Registration number:
Nicoll Curtin Group Limited
for the Year Ended 31 December 2025
Nicoll Curtin Group Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Nicoll Curtin Group Limited
Company Information
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Directors |
N J Clark R P Holroyd |
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Company secretary |
M G Richards |
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Registered office |
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Solicitors |
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Bankers |
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Auditors |
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Nicoll Curtin Group Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the group is that of an executive technology recruitment agency.
Fair review of the business
2025 remained a challenging year for the entire recruitment industry. Many global external factors, political and economic, weighed heavily on business confidence resulting in a significant reduction in overall hiring, with the permanent recruitment space being particularly hard hit.
The group maintained it’s core contract recruitment revenue, which is the key recurring income, but saw a permanent fees remain at a surpressed level which ultimately resulted in the group seeing a loss for the year.
We took the strategic decision to not make large reductions to our workforce and continue to support our historically high achieving staff, but throughout 2025 we looked at a number of areas where the business could benefit from lower cost and higher productivity.
These decisions ensured that whilst we remained broadly even on fees, our losses were reduced compared to 2024 and will put us in a much stronger position to return to profitability in 2026.
The management team remains strong, committed and fully focused with the company direction and ambition clearly communicated.
The Group continue to be committed to the growth and investment into our core business verticals and seeking growth opportunities that offer the right balance of business including new, higher value service offerings.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Net fee income (NFI) |
£ |
5,838,530 |
6,116,966 |
|
Earnings before interest, taxation, depreciation and amortisation (EBITDA) |
£ |
(257,315) |
(389,551) |
The group continues to be recognised as an outstanding global technology and change recruitment consultancy; during 2025 the group added a number of new blue-chip clients that will give future revenue and profit growth opportunities.
Banking facilities
We continue to benefit from great support from our Banks, in the UK, Ireland, Singapore and Switzerland.
We have looked at our current and future funding requirements in line with our budgets and are satisfied that we have sufficient funding in place to support our continued trade.
Cashflow remains a key focus across the business and the excellent structure and processes of our finance team together with the quality of our blue- chip client base has ensured that we continue to have minimal bad debts.
Our banking partners have reaffirmed their ongoing support for the business.
Nicoll Curtin Group Limited
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
The Group actively considers and manages its risks. The director reviews and agrees policies for managing these risks and these are summarised below:
Liquidity Risk
The Group makes use of its Invoice Finance facility with HSBC and Credit Suisse to manage its liquidity risk. In order to maintain liquidity and to ensure that sufficient funds are available for ongoing operations the company regularly reviews its cashflows and funding line with its bankers. We are fully satisfied that the current facilities will support our continued growth into 2026.
Credit Risk
The Group’s credit risk is primarily attributable to Trade Receivables, this is managed by regular monitoring of customer accounts. The credit risk on liquid funds is limited because all limits applied to customers are supported by limits calculated by credit rating agencies. Actual performance has been excellent with almost no bad debt recorded over the last 10 years.
Operational Risk
The attraction and retention of high calibre consultants and managers is critical to the success of the Group. This is not a risk specific to the Group but one that is experienced by the recruitment sector as a whole. To mitigate this risk there is a programme of initiatives to focus on talent acquisition, development and retention. The programme includes performance based financial incentives, bespoke training and detailed career development planning.
Market Risk
Market risk is reviewed by measuring our performance against all industry best practice metrics and utilising industry leading tools and software. The directors actively engage and communicate with individuals at all levels within the markets that we operate which provides valuable insight into changing developments and policies that may impact the business.
Approved by the
.........................................
N J Clark
Director
Nicoll Curtin Group Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the for the year ended 31 December 2025.
Directors of the group
The directors who held office during the year were as follows:
Information included in the Strategic Report
Information regarding likely future developments is disclosed in the Strategic report.
Important non adjusting events after the financial period
In July 2026 the Group was approached with an offer to buy 100% of the share capital and remains in negotiation with the potential purchaser with an expected completion of 30th September 2026.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Lambert Chapman LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the
.........................................
