Company registration number: 08612195
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UNAUDITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
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FOR THE PERIOD ENDED
31 DECEMBER 2023
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COMPANY INFORMATION
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Office 27 Base Innovation Centre
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CONTENTS
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Statement of Income and Retained Earnings
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Statement of Financial Position
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Notes to the Financial Statements
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DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023
The Director presents his report and the financial statements for the period ended 31 December 2023.
The past seventeen month period has been remarkable for Robert Nicholas Limited, demonstrating substantial growth, successful project completions and significant achievements in quality and customer satisfaction. Our commitment to excellence, innovation and customer engagement has continued to drive our success and establish our reputation as a leader in our specialism within the construction industry.
We have seen a significant increase in revenue, with a 71% increase in turnover for the equivalent period. This financial success is attributed to detailed understanding of client needs, effective project management, strategic bidding on high-value contracts and investment in financial oversight. The underlying strength of the business, built on years of reinvestment has allowed us to sustain larger contracts and continue to grow whilst managing the cash demands this entails. The company’s continued strategy of undertaking a spread of activity across construction sectors has also supported this demonstrable growth. Customer relationships and aspirations to deal directly with our teams has led to a transition in the construction side to our undertaking more contracts as main contractor, improving both contract and payment terms.
During the period Robert Nicholas Limited was forced to instigate adjudication proceedings against the principal contractor on one contract due to a payment dispute. Although the adjudicator’s award found in favour of Robert Nicholas Limited in all contested matters, the dispute absorbed considerable management time and gave rise to substantial expert witness and legal costs totalling £114,261. These costs have therefore been reported as an exceptional item in these financial statements due to the contract causing a significant loss to the company, which has impacted the profit for the period.
Specialist temporary works in water continue to be a keystone of the business’s reputational success and proves a gateway for new construction projects. This trading period has seen the successful delivery of a record number of high value, complex temporary works projects. This is underpinned by our workforce, who remain our greatest asset. We have invested heavily in their development and safety, with long serving staff now taking leadership roles within the business and continuing our exemplary safety record.
In conclusion, Robert Nicholas Limited has had an exceptional seventeen months. Our success is a testament to the hard work and dedication of our team, the trust of our clients and the supportive customers which we serve. We are excited about the opportunities that lie ahead and are committed to maintaining our high standards of excellence and innovation.
The Director who served during the period was:
In preparing this report, the Director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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17 month period ended
31 December
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Exceptional administrative expenses
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Interest receivable and similar income
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Interest payable and similar expenses
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Retained earnings at the beginning of the period
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Retained earnings at the end of the period
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The notes on pages 5 to 10 form part of these financial statements.
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ROBERT NICHOLAS LIMITED
REGISTERED NUMBER:08612195
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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ROBERT NICHOLAS LIMITED
REGISTERED NUMBER:08612195
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STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023
The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 5 to 10 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
Robert Nicholas Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is the principal place of business, is disclosed on the company information page.
The accounting period was extended to a 17 month period ended 31 December 2023 to assist with internal management reporting, and consequently the comparative figures which cover a 12 month period are not entirely comparable.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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Leasing and Hire Purchase Contracts
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Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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 basis:
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Assets under construction
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No depreciation is charged whilst assets are under construction
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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.
Following a review, the director has created a new asset class during the period being dams and barriers. These assets were previously recorded within plant and machinery and have been transferred during the period into their own separate class. Depreciation is being provided on dams and barriers on a 10% straight line basis which is deemed to be an accurate reflection of their useful estimated life. They had previously been depreciated on a 25% reducing balance basis.
Work in progress is valued at the lower of cost and net realisable value. Costs consist of direct materials, labour and attributable overheads. Net realisable value is based on the estimated contract value or selling price. less any further costs to completion and realisation.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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The average monthly number of employees, including directors, during the period was 21 (2022 - 15).
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17 month period ended
31 December
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During the period Robert Nicholas Limited was forced to instigate adjudication proceedings against the principal contractor on one contract due to a payment dispute. Although the adjudicator's award found in favour of Robert Nicholas Limited in all contested matters, the dispute gave rise to substantial expert witness and legal costs which have been reflected in the financial statements as an exceptional item.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Assets under construction
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Transfers between classes
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Charge for the period on owned assets
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Transfers between classes
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Commitments under operating leases
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At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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Included within other creditors due within 1 year is a balance of £25,728 (31 July 2022 - £82,669) due to the director. This loan has been provided interest free and is considered repayable on demand. A further long term loan of £100,000 (31 July 2022 - £100,000) has also been provided by the director and is reported within creditors falling due in more than 1 year. This loan has also been provided on an interest free basis.
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