RICARDO RAIL LIMITED

• ⚠

  Material uncertainty over going concern

  The ultimate parent, Ricardo plc, has indicated its intention to provide financial support for at least 12 months from the date of approval of these financial statements and not to demand repayment of the intercompany balances payable to it and its subsidiaries of £12,613,000 at the reporting date. These conditions give rise to a material uncertainty that may cast significant doubt over the Group's ability to continue to provide financial support to the Company.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. RICARDO RAIL LIMITED 2015-07-08 → present
2. LLOYD'S REGISTER RAIL LIMITED 2004-01-28 → 2015-07-08
3. LLOYD'S REGISTER MHA LTD. 2001-06-14 → 2004-01-28
4. MHA SYSTEMS LIMITED 2000-01-06 → 2001-06-14
5. MICHAEL HAMLYN ASSOCIATES LTD 1996-10-24 → 2000-01-06
6. FENSHELF 62 LTD 1996-07-17 → 1996-10-24

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The ultimate parent, Ricardo plc, has indicated its intention to provide financial support for at least 12 months from the date of approval of these financial statements and not to demand repayment of the intercompany balances payable to it and its subsidiaries of £12,613,000 at the reporting date. These conditions give rise to a material uncertainty that may cast significant doubt over the Group's ability to continue to provide financial support to the Company.”

Group structure

1. RICARDO RAIL LIMITED · parent
   1. Ricardo Singapore Pte Limited 1% · Singapore · Rail Consulting
   2. Ricardo Hong Kong Limited 1% · Hong Kong · Rail Consulting
   3. Ricardo Beijing Company Limited 1% · Beijing P.R. of China · Independent Assurance
   4. Ricardo Technical Consultancy LLC 0.49% · Doha, Qatar · Independent Assurance
   5. Chongqing Transportation Railway Safety Assessment Center Limited 0.6% · PR China · Liquidated

Significant events

• “An offer was announced by WSP Group to acquire the entire share capital of Ricardo plc on 11 June 2025, a change in control could indicate that the bank facilities may be required to be renegotiated.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +12.9%

  £16,933,000 → £19,115,000

• Cash

  -81.5%

  £4,590,000 → £850,000

• Net assets

  +50.2%

  £2,187,000 → £3,285,000

• Employees

  -4.9%

  103 → 98

• Operating profit

  +16.7%

  £2,144,000 → £2,502,000

• Profit before tax

  +24.9%

  £1,416,000 → £1,768,000

• Wages

  +4%

  £8,187,000 → £8,514,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers