Caseware UK (AP4) 2025.0.111 2025.0.111 2025-09-30 2025-09-30 19102 false 2024-10-01 false 77 75 false No description of principal activity false 04463914 2024-10-01 2025-09-30 04463914 2023-10-01 2024-09-30 04463914 2025-09-30 04463914 2024-09-30 04463914 2023-10-01 04463914 3 2024-10-01 2025-09-30 04463914 3 2023-10-01 2024-09-30 04463914 5 2024-10-01 2025-09-30 04463914 5 2023-10-01 2024-09-30 04463914 d:CompanySecretary1 2024-10-01 2025-09-30 04463914 d:Director1 2024-10-01 2025-09-30 04463914 d:Director2 2024-10-01 2025-09-30 04463914 d:Director3 2024-10-01 2025-09-30 04463914 d:RegisteredOffice 2024-10-01 2025-09-30 04463914 e:Buildings 2024-10-01 2025-09-30 04463914 e:Buildings 2025-09-30 04463914 e:Buildings 2024-09-30 04463914 e:Buildings e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 04463914 e:Buildings e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 04463914 e:Buildings e:LongLeaseholdAssets 2024-10-01 2025-09-30 04463914 e:Buildings e:LongLeaseholdAssets 2025-09-30 04463914 e:Buildings e:LongLeaseholdAssets 2024-09-30 04463914 e:Buildings e:ShortLeaseholdAssets 2024-10-01 2025-09-30 04463914 e:Buildings e:ShortLeaseholdAssets 2025-09-30 04463914 e:Buildings e:ShortLeaseholdAssets 2024-09-30 04463914 e:LandBuildings 2025-09-30 04463914 e:LandBuildings 2024-09-30 04463914 e:PlantMachinery 2024-10-01 2025-09-30 04463914 e:PlantMachinery 2025-09-30 04463914 e:PlantMachinery 2024-09-30 04463914 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 04463914 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 04463914 e:MotorVehicles 2024-10-01 2025-09-30 04463914 e:MotorVehicles 2025-09-30 04463914 e:MotorVehicles 2024-09-30 04463914 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 04463914 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 04463914 e:OwnedOrFreeholdAssets 2024-10-01 2025-09-30 04463914 e:LeasedAssetsHeldAsLessee 2024-10-01 2025-09-30 04463914 e:CurrentFinancialInstruments 2025-09-30 04463914 e:CurrentFinancialInstruments 2024-09-30 04463914 e:Non-currentFinancialInstruments 2025-09-30 04463914 e:Non-currentFinancialInstruments 2024-09-30 04463914 e:CurrentFinancialInstruments e:WithinOneYear 2025-09-30 04463914 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 04463914 e:Non-currentFinancialInstruments e:AfterOneYear 2025-09-30 04463914 e:Non-currentFinancialInstruments e:AfterOneYear 2024-09-30 04463914 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2025-09-30 04463914 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-09-30 04463914 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2025-09-30 04463914 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-09-30 04463914 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2025-09-30 04463914 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-09-30 04463914 e:ShareCapital 2024-10-01 2025-09-30 04463914 e:ShareCapital 2025-09-30 04463914 e:ShareCapital 2023-10-01 2024-09-30 04463914 e:ShareCapital 2024-09-30 04463914 e:ShareCapital 2023-10-01 04463914 e:RetainedEarningsAccumulatedLosses 2024-10-01 2025-09-30 04463914 e:RetainedEarningsAccumulatedLosses 2025-09-30 04463914 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 04463914 e:RetainedEarningsAccumulatedLosses 2024-09-30 04463914 e:RetainedEarningsAccumulatedLosses 2023-10-01 04463914 e:AcceleratedTaxDepreciationDeferredTax 2025-09-30 04463914 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 04463914 e:TaxLossesCarry-forwardsDeferredTax 2025-09-30 04463914 e:TaxLossesCarry-forwardsDeferredTax 2024-09-30 04463914 e:RetirementBenefitObligationsDeferredTax 2025-09-30 04463914 e:RetirementBenefitObligationsDeferredTax 2024-09-30 04463914 d:OrdinaryShareClass1 2024-10-01 2025-09-30 04463914 d:OrdinaryShareClass1 2025-09-30 04463914 d:OrdinaryShareClass1 2024-09-30 04463914 d:OrdinaryShareClass2 2024-10-01 2025-09-30 04463914 d:OrdinaryShareClass2 2025-09-30 04463914 d:OrdinaryShareClass2 2024-09-30 04463914 d:FRS102 2024-10-01 2025-09-30 04463914 d:Audited 2024-10-01 2025-09-30 04463914 d:FullAccounts 2024-10-01 2025-09-30 04463914 d:PrivateLimitedCompanyLtd 2024-10-01 2025-09-30 04463914 e:WithinOneYear 2025-09-30 04463914 e:WithinOneYear 2024-09-30 04463914 e:BetweenOneFiveYears 2025-09-30 04463914 e:BetweenOneFiveYears 2024-09-30 04463914 e:HirePurchaseContracts e:WithinOneYear 2025-09-30 04463914 e:HirePurchaseContracts e:WithinOneYear 2024-09-30 04463914 e:HirePurchaseContracts e:BetweenOneFiveYears 2025-09-30 04463914 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-09-30 04463914 e:HirePurchaseContracts e:MoreThanFiveYears 2025-09-30 04463914 e:HirePurchaseContracts e:MoreThanFiveYears 2024-09-30 04463914 2 2024-10-01 2025-09-30 04463914 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2025-09-30 04463914 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-09-30 04463914 f:PoundSterling 2024-10-01 2025-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04463914 BURROWS RECOVERY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
