The members present their annual report and financial statements for the year ended 31 March 2026.
Taylor Emmet is a firm of solicitors regulated by the Solicitors Regulation Authority (SRA). The principal activity of the firm remains the provision of legal services.
Taylor Emmet delivers a wide range of legal services covering private legal services, business legal services and a small element of Legal Aid. These include:
Residential and commercial property transactions
Private client services (wills, probate, intestacy, trusts and court of protection)
Family law (including Child Care)
Medical and personal injury negligence
Civil and commercial litigation
Commercial and corporate law
Employment law
The firm operates across 6 offices in England, serving clients locally and throughout the UK.
The primary objective of the firm is to deliver high-quality legal services, who is trusted by clients to meet their needs while maintaining regulatory compliance and financial sustainability. Our purpose is to give solutions that support and protect clients, their family and their business.
The year ended 31 March 2026 saw the firm continue to achieve revenue growth, with turnover increasing to £23.5m from £21.8m in the previous year, an increase of approximately 8%. This maintains turnover comfortably above the firm’s £20m milestone.
The continued investment in our people, premises and infrastructure, together with the increased cost base required to support the firm’s growth, impacted profitability during the year. Gross profit was £8.08m compared with £9.14m in 2025, while operating profit was £1.45m compared with £3.20m.
Key performance indicators are tracked and measured through daily, monthly and annual targets across a range of financial and operational metrics. Productivity, profitability, management of lock-up and cash flow remain key areas of focus.
The firm continues to invest in technology to improve efficiency, productivity and the service provided to clients.
Other performance indicators include understanding our client base and market share across our services. Engaging with existing and new clients’ remains central to our “For You For Life” philosophy.
Taylor Emmet continues to demonstrate a commitment to corporate social responsibility and environmental sustainability through a range of initiatives. Our CarbonLite programme remains an important part of our environmental strategy and our wider commitment to reducing the environmental impact of the firm.
The firm also supported four key charity partners: The Alzheimer’s Society, Support Dogs, The Children’s Hospital and Weston Park Cancer Charity. During the year, £20,000 was donated in total, with £5,000 allocated to each charity.
Our People Strategy supports Taylor Emmet’s growth by building a high-performing, engaged and future-ready workforce. During 2025/26, our focus was on attracting and retaining talent, strengthening performance and productivity, developing our people and future leaders, and embedding our values throughout the employee lifecycle.
Key priorities included strengthening our employer brand and early careers programmes, improving recruitment and onboarding, expanding learning and leadership development, and creating clearer career and succession pathways. Performance management increasingly focused on regular feedback, development and the link between individual contribution, productivity and client service.
We also continued to strengthen culture, wellbeing and engagement, supported by employee feedback, flexible working, CSR and values-based recognition. Our reward offering developed through Total Reward Statements, financial wellbeing initiatives, peer recognition and the TE Green Car Scheme. Alongside this, greater use of Natural HR, automation, workforce planning and organisational development supported improved efficiency and ensured our people strategy remained aligned with the firm’s long-term growth ambitions.
We have identified the following as the key risks that could impact the firm:
Market Risk
Taylor Emmet operates across a broad range of clients, services and sectors. We have moved from being heavily reliant on conveyancing to a more diversified service offering, helping to mitigate some of the volatility experienced in the property market. Conveyancing remains a cyclical market influenced by factors such as interest rates and government policy. We continually review processes and resourcing to ensure we continue to deliver a high-quality service while responding to changes in the property pipeline.
Regulatory Risk
Taylor Emmet is regulated by the Solicitors Regulation Authority (SRA). The principal regulatory and compliance risks include breaches of confidentiality, data protection requirements and failure to comply with anti-money laundering rules. We hold various accreditations demonstrating our commitment to compliance and have an in-house risk and compliance team to monitor and manage risks and internal controls.
Litigation Risk
Operating in a regulated environment brings the risk of professional negligence claims. We mitigate these through comprehensive insurance cover and adherence to our risk management policies.
Technology and Cybersecurity Risk
Changing technology, IT systems failures and the threat of cybercrime remain key risks. Investment in IT, information security and staff awareness programmes is continually reviewed.
The firm remains focused on the next phase of its growth plans and on maintaining the infrastructure required to support continued development. During the year, significant investment was made in premises alongside continued investment in technology and people.
The firm’s office strategy includes strengthening its Peak District offering, taking additional space within the existing Sheffield Southwest office and the planned relocation of the main Sheffield office to the Isaac Building in Sheffield city Centre.
The members' drawing policy allows each member to draw a proportion of their profit share, subject to the cash requirements of the business.
A member's capital requirement is linked to their share of profit, level of seniority and the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming members introduce their capital at "par", so the retiring members are repaid their capital at "par". On leaving the limited liability partnership a member's capital is repayable over a period of time as determined by the members' agreement.
The designated members who held office during the year and up to the date of signature of the financial statements were as follows:
Sumer Auditco Limited were appointed as auditor to the limited liability partnership following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.
