Registered number: 08812560
FOR THE YEAR ENDED 31 DECEMBER 2025
BORRAS GROUP HOLDINGS LIMITED
COMPANY INFORMATION
BORRAS GROUP HOLDINGS LIMITED
CONTENTS
BORRAS GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their strategic report for the year ended 31 December 2025.
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 group. 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.
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 group. 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.
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BORRAS GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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 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.
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 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 are set each year for the group 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.
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.
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 group business plan.
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 group business plan.
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BORRAS GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors have had due regard for their duty to promote the success of the group 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 group'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 group to ensure everyone is informed equally.
Quality management
Business relationships with suppliers, customers and others are key to the success of the group. 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 group is in line with the latest in quality standards and engaging with the relevant accreditation boards. The group 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 group’s duties and responsibilities under the Bribery Act 2010 and act appropriately.
This report was approved by the board and signed on its behalf.
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 group to ensure everyone is informed equally.
Quality management
Business relationships with suppliers, customers and others are key to the success of the group. 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 group is in line with the latest in quality standards and engaging with the relevant accreditation boards. The group 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 group’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.
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BORRAS GROUP HOLDINGS 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.
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.
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 2006. They 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.
The principal activity of the Company was that of a holding company. The principal activity of the Group was that of building contractors.
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.
The directors who served during the year were:
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BORRAS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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.
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.
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BORRAS GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group'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.
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.
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BORRAS GROUP HOLDINGS 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.
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.
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.
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.
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BORRAS GROUP HOLDINGS 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.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act
2006.
2006.
This report was approved by the board and signed on its behalf.
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BORRAS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED
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 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, 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 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).
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.
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.
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BORRAS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED (CONTINUED)
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.
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.
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.
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BORRAS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED (CONTINUED)
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.
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BORRAS GROUP HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BORRAS GROUP HOLDINGS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
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).
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales
(registered number OC455542).
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BORRAS GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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BORRAS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 08812560
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2025
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BORRAS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 08812560
CONSOLIDATED BALANCE SHEET (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:
The notes on pages 22 to 42 form part of these financial statements.
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BORRAS GROUP HOLDINGS LIMITED
REGISTERED NUMBER: 08812560
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 42 form part of these financial statements.
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BORRAS GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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BORRAS GROUP HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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BORRAS GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
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BORRAS GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 20
BORRAS GROUP HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2025
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BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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
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:
The consolidated financial statements present the results of the Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies 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.
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.
After reviewing the forecasts and projections of the group, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group continues to adopt the going concern basis in preparing its financial statements.
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BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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:
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.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Page 25
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
Page 26
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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
Page 27
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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.
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.
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.
All turnover arose within the United Kingdom.
Page 28
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 29
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 30
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors' remuneration information provided below is in relation to directors of all group companies.
Page 31
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.Taxation (continued)
There are no factors that may affect future tax charges.
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 £68,076 (2024 - £38,937 ).
Page 33
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Cost or valuation at 31 December 2025 is as follows:
Page 34
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
15.Tangible fixed assets (continued)
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Page 35
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The 2021 valuations were made by Allan N Hertz FRICS, on an open market value basis.
Page 36
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 37
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Bank loans totalling £Nil (2024 - £505,685) were secured against the freehold property and the fixed asset investment property owned by the Company.
Page 38
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 39
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
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 £63,154 (2024 - £65,905). There were no contributions payable to the fund at the year-end.
Page 40
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Following advances of £34,210 (2024 - £9,998) and repayments of £58,398 (2024 - £10,452), at the balance sheet date, the Group owes £38,460 (2024 - £14,272) to the directors. The loans are unsecured, interest free and repayable on demand.
During the year, the Group received management charges of £69,630 (2024 - £83,350) 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 £107,520 (2024 - £106,320) 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 2025 is £719 (2024 - £2,034).
During the year, the Group received management charges totalling £42,000 (2024 - £40,200) from RBC Property Developments Limited, a company in which Mr R D Borras and Mrs C A Borras are directors and shareholders.
Included in other debtors are the following:
£2,578,824 (2024 - £2,527,961) 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 paid management charges of £151,945 (2024 - £142,825) to Central Accounts Limited, a company which is 50% owned by Borras Construction Limited. At the year end, £15,000 (2024 - £15,000) was due from Central Accounts Limited.
During the year, the Group paid management charges of £69,025 (2024 - £49,150) 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 (2024 - £15,000) was due from Central Health, Safety, Quality and Environmental Services Limited.
During the year the Group received management charges of £107,520 (2024 - £106,320) 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 2025 is £719 (2024 - £2,034).
During the year, the Group received management charges totalling £42,000 (2024 - £40,200) from RBC Property Developments Limited, a company in which Mr R D Borras and Mrs C A Borras are directors and shareholders.
Included in other debtors are the following:
£2,578,824 (2024 - £2,527,961) 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 paid management charges of £151,945 (2024 - £142,825) to Central Accounts Limited, a company which is 50% owned by Borras Construction Limited. At the year end, £15,000 (2024 - £15,000) was due from Central Accounts Limited.
During the year, the Group paid management charges of £69,025 (2024 - £49,150) 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 (2024 - £15,000) was due from Central Health, Safety, Quality and Environmental Services Limited.
Page 41
BORRAS GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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 42