BURROWS RECOVERY LIMITED COMPANY INFORMATION
Directors | Christopher James Burrows
| Charlotte Burrows
| Russell Burrows
Company secretary | Charlotte Burrows
Registered number | 04463914
Registered office | Chequers Lane House
| Chequers Lane
| Derby
| Derbyshire
| DE21 6AW
Independent auditors | PKF Smith Cooper Audit Limited
| 1 Prospect Place
| Millennium Way
| Derby
| Derbyshire
| DE24 8HG
BURROWS RECOVERY LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Analysis of net debt | 12
Notes to the financial statements | 13 - 27
BURROWS RECOVERY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
Introduction
The directors present the strategic report of Burrows Recovery Limited (“the Company”) for the year ended 30 September 2025.
Business review
During the year ended 30 September 2025, the Company's turnover increased to £7,703,708 (2024: £7,487,246), growth of 3% on prior year. This growth was achieved as a result of retaining key contracts with significant customers. Loss before tax in 2025 was £41,841 (2024: profit of £272,271) as a result of both increasing wages and salaries costs and increasing insurances costs within the year following the damage to premises in prior years. Subsequently, EBITDA fell to £1.24m (2024: £1.51m) as a result of aforementioned increase in costs experienced within the year.
Principal risks and uncertainties
The Company looks to secure contracts with key customers to ensure that continued growth is achieved and that work is being secured is at appropriate margins. Management are aware of recent inflationary increases being experienced in the market and ensure that costs of undertaking work is known before pricing. The directors are not aware of any other political and economic uncertainty that would cause a material impact on the business. Credit risk – The Company monitors its debtors closely and pursues these before becoming overdue to ensure that the risk of incurring bad debts are limited where appropriate. The Company has a diverse customer base,which includes public funded entities such as local police forces. This also ensures that credit risk is reduced where possible. Liquidity risk – Management regularly monitor the cashflow position of the business to ensure that there is good headroom on upcoming payments due to creditors as appropriate. Interest rate risk – The Company has loans with its bankers that charge interest at a variable rate attached to the Bank of England base rate. Management review the cash position on a regular basis and ensure that sufficient funds are held to cover future interest payments including where interest payments are expected to increase inline with changes to interest rates. In order to assess the appropriateness of adopting the going concern basis for the preparation of the accounts, the directors have evaluated the current financial position of the Company as well as the potential impact of future inflationary increases on the going concern of the business
Financial key performance indicators
Key financial performance indicators include turnover, EBITDA and profit before tax which have been discussed in the business review. This report was approved by the board on 2 July 2026 and signed on its behalf.
Charlotte Burrows Director
Page 1
BURROWS RECOVERY LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 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 judgements and accounting estimates that are reasonable and prudent; ∙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.
Results and dividends
The loss for the year, after taxation, amounted to £85,920 (2024 - profit £184,033). The Company declared and paid dividends of £67,251 (2024 - £67,252) in the year. No further dividends are recommended.
Directors
The directors who served during the year were:
Christopher James Burrows
Charlotte Burrows
Russell Burrows
Future developments
There are no significant future developments anticipated in the Company.
Qualifying third-party indemnity provisions
The Company has made third party indemnity provisions for the benefit of its directors which were made in the year and remain in force at the date of this report. Page 2
BURROWS RECOVERY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025
Disclosure of information to auditors
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 auditors are 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 auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 2 July 2026 and signed on its behalf.
