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Registered number: 01520021 BORRAS CONSTRUCTION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BORRAS CONSTRUCTION LIMITED COMPANY INFORMATION
Directors | Mr R D Borras
| Mrs C A Borras
| Mr M Lennard
| Mr A Wake
| Mr R Broadfield
| Mr K Blatchford
| Mr M Mclaren (appointed 1 July 2025)
| Mr J Harrison (appointed 1 January 2026)
Company secretary | Mrs C A Borras
Registered number | 01520021
Registered office | 1 Salar House
| Campfield Road
| St Albans
| Hertfordshire
| AL1 5HT
Independent auditor | MHA
| Statutory Auditor
| 6th Floor
| 2 London Wall Place
| London
| EC2Y 5AU
Bankers | Barclays Bank PLC
| 11 Bank Court
| Hemel Hempstead
| Hertfordshire
| HP1 1BX
BORRAS CONSTRUCTION LIMITED CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 7
Independent auditor's report | 8 - 11
Statement of comprehensive income | 12
Statement of financial position | 13 - 14
Statement of changes in equity | 15
Notes to the financial statements | 16 - 34
BORRAS CONSTRUCTION LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Introduction
The directors present their strategic report for the year ended 31 December 2025.
Business review
We turned the year with a secured turnover of £28.2m including probable awards (i.e. where we have been advised by clients that we are the preferred contractor and just await formal appointment) and a strong tender pipeline. The tender opportunity levels fluctuated throughout the year and it was extremely hard to secure work. Confidence in the market suffered and was affected by various external influences which saw our competitors take extremely aggressive positions on pricing opportunities. The overall effect was a reduction in project values across the business. The Special Works and London Divisions recorded percentage margins above Business Plans but on a reduced turnover. We strengthened the senior management of the company by promoting James Harrison to General Contracts Director, Andy Smith to Operations Manager and John O’Sullivan to Head of Commercial. We employed Mark Peasey as London Division Manager. We submitted 132 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 £38.3m with a profit before tax of £327k. The turnover budget for 2026 is £48.0m of which we have currently secured £37.0m at the end of March 2026 which is based on actual contract awards and probable awards. This is ahead of last year's figure and we have over twenty 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. The cash position remained well managed throughout the year and we had no bad debts. There were no reportable accidents or environments incidents. We celebrated 45 years in business and refreshing our website as well as rebranding the company. A large client party was held at The British Academy. 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. We again saw a number of our supply chain partners enter into liquidation or receivership however neither progress or financial results on these projects were adversely affected. We continue to monitor companies performance and how work is awarded to our supply chain. Page 1
BORRAS CONSTRUCTION LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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. The feedback from clients and consultants as we enter 2026 is one of ‘optimism’ We have aligned our overheads with the expected turnover in 2026 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 132 that was above our target of 120. The number of projects which were cash positive was 82% 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 days.
Development and performance
The strategy and targets for 2026 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 CONSTRUCTION LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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: 8 May 2026
Page 3
BORRAS CONSTRUCTION LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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 £245,432 (2024 - £322,468). During the year, dividends totalling £68,076 (2024 - £38,937) were paid.
