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Registered number: 08612195
| UNAUDITED DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 DECEMBER 2025
| ROBERT NICHOLAS LIMITED
ROBERT NICHOLAS LIMITED |  |
COMPANY INFORMATION
Director | R N Thallon
Company secretary | L Thallon
Registered number | 08612195
Registered office | Unit 18
| Bordon Trading Estate
| Old Station Way
| Bordon
| GU35 9HH
Accountants | Menzies LLP
| Chartered Accountants
| Victoria House
| 50-58 Victoria Road
| Farnborough
| Hampshire
| GU14 7PG
ROBERT NICHOLAS LIMITED |  |
CONTENTS
| Page
Director's Report | 1
Statement of Financial Position | 2 - 3
Notes to the Financial Statements | 4 - 9
ROBERT NICHOLAS LIMITED |  |
DIRECTOR'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Director presents his report and the financial statements for the year ended 31 December 2025.
Business review
The year ended 31 December 2025 has been the most strategically significant in our history. Turnover grew to £4.9 million, a 13% increase on the prior year, with gross profit increasing to £1.5 million and operating profit rising to £211,087. Profit before tax reached £146,841, near doubling the prior year result, demonstrating that we were able to grow commercially whilst simultaneously investing in a programme of structural transformation. During the year we were accepted onto Innovate UK's Business Growth Scale Up Programme, which provided independent challenge, structured governance, and external expertise that sharpened our thinking on business model clarity, divisional accountability, and long-term investment readiness. A central output of this work was the formalisation of our two core operations into distinct, strategically aligned divisions: Civil Engineering and Specialist Temporary Works. Divisional profit and loss reporting was introduced across both, providing clearer visibility over commercial performance and cost allocation. This process brought into sharper focus the considerable capability we have built over many years within our Specialist Temporary Works business. Operating as an integrated engineering and product business, combining hire inventory, site services, and engineering assurance, this division has a genuinely differentiated market position. Demand in its core sectors continues to grow, driven by regulatory pressure on asset owners, ageing water infrastructure, and a market need for technically assured solutions. During the year we commenced patent applications for proprietary systems in development, and by the year end had entered formal development of a new commercial brand, High Water, to give the division the distinct market identity its proposition deserves. Net assets rose by 51% to £315,457 and cash at bank increased to £227,188, maintaining the liquidity necessary to support continued investment. Average headcount grew from 21 to 24, reflecting targeted investment in capability. We close 2025 having built the structural and commercial foundations that ambitious growth requires. With divisional clarity, a proprietary product pipeline in development, and a specialist proposition designed for a market experiencing significant regulatory and environmental tailwinds, we are targeting rapid, decisive expansion. We do not intend to grow incrementally. We intend to lead our market.
Director
The Director who served during the year was:
R N Thallon
Small companies note
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:
R N Thallon Director
Date: 10 June 2026
Page 1
ROBERT NICHOLAS LIMITED REGISTERED NUMBER:08612195 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 357,655 |  | 396,369
|  |  | 357,655 |  | 396,369
Current assets |  |  |  |  |
Work in progress |  | 39,075 |  | 190,903 |
Debtors: amounts falling due within one year | 5 | 614,869 |  | 454,949 |
Cash at bank and in hand |  | 227,188 |  | 218,016 |
|  | 881,132 |  | 863,868 |
Creditors: amounts falling due within one year | 6 | (619,191) |  | (725,358) |
Net current assets |  |  | 261,941 |  | 138,510
Total assets less current liabilities |  |  | 619,596 |  | 534,879
Creditors: amounts falling due after more than one year | 7 |  | (271,206) |  | (326,341)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (32,933) |  | - |
|  |  | (32,933) |  | -
Net assets |  |  | 315,457 |  | 208,538
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Profit and loss account |  |  | 315,455 |  | 208,536
|  |  | 315,457 |  | 208,538
Page 2
ROBERT NICHOLAS LIMITED REGISTERED NUMBER:08612195 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 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 Company has opted not to file the statement of income and retained earnings in accordance with 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:
R N Thallon
Director
Date: 10 June 2026
The notes on pages 4 to 9 form part of these financial statements. Page 3
ROBERT NICHOLAS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
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. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 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:
| 2.2 | Turnover
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.
