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Registered number: 08812560










BORRAS GROUP HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
BORRAS GROUP HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr R D Borras 
Mrs C A Borras 
Mr R Broadfield (appointed 12 February 2024)
Mr A Wake (appointed 12 February 2024)




Registered number
08812560



Registered office
1 Salar House
Campfield Road

St. Albans

AL1 5HT




Independent auditor
MHA
Statutory Auditor

2 London Wall Place

London

EC2Y 5AU




Bankers
Barclays Bank PLC
11 Bank Court

Hemel Hempstead

Hertfordshire

HP1 1BX





 
BORRAS GROUP HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditor's Report
 
7 - 10
Consolidated Statement of Comprehensive Income
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Consolidated Analysis of Net Debt
 
19
Notes to the Financial Statements
 
20 - 40


 
BORRAS GROUP HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
We turned the year in a strong position in respect of turnover secured and the tender pipeline remained strong.   Special Works had record year with a turnover of £18.4M and profit of 12%. Turnover targets were also achieved within the London Division.
We submitted 125 tenders against a target of 120 and the year also saw an increased number of opportunities received through either direct award or negotiation. Turnover for the year was £54M with a profit before tax of £455k.
The turnover budget for 2025 is £54.0m of which we have currently secured £33.0m at the end of March 2025  which is based on actual contract awards and probable awards, i.e. where we have been advised by clients that we are the preferred contractor and just await formal appointment. This is behind last year’s figure however we have over thirty projects for which we are awaiting a result.
There were no significant contractual issues on any of our current contracts and very few problematical projects. In London one of the historical projects has been resolved with an Adjudication decision being awarded in our favour on 11 March 2025 and the remaining old accounts primarily agreed. This leaves one further historical project to close out the remaining defects and agree the final account which is in progress.
The cash position remained well managed throughout the year and we had no bad debts. 
There were no reportable accidents or environmental incidents.
We completed a refresh of our procedures and policies to ensure they meet the requirements of the business and have invested in technological solutions and a new resource management software that will reduce the administrative burden and make us more efficient, provide better data and make us more competitive.
With a few minor exceptions all projects contributed positively towards the financial performance for the year with profits meeting Business Plan targets.
Results and performance on some projects were affected within the year due to supply chain partners going into liquidation or receivership. We have amended our procedures and monitor more closely how work is awarded to our supply chain. 

Page 1

 
BORRAS GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal risks and uncertainties
 
The construction industry continues to suffer from main contractors and sub-contractors ceasing to trade.  The majority of companies lost within the industry have been caused by long term contracts and significant losses from high inflation and price rises.
Government expenditure is expected to remain high within our core markets of education and healthcare however potentially on smaller value projects. 
We have aligned our overheads with an expected turnover in 2025 whilst maintaining the capabilities of the business. 
We will continue to scrutinise contract conditions and ensure we avoid unreasonable risks and resist taking on projects that will not provide an adequate commercial return. We will avoid long term projects where increased costs due to changes in market supply and demand could significantly increase costs disproportionately. 
We will continue to closely monitor our supply chains performance and financial positions to ensure that any one company is not over committed with us which may affect us should they cease trading.

Key performance indicators
 
Key Performance Indicators are set each year for the Company and each of the operating divisions. The scores are reviewed on a regular basis at the division and at monthly management meetings.
The number of tenders received where a price was submitted was 125 that was slightly above our target of 120.
The number of projects which were cash positive was 77% but still less than our target of 100% and the average value of new orders was £1.17M. 
The percentage of projects completing on time was 92% but was still lower than the target of 100%.
We completed 132 days of training with our employees that was an increase on our target of 100.

Development and performance
 
The strategy and targets for 2025 reflect the underlying performance of each of the operating divisions, the order book and the expected market conditions. Each division has prepared a business plan setting out their particular targets and objectives. These have been consolidated into a company business plan.