Directors
The directors who served during the year were:
Mr R D Borras
Mrs C A Borras
Mr M Lennard
Mr A Wake
Mr R Broadfield
Mr M Summers (resigned 7 November 2025)
Mr K Blatchford
Mr M Mclaren (appointed 1 July 2025)
Page 4
BORRAS CONSTRUCTION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption for the year are: Measures taken to improve energy efficiency We have utilised the Department of Energy Security and Net Zero's updated 2025 Carbon Emission Factors, to ensure the accuracy of this reporting. Method of calculations The figures for 2025 have been calculated wholly using the Department of Energy Security and Net Zero's updated 2025 Carbon Emission Factors, marking the second year using the UK Government's official dataset. As in 2024, and for the sake of comparable data sets, we have used our custom calculator, based on the Greenhouse Gas Protocol's tool, to which previous years' data can be plugged into for a simpler dataset comparison. 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). All emission factors used have been fully updated using the 2025 dataset, available here: ghg-conversion-factors-2025-condensed-set.xlsx. Page 5
BORRAS CONSTRUCTION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Using the above emissions factors means our Scope 2 emissions are Location-Based. Scope 3 Emissions Scope 3 emissions are traditionally more difficult to obtain accurate information for, and are often based on estimates. Since beginning to measure our carbon footprint in 2019, we have worked to obtain more accurate methods of measuring and reporting our Scope 3 emissions, but still require some level of estimation to calculate these. Upstream Transport and Distribution Our figure for UT&D has historically been based on the CO2 emissions of one of our closest suppliers, A1 Tools and Fixings, multiplied up to account for our spend with them compared to our total annual expenditure, as recorded by our internal accounting business. Whilst efforts are made every year to improve reporting against this, this still serves as our most feasible method of obtaining an overall figure. Waste Generated in Operations We have greatly improved the quality of our waste reporting since adopting new calculation methods in 2022. With this said, and as with our UT&D figures. We still depend on a certain level of extrapolation from available data, to fill in areas where this data isn’t available. Fortunately, our control data is supplied by our by-far largest waste carrier, with Sortera’s itemised monthly waste reports ensuring that 77% of reported waste is accurate. This figure is then multiplied up to 100%, to account for those waste carriers who do not provide us with waste reports. It is important to note that Sortera deal with a higher and higher percentage of our waste each year, meaning that each year’s data here becomes more accurate, as a larger percent of detailed reporting contributes to our final figure. Business Travel This data is largely estimated based on a company-wide “Travel Habits” survey conducted each year, wherein data is collected and compiled based on average use. Employee Commuting Whilst the mileage we collect for Employee Commuting is accurate, and based on secure personnel data, some estimates have been made in terms of the number of days some of our roaming staff (Contracts Managers, Surveyors etc). are in the office. This element is almost impossible to accurately know over the course of a year, as daily commitments of each person changes, and whilst it is possible to see who enters our office using the tap-in data from our access-controlled front door, even this isn’t a reliable source of data as lost/forgotten fobs, and held doors for multiple people (such as at lunchtime) distorts this result daily. Further Commentary The revised emission factors used for the 2025 calculations have, and will continue in following years, to affect, either positively or negatively, our overall emission figures. Borras' biggest priority for our reporting is accuracy, and using annually updated emissions factors allows us to report our carbon footprint as accurately as possible, if perhaps not providing the most accurate "like-for-like" comparison. Through 2025, using our new Project Information Management system, Deltek, we introduced a new reporting method for our Site Electricity Use. Whilst just a trial for 2025, we hope to introduce this system across all our sites in 2026, to improve the source quality of this data set. Page 6
BORRAS CONSTRUCTION LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 It is important to note that turnover for 2025 (£38.51m) was reduced compared to 2024 (£55.30m), representing a 30% decrease. Comparing like-for-like, our overall reduction in emissions represents just 22%, suggesting a slight increase in emissions when comparing these figures like-for-like. With this said, we have still recorded decreases in some figures tied to turnover, including a 38% reduction in tCO2e related to waste, a 38% reduction in purchased electricity, and for total Mobile Combustion (down 14%), suggesting progress in multiple areas of the business and across the Scopes, irrespective of our reduced turnover. Our 2025 figure of 465.87tCO2e formally puts us 3 years ahead of our target to achieve Net Zero emissions by 2045, a figure not initially expected to be achieved until 2028.
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.
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'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's auditor is aware of that information.
Auditor
The auditor, 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: 8 May 2026
Page 7
BORRAS CONSTRUCTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS CONSTRUCTION LIMITED
Opinion
We have audited the financial statements of Borras Construction Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, 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 Company's affairs as at 31 December 2025 and of its 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 Company 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 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 8
BORRAS CONSTRUCTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS CONSTRUCTION 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 Report. 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. 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the 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 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 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. Page 9
BORRAS CONSTRUCTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS CONSTRUCTION LIMITED (CONTINUED)
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 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 managment 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; and ∙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 10
BORRAS CONSTRUCTION LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS CONSTRUCTION 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 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. Georgette Alicia Crisp BSc (Hons) FCA (Senior statutory auditor) for and on behalf of MHA Statutory Auditor London, United Kingdom 13 May 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 11
BORRAS CONSTRUCTION LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 38,290,741 | 54,042,733
Cost of sales |  | (35,079,031) | (50,697,648)
Gross profit |  | 3,211,710 | 3,345,085
Administrative expenses |  | (3,350,918) | (3,390,872)
Other operating income | 5 | 348,117 | 380,434
Operating profit | 6 | 208,909 | 334,647
Interest receivable and similar income | 10 | 131,966 | 143,885
Interest payable and similar expenses | 11 | (13,635) | (33,382)
Profit before tax |  | 327,240 | 445,150
Tax on profit | 12 | (81,808) | (122,682)
Profit for the financial year |  | 245,432 | 322,468
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 16 to 34 form part of these financial statements.
Page 12
BORRAS CONSTRUCTION LIMITED REGISTERED NUMBER: 01520021 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 1,897,524 |  | 1,871,991
Investments | 14 |  | 100 |  | 100
Investment property | 15 |  | 1,472,052 |  | 1,456,835
|  |  | 3,369,676 |  | 3,328,926
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 11,429,021 |  | 17,415,870 |
Cash at bank and in hand | 17 | 4,658,952 |  | 4,446,431 |
|  | 16,087,973 |  | 21,862,301 |
Creditors: amounts falling due within one year | 18 | (7,799,215) |  | (13,191,576) |
Net current assets |  |  | 8,288,758 |  | 8,670,725
Total assets less current liabilities |  |  | 11,658,434 |  | 11,999,651
Creditors: amounts falling due after more than one year | 19 |  | - |  | (505,685)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (125,234) |  | (138,122) |
|  |  | (125,234) |  | (138,122)
Net assets |  |  | 11,533,200 |  | 11,355,844
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 1,000 |  | 1,000
Revaluation reserve | 23 |  | 57,553 |  | 57,553
Investment property reserve | 23 |  | 724,960 |  | 724,960
Profit and loss account | 23 |  | 10,749,687 |  | 10,572,331
|  |  | 11,533,200 |  | 11,355,844
Page 13
BORRAS CONSTRUCTION LIMITED REGISTERED NUMBER: 01520021 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025 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: 8 May 2026
The notes on pages 16 to 34 form part of these financial statements. Page 14
BORRAS CONSTRUCTION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Revaluation reserve | Investment property revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 January 2024 | 1,000 | 57,553 | 724,960 | 10,288,800 | 11,072,313
Profit for the year | - | - | - | 322,468 | 322,468
Dividends: Equity capital | - | - | - | (38,937) | (38,937)
At 1 January 2025 | 1,000 | 57,553 | 724,960 | 10,572,331 | 11,355,844
Profit for the year | - | - | - | 245,432 | 245,432
Dividends: Equity capital | - | - | - | (68,076) | (68,076)
At 31 December 2025 | 1,000 | 57,553 | 724,960 | 10,749,687 | 11,533,200
| The notes on pages 16 to 34 form part of these financial statements.
