Indirect subsidiary The registered office of the subsidiary undertakings of the Company is: 2 Fitzroy Place, 8 Mortimer Street, London, W1T 3JJ. The investment in Evermill Partners Limited is classified as a subsidiary as the Company has the power to govern the financial and operating policies of Evermill Partners Limited through contractual rights. Although the Company holds 50% of the issued share capital, it has the right to appoint a majority of the board of directors (four of the seven directors), providing it with control over the entity. Evermill Capital Limited is an indirect subsidiary of the Company because it is 100% owned by Evermill Partners Limited.
Page 26
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
12. | Financial instruments
|  | Group | Group
|  | 2026 | 2025
|  | £000 | £000
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 2,379 | 12
| Financial assets measured at fair value through profit or loss comprise interests in unlisted private co-investment funds and limited partnerships. Their fair values are determined by reference to the Group’s share of the underlying investments’ net assets, adjusted as appropriate to fair value, including underlying investment properties valued by independent external valuation experts.
13. | Debtors
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £000 | £000 | £000 | £000
| Amounts owed by group undertakings | - | - | 2,306 | 569
| Other debtors | 219 | 190 | 1 | 1
| Prepayments and accrued income | 823 | 364 | - | -
| Tax recoverable | - | 103 | - | -
| Deferred taxation | 142 | 141 | 55 | -
|  | 1,184 | 798 | 2,362 | 570
14. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 1,158 | 752 | 1 | 1
|  | 1,158 | 752 | 1 | 1
Page 27
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
15. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £000 | £000 | £000 | £000
| Trade creditors | 30 | 153 | 3 | 5
| Amounts owed to group undertakings | - | - | 94 | 52
| Amounts owed to related undertakings | 4,414 | 2,138 | 3,990 | 2,071
| Corporation tax | 83 | 70 | - | -
| Other taxation and social security | 1 | 2 | - | -
| Other creditors | 9 | 6 | - | -
| Accruals and deferred income | 882 | 573 | 15 | 14
|  | 5,419 | 2,942 | 4,102 | 2,142
16. | Deferred taxation
| Group
|  | 2026
|  | £000
| At beginning of year | 141
| Credited to profit or loss | 1
| At end of year | 142
Page 28
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 16.Deferred taxation (continued)
| Company
|  | 2026
|  | £000
| At beginning of year | -
| Credited to profit or loss | 55
| At end of year | 55
|  | Group | Group | Company | Company
|  | 2026 | 2025 | 2026 | 2025
|  | £000 | £000 | £000 | £000
| Accelerated capital allowances | 1 | - | - | -
| Tax losses carried forward | 141 | 141 | 55 | -
|  | 142 | 141 | 55 | -
17. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted |  |
|  | 1,111 (2025 - 1,111) Ordinary shares of £1.00 each | 1,111 | 1,111
|  | Called up and unpaid |  |
|  | 1,052 (2025 - 1,052) Ordinary shares of £1.00 each | 1,052 | 1,052
| On 29 October 2024, the Company allotted a further 59 Ordinary shares of £1.00 each. These shares will only be called-up on a specified future date.
18. | Reserves
Profit and loss account This reserve records retained earnings and accumulated losses. Page 29
DELANCEY REAL ESTATE DEBT SERVICES LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. | Pension commitments
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £20k (2025: £9k). Contributions totalling £3k (2025: £2k) were payable to the fund at the reporting date.
20. | Related party transactions
| In 2024, the Company received a loan of £650k from Delancey Real Estate Partners Limited, a company under common control. Interest on the loan is accrued at a rate of 6% per annum. During the year, interest of £39k accrued in respect of the loan (2025: £39k). The balance due at the year end date was £754k (2025: £715k). The loan is repayable on demand. In 2025, the Company received a loan from Delancey Investment Advisory Services Limited, a company under common control. Interest on the loan is accrued at a rate of 6% per annum. During the year, the Company received additional loan funding of £3,609k and made repayments of £1,941k. During the year, interest of £172k accrued in respect of the loan (2025: £2k). At the year end date, the total balance due to Delancey Investment Advisory Services Limited was £2,934k. The loan is repayable on demand. During the year, Delancey Real Estate Investment Management Limited paid fees to Delancey Investment Advisory Services Limited, a company under common control. The fees paid totalled £1,747k (2025: £641k). At the year end date, an amount of £424k (2025: £137k) was payable and is included within creditors. During the year, Delancey Credit Solutions Limited paid fees to Delancey Investment Advisory Services Limited, a company under common control. The fees totalled £764k (2025: £866k). There were no balances outstanding at the year end in respect of these recharges (2025: £NIL). During the prior year, a liability relating to professional fees originally payable by Delancey Real Estate Investment Management Limited was transferred to the Company as part of the share issue arrangements completed in March 2025. The amount is payable to Delancey Real Estate Asset Management Limited, a company under common control. At the reporting date, £301k remained outstanding (2025: £301k). The balance is expected to be settled once Delancey Real Estate Investment Management Limited has sufficient cash resources to settle the corresponding intercompany balance with the Company.
21. | Controlling party
The ultimate and immediate controlling party is J W J Ritblat.
Page 30