The directors present the strategic report for the year ended 31 December 2025.
The company operates a Risk Register as a controlled element within our ISO9001 QMS. Regular time & event driven reviews mean that all known Risks are assessed for Impact, likelihood and mitigation effectiveness as soon as needed.
There are no material uncertainties outside of the usual ones of running a business that apply to our businesses.
Credit Control and Facility Management are key elements supporting the liquidity of our businesses. The Group reviews this monthly at both a Global & local level.
The Group’s purpose & our part in this
Our Group purpose is to Grow, Do Good & Enjoy the Journey. A growing organisation finds it easier to support these broad aims and our strategy is to combine good profitability with an attractive business mix that is scalable & sustainable.
In the UK we are guided entirely by these operating principles
Headline Performance (£M):
Liquidity
Liquidity is managed overall at Group Level, with local collaboration & implementation.
Markets & Value Propositions
Markets were better at the end of 2025 than 2024. The downturn in 2024 continued to impact us in 2025, before recovering in the latter half of the year. The outlook for 2026 & beyond indicates that overall markets continue to offer greater opportunity.
Our Value Proposition mix is altering intentionally. Whilst all our VP sets will grow, we are investing more in our Consulting and Advisory Services to scale that faster than we have done to date.
The overall strategy remains - be Scalable & Sustainable in both our VP & Market mixes.
Our People & our structures
Our talent mix presented challenges in 2025. Restructuring & acquiring new talent as well as developing our existing people began in 2025 and continues through 2026. We expect the positive impact of these changes to emerge more strongly in 2027.
Performance & growth enabling
The group invests in CI & Transformation to ensure that technology combined with prioritised initiatives will enable the group to continue to grow in a Scalable & Sustainable way. Most of this is piloted in the UK and then shared with the rest of the group. Intra Group Teams ensure that these programmes are properly established & managed.
Do Good
We have 3 routes to have a positive impact. Lending labour, Raising Money, and being part of impactful community projects. We are pleased to report that in 2025 we continued to raise more money than in 2024 and retain our CSR Gold status. We are not yet of a size that allows us to invest in Community Transformation projects. Likely timescales for this would be in the 2030s.
The Group & each Company within the Group operates a Goal Management Framework. This ensures congruency between the Group’s principal goals, through company and team down to an individual level.
Our highest-level Goals pertain to Financial and Social Responsibility performance. These cascade down through Value Proposition, Market, People, Enabling and Cultural Goals and the standards that apply to the setting of these goals.
KPIs pertain to progress against our short (2026), medium (2028), and longer term (2030) Goals.
Breakthrough and sustainability considerations are material to setting our longer-term Goals.
As the Group grows, we continue to evolve our management structures, centrally & locally, making sure that the Accountabilities & Responsibilities of each Person & Team are totally clear.
Outlook for 2026 and beyond
The UK business will continue to grow its core services in long term sustainable markets. Infrastructure projects is the biggest area.
In addition, Key clients (generally global ones) will continue to be developed with strengthened Management, whilst leveraging Global relationships.
Increasingly, Technology is being deployed in our Value Proposition sets and in Delivery Management. This includes our own technology, but in the main it is technology from others, underpinned by robust commercial partnerships.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Edwards be reappointed as auditor of the company will be put at a General Meeting.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
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 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.
We have audited the financial statements of Shirley Parsons Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
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.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
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.
We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the off-payroll working regulations (IR35), Companies Act 2006, ISO9001, health & safety regulations compliance and employment law.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, revenue journals, inappropriate treatment of non-routine transactions and areas of estimation uncertainty specifically surrounding share option valuations. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
Shirley Parsons Limited is a private company limited by shares incorporated in England and Wales. The registered office is B2 Building (4th Floor), Bear Brook Business Park, Walton Street, Aylesbury, Buckinghamshire, HP21 7QW.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Shirley Parsons Holdings Limited. These consolidated financial statements are available from its registered office, Walton Street, Bearbrook Business Park, Aylesbury, Buckinghamshire, HP21 7QW.
Short term trade debtors are measured at transaction price, less any impairment. Other debtors are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost, less any impairment.