Page 15
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Borras Construction Limited is a private company, limited by shares incorporated in England and Wales. 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
Borras Construction Limited is a private company, limited by shares, incorporated in England and Wales. Its principal place of business and registered office is detailed on the company information page. The financial statements have been prepared under the historical cost convention modified by the revaluation of certain fixed assets and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The financial statements are prepared in sterling (£) and rounded to £1. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Borras Group Holdings Limited as at 31 December 2025 and these financial statements may be obtained from 1 Salar House, Campfield Road, St Albans, Hertfordshire, AL1 5HT.
| 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 16
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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 Company 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 Company 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 Company 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 17
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company 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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | 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 Company 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 18
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 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. Accordingly, no depreciation has been charged. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers, or by the directors. 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, or by the directors 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 | Associates and joint ventures
Associates and Joint Ventures are held at cost less impairment.
| 2.16 | 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. Page 19
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | 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.
| 2.18 | 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.
| 2.19 | 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.
| 2.20 | Financial instruments
The Company 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 Company's Statement of financial position when the Company 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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes Page 20
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Page 21
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.21 | 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.
| 2.22 | 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
In preparing these financial statements, the directors have had to make the following judgements: Long-term contracts Recognition of turnover and profit on long-term contracts requires management judgement regarding the anticipated final outcome of individual contracts and of the proportion of works completed at the year-end date. Management undertakes detailed monthly and quarterly reviews to assess contract performance, risks and opportunities. Other sources of estimation uncertainty: The directors consider that judgments and estimations have been applied in relation to the valuation of investment property, 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. Page 22
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 25,890 | 45,002
| Net rents receivable | 103,077 | 105,562
| Management fees receivable | 219,150 | 229,870
|  | 348,117 | 380,434
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 83,276 | 70,855
| Profit on sale of tangible fixed assets | (8,407) | (11,100)
| Other operating lease rentals | 87,308 | 89,856
| Defined contribution pension cost | 63,154 | 65,905
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor and its associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements | 23,375 | 22,125
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Taxation compliance services | 2,000 | 1,500
| All non-audit services not included above | 15,000 | 13,100
Page 23
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,598,405 | 6,726,378
| Social security costs | 858,435 | 805,038
| Cost of defined contribution scheme | 63,154 | 65,905
|  | 7,519,994 | 7,597,321
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Construction staff | 63 | 68
|  | Administrative staff | 25 | 24
|  |  | 88 | 92
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 693,337 | 657,730
| Company contributions to defined contribution pension schemes | 25,450 | 22,953
|  | 718,787 | 680,683
| During the year retirement benefits were accruing to 5 directors (2024 - 5) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £152,133 (2024 - £147,686).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,150 (2024 - £6,933).
| The directors are the Key Management Personnel of the Company and their remuneration is noted above.
Page 24
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 131,966 | 143,885
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 13,635 | 33,382
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 94,696 | 107,772
| Adjustments in respect of previous periods | - | (14,872)
|  | 94,696 | 92,900
| Total current tax | 94,696 | 92,900
| Deferred tax |  |
| Origination and reversal of timing differences | (12,888) | 29,782
| Total deferred tax | (12,888) | 29,782
| Tax on profit | 81,808 | 122,682
Page 25
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 327,240 | 445,150
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 81,810 | 111,288
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 4,906 | 5,662
| Capital allowances for year in excess of depreciation | 2,229 | (9,319)
| Adjustments to tax charge in respect of prior periods | - | (14,872)
| Other differences leading to an increase (decrease) in the tax charge | (7,137) | 29,923
| Total tax charge for the year | 81,808 | 122,682
| Factors that may affect future tax charges
There are no factors that may affect future tax charges. Page 26
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Tangible fixed assets
|  | Freehold property | Motor vehicles | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 January 2025 | 1,614,708 | 293,575 | 317,129 | 226,384 | 2,451,796
| Additions | 10,279 | 79,721 | 19,082 | 20,300 | 129,382
| Disposals | - | (80,863) | - | (8,571) | (89,434)
| At 31 December 2025 | 1,624,987 | 292,433 | 336,211 | 238,113 | 2,491,744
| Depreciation |  |  |  |  |
| At 1 January 2025 | - | 146,199 | 244,510 | 189,096 | 579,805
| Charge for the year | - | 46,785 | 15,218 | 21,273 | 83,276
| Disposals | - | (60,290) | - | (8,571) | (68,861)
| At 31 December 2025 | - | 132,694 | 259,728 | 201,798 | 594,220
| Net book value |  |  |  |  |
| At 31 December 2025 | 1,624,987 | 159,739 | 76,483 | 36,315 | 1,897,524
| At 31 December 2024 | 1,614,708 | 147,376 | 72,619 | 37,288 | 1,871,991
| 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 comparabale real estate, by Allan N Hertz FRICS. In the opinion of the directors, the fair value of the property at 31 December 2025 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 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At valuation | 1,614,708
|  | Additions |
|  | 31 December 2025 | 10,279
|  |  | 1,624,987
Page 27
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 13.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:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 1,550,574 | 1,540,295
14. | Fixed asset investments
|  | Investments in associates
|  | £
| Cost |
| At 1 January 2025 | 100
| At 31 December 2025 | 100
| Participating interests
| The Company 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, involved in the provision of health and safety services.