N J Clark
Director
Nicoll Curtin Group Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Nicoll Curtin Group Limited
Independent Auditor's Report to the Members of Nicoll Curtin Group Limited
Opinion
We have audited the financial statements of Nicoll Curtin Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, 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 our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Nicoll Curtin Group Limited
Independent Auditor's Report to the Members of Nicoll Curtin Group Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors 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 directors 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 directors are responsible for assessing the company'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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
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. 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:
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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; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the recruitment industry; |
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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 company, including the Companies Act 2006, taxation legislation and data protection, employment and health and safety legislation; |
Nicoll Curtin Group Limited
Independent Auditor's Report to the Members of Nicoll Curtin Group Limited
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
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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 company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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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:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims. |
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 directors 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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Nicoll Curtin Group Limited
Independent Auditor's Report to the Members of Nicoll Curtin Group Limited
Use of our report
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
Silks Way
Braintree
Essex
CM7 3GB
Nicoll Curtin Group Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating loss |
( |
( |
|
|
Loss before tax |
( |
( |
|
|
Tax on loss |
( |
|
|
|
Loss for the financial year |
( |
( |
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
( |
( |
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
Nicoll Curtin Group Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Loss for the year |
( |
( |
|
Foreign currency translation gains |
|
|
|
Total comprehensive income for the year |
( |
( |
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
( |
( |
Nicoll Curtin Group Limited
(Registration number: 03895045)
Consolidated Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Tangible assets |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
8,000 |
8,000 |
|
|
Share premium reserve |
16,094 |
16,094 |
|
|
Capital redemption reserve |
56 |
56 |
|
|
Retained earnings |
1,101,507 |
1,475,073 |
|
|
Equity attributable to owners of the company |
1,125,657 |
1,499,223 |
|
|
Shareholders' funds |
1,125,657 |
1,499,223 |
Approved and authorised by the
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Nicoll Curtin Group Limited
(Registration number: 03895045)
Balance Sheet as at 31 December 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Investments |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Net (liabilities)/assets |
( |
|
|
|
Capital and reserves |
|||
|
Called up share capital |
8,000 |
8,000 |
|
|
Share premium reserve |
16,094 |
16,094 |
|
|
Capital redemption reserve |
56 |
56 |
|
|
Retained earnings |
(448,677) |
124,841 |
|
|
Shareholders' (deficit)/funds |
(424,527) |
148,991 |
The company has opted to take the exemption under section 408 of the Companies Act 2006 to omit its profit and loss account. The company made a loss after tax for the financial year of £573,518 (2024 - profit of £810,728).
Approved and authorised by the
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Nicoll Curtin Group Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2025
Equity attributable to the parent company
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
|
|
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
( |
( |
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
8,000 |
16,094 |
56 |
1,475,073 |
1,499,223 |
Nicoll Curtin Group Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
At 31 December 2025 |
|
|
|
( |
( |
|
Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
|
Profit for the year |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
At 31 December 2024 |
8,000 |
16,094 |
56 |
124,841 |
148,991 |
Nicoll Curtin Group Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Cash flows from operating activities |
||
|
Loss for the year |
( |
( |
|
Adjustments to cash flows from non-cash items |
||
|
Depreciation and amortisation |
|
|
|
Loss on disposal of tangible assets |
|
- |
|
Loss on disposal of intangible assets |
- |
|
|
Income tax expense |
|
( |
|
( |
( |
|
|
Working capital adjustments |
||
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Cash generated from/ (utilised for) operations |
( |
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
( |
|
|
Cash flows from investing activities |
||
|
Acquisitions of tangible assets |
( |
( |
|
Foreign currency translation movements |
|
|
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
||
|
Dividends paid |
- |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
1,088,272 |
1,596,528 |
Nicoll Curtin Group Limited
Statement of Cash Flows for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Cash flows from operating activities |
||
|
(Loss)/profit for the year |
( |
|
|
Adjustments to cash flows from non-cash items |
||
|
Finance income |
- |
( |
|
( |
|
|
|
Working capital adjustments |
||
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Net cash flow from operating activities |
|
( |
|
Cash flows from investing activities |
||
|
Dividend income |
- |
|
|
Acquisitions of investments in joint ventures and associates |
( |
- |
|
Net cash flows from investing activities |
( |
|
|
Cash flows from financing activities |
||
|
Dividends paid |
- |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
55 |
235 |
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and the principal place of business is:
England
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Summary of disclosure exemptions
The company has taken the exemption available from disclosing transactions with other members of the group in accordance with FRS 102 Section 33.1a.
The company has taken exemption from presenting its Profit and Loss account in accordance with Section 408 of Companies Act 2006.