Page 2

 
BORRAS GROUP HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Section 172 of the Companies Act 2006

The directors have had due regard for their duty to promote the success of the Company for the benefit of its members as a whole. The directors carefully consider the consequences of all investments or projects ensuring they are fully planned and costed taking account of the potential financial returns as well as the wider impacts on the business and the environment. The Company's operations continually strive for the minimum environmental impact.
We have also identified future senior managers within the business and have rolled out additional specific job training leading to further accreditations and qualifications. We have enrolled on and commenced a leadership training programme for all directors and senior managers.
Borras are fully committed to reducing our carbon emissions and achieving Net-Zero Emissions by 2040. A specific committee has been set up and a detailed plan to record historic emissions as well as setting and monitoring future targets.
Corporate and social responsibility
The directors take into account the interest of employees by continually keeping them informed and with any decisions made the impact on the employees of the business is considered. Regular meetings are held with the staff committee which is are open to all members of the Company to ensure everyone is informed equally. 
Quality management
Business relationships with suppliers, customers and others are key to the success of the Company. Regular contact is maintained to foster mutually beneficial and informed relationships.
The directors are committed to the highest quality of services. This is achieved by regular quality assurance testing and ensuring that the Company is in line with the latest in quality standards and engaging with the relevant accreditation boards. The Company has a commitment to Investors in People and a commitment to equality through Committed 2 Equality, (C2E). The Company's operations continually strive for the minimum environmental impact and supports local charities within the community through various community initiatives and charity partners.  
The directors are aware of both their own and the Company’s duties and responsibilities under the Bribery Act 2010 and act appropriately. 
This report was approved by the board and signed on its behalf.


This report was approved by the board.



Mrs C A Borras
Director

Date: 28 April 2025

Page 3

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company was that of a holding company. The principal activity of the Group was that of building contractors.

Principal activity

The principal activity of the company during the year was that of building contractors.

Results and dividends

The profit for the year, after taxation, amounted to £322,468 (2023 - £106,380).

During the year, dividends totalling £38,937 (2023 - £27,331) were paid.

Directors

The directors who served during the year were:

Mr R D Borras 
Mrs C A Borras 
Mr R Broadfield (appointed 12 February 2024)
Mr A Wake (appointed 12 February 2024)

Page 4

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors’ indemnity insurance

Directors’ liability and indemnity insurance was in force throughout the year to cover the directors and officers of
the company against action brought against them in their personal capacity. Neither the insurance nor the
indemnity provide cover where the individual has acted fraudulently or dishonestly.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the year are:
img76d1.png
Measures taken to improve energy efficiency:
The PV array, installed on our roof in November 2023, had it's first full year of operation in 2024.
We installed 2no. 7kw car chargers in our car park in December 2024, allowing current hybrid and EV owners to
charge their vehicles, as well as encouraging more members of staff to adopt PHEVs/EVs. The number of hybrid
and EVs in the business increased by 47% in 2024, from 15 to 22.



 
Page 5

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Method of calculations:
The figures for 2024 have been calculated wholly using the Department of Energy Security and Net Zero's
Carbon Emission Factors, which now completely supersede the Greenhouse Gas Protocol Reporting metric
previously used. For the sake of comparable data sets, we have created a custom calculator, based on the
Greenhouse Gas Protocol's tool, to which previous years' data can be easily plugged into.

The emissions factors sourced from the Department of Energy Security and Net Zero are updated annually, to
reflect the UK's real time carbon footprint (which constantly changes as factors such as the mix of renewable
and fossil fuel sources of energy from our grid change). Going forward, each year's updated emission factors will
be built into this calculator.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditors

The auditor previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes,
MacIntyre Hudson LLP ceased to hold an audit registration with engagement transitioning to MHA Audit Services
LLP. MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mrs C A Borras
Director

Date: 28 April 2025

Page 6

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Borras Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 of the parent Company's affairs as at 31 December 2024 and of the Group's profit 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's 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 United Kingdom, including the Financial Reporting Council'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 directors' 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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.