Charlotte Burrows Director
Page 3
BURROWS RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURROWS RECOVERY LIMITED
Opinion
We have audited the financial statements of Burrows Recovery Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, 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 30 September 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 4
BURROWS RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURROWS RECOVERY LIMITED (CONTINUED)
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 2, 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 5
BURROWS RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURROWS RECOVERY LIMITED (CONTINUED)
Auditors' 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 Auditors' 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: Based on our understanding of the company and industry, we identify the key laws and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • Management bias in respect of accounting estimates and judgements made; • Management override of control; • Posting of unusual journals or transactions; • Significant cash based transactions. We focused on those areas that could give rise to a material misstatement in the Company financial statements.Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing minutes of meetings of those charged with governance where available; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • 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, including those detailed in note 3. It is the primary responsibility of management, with the oversight of those charged with governance, to ensurethat the entity's operations are conducted in accordance with the provisions of laws and regulations and for theprevention and detection of fraud. 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 Auditors' report. Page 6
BURROWS RECOVERY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BURROWS RECOVERY 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 Auditors' 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. Lucy Robinson (Senior statutory auditor) for and on behalf of PKF Smith Cooper Audit Limited Statutory Auditors 1 Prospect Place Millennium Way Derby Derbyshire DE24 8HG 2 July 2026 Page 7
BURROWS RECOVERY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 7,703,708 | 7,487,246
Cost of sales |  | (5,306,062) | (4,818,266)
Gross profit |  | 2,397,646 | 2,668,980
Administrative expenses |  | (2,180,198) | (2,137,797)
Operating profit | 5 | 217,448 | 531,183
Interest receivable and similar income |  | - | 2,477
Interest payable and similar expenses | 9 | (259,289) | (261,389)
(Loss)/profit before tax |  | (41,841) | 272,271
Tax on (loss)/profit | 10 | (44,079) | (88,238)
(Loss)/profit for the financial year |  | (85,920) | 184,033
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 27 form part of these financial statements.
Page 8
BURROWS RECOVERY LIMITED REGISTERED NUMBER: 04463914 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 10,046,472 |  | 9,504,920
|  |  | 10,046,472 |  | 9,504,920
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 1,394,815 |  | 1,217,630 |
Cash at bank and in hand | 14 | 17,547 |  | 66,523 |
|  | 1,412,362 |  | 1,284,153 |
Creditors: amounts falling due within one year | 15 | (1,770,470) |  | (1,465,640) |
Net current liabilities |  |  | (358,108) |  | (181,487)
Total assets less current liabilities |  |  | 9,688,364 |  | 9,323,433
Creditors: amounts falling due after more than one year | 16 |  | (4,085,858) |  | (3,611,835)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 |  | (1,278,599) |  | (1,234,520)
Net assets |  |  | 4,323,907 |  | 4,477,078
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account | 21 |  | 4,323,807 |  | 4,476,978
|  |  | 4,323,907 |  | 4,477,078
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 July 2026.
Charlotte Burrows
Director
The notes on pages 13 to 27 form part of these financial statements. Page 9
BURROWS RECOVERY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 SEPTEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 October 2023 | 100 | 4,360,197 | 4,360,297
Comprehensive income for the year |  |  |
Profit for the year | - | 184,033 | 184,033
Total comprehensive income for the year | - | 184,033 | 184,033
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (67,252) | (67,252)
Total transactions with owners | - | (67,252) | (67,252)
At 1 October 2024 | 100 | 4,476,978 | 4,477,078
Comprehensive income for the year |  |  |
Loss for the year | - | (85,920) | (85,920)
Total comprehensive income for the year | - | (85,920) | (85,920)
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (67,251) | (67,251)
Total transactions with owners | - | (67,251) | (67,251)
At 30 September 2025 | 100 | 4,323,807 | 4,323,907
| The notes on pages 13 to 27 form part of these financial statements.
