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Company Registration Number: 04335093 S HARRISON GROUP LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
S HARRISON GROUP LIMITED COMPANY INFORMATION
Director | M R Harrison
Company secretary | A P Scott
Registered number | 04335093
Registered office | Stanley Harrison House
| The Chocolate Works
| Bishopthorpe Road
| York
| North Yorkshire
| YO23 1DE
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Third Floor
| 10 South Parade
| Leeds
| West Yorkshire
| LS1 5QS
S HARRISON GROUP LIMITED CONTENTS
| Page
Chairman's statement | 1
Group strategic report | 2 - 5
Director's report | 6 - 7
Director's responsibilities statement | 8
Independent auditors' report | 9 - 12
Consolidated statement of comprehensive income | 13
Consolidated statement of financial position | 14 - 15
Company statement of financial position | 16 - 17
Consolidated statement of changes in equity | 18 - 19
Company statement of changes in equity | 20
Consolidated statement of cash flows | 21 - 22
Notes to the financial statements | 23 - 45
S HARRISON GROUP LIMITED CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The chairman presents his statement for the period. 2025 has proved another tough year for the property and development sector across the board. Yet, despite the many challenges, the Group has continued to thrive. Its strategy of holding investment property whilst retaining its primary focus on development opportunities has provided the basis for another sound profit performance. In the year to December 2025, the Group delivered pre-tax profits of £2.3m (2024 - £3.1m) on a turnover of £11.2m (2024 - £15.5m). At the end of the year net assets totalled £86.1m (2024: £83.9m) of which £19.0m was held in cash (2024: £31.6m). This is set against a market which continues to flatline. Hopes that a new government might have seen a growing consumer confidence and a corresponding increase in development and construction activity did not materialise. Despite signs of falling inflation and interest rates reducing, an increased tax burden on businesses and growing anxiety around the war in Ukraine, conflict in the Middle East and uncertainty about global alliances, has meant the appetite for investment and development has remained static. With the challenges around AI and its impact on employment in the UK, uncertainty around university funding, and the leisure and tourism sectors showing no real signs of growth, only the housebuilding sector offers any signs of upturn, and in many cases that too is still hamstrung by planning restrictions and rising material costs. Since the year end, the escalating conflict in Iran and Lebanon has seen oil prices rise, which in turn will impact on inflation, and the real risk that the UK will fall into recession later in 2026. Strength Despite this, our position remains strong. For Harrison, our prudent approach, based on sound financial management, has ensured we maintain significant cash reserves to capitalise on future development opportunities when they arise, although we maintain our bedrock philosophy of focusing on developments which, from the outset, provide a clear exit on completion. Looking ahead, our strong, tight-knit team of professionals, and the network of trusted delivery partners we have established over decades of successful trading, is committed ensuring effectively returns for both landowners and end users. And while viable development opportunities currently remain limited, finding new schemes with sound profit potential remains our core focus, underpinned by our small portfolio of investment properties which continues to deliver good returns providing the solid financial platform for future growth. I am confident in the future. Since 1952, the business has shown the flexibility and initiative to foresee and adapt to changing market conditions and to thrive, based on a philosophy which embodies integrity, delivering beyond expectation, and disciplined financial management. We continue to seek new development and investment opportunities with like-minded individuals and organisations who share our passion for excellence. Name M R Harrison Chairman Date 23 July 2026 Page 1
S HARRISON GROUP LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The Directors present their Strategic Report and Director’s Report on the affairs of the Company together with the audited financial statements and Auditor’s Report for the year ended 31 December 2025.
Principal activity
The principal activity of the Group was that of land and property development. The principal activity of the Company during the year was that of a holding company and a property investment company.
