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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
COMPANY INFORMATION
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TRUST TEES LIMITED
CONTENTS
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TRUST TEES LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
Trust Tees Limited is the holding entity of Stanley Tee LLP and Tees Financial Ltd, the principal activities of which are, respectively, solicitors and financial advisers. Many of the clients of both these businesses benefit from the combined provision of legal and financial advice.
Stanley Tee LLP operates as an alternative business structure (ABS) licensed by the Solicitors Regulation Authority. Tees Financial Ltd is authorised and regulated by the Financial Conduct Authority.
This financial year has not met strategic expectations but despite the challenges of the year, the group delivered an increase in both turnover and profit. There were challenges from economic market conditions and the increased tax burden imposed on employers. The business undertook a restructuring exercise during the year to reduce administrative costs and improve profitability. Investment in the recruitment of new staff has continued in line with the growth strategy.
Turnover for the group increased by 7%, with the business continuing to grow organically. Tees Financial Ltd has moved from a loss making position to generating a pre-tax of £0.6m. The profit attributable to partners in the LLP is treated as a cost in arriving at the profit for the group. The group is continuing its transformational five-year growth strategy, committed to its visions of providing exceptional service, enhancing quality of life and doing business responsibly.
Corporate governance and risk awareness are integrated into all areas of the business. This, combined with a strong professional management team which includes high caliber risk and compliance specialists, means business risks are reviewed on an ongoing basis and are well controlled and mitigated.
Interest rate levels have continued to have a favourable impact on the profit performance of the group. Group cashflow is well controlled through short and long term projections. The principal risks to the business are those relating to sector specific regulation and current macroeconomic and global issues. The diversified nature of the business, with a wide personal and business client base, provides long term stability and resilience for the business. This diversity and resilience balance any adverse risks the business might face.
Group turnover increased by 7% in the year to £38m (2025: 17% to £35m).
Gross margin was maintained at 59% in the law firm, with a net profit of £346,943 per equity partner (2025: £380,851). The PEP has fallen in 2026, following an increase in both the number of non-equity partners and in the amounts of their fixed monthly drawings. Underlying profit in the LLP subsidiary, prior to members’ remuneration and profit shares is £7.8m (2025: £7.8m). At year end, lock up days in the law firm were 138, consistent with the previous year.
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TRUST TEES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Employee Engagement
All owners and directors of the business are fully engaged in the group's business and have close day-to-day working relationships with those employees who are not owners. The values and behaviours expected, otherwise known as the 'essence of Tees', are clearly and regularly communicated to everyone at Tees, and all employees are encouraged to act in accordance with those behaviours and values and to engage positively with the activities of the group. The group has a strong history of progression through the organisation with many of the owners having trained within the business. It is a core principle that all of those with ambition have equal opportunity to become partners, directors and owners. Employee communication is given a high priority in the group, with regular briefings delivered by the Senior Partner and CEO, supported by regular news and updates being shared through the Tees intranet, called Tees Connect. Weekly news from each office is generated by the employees and shared through Tees Connect. Disabled Employees The directors are not aware of any employee who suffers a major disability but should that become the case they would take all reasonable steps to protect and maintain that person's employment, commensurate with that person's abilities and capacities. Minor disabilities known to the directors are accommodated. Environmental, Social and Governance Tees is committed to operating as a responsible and sustainable business, recognising the importance of Environmental, Social and Governance (ESG) factors in driving long-term value for stakeholders. The group publishes a Responsible Business Report to ensure transparency of data and accountability for impact. An ESG Board, chaired by a NED, is responsible for developing and delivering the next phase of our ESG Strategy. Environmental Tees is committed to achieving net zero by 2040, in line with government objectives and is committed to reduce scope 1 and 2 emission to net zero by 2028. Although not required to do so, Tees are publishing their data on energy use and greenhouse gas emissions in accordance with the Government's Energy Streamlined Energy and Carbon Reporting Policy, implemented by The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report Regulations) 2018 that came into force on the 1 April 2019. Tees' annual carbon footprint is calculated in tonnes of carbon dioxide equivalent (tCO2e). The intensity ratio is reported in tCO2e per average Full Time Equivalent (FTE) employees, which is considered to be the most appropriate for professional services firm. The recent results show a decline in carbon footprint in 2025 from 4.5 tCO2e to 2.7 tCO2e. Further details are contained in the group’s Responsible Business Report, which is available from the registered office. Social The board fosters a diverse and inclusive workplace that respects and promotes equal opportunities for all individuals. In 2025-2026, the group has continued to invest for all staff in pay and benefits, health and well-being, learning and development, and career pathways, including apprenticeships. The group has also continued to invest in local communities by awarding grants from the Tees Better Future Fund — grants of up to £5,000 are available to support local projects that are meeting key areas of need in these communities, with focus on the areas of education, health and wellbeing. In addition, Tees provides access to justice through pro bono advice, volunteers in local communities (through the Tees Volunteer Day) and supports local foodbanks to reduce poverty and hunger.