| 2.3 | Leasing and Hire Purchase Contracts
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. Page 4
ROBERT NICHOLAS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Current and deferred taxation
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.
| 2.5 | Tangible fixed assets
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:
|  |  |  | Plant and machinery | - | 25% | Reducing balance
|  |  |  | Motor vehicles | - | 25% | Reducing balance
|  |  |  | Dams and barriers | - | 10% | Straight line
|  |  |  | Office equipment | - | 25% | Straight line
|  |  |  | Computer equipment | - | 25% | Reducing balance
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.
| 2.6 | Work in progress
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. Page 5
ROBERT NICHOLAS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Employees
| The average monthly number of employees, including directors, during the year was 24 (2024 -21).
| 4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Dams and barriers | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 January 2025 | 99,816 | 186,418 | 356,035 | 1,114 | 15,188 | 658,571
| Additions | 25,289 | 5,000 | - | 1,091 | 2,256 | 33,636
| Disposals | (1,563) | (43,153) | - | - | - | (44,716)
| At 31 December 2025 | 123,542 | 148,265 | 356,035 | 2,205 | 17,444 | 647,491
| Depreciation |  |  |  |  |  |
| At 1 January 2025 | 63,114 | 117,070 | 74,480 | 221 | 7,317 | 262,202
| Charge for the year on owned assets | 11,593 | 18,383 | 34,811 | 457 | 2,244 | 67,488
| Disposals | (602) | (39,252) | - | - | - | (39,854)
| At 31 December 2025 | 74,105 | 96,201 | 109,291 | 678 | 9,561 | 289,836
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 49,437 | 52,064 | 246,744 | 1,527 | 7,883 | 357,655
| At 31 December 2024 | 36,702 | 69,348 | 281,555 | 893 | 7,871 | 396,369
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 472,812 | 359,166
| Other debtors | 38,954 | 33,496
| Prepayments and accrued income | 103,103 | 55,298
| Deferred taxation | - | 6,989
|  | 614,869 | 454,949
Page 6
ROBERT NICHOLAS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 73,174 | 169,205
| Other loans | 7,494 | 7,277
| Trade creditors | 294,299 | 468,141
| Other taxation and social security | 38,221 | 33,581
| Obligations under finance lease and hire purchase contracts | 32,206 | 19,315
| Other creditors | 5,913 | 4,268
| Accruals and deferred income | 167,884 | 23,571
|  | 619,191 | 725,358
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 28,711 | 38,295
| Other creditors | 507 | -
|  | 29,218 | 38,295
| Details of security provided:
The bank loans and other creditors shown above are secured by a fixed and floating charge over the assets of the company. Page 7
ROBERT NICHOLAS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 253,837 | 168,179
| Other loans | 6,105 | 67,345
| Net obligations under finance leases and hire purchase contracts | 11,264 | 43,468
| Trade creditors | - | 47,349
|  | 271,206 | 326,341
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 181,847 | 54,743
| Other loans | 6,105 | 67,345
|  | 187,952 | 122,088
| Details of security provided:
The bank loans shown above are secured by a fixed and floating charge over the assets of the company. Other loans are secured by a fixed charge over Motor Vehicles and Plant and Machinery up to a maximum value of £100,000.
8. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 32,205 | 19,315
| Between 1-5 years | 11,264 | 43,468
|  | 43,469 | 62,783
Page 8
ROBERT NICHOLAS LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 82,167 | 17,721
| Later than 1 year and not later than 5 years | 85,567 | 4,890
|  | 167,734 | 22,611
Page 9