Business review
Resilience has been the cornerstone of our approach to 2025. Whilst on-site activity has been limited by the lack of demand, we have continued to see successful and award-winning delivery. The completed residential development in Whitby and forward funded profit from the sale of the Canongate student accommodation in Scotland’s capital, contributed to the profit performance of the business, supplementing income from the investments which the Group has and consolidating over recent years, to provide the security, stability and the collateral to invest in new development opportunities, which operating within the current market situation necessitates. Harrison continues its strong tradition of delivering award-winning schemes with its assistance in the completion and handover of Raffles Hall, a 303 bed student accommodation complex which triumphed in the prestigious Annual York Design Awards in 2025. Construction of Raffles Hall began in June 2023 after Harrison had successfully steered the scheme through the planning process. Harrison worked with GMI Construction Group to deliver the project on schedule. The property is now owned by Singapore-based investor, SB PBSA Pte Ltd (Soilbuild) and managed by the Prestige Student Living brand of Homes for Students. Located on a prime site on James Street just outside York’s historic city walls, the stylish development comprises 195 cluster apartments and 108 studios across a three to five storey building. Residents enjoy access to a wide range of amenities, including a spacious external communal area, study areas, a games room, cinema, lounge, gym and laundry facilities. The Raffles Hall complex also features a south-facing public pocket park offering over 200 square metres of green space. Work on site continues at Osborne House in Edinburgh with completion scheduled for 2026 when an impressive new 157 room hotel will be rented to and run by Meininger. The Group has major landholdings in Manchester and Leeds for future sale or development depending on market demand, while in Leith, we explore further options for the development of Ocean Point 2, a striking waterfront site which already has planning approval for buy-to-rent and purpose built student accommodation. A history of sound investments in properties we have developed continues to provide predictably reliable revenues, contributing to cash reserves for future development projects as we shape the business for the future. These include our own headquarters building, Stanley Harrison House, which remains fully let on three floors within the prestigious site of the former Terry’s factory. At Escrick, near York, our office and light industrial business park is also fully occupied, several units providing group rental income. Page 2
S HARRISON GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Amongst a range of other retail, residential and amenity investment properties, it is the Harrison student accommodation portfolio that continues to deliver excellent returns and garnering awards. In Leeds, Blenheim Point provides 180 en-suite bedrooms over seven floors, in 29 cluster apartments, designed specifically for overseas and postgraduate students. Situated close to the university and between Leeds College of Art and Leeds Student Medical Practice, it is consistently oversubscribed. Managed by Harrison, in 2025 it was voted by students the best purpose built accommodation in the city in the Rate Your Landlord awards scheme. Occupancy rates are equally impressive at Abode in York which provides high quality accommodation for 504 students and consistently achieves over 97% occupation rates. It too was a winner in the city’s Student Voice Awards for quality of service. Our strong relationship with the universities in the city and the outstanding quality of the management team at Abode ensures that this impressive development continues to deliver excellent returns in a highly competitive market.
Looking ahead
Without minimising the challenges that 2026 and beyond will present for the UK economy and the property sector in particular, we are confident that our long term track record of sound business, our flexible approach and the balanced spread of our business activities, positions us excellently to thrive and prosper.
Community at heart
At the heart of our ethos is a commitment to the communities in which we operate. We believe that successful businesses have a responsibility to ensure the welfare of those who perhaps lack the opportunities we have or, through no fault of their own, fall through the net and into hardship. Given the ‘property’ foundations of S Harrison, our focus is on those who might struggle to have a roof over their heads. We maintain our on-going commitment to organisations like Safe and Sound Homes (SASH), in North Yorkshire, which helps prevent homelessness amongst people aged 16 to 25 and relies on donations to support its work. In Scotland, we continue to support the homeless charity Rowan Alba, to provide festive gifts for residents who would otherwise go without at Christmas. The highly respected charity provides long-term supported accommodation and community outreach to those affected by homelessness, addiction, and social isolation. And we are proud of our tradition of supporting foodbanks as they strive to ensure that no-one goes without the basic staples, especially around Christmas time. This year again we linked with Tesco to provide groceries and hygiene products for Adam Raffell and his Trussell Trust team at York Foodbank. In Leith, for the third successive year, we linked with Edinburgh NE Foodbank which, according to general manager Alison Roxburgh, had seen a 10% increase on the number of people it supported in 2025 year compared to the previous year. Page 3
S HARRISON GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Going concern
In assessing the appropriateness of the application of the going concern basis, the Directors have considered the uncertainties around the general economic environment and property development markets in particular, the current and future trading performance of the Group and the available cash. The Group does not trade internationally and so is not significantly exposed to the impact of BREXIT other than the effect it may have on the economy as a whole. Cash has always been a major focus within the business and will continue to be so. The Group ended 2025 with cash reserves in excess of £19 million and, with limited gearing on investment assets, the Directors are confident that the current economic conditions will slow business growth rather than pose a threat to the long- term sustainability of the business. The continuing prudent sale of development assets ensures that we always have sufficient cash to take advantage of new opportunities with our focus on those arising 'off-market'. Balancing the returns provided by new development schemes with the steady and growing income stream from our held property portfolio provides a secure base for future growth. Our impressive stock of retained student accommodation has delivered good returns during 2025, and this promises to continue. It is therefore on this basis that the Directors expect that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Environment
The Group is committed to preventing any possible adverse effects upon the environment and on people from its activities. The Group seeks to minimise wherever possible the volume of waste it creates as a result of its activities by continually working with its principal suppliers to establish projects for recycling and re- manufacturing of products
Financial instruments
The Group does not actively use financial risk management. It is exposed to the usual credit risk and cash flow associated with selling on credit and manages this through credit control procedures. The nature of the Group's financial instruments means that they are not subject to price or liquidity risk.