Page 7

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the 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 the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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.


Page 8

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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 Group 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management and those charged with governance around actual and potential litigation and      claims; 
•  Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias; 
•  Reviewing minutes of meetings of those charged with governance; 
•  Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 9

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED (CONTINUED)


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 2006Our 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.





Georgette Alicia Crisp BSc (Hons) FCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
  
London, United Kingdom

6 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).
Page 10

 
BORRAS GROUP HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
54,042,733
55,950,429

Cost of sales
  
(50,697,648)
(53,045,295)

Gross profit
  
3,345,085
2,905,134

Administrative expenses
  
(3,390,872)
(3,196,124)

Other operating income
 5 
380,434
357,594

Operating profit
 6 
334,647
66,604

Interest receivable and similar income
 10 
143,885
103,321

Interest payable and similar expenses
 11 
(33,382)
(51,898)

Profit before taxation
  
445,150
118,027

Tax on profit
 12 
(122,682)
(11,647)

Profit for the financial year
  
322,468
106,380

Profit for the year attributable to:
  

Owners of the parent Company
  
322,468
106,380

  
322,468
106,380

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
322,468
106,380

  
322,468
106,380

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 20 to 40 form part of these financial statements.

Page 11

 
BORRAS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 08812560

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
1,871,991
1,845,326

Investments
 16 
100
100

Investment property
 17 
1,456,835
1,419,399

  
3,328,926
3,264,825

Current assets
  

Debtors: amounts falling due within one year
 18 
16,814,250
17,460,181

Cash at bank and in hand
 19 
4,446,431
4,884,453

  
21,260,681
22,344,634

Creditors: amounts falling due within one year
 20 
(13,191,576)
(14,120,948)

Net current assets
  
 
 
8,069,105
 
 
8,223,686

Total assets less current liabilities
  
11,398,031
11,488,511

Creditors: amounts falling due after more than one year
 21 
(505,685)
(909,478)

Provisions for liabilities
  

Deferred taxation
 23 
(138,122)
(108,340)

  
 
 
(138,122)
 
 
(108,340)

Net assets
  
10,754,224
10,470,693


Capital and reserves
  

Called up share capital 
 24 
1,010
1,010

Revaluation reserve
 25 
57,553
57,553

Investment property reserve
 25 
724,960
724,960

Profit and loss account
 25 
9,970,701
9,687,170

Equity attributable to owners of the parent Company
  
10,754,224
10,470,693

  
10,754,224
10,470,693


Page 12

 
BORRAS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 08812560
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr R D Borras
Director

Date: 28 April 2025

The notes on pages 20 to 40 form part of these financial statements.

Page 13

 
BORRAS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 08812560

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
727,380
727,380

  
727,380
727,380

Current assets
  

Debtors: amounts falling due within one year
 18 
13,740
13,740

  
13,740
13,740

Creditors: amounts falling due within one year
 20 
(615,360)
(615,360)

Net current liabilities
  
 
 
(601,620)
 
 
(601,620)

Total assets less current liabilities
  
125,760
125,760

  

  

Net assets
  
125,760
125,760


Capital and reserves
  

Called up share capital 
 24 
1,010
1,010

Profit and loss account
 25 
124,750
124,750

  
125,760
125,760


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Mr R D Borras
Director

Date: 28 April 2025

The notes on pages 20 to 40 form part of these financial statements.