In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice.
Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members 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 limited liability partnership and of the profit or loss of the limited liability partnership for that period.
In preparing these financial statements, the members are required to:
select suitable accounting policies 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 limited liability partnership will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The responsibilities are exercised by the designated members on behalf of the members.
We have audited the financial statements of Taylor & Emmet LLP (the 'limited liability partnership') for the year ended 31 March 2026 which comprise the profit and loss account, the balance sheet, the reconciliation of members' interests, the statement of cash flows 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
Other information
As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.
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.
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:
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 limited liability partnership through discussions with members, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the limited liability partnership, including legislation such as the Companies Act 2006, as applied to limited liability partnerships, data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; 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 limited liability partnership’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;
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 to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
investigated the rationale behind significant or unusual transactions; and
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;
enquiring of management as to actual and potential litigation and claims;
reading minutes of meetings of those charged with governance;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership'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 limited liability partnership and the limited liability partnership'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.
Taylor & Emmet LLP is a limited liability partnership incorporated in England and Wales. The registered office is Isaacs Building, 4 Charles Street, Sheffield, S1 2HS.
The limited liability partnership's principal activities are disclosed in the Members' Report.
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
The LLP is exempt from the requirement to prepare the consolidated financial statements as its subsidiary is permitted to be excluded by virtue of section 405 of the Companies Act 2006, as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognised represents that due from the normal activities of the practice to the extent that the practice obtains a right to consideration in exchange for its performance of those activities, exclusive of value added tax.
The revenue recognised is measured by reference to the amounts likely to be chargeable to clients, less a suitable allowance to recognise the uncertainties remaining in the completion of those obligations. Contingent income is only recognised in the accounting period in which the contingent element is assured.
If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs.
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).
Profits are divided only after a decision by the LLP or its representative, so the LLP has an unconditional right to refuse payment. Such profits are classed as equity rather than as liabilities. They are therefore shown as a residual amount available for discretionary division among members in arriving at the result for the year and are shown as appropriations of equity when they are allocated.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 limited liability partnership after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.
Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The limited liability partnership operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
In the application of the limited liability partnership’s accounting policies, the members 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.
In assessing whether unbilled time in respect of contingent matters is recognised as accrued income in accordance with FRS102, management are required to make judgements in determining the point at which the contingency is resolved and when the fair value of consideration can be measured reliably.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Revenue in relation to unbilled time, excluding contingent fee matters, is recognised in the financial statements based upon the judgement of members and fee earners in respect of expected ultimate recoverability. In undertaking this assessment, historical recovery rates are considered and applied.
The provision for settlement claims is recognised in the financial statements based upon the judgement of members and the risk compliance team that there is a legal present obligation as a result of past events and that payment is probable. In undertaking this assessment, the current status of the matter for each element making up the year end provision balance has been considered to ensure the estimate is reliable.
The Limited Liability Partnership occupies leased premises and exercises judgement in assessing its obligations in respect of potential dilapidation costs arising under lease agreements. The extent of any provision required is dependent upon the condition of the properties, the terms of the leases and management's assessment of the obligations that may arise at the end of the lease terms.
The measurement of any dilapidation provision involves estimation uncertainty, particularly regarding the scope and timing of any remedial works and the associated costs. Management reviews these estimates regularly and updates the provision where necessary based on the latest available information.
An analysis of the limited liability partnership's turnover is as follows:
The average number of persons (excluding members) employed by the partnership during the year was:
Their aggregate remuneration comprised:
These financial statements are separate limited liability partnership financial statements for Taylor & Emmet LLP.
Details of the limited liability partnership's subsidiaries at 31 March 2026 are as follows:
The results of Taylor & Emmet Trustees Limited have not been consolidated on the grounds that the company is immaterial to the group.
The bank loans are secured by way of a debenture over all of the LLP's assets.
On 25 March 2025, the LLP entered into a loan agreement with National Westminster Bank Plc for a principal amount of £1,000,000. The loan has an initial term of five years and bears interest at a rate of 2% per annum above the bank's base rate.
On 14 October 2025, the LLP entered into a loan agreement with National Westminster Bank Plc for a principal amount of £1,000,000. The loan has an initial term of five years and bears interest at a rate of 1.95% per annum above the bank's base rate.
The settlement claims provision is the anticipated cost to settle claims made against the firm based on information and conditions at the year end.
The dilapidations provision represents the estimated cost of restoring leased properties to their original condition or to the condition required under the terms of the lease, based on information and obligations existing at the year end.
The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.
At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At 31 March 2026 the limited liability partnership had capital commitments as follows:
Certain members and key management personnel of the LLP control Outward Searches Limited.
Purchases in the year from Outward Searches Limited amounted to £811,623 (2025: £798,073).
A management charge of £6,000 (2025: £6,000) was charged to Outward Searches Limited in the year. At the year end there was a balance within other debtors of £6,000 (2025: £6,000) relating to this charge.