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2025.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements
The judgement (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have the most significant effect on the amounts recognised in the financial statements are as follows: |
Determine whether there are indicators of impairment of the group's tangible and intangible assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of an asset. |
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the placement of permanent and temporary staff in the ordinary course of the Group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised using the accrual model and are shown within other operating income.
Foreign currency transactions and balances
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Computer equipment and software |
Straight line over 3 years |
|
Fixtures and fittings |
Straight line over 4 years |
|
Short leasehold property |
Straight line over 5 years |
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of shares, is being amortised evenly over its estimated useful life of ten years.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade debtors
Trade debtors are amounts due from customers for the provision of recruitment services in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.
Provisions
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Payments made under operating leases are charge to the profit and loss account on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share based payments
The group rewards key management using share-based payments. The share-based payments are equity settled using shares in Nicoll Curtin Group Limited measured at fair value at the date of grant. Where the employees being rewarded are employed by other companies within the group the expense is included within the company where the employment costs of the staff member are recognised with a corresponding entry of Capital contribution through equity.
Financial instruments
Classification
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Rendering of services |
|
|
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The analysis of the group's Turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Permanent sales |
|
|
|
Contract sales |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages, commission and social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Staff |
|
|
|
Directors |
|
|
|
|
|
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
967,368 |
877,589 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Received or were entitled to receive shares under long term incentive schemes |
|
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
267,059 |
244,374 |
During the year the highest paid director received or was entitled to receive shares under a long term incentive scheme.
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
58,591 |
49,219 |
|
Exceptional items |
Company
During the year, intercompany loans with group companies were written off totalling costs of £584,018 (2024 - £nil).
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
Foreign tax |
|
( |
|
Tax expense/(receipt) in the income statement |
|
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect of tax losses |
|
|
|
Effect of foreign tax rates |
|
|
|
Decrease in UK and foreign current tax from over provision in the prior period |
- |
( |
|
Effect of foreign currency balance translations |
( |
( |
|
Effect of consolidation adjustments |
|
|
|
Tax increase from effect of unrelieved loss on disposal of operations |
|
- |
|
Effect of foreign tax legislation differences |
( |
|
|
Tax decrease from temporary differences for which no deferred tax asset or liability has been recognised |
( |
( |
|
Total tax charge/(credit) |
|
( |
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
( |
- |
|
Tax losses carried forward |
|
- |
|
- |
- |
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
( |
- |
|
Tax losses carried forward |
|
- |
|
- |
- |
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £- (2024 - £-).
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2025 |
|
|
|
At 31 December 2025 |
|
|
|
Amortisation |
||
|
At 1 January 2025 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2025 |
|
|
|
Carrying amount |
||
|
At 31 December 2025 |
|
|
|
At 31 December 2024 |
|
|
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
Group
|
Short leasehold property |
Furniture, fittings and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2025 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
( |
( |
( |
|
At 31 December 2025 |
- |
|
|
|
Depreciation |
|||
|
At 1 January 2025 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 December 2025 |
- |
|
|
|
Carrying amount |
|||
|
At 31 December 2025 |
- |
|
|
|
At 31 December 2024 |
- |
|
|
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Additions |
|
|
At 31 December 2025 |
|
|
Provision |
|
|
At 1 January 2025 |
- |
|
At 31 December 2025 |
- |
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Holding |
Proportion of voting rights and shares held |
||
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries claiming audit exemption under Section 479 of Companies Act 2006
Nicoll Curtin Financial Limited is claiming exemption from audit requirement under Section 479A. Nicoll Curtin Group Limited, as the parent company, has agreed to guarantee the liabilities of the Nicoll Curtin Financial Limited claiming exemption for the year ended 31 December 2025. Nicoll Curtin Financial Limited has been included within the consolidated results of the group presented in these financial statements.