Page 14

 
BORRAS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
1,010
57,553
724,960
9,608,121
10,391,644


Comprehensive income for the year

Profit for the year
-
-
-
106,380
106,380
Total comprehensive income for the year
-
-
-
106,380
106,380


Contributions by and distributions to owners

Dividends
-
-
-
(27,331)
(27,331)


Total transactions with owners
-
-
-
(27,331)
(27,331)



At 1 January 2024
1,010
57,553
724,960
9,687,170
10,470,693


Comprehensive income for the year

Profit for the year
-
-
-
322,468
322,468
Total comprehensive income for the year
-
-
-
322,468
322,468


Contributions by and distributions to owners

Dividends
-
-
-
(38,937)
(38,937)


Total transactions with owners
-
-
-
(38,937)
(38,937)


At 31 December 2024
1,010
57,553
724,960
9,970,701
10,754,224


The notes on pages 20 to 40 form part of these financial statements.

Page 15

 
BORRAS GROUP HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,010
124,750
125,760


Comprehensive income for the year

Profit for the year
-
27,331
27,331


Contributions by and distributions to owners

Dividends
-
(27,331)
(27,331)


Total transactions with owners
-
(27,331)
(27,331)



At 1 January 2024
1,010
124,750
125,760


Comprehensive income for the year

Profit for the year
-
38,937
38,937


Contributions by and distributions to owners

Dividends
-
(38,937)
(38,937)


Total transactions with owners
-
(38,937)
(38,937)


At 31 December 2024
1,010
124,750
125,760


The notes on pages 20 to 40 form part of these financial statements.

Page 16

 
BORRAS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
322,468
106,380

Adjustments for:

Depreciation of tangible assets
70,855
65,812

Loss on disposal of tangible assets
(11,100)
(3,900)

Interest paid
33,382
51,898

Interest received
(143,885)
(103,321)

Taxation charge
122,682
11,647

Decrease/(increase) in debtors
655,931
(1,768,672)

(Increase)/decrease in amounts owed by associates
(10,000)
-

(Decrease)/increase in creditors
(964,810)
3,258,385

(Decrease)/increase in amounts owed to associates
(100)
-

Corporation tax (paid)
(24,029)
(26,306)

Net cash generated from operating activities

51,394
1,591,923


Cash flows from investing activities

Purchase of tangible fixed assets
(97,520)
(133,084)

Sale of tangible fixed assets
11,100
3,900

Expenditure to investment properties
(37,436)
-

Purchase of share in associates
-
(50)

Interest received
143,885
103,321

Net cash from investing activities

20,029
(25,913)
Page 17

 
BORRAS GROUP HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash flows from financing activities

Repayment of loans
(437,126)
(161,592)

Dividends paid
(38,937)
(27,331)

Interest paid
(33,382)
(51,898)

Net cash used in financing activities
(509,445)
(240,821)

Net (decrease)/increase in cash and cash equivalents
(438,022)
1,325,189

Cash and cash equivalents at beginning of year
4,884,453
3,559,264

Cash and cash equivalents at the end of year
4,446,431
4,884,453


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,446,431
4,884,453

4,446,431
4,884,453


The notes on pages 20 to 40 form part of these financial statements.

Page 18

 
BORRAS GROUP HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

4,884,453

(438,022)

4,446,431

Debt due after 1 year

(909,478)

403,793

(505,685)

Debt due within 1 year

(177,606)

29,791

(147,815)


3,797,369
(4,438)
3,792,931

The notes on pages 20 to 40 form part of these financial statements.

Page 19

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Borras Group Holdings Limited is a private company, limited by shares incorporated in England and Wales in the United Kingdom. The registered office and principal place of business is detailed 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The functional and presentational currency of the company is pounds sterling, rounded to the nearest £1.

The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between groupcompanies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

After reviewing the forecasts and projections of the Company, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company continues to adopt the going concern basis in preparing its financial statements.

Page 20

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.6

Termination payments

Termination benefits are recognised when employment is terminated by the Company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for termination benefits and may be made in other exceptional circumstances.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 21

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

 
2.12

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 22

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
5 years
Fixtures and fittings
-
10 years
Computer equipment
-
4 to 6 years

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.

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.

