Company Registration Number: 06482867
FOR THE YEAR ENDED 31 DECEMBER 2025
ISON HARRISON LIMITED
COMPANY INFORMATION
ISON HARRISON LIMITED
CONTENTS
ISON HARRISON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their Strategic Report for the year ended 31 December 2025. The purpose of this report is to provide a fair review of the company’s business, including its development, performance and position during the year, together with a description of the principal risks and uncertainties facing the company.
Ison Harrison Limited is engaged in the provision of legal services. During the year, the company continued to focus on sustainable growth and financial stability, with particular emphasis on profitability, service quality, and compliance. The business converted to an employee-owned company at the start of 2022 and remains at the core of the company values.
The directors consider the performance for the year to be very strong, building upon the success of recent years through a combination of organic growth and acquisition. Market conditions in the sector were good, and the company’s brand profile continues to gain momentum. The company is recognised in the top 150 law firms nationally and is a market leader at a regional level.
The company further expanded its branch network across Yorkshire with the opening of new offices in Brighouse, Skipton, and Middlesbrough. As part of this expansion, the company welcomed new colleagues with the acquisition of Armstrong Luty, and Savage Crangle Solicitors, both based in Skipton. These new offices brought the total number to twenty-three.
The directors consider the performance for the year to be very strong, building upon the success of recent years through a combination of organic growth and acquisition. Market conditions in the sector were good, and the company’s brand profile continues to gain momentum. The company is recognised in the top 150 law firms nationally and is a market leader at a regional level.
The company further expanded its branch network across Yorkshire with the opening of new offices in Brighouse, Skipton, and Middlesbrough. As part of this expansion, the company welcomed new colleagues with the acquisition of Armstrong Luty, and Savage Crangle Solicitors, both based in Skipton. These new offices brought the total number to twenty-three.
Revenue for the year was £33,810,265 compared with £24,353,715 in the prior year. Profit before tax was £6,423,210 compared with £4,690,880 in the prior year. Net assets at the year-end were £13,245,880, compared with £10,653,122 at the previous year end.
The directors monitor the financial position of the company with reference to revenue, profitability, cash generation, working capital, liquidity and net asset position. The company’s financial position at the year-end is considered to be very strong due to its strategic investment and solid cash reserves.
The directors monitor the financial position of the company with reference to revenue, profitability, cash generation, working capital, liquidity and net asset position. The company’s financial position at the year-end is considered to be very strong due to its strategic investment and solid cash reserves.
The directors use the following key performance indicators to assess the development, performance and position of the business:
Strong financial performance allowed the board of trustees to approve a profit distribution of £5,000 to each eligible employee under the employee ownership scheme. In addition to this, the company retained substantial profit and cash reserves to facilitate future investment. A dividend of £2,200,000 was made to further accelerate repayment of the deferred consideration to the founders of the employee ownership trust.
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ISON HARRISON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors have considered the principal risks and uncertainties facing the company. The key risks identified, together with the actions taken to manage them, are summarised below:
The directors expect the company to continue its growth trajectory during the next financial year, supported by its strong market position, established regional presence and continued investment in people, systems and client service. The outlook for the business remains positive, with the company well placed to respond to market opportunities while maintaining careful oversight of wider economic conditions. The directors will continue to monitor trading performance, cash flow and risk management closely and will take appropriate action to protect and develop the business.
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ISON HARRISON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company recognises the importance of its employees in achieving its objectives. As an employee-owned business, the company benefits from a strong culture of shared purpose, accountability and long-term commitment.
Employee ownership helps align the interests of colleagues with the success of the business, supporting engagement, retention and collaboration across the firm. This ownership culture also strengthens the company’s competitive position by encouraging employees to contribute to sustainable growth, high standards of client service and the continued development of the business.
The company’s employee headcount increased by 23% from 349 to 431 over the twelve month period.
Directors statement of compliance to promote interests of company
The directors of Ison Harrison Limited consider that they have fulfilled their individual and collective duty under section 172 (1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and in doing so, have regard to a number of broad matters which are set out below.
Clients
Ison Harrison's clients are its key relationship for shareholders and the directors alike. Information is made available to both shareholders and directors on prospective and actual clients and business development.