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TRUST TEES LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Governance
As a legal and financial services business, the group is subject to comprehensive corporate governance and procedures, upholding the highest standards of corporate governance, transparency and accountability. The board of directors provides strategic oversight, ensuring that all employees operate with integrity, ethical conduct and compliance with applicable laws and regulations. The business strives for effective risk management and robust internal control systems, safeguarding the interests of the stakeholders.
The Directors do not expect any major developments in the business during the coming year but remain open to strategic opportunities that may arise. The group is always seeking to recruit lawyers and financial advisors who can demonstrate a high level of competence and a similar cultural outlook.
This report was approved by the board and signed on its behalf.
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TRUST TEES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £145,864 (2025: £155,790).
Interim dividends paid during the year totalled £NIL (2025: £NIL).
Final dividends of £162,198 have been proposed (2025: £162,198). The final dividends proposed in 2025 were paid during the year ended 31 March 2026.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 group's financial statements and then apply them consistently;
∙make judgements 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 group 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 the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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TRUST TEES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
There have been no significant events affecting the group since the year end.
The auditor, Price Bailey LLP, 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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TRUST TEES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUST TEES LIMITED
We have audited the financial statements of Trust Tees Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026, which comprise the consolidated statement of comprehensive income, the consolidated balance sheet, the company balance sheet, 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).
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 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 directors with respect to going concern are described in the relevant sections of this report.
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TRUST TEES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUST TEES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group 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 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 Directors' Report.
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TRUST TEES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUST TEES LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
We gained an understanding of the legal and regulatory framework applicable to the group and the industries in which it operates and considered the risk of the group not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. Furthermore this included a review of the key laws and regulations in respect the group's registration with the Financial Conduct Authority and Solicitor Regulation Authority. The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:
∙Reviewing legal fees incurred;
∙Agreeing the financial statement disclosures to underlying supporting documentation;
∙Enquiring of management including those responsible for the key regulations such as the Compliance Officer for Legal Practice (COLP) and the Compliance Officer for Finance and Administration (COFA);
∙Reviewing the latest Solicitors Accounts Rules audit report;
∙Reviewing the key accounting policies and estimates;
∙Reviewing minutes of meetings between those charged with governance;
∙Reviewing of the complaints register; and
∙Reviewing of the FCA registration and related compliance requirements.
To address the risk of management override of controls, we carried out a review of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Due to 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 auditor's report.
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TRUST TEES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TRUST TEES LIMITED (CONTINUED)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Causeway House
1 Dane Street
Hertfordshire
CM23 3BT
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TRUST TEES LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
REGISTERED NUMBER: 07497167
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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TRUST TEES LIMITED
REGISTERED NUMBER: 07497167
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
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 loss of the company for the year was £273,596 (2025: profit £597,047).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 38 form part of these financial statements.
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TRUST TEES LIMITED
REGISTERED NUMBER: 07497167
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
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TRUST TEES LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Trust Tees Limited is a private company, limited by shares and incorporated in England and Wales. These financial statements are the consolidated financial statements of the group, members of which are listed within the fixed asset investments note. The registered office of the company is Tees House, 95 London Road, Bishop's Stortford, Hertfordshire, CM23 3GW.
The group's functional and presentational currency is GBP.