Page 23

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

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.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash
Page 24

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.22

Amounts recoverable on contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. All costs to accrue are included within trade creditors. Unbilled retentions have been recognised in turnover in the profit and loss account.
Materials held at the year end for specific contracts are included at the lower of cost and net realisable value within amounts recoverable on contracts. These are released at net realisable value once the work is invoiced.

Page 25

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.23

Dividends

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors consider that the critical accounting policies where judgments and estimations have been applied relate to the valuation of investment property and freehold property, tangible asset lives and amounts recoverable on trade debtors and long term contracts. In respect of the valuation of investment property and freehold property, the directors have concluded that the valuation is appropriate. In respect of the life of tangible fixed assets, judgments are made on the useful economic life and residual values of plant and machinery. The directors have concluded that the asset values and residual values are appropriate. In respect of amounts recoverable on trade debtors and contracts, the directors consider the changes in economic conditions have been adequately reflected in respect of all estimates.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
45,002
23,966

Net rents receivable
105,562
73,168

Management fees receivable
229,870
260,460

380,434
357,594



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation of tangible fixed assets
70,855
65,812

Profit on sale of tangible fixed assets
(11,100)
(3,900)

Other operating lease rentals
89,856
92,646

Defined contribution pension cost
88,780
81,062


Page 26

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Group's auditors and its associates for the audit of the Group's annual financial statements
22,500
20,000

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
1,500
1,500

All non-audit services not included above
13,100
3,500








8.

Employees


Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,703,503
6,446,698
-
-

Social security costs
805,038
761,672
-
-

Cost of defined contribution scheme
88,780
81,062
-
-

7,597,321
7,289,432
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Construction staff
68
67



Administrative staff
24
23

92
90

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)
Page 27

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

The directors' remuneration information provided below is in relation to directors of all group companies. 

2024
2023
£
£

Directors' emoluments
657,730
579,019

Group contributions to defined contribution pension schemes
22,953
18,330

680,683
597,349


During the year retirement benefits were accruing to 5 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £147,686 (2023 - £176,109).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,933 (2023 - £6,667).

The directors are the Key Management Personnel of the Company and their remuneration is noted above.


10.


Interest receivable

2024
2023
£
£


Bank interest receivable
143,885
103,321


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
33,382
51,898

Page 28

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
107,772
38,901

Adjustments in respect of previous periods
(14,872)
-


Total current tax
92,900
38,901

Deferred tax


Origination and reversal of timing differences
29,782
(27,254)

Total deferred tax
29,782
(27,254)


Taxation on profit on ordinary activities
122,682
11,647

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
445,150
118,027


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
111,288
29,507

Effects of:


Expenses not deductible for tax purposes
5,662
6,627

Capital allowances for the year in excess of depreciation
(9,319)
(104)

Adjustments to tax charge in respect of prior periods
(14,872)
28,128

Other differences leading to an increase (decrease) in the tax charge
29,923
(51,606)

Marginal relief
-
(905)

Total tax charge for the year
122,682
11,647

Page 29

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There are no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends paid
38,937
27,331


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £38,937 (2023 - £27,331).

Page 30

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Tangible fixed assets

Group






Freehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,614,708
260,337
315,128
253,513
2,443,686


Additions
-
78,761
2,000
16,759
97,520


Disposals
-
(45,523)
-
(43,888)
(89,411)



At 31 December 2024

1,614,708
293,575
317,128
226,384
2,451,795



Depreciation


At 1 January 2024
-
158,122
229,941
210,297
598,360


Charge for the year
-
33,600
14,569
22,686
70,855


Disposals
-
(45,523)
-
(43,888)
(89,411)



At 31 December 2024

-
146,199
244,510
189,095
579,804



Net book value



At 31 December 2024
1,614,708
147,376
72,618
37,289
1,871,991



At 31 December 2023
1,614,708
102,215
85,187
43,216
1,845,326

Freehold property is shown at fair value and as such is not depreciated.
The fair value of the property is sensitive to changes in the property market. The property was professionaly valued in August 2021, based on current market rents and investment property yields for comparbale real estate, by Allan N Hertz FRICS. In the opinion of the directors, the fair value of the property at 31 December 2024 can be measured reliably by the directors and they do not consider the August 2021 valuation to be materially different at the year end.

Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
-
At valuation:

31 December 2024
1,614,708



1,614,708

Page 31

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£

Group


Cost
1,540,295
1,540,295


16.


Fixed asset investments

Group





Investments in associates

£



Cost or valuation


At 1 January 2024
100



At 31 December 2024
100




Participating interests
The Group holds 50% of the ordinary share capital of Central Accounts Limited, a company incorporated in England and Wales, involved in provision of accounting services.
The Company holds 50% of the ordinary share capital of Central Health, Safety, Quality And Enviromental Services Limited, incorporated on 27th November 2023 in England and Wales, involved in the provision of health and safety services. 

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
727,380



At 31 December 2024
727,380




Page 32

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Borras Construction Limited
1 Salar House, Campfield Road, St Albans, Hertfordshire, AL1 5HT
Ordinary
100%


17.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2024
1,419,399


Additions at cost
37,436



At 31 December 2024
1,456,835

The 2021 valuations were made by Allan N Hertz FRICS, on an open market value for existing use basis.  In the opinion of the directors, the fair value of the property at 31 December 2024 can be measured reliably by the directors and they do not consider the August 2021 valuation to be materially different at the year end.

Page 33

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
17.Investment property (continued)

2024
2023
£
£

Revaluation reserves


At 1 January 2024
724,960
724,960

At 31 December 2024
724,960
724,960



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
580,169
580,169

580,169
580,169

The 2021 valuations were made by Allan N Hertz FRICS, on an open market value for existing use basis.


18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
7,492,992
7,898,067
-
-

Amounts owed by joint ventures and associated undertakings
25,000
15,000
-
-

Other debtors
2,781,314
3,122,115
13,740
13,740

Prepayments and accrued income
290,307
247,930
-
-

Amounts recoverable on long-term contracts
6,224,637
6,177,069
-
-

16,814,250
17,460,181
13,740
13,740



19.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
4,446,431
4,884,453

4,446,431
4,884,453


Page 34

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
133,543
166,876
-
-

Trade creditors
10,772,294
10,402,900
-
-

Amounts owed to group undertakings
-
-
615,360
615,360

Amounts owed to associates
-
100
-
-

Corporation tax
107,772
38,901
-
-

Other taxation and social security
1,891,076
3,253,644
-
-

Other creditors
46,519
34,498
-
-

Accruals and deferred income
240,372
224,029
-
-

13,191,576
14,120,948
615,360
615,360


Bank loans of £133,543 (2023 - £166,876) are secured against the freehold property and fixed asset investment property owned by the Company.


21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
505,685
909,478

505,685
909,478


Bank loans totalling £505,685 (2023 - £909,478) are secured against the freehold property and fixed asset investment property owned by the Group.

Page 35

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
133,543
166,876

Amounts falling due 1-2 years

Bank loans
138,265
174,479

Amounts falling due 2-5 years

Bank loans
367,420
573,248

Amounts falling due after more than 5 years

Bank loans
-
161,751

639,228
1,076,354


Bank loans are repayable by instalments with a commercial, interest rate, repayable in full by 2029.