Short term trade creditors are measured at transaction price. Other financial liabilities are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised cost.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
The company participates in a share-based payment arrangement granted to its employees by its parent company. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The company has granted share options. The options have been calculated using the Black-Scholes model which requires judgement in determining and assessing key assumptions and therefore results in some estimation uncertainty.
An analysis of the company's turnover is as follows:
Auditor's remuneration for 2025 has been borne by another group company.
The average monthly number of persons (including directors) employed by the company during the year was:
Their aggregate remuneration comprised:
During the year, Shirley Parsons Limited recharged wages and salaries to Shirley Parsons Professional Services Limited. The wages and salaries included within the aggregate remuneration figures above is net of those recharges.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2024 - 2).
As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.
During the year, Shirley Parsons Limited recharged wages and salaries to Shirley Parsons Professional Services Limited. The wages and salaries included within the aggregate remuneration figures above is net of those recharges.
The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
Included within other creditors is an amount of £1,372,010 in respect of invoice discounting (2024 - £1,872,070) which is secured by way of a fixed and floating charge over the assets of the company.
Bank overdrafts are secured by way of a fixed floating charge over the assets of the group.
Included within bank loans are amounts of £54,236 (2024 - £292,508), with £54,236 (2024 - £158,142) included within creditors due within one year and £Nil (2024 - £134,366) included within creditors due after more than one year. The loans are under the Coronavirus Business Interruption Loan schemes and are therefore secured by way of fixed and floating charges over all assets of the company. Interest will be charged at rates from 2.24% - 8.90% above the Bank of England base rate. The amounts are being repaid in monthly instalments.
Included within other borrowings are loans advanced from a related party of £237,665 (2024 - £284,833), with £110,402 (2024 - £284,833) included within creditors due within one year and £127,263 (2024 - £Nil) included within creditors due after more than one year. The loans are secured over the company's investment in the lenders share capital. Interest is charged at a rate of 5.50%. The amounts are being repaid in annual and biannual instalments.
The company occupies leased office premises under a property lease which contains obligations to reinstate the premises to their original condition at the end of the lease term. A provision has been recognised for the estimated costs of meeting these obligations.
The provision represents management's best estimate of the expenditure required to restore the leased premises in accordance with the lease agreement. The estimate has been determined having regard to the condition of the property, the extent of reinstatement work expected to be required and current market rates for such works.
The timing of the outflow is dependent upon the expiry or termination of the lease and is therefore expected to arise at the end of the lease term. Whilst the directors believe the provision to be appropriate based on current information, actual costs incurred may differ from the estimate due to changes in the scope of required works and market pricing.
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The Company has taken advantage of the exemption available under paragraph 1.12(b) of FRS 102 not to provide the detailed disclosure requirements of Section 26 (Share-based Payment). Equivalent disclosures are included in the publicly available consolidated financial statements of the parent company, Shirley Parsons Holdings Limited, which are available from Companies House.
Certain employees of the Company participate in the group’s equity-settled share option scheme, under which options over ordinary shares of the ultimate parent company are granted. Options carry no dividend rights and vest over a 5 year period subject to continuous employment and meeting specific group performance conditions.
The total expense recognized in the Profit and Loss Account for the period in respect of share-based payments was £105 (2024: £9). As there is no recharge or obligation on the Company to settle the arrangement, a corresponding credit of £105 has been recognized directly in equity as a capital contribution.
Shirley Parsons Limited is party to a multi-currency, cross guarantee securing overdraft facilities for Identify Networks Limited and Shirley Parsons Professional Services Limited. At 31 December 2025, the overdrafts under the arrangement totalled £621,893 (2024 - £302,793) and the overall net banking position under the arrangement was £190,953 overdrawn (2024 - £261,336 positive).
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has taken advantage of the exemption conferred within FRS102 section 33.1A not to disclose transactions between wholly owned members of the same group.
Included within other creditors are amounts due to a related party of £237,665 (2024 - £284,833), with £110,402 (2024 - £284,833) included within creditors due within one year and £127,263 (2024 - £Nil) included within creditors due after more than one year. During the year, interest was charged amounting to £7,558 (2024 - £17,680).