Key performance indicators
The Directors consider the KPIs of the Group to be net profit, cash reserves and net assets, details of which are recorded in the Consolidated Statement of Comprehensive Income and the Consolidated Statement of Financial Position. Page 4
S HARRISON GROUP LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Principal risks and uncertainties
The Group is subject to risks that affect the development business in general, including market and competition risks and delivery cost inflation. The Group actively manages these risks by operating across a range of sectors and geographic areas to help spread the risk associated with individual sectors, and by constantly monitoring the construction sector as contractors strive to manage labour and material shortages. This report was approved by the board and signed on its behalf.
M R Harrison Director
Date: 23 July 2026
Page 5
S HARRISON GROUP LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The director presents his report and the financial statements for the year ended 31 December 2025.
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £1,932,000 (2024 - £2,649,000). Dividends of £Nil (2024 - £200,000) were paid during the year. The Directors do not propose the payment of any final dividends for the year.
Directors
The directors who served during the year were:
M R Harrison
A P Scott (resigned 18 December 2025)
Going concern
In assessing the appropriateness of the application of the going concern basis, the Directors have considered the uncertainties around the general economic environment and property development markets in particular, the current and future trading performance of the Group and the available cash. The Group does not trade internationally and so is not significantly exposed to the impact of BREXIT other than the effect it may have on the economy as a whole. Cash has always been a major focus within the business and will continue to be so. The Group ended 2025 with cash reserves in excess of £19 million and, with limited gearing on investment assets, the Directors are confident that the current economic conditions will slow business growth rather than pose a threat to the long- term sustainability of the business. The continuing prudent sale of development assets ensures that we always have sufficient cash to take advantage of new opportunities with our focus on those arising 'off-market'. Balancing the returns provided by new development schemes with the steady and growing income stream from our held property portfolio provides a secure base for future growth. Our impressive stock of retained student accommodation has delivered good returns during 2025, and this promises to continue. It is therefore on this basis that the Directors expect that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Qualifying third-party indemnity provisions
The Group maintains Director's and officers' liability Insurance that gives appropriate cover for any legal actions brought against its Directors or senior managers. This policy remained in force on the date on which the final statements of the Group were approved by the Board.
Matters covered in the Group strategic report
Disclosures required under S416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the Directors consider them to be of strategic importance to the Group. Page 6
S HARRISON GROUP LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Disclosure of information to auditors
The director at the time when this Director's report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙ 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 auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
M R Harrison Director
Date: 23 July 2026
Page 7
S HARRISON GROUP LIMITED DIRECTOR'S RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. Page 8
S HARRISON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP LIMITED
Opinion
We have audited the financial statements of S Harrison Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, 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 December 2025 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report. Page 9
S HARRISON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
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 Director's 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 Director's 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 Director's 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 director's 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 Director's responsibilities statement set out on page 8, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Page 10
S HARRISON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP LIMITED (CONTINUED)
Auditors' 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 Auditors' 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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the company through discussions with directors and other management and review of appropriate industry knowledge. Key laws and regulations we identified during the audit were the UK Companies Act 2006, UK tax legislation and occupational health and employment legislation. ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis. ∙reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; and ∙enquiring of management as to actual and potential litigation and claims. 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. Page 11
S HARRISON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP LIMITED (CONTINUED) 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 Auditors' report.
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 Auditors' 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. Steven Williams (Senior statutory auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants Statutory Auditors Leeds 29 July 2026 Page 12
S HARRISON GROUP LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 11,169 | 15,547
Cost of sales |  | (7,082) | (11,022)
Gross profit |  | 4,087 | 4,525
Administrative expenses |  | (2,955) | (2,827)
Other operating income | 5 | 394 | 490
Surplus on revaluation of investment property |  | 145 | -
Operating profit | 6 | 1,671 | 2,188
Income from fixed assets investments |  | 585 | 492
Interest receivable and similar income | 10 | 1,005 | 1,621
Interest payable and similar expenses | 11 | (1,008) | (1,161)
Profit before taxation |  | 2,253 | 3,140
Tax on profit | 12 | (312) | (693)
Profit for the financial year |  | 1,941 | 2,447
Unrealised surplus on revaluation of tangible fixed assets |  | 218 | -
Other comprehensive income for the year |  | 218 | -
Total comprehensive income for the year |  | 2,159 | 2,447
Profit for the year attributable to: |  |  |
Non-controlling interests |  | (250) | (202)
Owners of the Parent Company |  | 2,191 | 2,649
|  | 1,941 | 2,447
The notes on pages 23 to 45 form part of these financial statements.
