Company Registration Number: 04335093
FOR THE YEAR ENDED 31 DECEMBER 2025
S HARRISON GROUP LIMITED
COMPANY INFORMATION
S HARRISON GROUP LIMITED
CONTENTS
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.
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.
NameM R Harrison
Chairman
Chairman
Date23 July 2026
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S HARRISON GROUP LIMITED
GROUP 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 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.
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.
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.
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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.
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.
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.
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.
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.
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S HARRISON GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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
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.
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.
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S HARRISON GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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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.
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.
The directors who served during the year were:
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.
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.
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.
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S HARRISON GROUP LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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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.
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S HARRISON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP LIMITED
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).
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.
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.
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S HARRISON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP LIMITED (CONTINUED)
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.
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.
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.
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S HARRISON GROUP LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF S HARRISON GROUP 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 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.
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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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Leeds
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S HARRISON GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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S HARRISON GROUP LIMITED
REGISTERED NUMBER: 04335093
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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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:
The notes on pages 23 to 45 form part of these financial statements.
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S HARRISON GROUP LIMITED
REGISTERED NUMBER: 04335093
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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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:
The notes on pages 23 to 45 form part of these financial statements.
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S HARRISON GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 18
S HARRISON GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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S HARRISON GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 20
S HARRISON GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 21
S HARRISON GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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:
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.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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S HARRISON GROUP 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 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.
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.
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.
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.
Page 24
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Page 25
S HARRISON GROUP 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 a mixture of the straight line and reducing balance methods.
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.
Page 26
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
Page 27
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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)
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
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S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 31
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 33
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
14.Tangible fixed assets (continued)
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Page 35
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 36
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 37
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 38
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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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.
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.
Page 39
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
16.Investment property (continued)
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The 2025 valuations were made by JLL and the directors, on an open market value for existing use basis.
Page 40
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 41
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 42
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 43
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group and Company's capital and reserves are as follows:
Share capital
Revaluation reserve
Profit and loss account
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).
Page 44
S HARRISON GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group and Company are controlled by M R Harrison by virtue of his shareholding.
Page 45