Regulators
The company is very conscious of its responsibility to regulators and clients alike ensuring it maintains the highest standards of business conduct and has training, processes and reviews in place to ensure compliance.
Employee ownership helps align the interests of colleagues with the success of the business, supporting engagement, retention and collaboration across the firm. This ownership culture also strengthens the company’s competitive position by encouraging employees to contribute to sustainable growth, high standards of client service and the continued development of the business.
The company’s employee headcount increased by 23% from 349 to 431 over the twelve month period.
Directors statement of compliance to promote interests of company
The directors of Ison Harrison Limited consider that they have fulfilled their individual and collective duty under section 172 (1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and in doing so, have regard to a number of broad matters which are set out below.
Clients
Ison Harrison's clients are its key relationship for shareholders and the directors alike. Information is made available to both shareholders and directors on prospective and actual clients and business development.
Regulators
The company is very conscious of its responsibility to regulators and clients alike ensuring it maintains the highest standards of business conduct and has training, processes and reviews in place to ensure compliance.
The directors have assessed the company’s ability to continue as a going concern, having considered the company’s financial position, forecasts, cash flow requirements, available facilities and principal risks. Based on this assessment, the directors consider it appropriate to prepare the financial statements on a going concern basis.
This report was approved by the board and signed on its behalf.
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ISON HARRISON 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 directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The profit for the year, after taxation, amounted to £4,792,758 (2024 - £3,515,115).
A distribution was paid of £2,200,000 (2024- £1,900,000).
The directors who served during the year were:
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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ISON HARRISON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ISON HARRISON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON HARRISON LIMITED
We have audited the financial statements of Ison Harrison 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 cash flows, 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).
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 Auditors' 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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ISON HARRISON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON HARRISON 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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ISON HARRISON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON HARRISON 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 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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows:
∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, SRA regulations including Accounts Rules, tax legislation and occupational health and employment legislation.
∙We enquired of the directors, reviewed correspondence with HMRC and reviewed directors meeting minutes for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period.
∙The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: revenue recognition and management override of controls.
∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
∙We enquired of the directors and third-party advisors about actual and potential litigation and claims.
∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
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ISON HARRISON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ISON HARRISON LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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.
Statutory Auditors & Chartered Accountants
Leeds
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ISON HARRISON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
REGISTERED NUMBER: 06482867
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 14 to 28 form part of these financial statements.
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ISON HARRISON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The principal activity of the company was the provision of legal services. The company is a private company limited by shares, which is incorporated in England and Wales (no 06482867). The address of the registered office is Duke House, 54 Wellington Street, Leeds, LS1 2EE.
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company has not prepared consolidated financial statements in compliance with the exemption in section 405 of the Companies Act 2006 as the consolidation of the subsidiary undertaking is not material for the purpose of giving a true and fair view.
The following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis. The Company forecasts to have sufficient cash flows to meet its liabilities as they fall due for at least one year from the date of approval of the accounts. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
A proportion of fees earned for work performed by the firm is contingent upon successful completion of a case. Where the substance of a contract is such that a right to consideration does not arise until the occurrence of a contingent event, the asset and revenue are not recognised. The contingent event which determines the right to consideration is considered to be the point at which a case is settled.
No costs in respect of unrecognised income on contingent fees are carried forward.
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line 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.
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Work in progress recognised as revenue: Non-contingent WIP is recognised within debtors as unbilled revenue only to the extent that management are comfortable that the amounts are recoverable. Therefore, it is reviewed constantly and appropriate provisions are made to reflect any likelihood of it not being recoverable. Such provisions are made based on both specific knowledge of the ongoing matter and also by reference to historic recovery rates on comparable matters.
Debtors provisions: Provisions are made against any debtor items that management consider may not be recoverable. This judgement is made by reference to the age of the debt, the nature of the counter party and management's experience of similar debtors in previous years.
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Profit and loss account
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ISON HARRISON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company operates a defined contributions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the Company to the funds and amounted to £612,067 (2024 - £637,146). Contributions totalling £232,152 (2024 - £160,733) were payable to the fund at the balance sheet date.
The company is under the control of the Ison Harrison Employee Ownership Trust ("EOT").
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