Page 13
S HARRISON GROUP LIMITED REGISTERED NUMBER: 04335093 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 954 |  | 1,265
Investments | 15 |  | 9,453 |  | 9,362
Investment property | 16 |  | 47,425 |  | 46,938
|  |  | 57,832 |  | 57,565
Current assets |  |  |  |  |
Stocks | 17 | 30,842 |  | 16,768 |
Debtors: amounts falling due within one year | 18 | 4,986 |  | 2,782 |
Cash at bank and in hand | 19 | 19,033 |  | 31,571 |
|  | 54,861 |  | 51,121 |
Creditors: amounts falling due within one year | 20 | (6,281) |  | (6,220) |
Net current assets |  |  | 48,580 |  | 44,901
Total assets less current liabilities |  |  | 106,412 |  | 102,466
Creditors: amounts falling due after more than one year | 21 |  | (16,485) |  | (14,710)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (3,801) |  | (3,792) |
Other provisions | 25 | (54) |  | (51) |
|  |  | (3,855) |  | (3,843)
Net assets |  |  | 86,072 |  | 83,913
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 100 |  | 100
Revaluation reserve | 27 |  | 218 |  | -
Profit and loss account | 27 |  | 86,206 |  | 84,015
Equity attributable to owners of the Parent Company |  |  | 86,524 |  | 84,115
Non-controlling interests |  |  | (452) |  | (202)
|  |  | 86,072 |  | 83,913
Page 14
S HARRISON GROUP LIMITED REGISTERED NUMBER: 04335093 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M R Harrison
Director
Date: 23 July 2026
The notes on pages 23 to 45 form part of these financial statements. Page 15
S HARRISON GROUP LIMITED REGISTERED NUMBER: 04335093 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 242 |  | 309
Investments | 15 |  | 199 |  | 199
Investment Property | 16 |  | 16,034 |  | 16,034
|  |  | 16,475 |  | 16,542
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 18 | 16,191 |  | 17,776 |
Cash at bank and in hand | 19 | 12,452 |  | 8,901 |
|  | 28,643 |  | 26,677 |
Creditors: amounts falling due within one year | 20 | (6,595) |  | (6,852) |
Net current assets |  |  | 22,048 |  | 19,825
Total assets less current liabilities |  |  | 38,523 |  | 36,367
Creditors: amounts falling due after more than one year | 21 |  | (7,200) |  | (7,425)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 24 | (274) |  | (280) |
|  |  | (274) |  | (280)
Net assets |  |  | 31,049 |  | 28,662
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 100 |  | 100
Profit and loss account brought forward |  | 28,562 |  | 26,971 |
Profit for the year |  | 2,387 |  | 1,791 |
Other changes in the profit and loss account |  | - |  | (200) |
Profit and loss account carried forward |  |  | 30,949 |  | 28,562
|  |  | 31,049 |  | 28,662
Page 16
S HARRISON GROUP LIMITED REGISTERED NUMBER: 04335093 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M R Harrison
Director
Date: 23 July 2026
The notes on pages 23 to 45 form part of these financial statements. Page 17
S HARRISON GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £000 | £000 | £000 | £000 | £000 | £000
At 1 January 2025 | 100 | - | 84,015 | 84,115 | (202) | 83,913
Profit for the year | - | - | 2,191 | 2,191 | (250) | 1,941
Surplus on revaluation of freehold property | - | 218 | - | 218 | - | 218
Total comprehensive income for the year | - | 218 | 2,191 | 2,409 | (250) | 2,159
At 31 December 2025 | 100 | 218 | 86,206 | 86,524 | (452) | 86,072
| The notes on pages 23 to 45 form part of these financial statements.
Page 18
S HARRISON GROUP LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £000 | £000 | £000 | £000 | £000
At 1 January 2024 | 100 | 81,566 | 81,666 | - | 81,666
Profit for the year | - | 2,649 | 2,649 | (202) | 2,447
Dividends: Equity capital | - | (200) | (200) | - | (200)
At 31 December 2024 | 100 | 84,015 | 84,115 | (202) | 83,913
| The notes on pages 23 to 45 form part of these financial statements.
Page 19
S HARRISON GROUP LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2024 | 100 | 26,971 | 27,071
Profit for the year | - | 1,791 | 1,791
Dividends: Equity capital | - | (200) | (200)
At 1 January 2025 | 100 | 28,562 | 28,662
Profit for the year | - | 2,387 | 2,387
At 31 December 2025 | 100 | 30,949 | 31,049
| The notes on pages 23 to 45 form part of these financial statements.
