Company registration number: 08612195
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UNAUDITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2024
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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 YEAR ENDED 31 DECEMBER 2024
The Director presents his report and the financial statements for the year ended 31 December 2024.
The year ended 31 December 2024 has demonstrated the resilience and ambition of Robert Nicholas Limited as we continue to deliver on our strategy of controlled growth with sustainable profitability. In a period of continued investment and expansion, the Company has improved turnover, strengthened margins, and enhanced its overall financial position — all while remaining profitable throughout.
Turnover for the year reached £4.3 million, a strong result for a 12-month period when compared to £4.9 million achieved over the prior 17-month span. Gross profit margin increased to 28.2% and operating profit rose by 59% to £165,504. Profit before tax quadrupled to £80,480, despite ongoing investment in workforce development, plant, and infrastructure. This performance is particularly notable given our strategic decision to prioritise long-term capability and delivery capacity over short-term profit maximisation.
The Company’s balance sheet reflects this progress. Net assets increased by 62% to £208,538, and current net assets rose by 71% to £138,510. Cash at bank grew by almost 80% to £218,016, enhancing liquidity and our ability to self-finance working capital as project scale increases.
These results reflect not only stronger commercial and operational execution but also a clear focus on building a resilient, growth-ready business. Our continued success in specialist temporary works in water remains a core strength, frequently acting as a gateway to wider construction opportunities. Furthermore, our role as main contractor on a growing number of projects has improved both risk control and commercial returns.
We continue to invest in our people, culture, and systems — recognising that sustainable growth depends on capability, trust, and delivery excellence. With a stable platform, a growing pipeline, and a clear strategic direction, Robert Nicholas Limited remains focused on its ambition to scale responsibly and profitably in the years ahead.
The Director who served during the year 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 by:
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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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 year
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Dividends declared and paid
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Retained earnings at the end of the year
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The notes on pages 5 to 11 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 2024
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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 2024
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 year 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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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 11 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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.
In the prior year 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 17 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 YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 21 (2023 - 21).
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17 month period ended
31 December
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During the previous 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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