Company Registration Number: 03650550
FOR THE YEAR ENDED 31 DECEMBER 2025
S. HARRISON DEVELOPMENTS LIMITED
COMPANY INFORMATION
S. HARRISON DEVELOPMENTS LIMITED
CONTENTS
S. HARRISON DEVELOPMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
The principal activity of the Company was that of land and property development.
The Directors consider the KPIs of the business to be net profit, cash reserves and net assets.
During the year, turnover decreased to £7,007,000 (2024 - increased to £11,616,000), with a profit before tax of £2,470,000 (2024 - £2,888,000). Net profit for the year amounted to £2,343,000 (2024 - £2,785,000) which reflected the distribution of dividends from subsidiary companies and returns from ongoing developments. In the year cash decreased to £5,841,000 from £22,231,000.
Despite the challenging backdrop – global uncertainty over the war in Ukraine and the escalating tensions in the Middle East - the business continues to focus successfully on the professional and financially sound management of its ongoing schemes in the UK and to seek new, profitable and deliverable development opportunities.
During 2025, the company continued work on the impressive and forward funded student accommodation scheme (PBSA) on Canongate, close to Edinburgh’s Royal Mile.
During the year, turnover decreased to £7,007,000 (2024 - increased to £11,616,000), with a profit before tax of £2,470,000 (2024 - £2,888,000). Net profit for the year amounted to £2,343,000 (2024 - £2,785,000) which reflected the distribution of dividends from subsidiary companies and returns from ongoing developments. In the year cash decreased to £5,841,000 from £22,231,000.
Despite the challenging backdrop – global uncertainty over the war in Ukraine and the escalating tensions in the Middle East - the business continues to focus successfully on the professional and financially sound management of its ongoing schemes in the UK and to seek new, profitable and deliverable development opportunities.
During 2025, the company continued work on the impressive and forward funded student accommodation scheme (PBSA) on Canongate, close to Edinburgh’s Royal Mile.
In assessing the appropriateness of the application of the going concern basis, the Directors have considered the uncertainties around the general economy and property development markets in particular, the current and future trading performance of the Company and the available cash.
Whilst continuing global uncertainty and relatively high interest rates have slowed the property sector, demand for student accommodation and residential property remains strong.
The Company has a comfortable forward pipeline of future projects, whilst continuing to seek out new opportunities in prime locations.
Inflationary pressures will inevitably affect results, as with most businesses, but the company strives to control such pressures where it can.
The Company does not trade internationally.
The Company owns sound investment properties and income from this revenue stream will ensure the Company remains profitable over the coming years.
Liquidity is always a risk in property development, but with careful management and forward planning the Company continues to hold substantial cash reserves and has lower debt than would typically be expected in the sector.
It is therefore on this basis that the Directors expect that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis in preparing the annual financial statements.
Whilst continuing global uncertainty and relatively high interest rates have slowed the property sector, demand for student accommodation and residential property remains strong.
The Company has a comfortable forward pipeline of future projects, whilst continuing to seek out new opportunities in prime locations.
Inflationary pressures will inevitably affect results, as with most businesses, but the company strives to control such pressures where it can.
The Company does not trade internationally.
The Company owns sound investment properties and income from this revenue stream will ensure the Company remains profitable over the coming years.
Liquidity is always a risk in property development, but with careful management and forward planning the Company continues to hold substantial cash reserves and has lower debt than would typically be expected in the sector.
It is therefore on this basis that the Directors expect that the Company has adequate resources to continue in operational existence for the foreseeable future and thus they continue to adopt the going concern basis in preparing the annual financial statements.
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S. HARRISON DEVELOPMENTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is committed to preventing any possible adverse effects upon the environment and on people from its activities. The Company 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.
The Company 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 Company's financial instruments means that they are not subject to price or liquidity risk.
The Company is subject to risks that affect the development business in general, including market and competition risks. The Company actively manages these risks and operates across a range of sectors and spread the risks when individual sectors falter.
Whilst the office and retail markets still remain sluggish, there are clear signs of an uplift in the UK hospitality sector. The student accommodation market remains buoyant in key cities across the UK. We continue to work closely with landowners, identifying end-user need and using our broad experience and imaginative vision to bring landowners and potential occupiers together.
We are actively extending our network of blue-chip business partners and have seen encouraging signs of renewed opportunities arising on both new and previously stalled schemes. Despite continuing global economic uncertainties, our resilience and adaptability, both notable hallmarks of our 70 year history, position us well to capitalise on the opportunities ahead.