Page 20
S HARRISON GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £000 | £000
Cash flows from operating activities |  |
Profit for the financial year | 1,941 | 2,447
Adjustments for: |  |
Depreciation of tangible assets | 244 | 232
Loss on disposal of tangible assets | 12 | -
Dividends received | (585) | (492)
Interest paid | 1,008 | 1,161
Interest received | (1,005) | (1,621)
Taxation charge | 312 | 693
(Increase)/decrease in stocks | (14,074) | 4,944
(Increase) in debtors | (1,719) | (1,308)
Increase in creditors | 142 | 643
Increase in provisions | 3 | 3
Net fair value (gains)/losses recognised in P&L | (145) | -
Corporation tax (paid) | (864) | (515)
Net cash generated from operating activities | (14,730) | 6,187
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (99) | (2)
Sale of tangible fixed assets | 28 | -
Movement on investment in joint ventures | (94) | 325
Interest received | 1,005 | 1,621
Dividends received | 585 | 492
Net cash from investing activities | 1,425 | 2,436
Page 21
S HARRISON GROUP LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £000 | £000
Cash flows from financing activities |  |
New secured loans | 2,000 | -
Repayment of loans | (225) | (225)
Dividends paid | - | (200)
Interest paid | (1,008) | (1,161)
Net cash used in financing activities | 767 | (1,586)
Net (decrease)/increase in cash and cash equivalents | (12,538) | 7,037
Cash and cash equivalents at beginning of year | 31,571 | 24,534
Cash and cash equivalents at the end of year | 19,033 | 31,571
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 19,033 | 31,571
| 19,033 | 31,571
Page 22
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
S Harrison Group Limited is a private company, limited by shares, and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activities are set out in the Strategic Report. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). 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 financial statements are prepared in GBP and rounded to the nearest thousand. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own 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 23
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
In assessing the appropriateness of the application of the going concern basis, the Directors have considered the uncertainties around the general economic environment and property development markets in particular, the current and future trading performance of the Group and the available cash. Cash has always been a major focus within the business and will continue to be so. The Group ended 2025 with cash reserves in excess of £19 million and, with limited gearing on investment assets, the Directors are confident that the current economic conditions will slow business growth rather than pose a threat to the long-term sustainability of the business. The continuing prudent sale of development assets ensures that we always have sufficient cash to take advantage of new opportunities with our focus on those arising ‘off-market’. Balancing the returns provided by new development schemes with the steady and growing income stream from our held property portfolio provides a secure base for future growth. Our impressive stock of retained student accommodation continued to deliver good returns during 2025, and this promises to continue. It is therefore on this basis that the Directors expect that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
| 2.4 | Revenue
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the reporting date. Where payments are received from customers in advance of services provided, the amounts are recorded as payments on account and included as part of creditors due within one year.
| 2.5 | Construction contracts
Where the outcome of a construction contract can be estimated reliably, turnover and costs are recognised by reference to the stage of completion of the contract activity at the Statement of Financial Position date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. Where the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised. Page 24
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | 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 25
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of the straight line and reducing balance methods. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Plant and machinery | - | 5 - 10 years straight line
|  |  |  | Motor vehicles | - | 30% reducing balance
|  |  |  | Fixtures and fittings | - | 6.7% - 33% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 26
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.12 | Revaluation of tangible fixed assets
Freehold property is stated at cost less accumulated depreciation and impairment. During the year the property was professionally valued and the carrying amount adjusted accordingly. The resulting surplus was credited to the revaluation reserve. The property will continue to be depreciated over its remaining useful life.
| 2.13 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Associates and joint ventures
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
| 2.16 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.17 | 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 27
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.18 | Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income as described below. An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
| 2.19 | 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. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.20 | 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.
| 2.21 | Payments on account
Payments on account relate to deposits received on exchange of contracts for property sales. These are not recognised as income until the sale legally completes or when a sale falls through, the contract is rescinded.
