Company registration number: 13282309
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
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').
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.
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.
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.
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.
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.
Net liabilities
Net liabilities have decreased by £682k (49%), principally as a result of the profit made in the year from new clients.
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.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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:
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.
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.
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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').
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.
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.
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).
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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.
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.
The directors who served during the year were:
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.
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.
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.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES LIMITED
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 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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES LIMITED (CONTINUED)
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:
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DELANCEY REAL ESTATE DEBT SERVICES LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
Page 10
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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
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:
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.
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
9.Taxation (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
16.Deferred taxation (continued)
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Profit and loss account
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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.
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