Page 36

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Deferred taxation


Group



2024


£






At beginning of year
108,340


Charged to profit or loss
29,782



At end of year
138,122

Company





The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
5,249
(24,533)

On revaluations
132,873
132,873

138,122
108,340

Page 37

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



70,000 (2023 - 70,000) A Founder shares of £0.01 each
700
700
30,000 (2023 - 30,000) B Founder shares of £0.01 each
300
300
555 (2023 - 555) C Founder shares of £0.01 each
5
5
50 (2023 - 50) A Ordinary shares of £0.01 each
1
1
60 (2023 - 60) B Ordinary shares of £0.01 each
1
1
22 (2023 - 22) C Ordinary shares of £0.01 each
-
-
50 (2023 - 50) E Ordinary shares of £0.01 each
1
1
60 (2023 - 60) F Ordinary shares of £0.01 each
1
1
56 (2023 - 56) G Ordinary shares of £0.01 each
1
1

1,010

1,010

All Founder Shares and Ordinary Shares, as a class, rank pari passu.



25.


Reserves

Revaluation reserve

The revaluation reserve is an amount arising on the revaluation of fixed assets, being the difference between the amount of these assets determined under the historical cost convention and the amount determined by the revaluation of the assets, together with related deferred taxation. Transfers to the revaluation reserve arising from disposals are reflected in transfers from the profit and loss account. The revaluation reserve relates to non-distributable reserves.

Investment property revaluation reserve

The investment property revaluation reserve is an amount arising on the revaluation of investment property, being the difference between the amount of these assets determined under the historical cost convention and the amount determined by the revaluation of the assets, together with related deferred taxation. Transfers to the revaluation reserve arising from disposals are reflected in transfers from the profit and loss account. The investment property revaluation reserve relates to non-distributable reserves.

Profit and loss account

The profit and loss account is represented by retained earnings.


26.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £88,780 (2023 - £63,861). Contributions totalling £Nil (2023 - £13,130) were payable to the fund at the year end and are included in creditors.

Page 38

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
40,689
75,397

Later than 1 year and not later than 5 years
9,448
97,355

50,137
172,752

28.


Transactions with directors

Following advances of £9,998 (2023 - £34,229) and repayments of £10,452 (2023 - £20,350), at the balance sheet date, the Group owes £11,059 (2023 - £10,605) to the directors. The loans are unsecured, interest free and repayable on demand.


29.


Related party transactions

As 100% of the Company's voting rights are controlled within the parent company, Borras Group Holdings Limited, the Company has taken advantage of the exemption contained in Financial Reporting Standard 102 section 33 and has not disclosed transactions or balances with entities which form part of the Group. 
During the year, the Group received management charges of £83,350 (2023 - £115,500) from T&B (Contractors) Limited, a company in which Mr R D Borras and Mrs C A Borras are directors.
During the year the Group received management charges of £106,320 (2023 - £105,000) from T&B (Contractors) Limited for their share of the directors' remuneration of its common directors Mr R D Borras and Mrs C A Borras. The outstanding balance with T&B (Contractors) Limited at 31 December 2023 is £2034 (2023 - £2,903).
Included in other debtors are the following:
£2,527,961 (2023 - £2,752,512) due from RBC Property Developments Limited, a company in which Mr R D Borras and Mrs C A Borras are directors and shareholders. This relates to financing arrangements and is interest free, unsecured and repayable on demand.
During the year, the Group made sales of £Nil (2023 - £Nil) to RBC Property Developments Limited. During the year, the Group received management charges totalling £40,200 (2023 - £39,600) from RBC Property Developments Limited. 
During the year, the Group paid management charges of £142,825 (2023 - £126,000) to Central Accounts Limited, a company which is 50% owned by Borras Construction Limited. At the year end, £15,000 (2023 - £15,000) was due from Central Accounts Limited. 
During the year, the Group paid management charges of £49,150 (2023 - £Nil) to Central Health, Safety, Quality and Environmental Services Limited, a company which is 50% owned by Borras Construction Limited. At the year end, £15,000 (2023 - £15,000) was due from Central Health, Safety, Quality and Environmental Services Limited. 

Page 39

 
BORRAS GROUP HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

30.


Controlling party

The Company was under the joint control of the directors, Mr R D Borras and Mrs C A Borras in the current and previous year.

 
Page 40