| 2.22 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.23 | Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. Page 28
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.24 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Company's accounting policies Revenue recognition Determining whether to recognise revenue involves a degree of management judgement. The detailed criteria for the recognition of revenue from the sale of goods and services is set out in FRS 102 Section 23 Revenue and, in particular, management must assess whether the Company has transferred to the buyer the significant risks and rewards have been transferred and that recognition of the revenue in the current and prior years is appropriate. Key source of estimation uncertainty - provision for debtors Determining whether debtor balances and stock are recoverable requires judgements based on up to date trading information. The Directors use their knowledge of the business, the environment and future projections to assess whether provision is necessary in these areas. Key source of estimation uncertainty - provision for stock Determining whether the stock balances is recoverable requires judgement based on Directors' assessment of the expected sale values of the development project. The Directors use their knowledge of the business, the trading environment and future projections to assess whether any provision is necessary. Key source of estimation uncertainty - fair value of investment properties Investment properties must be held at fair value. Valuations are assessed on an annual basis, based on market conditions and rental yields within the office rental market (constitutes the entirety of the investment property balance), and the Directors make fair value adjustments when necessary. The investment property was valued by the Directors at the balance sheet date, leading to no revaluation gain (see note 16). Page 29
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Land and property sales | 103 | 8,710
| Property development under construction contracts | 6,687 | 2,601
| Property rental | 4,379 | 4,236
|  | 11,169 | 15,547
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Net rents receivable | 354 | 452
| Service charge receivable | 40 | 38
|  | 394 | 490
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Depreciation on tangible assets | 244 | 232
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 44 | 42
Page 30
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Wages and salaries | 1,436 | 1,655 | 70 | 63
| Social security costs | 197 | 213 | - | -
| Cost of defined contribution scheme | 41 | 63 | 1 | 1
|  | 1,674 | 1,931 | 71 | 64
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Administration and management | 12 | 13 | 2 | 2
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Director's emoluments | 765 | 849
| Group contributions to defined contribution pension schemes | 10 | 30
|  | 775 | 879
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £442,000 (2024 - £437,000).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other interest receivable | 1,005 | 1,621
|  | 1,005 | 1,621
Page 31
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Bank interest payable | 1,008 | 1,161
|  | 1,008 | 1,161
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 386 | 739
| Adjustments in respect of previous periods | (63) | 8
|  | 323 | 747
| Total current tax | 323 | 747
| Deferred tax |  |
| Origination and reversal of timing differences | 8 | (64)
| Fixed asset timing differences | - | 10
| Adjustments in respect of previous periods | (19) | -
| Total deferred tax | (11) | (54)
| Tax on profit | 312 | 693
Page 32
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 2,253 | 3,140
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 563 | 785
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 2
| Capital allowances for year in excess of depreciation | 3 | (19)
| Fixed asset differences | 7 | -
| Adjustments to tax charge in respect of prior periods | (82) | 8
| Deferred tax not recognised | - | 39
| Non-taxable fair value gains on investment property | (36) | -
| Non-taxable income | (123) | (203)
| Other differences leading to an (decrease) increase in the tax charge | (20) | 81
| Total tax charge for the year | 312 | 693
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Final dividend of £Nil (2024 - £2.00) per ordinary share | - | 200
|  | - | 200
Page 33
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £000 | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 593 | 284 | 167 | 1,754 | 2,798
| Additions | - | - | 90 | 9 | 99
| Disposals | - | - | (124) | (26) | (150)
| Transfer from investment property | 281 | - | - | - | 281
| Transfer to investment property | (811) | - | - | - | (811)
| Revaluations | 218 | - | - | - | 218
| At 31 December 2025 | 281 | 284 | 133 | 1,737 | 2,435
| Depreciation |  |  |  |  |
| At 1 January 2025 | 177 | 148 | 105 | 1,103 | 1,533
| Charge for the year on owned assets | 11 | 18 | 27 | 188 | 244
| Disposals | - | - | (84) | (26) | (110)
| Transfer to investment property | (186) | - | - | - | (186)
| At 31 December 2025 | 2 | 166 | 48 | 1,265 | 1,481
| Net book value |  |  |  |  |
| At 31 December 2025 | 279 | 118 | 85 | 472 | 954
| At 31 December 2024 | 416 | 136 | 62 | 651 | 1,265
| During the year, on 1 September 2025, there was a reclassification between freehold property and investment property following a change in use. The freehold property transferred to investment property was measured at fair value at the date of transfer, with the resulting gain recognised in the revaluation reserve. The investment property was transferred at its carrying amount at the date of transfer, giving rise to no gain or loss.