Page 28
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 January 2025 | 1,456,835
| Additions at cost | 15,217
| At 31 December 2025 | 1,472,052
The 2021 valuations were made by Allan N Hertz FRICS, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 595,386 | 580,169
|  | 595,386 | 580,169
Page 29
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 4,364,268 | 7,492,992
| Amounts owed by group undertakings | 615,360 | 615,360
| Amounts owed by related undertakings | 25,000 | 25,000
| Other debtors | 2,728,510 | 2,767,574
| Prepayments and accrued income | 251,880 | 290,307
| Amounts recoverable on long term contracts | 3,444,003 | 6,224,637
|  | 11,429,021 | 17,415,870
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,658,952 | 4,446,431
|  | 4,658,952 | 4,446,431
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 133,543
| Trade creditors | 6,790,611 | 10,772,294
| Corporation tax | 28,169 | 107,772
| Other taxation and social security | 670,042 | 1,891,076
| Other creditors | 63,004 | 46,519
| Accruals and deferred income | 247,389 | 240,372
|  | 7,799,215 | 13,191,576
| Bank loans of £Nil (2024 - £133,543) were secured against the freehold property and fixed asset investment property owned by the Company.
Page 30
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 505,685
|  | - | 505,685
| Bank loans totalling £Nil (2024 - £505,685) were secured against the freehold property and the fixed asset investment property owned by the Company.
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | - | 133,543
| Amounts falling due 1-2 years |  |
| Bank loans | - | 138,265
| Amounts falling due 2-5 years |  |
| Bank loans | - | 367,420
|  | - | 639,228
| The company repaid its bank loan in full during the year. The loan was previously repayable by instalments at a commercial, interest rate, repayable in full by 2029.
Page 31
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 138,122
| Credit to profit or loss | (12,888)
| At end of year | 125,234
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (7,639) | 5,249
| On revaluation | 132,873 | 132,873
|  | 125,234 | 138,122
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1,000 (2024 - 1,000) Ordinary shares of £1.00 each | 1,000 | 1,000
Page 32
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | 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.
24. | Pension commitments
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £63,154 (2024 - £65,905). There were no contributions payable to the fund at the year end.
25. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 34,484 | 40,689
| Later than 1 year and not later than 5 years | 36,413 | 9,448
|  | 70,897 | 50,137
26. | Transactions with directors
Following advances of £34,210 (2024 - £9,998) and repayments of £58,398 (2024 - £10,452), at the balance sheet date the Company owes £38,460 (2024 - £14,272) to the directors. The loans are unsecured, interest free and repayable on demand. Page 33
BORRAS CONSTRUCTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
27. | 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. The Group financial statements of Borras Group Holdings Limited, within which the Company is included, can be obtained from the registered office of 1 Salar House, Campfield Road, St Albans, AL1 5HT.
28. | Parent entity and controlling party
The immediate and ultimate parent company is Borras Group Holdings Limited, a company incorporated in England and Wales. The Group financial statements are available to the public and may be obtained from the registered office or Companies House, Cardiff. Borras Group Holdings Limited is the smallest and largest group into which the company's results are consolidated.
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