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Subsidiary undertakings |
|
Nicoll Curtin Technology Limited The principal activity of Nicoll Curtin Technology Limited is |
|
Nicoll Curtin Financial Limited The principal activity of Nicoll Curtin Financial Limited is |
|
Nicoll Curtin D.O.O. Beograd The principal activity of Nicoll Curtin D.O.O. Beograd is |
|
Nicoll Curtin Technology GmbH (owned indirectly) The principal activity of Nicoll Curtin Technology GmbH (owned indirectly) is |
|
Nicoll Curtin Technology PTE Ltd (owned indirectly) The principal activity of Nicoll Curtin Technology PTE Ltd (owned indirectly) is |
|
Nicoll Curtin Consulting PTE Ltd (owned indirectly) The principal activity of Nicoll Curtin Consulting PTE Ltd (owned indirectly) is |
|
Nicoll Curtin Technology (HK) Ltd (owned indirectly) The principal activity of Nicoll Curtin Technology (HK) Ltd (owned indirectly) is |
|
Nicoll Curtin Technology Europe Limited (owned indirectly) The principal activity of Nicoll Curtin Technology Europe Limited (owned indirectly) is |
|
Nicoll Curtin Technology Consulting GmbH (owned indirectly) The principal activity of Nicoll Curtin Technology Consulting GmbH (owned indirectly) is |
|
Nicoll Curtin Consulting (Barbados) Limited The principal activity of Nicoll Curtin Consulting (Barbados) Limited is |
|
Nicoll Curtin Technology USA, Inc. The principal activity of Nicoll Curtin Technology USA, Inc. is |
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
Amounts owed by related parties |
- |
- |
|
|
|
Other debtors |
|
|
|
|
|
Prepayments and accrued income |
|
|
- |
|
|
|
|
|
|
|
Group
The carrying amount of trade debtors pledged as security for liabilities amounted to £2,285,714 (2024 - £2,256,660).
Trade debtors have been pledged as security under invoice discounting arrangements. Rent deposits, classified as other debtors, have been pledged as security under leasing arrangements.
Company
Debtors include amounts owed by group undertakings, whilst these amounts are due on demand, it is unlikely that they will be repaid in full during the coming year.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash at bank |
|
|
|
|
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Creditors |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
||||
|
Trade creditors |
|
|
|
- |
|
Amounts due to related parties |
- |
- |
|
|
|
Social security and other taxes |
|
|
- |
- |
|
Other payables |
|
|
- |
- |
|
Accruals |
|
|
|
|
|
Corporation tax |
59,133 |
39,657 |
290 |
290 |
|
|
|
|
|
|
Company
Creditors include amounts owed to group undertakings, whilst these amounts are due on demand, it is unlikely that they will be repaid in full during the coming year.
Secured creditors
Group
Creditors amounts falling due within one year includes invoice discounting liabilities, on which security has been given by the group amounting to £1,000,977 (2024 - £1,032,055).
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
6,000 |
|
6,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
|
|
|
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Rights, preferences and restrictions
|
Ordinary A shares have the following rights, preferences and restrictions: |
|
Ordinary C shares have the following rights, preferences and restrictions: |
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share-based payments |
Scheme details and movements
The options are valued using the market value of the existing share capital at the time of grant and subsequently revalued at each reporting date.
The options vest upon exit conditions for which no timeline is determinable and contain performance conditions attached to the share option are unlikely to be met by the company. For these reasons the directors do not feel a reliable estimate of the fair value of the options can be made and as such no expense has been recognised in respect of the scheme. If the directors feel an estimation of the timeline for the vesting conditions to be met in a future period the group will recognise the cumulative effect in that period.
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The entity is part of a group share-based payment scheme and it recognises and measures its share-based payment expense on the basis of a reasonable allocation of the expense recognised for the group. As the employees enrolled in the scheme are employed in various subsidiaries of the group the expense will be recognised in the relevant subsidiary with a corresponding credit for capital contribution from the company.
The movements in the number of share options during the year were as follows:
|
2025 |
2024 |
|
|
Outstanding, start of period |
|
|
|
Outstanding, end of period |
|
|
|
|
||
The movements in the weighted average exercise price of share options during the year were as follows:
|
2025 |
2024 |
|
|
Outstanding, start of period |
|
|
|
Outstanding, end of period |
|
|
|
|
||
|
Analysis of changes in net debt |
Group
|
At 1 January 2025 |
Financing cash flows |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,596,528 |
(508,256) |
1,088,272 |
|
Borrowings |
|||
|
Invoice discounting facilities |
(1,032,055) |
31,078 |
(1,000,977) |
|
|
|||
|
|
( |
|
|
Company
|
At 1 January 2025 |
Financing cash flows |
At 31 December 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
235 |
(180) |
55 |
|
|
( |
|
|
|
|
|||
Nicoll Curtin Group Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Related party transactions |
Group
Key management compensation
|
2025 |
2024 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
|
Parent and ultimate parent undertaking |
The ultimate controlling party is
|
Non adjusting events after the financial period |
|
|