Page 34
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
| Company
|  | Plant and machinery | Fixtures and fittings | Total
|  | £000 | £000 | £000
| Cost or valuation |  |  |
| At 1 January 2025 | 284 | 745 | 1,029
| Additions | - | 1 | 1
| Disposals | - | (1) | (1)
| At 31 December 2025 | 284 | 745 | 1,029
| Depreciation |  |  |
| At 1 January 2025 | 148 | 572 | 720
| Charge for the year on owned assets | 18 | 50 | 68
| Disposals | - | (1) | (1)
| At 31 December 2025 | 166 | 621 | 787
| Net book value |  |  |
| At 31 December 2025 | 118 | 124 | 242
| At 31 December 2024 | 136 | 173 | 309
Page 35
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Fixed asset investments
| Group
|  | Investment in joint ventures and associates
|  | £000
| Cost or valuation |
| At 1 January 2025 | 9,361
| Share of profit/(loss) | 91
| At 31 December 2025 | 9,452
| Company
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 January 2025 | 199
| At 31 December 2025 | 199
Page 36
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| S Harrison Developments Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Land and property development | Ordinary | 100%
| Osborne House Edinburgh Limited* | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Land and property development | Ordinary | 100%
| Harrison Homes Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Land and property development | Ordinary | 100%
| Businesstance Estates Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Dormant | Ordinary | 100%
| Eden Rock Estates Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Ownership of investment property | Ordinary | 100%
| S Harrison Developments Manchester Limited* | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Land and property development | Ordinary | 100%
| Escrick Business Park Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Land and property development | Ordinary | 100%
| Bart Harrison Promotions Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | Management and investment in motor racing. | Ordinary | 76%
| *Investments held indirectly Harrison Homes Limited is exempt from audit by virtue of S479a of The Companies Act 2006. S Harrison Group Limited guarantees all outstanding liabilities to which the company is subject to as at 31 December 2025 until they are satisfied in full. The guarantee is enforceable against S Harrison Group Limited by any person to whom Harrison Homes Limited are liable in respect of those liabilities.
Page 37
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
| Joint ventures
| The following were joint ventures and associates of the Company:
| Name | Registered office | Holding
| Merchant Exchange Venture | Colenso House, 1 Omega Monks Cross Drive, Huntington York, YO32 9GZ | 33%
| Grays Wharf Limited | Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE | 50%
| The principal activity of the above entities is property development.
Page 38
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Investment property
| Group
|  | Freehold investment property
|  | £000
| Valuation |
| At 1 January 2025 | 46,936
| Transfer from freehold property | 625
| Transfer to freehold property | (281)
| Surplus on revaluation | 145
| At 31 December 2025 | 47,425
The 2025 valuations were made by JLL and the directors, on an open market value for existing use basis. During the year, on 1 September 2025, there was a reclassification between freehold property and investment property following a change in use in the subsidiary, S Harrison Developments Limited. The freehold property transferred to investment property was measured at fair value at the date of transfer, with the resulting gain recognised in the revaluation reserve. The investment property was transferred at its carrying amount at the date of transfer, giving rise to no gain or loss. At the date of transfer, the investment property within S Harrison Developments Limited was valued by the directors as at 1 September 2025. The directors consider the valuation to represent a reasonable estimate of the property’s fair value at the reporting date.
| If the Investment properties had been accounted for under the historic cost accounting rules, excluding any depreciation, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Historic cost | 28,755 | 28,411
|  | 28,755 | 28,411
Page 39
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16.Investment property (continued)
| Company
|  | Freehold investment property
|  | £000
| Valuation |
| At 1 January 2025 | 16,034
| At 31 December 2025 | 16,034
The 2025 valuations were made by JLL and the directors, on an open market value for existing use basis.
17. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £000 | £000
| Land | 9,651 | 9,649
| Work in progress | 21,191 | 7,119
|  | 30,842 | 16,768
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Trade debtors | 106 | 57 | 1 | 8
| Amounts owed by group undertakings | - | - | 15,875 | 17,610
| Other debtors | 1,163 | 1,591 | 198 | 2
| Prepayments and accrued income | 119 | 158 | 65 | 81
| Amounts recoverable on long-term contracts | 3,598 | 976 | 52 | 75
|  | 4,986 | 2,782 | 16,191 | 17,776
| Amounts owed by group undertakings are interest free and repayable on demand.
Page 40
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 19,033 | 31,571 | 12,452 | 8,901
|  | 19,033 | 31,571 | 12,452 | 8,901
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Bank loans | 225 | 225 | 225 | 225
| Payments received on account | 1,218 | 1,739 | 522 | 503
| Trade creditors | 663 | 879 | 36 | 43
| Amounts owed to group undertakings | - | - | 5,094 | 5,091
| Corporation tax | 338 | 418 | - | 225
| Other taxation and social security | 31 | 28 | 2 | 2
| Other creditors | 1,810 | 1,234 | 607 | 639
| Accruals and deferred income | 1,996 | 1,697 | 109 | 124
|  | 6,281 | 6,220 | 6,595 | 6,852
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Bank loans | 16,485 | 14,710 | 7,200 | 7,425
|  | 16,485 | 14,710 | 7,200 | 7,425
Page 41
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Amounts falling due within one year |  |  |  |
| Bank loans | 225 | 225 | 225 | 225
|  | 225 | 225 | 225 | 225
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 14,485 | 14,710 | 7,200 | 7,425
|  | 14,485 | 14,710 | 7,200 | 7,425
| Amounts falling due 2-5 years |  |  |  |
| Bank loans | 2,000 | - | - | -
|  | 16,710 | 14,935 | 7,425 | 7,650
| The loan due in more than one year is secured by a first legal charge over the investment property held in Eden Rock Estates Limited and by a debenture from Eden Rock Estates Limited for securing all monies due from that Company. Interest is charged on the loan at Base Rate plus 2.25%. The other loan due in more than one year is secured by a first legal charge over the investment property portfolio of the Company. Interest is charged on the loan at LIBOR plus 2.25%. During the year, Osborne House Edinburgh Limited drew down £2,000,000 from a loan facility that was originally entered into in 2024. The outstanding balance at the reporting date is £2,000,000. The facility is secured against investment property in Osborne House Edinburgh Limited and by a debenture from Osborne House Edinburgh Limited for securing all monies due from that company. Interest is charged on the loan at base rate plus 3.25%.