The Company has limited exposure to international market fluctuations as it does not trade directly internationally.
The Directors have also considered both liquidity and credit risks. The business generally has substantial cash, funds developments on a case by case basis and has limited credit exposure and hence management do not regard these as significant risks.
Whilst the office and retail markets still remain sluggish, there are clear signs of an uplift in the UK hospitality sector. The student accommodation market remains buoyant in key cities across the UK. We continue to work closely with landowners, identifying end-user need and using our broad experience and imaginative vision to bring landowners and potential occupiers together.
We are actively extending our network of blue-chip business partners and have seen encouraging signs of renewed opportunities arising on both new and previously stalled schemes. Despite continuing global economic uncertainties, our resilience and adaptability, both notable hallmarks of our 70 year history, position us well to capitalise on the opportunities ahead.
The Company has limited exposure to international market fluctuations as it does not trade directly internationally.
The Directors have also considered both liquidity and credit risks. The business generally has substantial cash, funds developments on a case by case basis and has limited credit exposure and hence management do not regard these as significant risks.
This report was approved by the board and signed on its behalf.
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S. HARRISON DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £2,343,000 (2024 - £2,785,000).
During the year, no ordinary dividends (2024 - £Nil) were proposed and paid. No dividends were proposed post year end.
The directors who served during the year were:
The Company continues to work on its existing developments in York, Whitby, Leeds, and Edinburgh as well as looking for well located opportunities to expand its development and investment portfolio.
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 Company.
There have been no significant events affecting the Company since the year end.
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 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.
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S. HARRISON DEVELOPMENTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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S. HARRISON DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. HARRISON DEVELOPMENTS LIMITED
We have audited the financial statements of S. Harrison Developments Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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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S. HARRISON DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. HARRISON DEVELOPMENTS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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S. HARRISON DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. HARRISON DEVELOPMENTS 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 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 Company’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.
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S. HARRISON DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF S. HARRISON DEVELOPMENTS 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 Auditor's report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Leeds
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S. HARRISON DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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S. HARRISON DEVELOPMENTS LIMITED
REGISTERED NUMBER: 03650550
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 12 to 27 form part of these financial statements.
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S. HARRISON DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
S. Harrison Developments Limited is a private company, limited by shares, 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
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 financial statements are prepared in GBP and rounded to the nearest £.
The financial statements are prepared in GBP and rounded to the nearest £.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of S Harrison Group Limited as at 31 December 2025 and these financial statements may be obtained from Companies House, Crown way, Cardiff, CF14 3UZ.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 Company and the available cash.
Cash has always been a major focus within the business and will continue to be so. The Company ended 2025 with cash reserves in excess of £5 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 continued to deliver good returns during 2025, and this promises to continue into future years.
It is therefore on this basis that the Directors expect that the Company 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.
Cash has always been a major focus within the business and will continue to be so. The Company ended 2025 with cash reserves in excess of £5 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 continued to deliver good returns during 2025, and this promises to continue into future years.
It is therefore on this basis that the Directors expect that the Company 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.
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.
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.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Income from such rentals is presented as other operating income in the Statement of Comprehensive Income, as it is not considered the principal activity of the company.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance method.
Depreciation is provided on the following basis:
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.
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.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
An entity is treated as a joint venture where the Company is 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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial liabilities are equity classified according to the substance of financial instrument’s contractual obligations, rather than its legal form.
The Company’s cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
The Company’s cash at bank and in hand and trade and other debtors and its trade and other creditors and bank overdrafts are measured initially at the transaction price, including transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 14).
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The 2025 valuations were made by the Directors, on an open market value for existing use basis.
The investment property was valued by the directors at £2,497,000 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.
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.
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.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 25
S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company's capital and reserves are as follows:
Revaluation reserve
Called up share capital
Profit and loss account
The Company contributes to personal money purchase pension schemes for certain Directors and employees. The pension cost charge represents contributions payable by the Company to the fund and amounted to £36,000 (2024 - £58,000). Contributions totalling £Nil (2024 - £16,000) were payable to the fund at the reporting date and are included in creditors.
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S. HARRISON DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate and ultimate undertaking is S Harrison Group Limited , a company incorporated in England and Wales. The registered office address of this company is Stanley Harrison House, The Chocolate Works, Bishopthorpe Road, York, North Yorkshire, YO23 1DE.
The smallest and largest group in which the results of the Company are consolidated is that headed byS Harrison Group Limited . Copies of the consolidated financial statements may be obtained from the registered office address of this company.
The smallest and largest group in which the results of the Company are consolidated is that headed by
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