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 consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. These comprise of Tees Financial Limited, Stanley Tee LLP and Stanley Tee Trust Corporation Limited. 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 balance sheet, 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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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Turnover from commissions is recognised on the following basis: a) Initial commissions are recognised at inception of the policy to which they relate. b) Trail commissions are recognised over the period to which they relate.
Goodwill
The estimated useful lives range is as follows:
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets, less their residual value, over their estimated useful lives.
Depreciation is provided on the following bases:
Amounts recoverable on contracts are split between conditional and non-conditional work.
Non-conditional income represents the estimated selling value of work completed by the balance sheet date where the LLP has a contractual right to be paid but has not yet raised an invoice for the work completed. Conditional revenue is where the right to consideration is contingent on a specific trigger event, the outcome of which is outside the LLP’s control. The LLP reviews cases settled and cases where liability has been admitted at the year end, and makes a judgement about the ability to estimate revenue reliably based on the stage of negotiation regarding settlement damages and costs. Revenue is recognised where, in the opinion of the members, the conditions for revenue recognition in note 2.3 are met but the LLP has not yet raised an invoice for the work completed as the case is not fully closed and therefore it is not appropriate to do so.
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The directors make estimates and assumptions concerning the future based on their knowledge of the business and the markets it operates in. The resulting accounting estimates and assumptions will, by definition, not always equal the related actual results. Significant judgements have been made by management in respect of the valuation of conditional revenue in line with accounting policy notes 2.3 and 2.8. The value of conditional amounts recoverable on contracts included in the balance sheet at the year-end is £1,926,668 (2025: £1,909,099). In Stanley Tee LLP other areas which are considered to be potentially material to the financial statements include the provision for irrecoverable debts and the provision for non-conditional amounts recoverable on contracts. The value of trade debtors included within the LLP balance sheet after a provision of £707,932 (2025: £781,693) is £4,131,078 (2025: £4,331,601) and is included in note 16. The value of non-conditional amounts recoverable in the LLP on contracts included within the balance sheet at the year-end is £7,021,744 (2025: £5,934,712). The provisions are based on expected recovery of these assets and take into account the LLP’s history of debtor collection, the strong credit control procedures and the diverse portfolio of clients. Provision is made for dilapidations in respect of property leases. This requires the directors to apply judgement and estimation in respect of the eventual outflow, taking into account the contractual terms, the landlord tenant relationship, the condition of the buildings, split between capital and revenue expenditure and the likely future use of the buildings by the landlord. Provision is also made for the expected amount of gross compensation payments in relation to legal cases brought against Stanley Tee LLP. These legal provisions are the best estimate of the expected costs to the group for each claim. Amounts recoverable from insurers are reflected in other debtors and the profit and loss impact is therefore the relevant policy excess. Details of these provisions can be found in note 20.
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 26
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There were no factors that may affect future tax charges.
Page 27
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 28
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
13.Intangible assets (continued)
Page 29
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 30
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
14.Tangible fixed assets (continued)
Page 31
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 32
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 33
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
There were no amounts due in more than five years.
Page 34
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 35
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Page 36
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Share premium account
Profit and loss account
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 loss after tax of the parent company for the year was £
Cross guarantee
The company has entered into a cross guarantee agreement with its subsidiaries Stanley Tee LLP and Tees Financial Limited. This cross guarantee provides security to the bank for loans provided to any of the three group entities. At 31 March 2026, the potential liability under this cross guarantee relating to other group companies amounted to £4,716,186 (2025: £2,863,219). The group has an agreement in place with the bank whereby the bank considers the cash and overdrafts across the three group entities as one balance, which enables group entities to hold or borrow monies within their respective entity accounts, subject to the net amount for the group being within the parameters of the group overdraft of £2,000,000. At the year end, Tees Financial Limited held £3,485,640 (2025: £2,823,343) in cash, whilst Stanley Tee LLP was overdrawn by £4,716,186 (2025: £2,863,219) and no amounts were held by Trust Tees Limited, resulting in a consolidated overdrawn bank balance of £1,230,546 (2025: £39,876).
Page 37
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TRUST TEES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £837,737 (2025: £752,754). Contributions totalling £132,026 (2025: £129,500) were payable to the fund at the balance sheet date and are included in creditors.
Page 38
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