23. | Analysis of net debt
|  | At 1 January 2025 | Cash flows | New loans | At 31 December 2025
|  | £000 | £000 | £000 | £000
| Cash at bank and in hand | 31,571 | (12,538) | - | 19,033
| Debt due after 1 year | (14,710) | 225 | (2,000) | (16,485)
| Debt due within 1 year | (862) | 31 | - | (831)
|  | 15,999 | (12,282) | (2,000) | 1,717
Page 42
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
24. | Deferred taxation
| Group
|  | 2025
|  | £000
| At beginning of year | 3,793
| Charged to profit or loss | 8
| At end of year | 3,801
| Company
|  | 2025
|  | £000
| At beginning of year | 280
| Charged to profit or loss | (6)
| At end of year | 274
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Accelerated capital allowances | 58 | 50 | 18 | 24
| Revaluation gains on investment property | 3,743 | 3,743 | 256 | 256
|  | 3,801 | 3,793 | 274 | 280
25. | Provisions
| Group
|  | Provision for defects
|  | £000
| At 1 January 2025 | 51
| Charged to profit or loss | 3
| At 31 December 2025 | 54
Page 43
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 100,001 (2024 - 100,001) Ordinary shares of £1.00 each | 100 | 100
27. | Reserves
The Group and Company's capital and reserves are as follows: Share capital Share capital represents the nominal value of issued share capital. Revaluation reserve The revaluation reserve represents gains arising on the revaluation of freehold property. The reserve is non-distributable and is recognised in other comprehensive income. Profit and loss account The profit and loss reserve represents cumulative profit or losses, including unrealised profit on the remeasurement of investment properties, net of dividends paid and other adjustments.
28. | Pension commitments
The Group contributes to personal money purchase pension schemes for certain Directors and employees. The charge of £41,000 (2024 - £63,000) in the Consolidated Statement of Comprehensive Income represents the amounts payable by the Group to the funds in respect of the year. Contributions amounting to £Nil were outstanding at the year end (2024 - £Nil).
29. | Commitments under operating leases
| Operating lease commitments receivable
| At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £000 | £000 | £000 | £000
| Not later than 1 year | 1,843 | 1,695 | 1,422 | 1,375
| Later than 1 year and not later than 5 years | 3,271 | 4,066 | 2,433 | 3,727
|  | 5,114 | 5,761 | 3,855 | 5,102
Page 44
S HARRISON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
30. | Related party transactions
| In accordance with paragraph 33.1A of FRS 102 transactions with other group undertakings within the S Harrison Group Limited have not been disclosed in these financial statements. Included in amounts owed to other related parties are loans owed to M R Harrison, a Director, of £605,709 (2024 - £636,933). Interest is charged on the loan from M R Harrison at base rate. During the year interest of £26,339 (2024 - £35,899) was charged to the Group. The Group charged £141,775 (2024 - £129,112) for operations provided to Grays Wharf Limited, a Joint venture, with £Nil (2024 - £Nil) outstanding at 31 December 2025. During the year the Group received an appropriation of profit of £527,404 (2024 - £428,365) from Grays Wharf Limited. During the year the Group received an appropriation of profit of £60,512 (2024 - £63,700) from Merchant Exchange Venture Limited, a joint venture. At 31 December 2025, the amount included within loans to related parties is a loan to 77 Holdings Limited, a company under common control, of £Nil (2024 - £545,668). During the year, the Group also made sales totalling £362,699 (2024 - £6,228,432) to 77 Holdings Limited. Key management personnel compensation Key management personnel are considered to be the Directors, and their total compensation is as disclosed in note 9.
31. | Controlling party
The Group and Company are controlled by M R Harrison by virtue of his shareholding.
Page 45