Page 10
BURROWS RECOVERY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (85,920) | 184,033
Adjustments for: |  |
Depreciation of tangible assets | 1,025,669 | 976,865
Loss/(profit) on disposal of tangible assets | (3,403) | 12,488
Interest paid | 259,289 | 261,389
Interest received | - | (2,477)
Taxation charge | 44,079 | 88,238
(Increase) in debtors | (184,425) | (111,820)
Increase/(decrease) in creditors | 255,957 | (486,479)
Corporation tax received | 7,240 | 61,056
Net cash generated from operating activities | 1,318,486 | 983,293
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (1,627,866) | (485,034)
Sale of tangible fixed assets | 64,048 | 80,201
Interest received | - | 2,477
HP interest paid | (100,669) | (82,647)
Net cash from investing activities | (1,664,487) | (485,003)
Cash flows from financing activities |  |
New secured loans | 800,000 | -
Repayment of loans | (110,329) | (122,037)
New finance leases | 463,792 | -
Repayment of finances leases | (689,887) | (841,003)
Dividends paid | (67,251) | (67,252)
Interest paid | (158,620) | (178,742)
Net cash used in financing activities | 237,705 | (1,209,034)
Net decrease in cash and cash equivalents | (108,296) | (710,744)
Cash and cash equivalents at beginning of year | 66,523 | 777,267
Cash and cash equivalents at the end of year | (41,773) | 66,523
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 17,547 | 66,523
Bank overdrafts | (59,320) | -
The notes on pages 13 to 27 form part of these financial statements.
Page 11
BURROWS RECOVERY LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 SEPTEMBER 2025
| At 1 October 2024 | Cash flows | New Bank Loan | New finance leases | Other non-cash changes | At 30 September 2025
| £ | £ | £ | £ | £ | £
Cash at bank and in hand | 66,523 | (48,976) | - | - | - | 17,547
Bank overdrafts | - | (59,320) | - | - | - | (59,320)
Debt due after 1 year | (2,299,884) | 6,975 | (800,000) | - | 130,141 | (2,962,768)
Debt due within 1 year | (103,354) | (27,579) | - | - | (130,141) | (261,074)
Finance leases | (2,083,466) | 689,887 | - | (463,792) | - | (1,857,371)
| (4,420,181) | 560,987 | (800,000) | (463,792) | - | (5,122,986)
The notes on pages 13 to 27 form part of these financial statements.
Page 12
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
Burrows Recovery Limited is a private Company limited by shares which is incorporated in England & Wales. The Company registered number is 04463914. The Company registered office is Chequers Lane House, Chequers Lane, Derby, Derbyshire, DE21 6AW. The principal activity of the Company is the provision of vehicle recovery services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The Company's functional and presentational currency is GBP. The Company has prepared its financial statements to the nearest £. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Directors have considered the appropriateness of the going concern basis of the preparation of the financial statements by considering a period of at least 12 months from the date of the approval of these financial statements. As the Directors are of the opinion that there are adequate resources available for the Company to continue trading for the foreseeable future, the accounts have been prepared under the going concern basis. Page 13
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.3 | 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: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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. Revenue is recognised as vehicles are recovered for customers. Where recovery services include storage of vehicles at depots prior to collection, revenue is recognised daily based on agreed day rates. Salvage and vehicle repair revenues are recognised as these services are conducted.
| 2.4 | 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.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | 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. Page 14
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.8 | 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; 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 balance sheet date.
| 2.10 | 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 15
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the basis detailed below. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% straight line
|  |  |  | Long-term leasehold property improvements | - | 2% straight line
|  |  |  | Short-term leasehold property | - | over the life of the lease
|  |  |  | Plant and machinery | - | 15-33% reducing balance & straight line
|  |  |  | Motor vehicles | - | 10-20% reducing balance
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.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.12 | 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.
| 2.13 | 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.
| 2.14 | 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. Page 16
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | 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 Balance sheet 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. 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. Page 17
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.16 | 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. | Judgements in applying accounting policies and key sources of estimation uncertainty
The Directors make estimates and assumptions in preparation of the financial statements, exercising judgement on applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors. Depreciation of tangible fixed assets The Directors review the expected useful lives of all fixed asset classes and make continually re-assess to ensure that asset lives continue to be in line with the period of time the asset is anticipated to have value in the business. Factors such as age and maintenance of assets as well as sales values being experienced in the second hand market are considered in assessing useful lives of assets. Recoverability of trade debtors Trade debtors are recognised to the extent that they are judged to be recoverable. Management reviews are performed to estimate the level of trade debtors that require providing for where these are deemed to be potentially irrecoverable. The recoverability of debtors is assessed by considering customer creditworthiness and age of debts.
4. | Turnover
The whole of the turnover is attributable to the provision of vehicle recovery services.
| All turnover arose within the United Kingdom.
Page 18
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Profit)/loss on disposal of fixed assets | (3,403) | 12,488
| Other operating lease rentals | 285,493 | 271,382
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 18,400 | 15,900
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,975,263 | 2,771,471
| Social security costs | 345,761 | 291,631
| Cost of defined contribution scheme | 65,183 | 63,563
|  | 3,386,207 | 3,126,665
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
|  | Admin staff | 12 | 14
|  | Drivers | 62 | 58
|  |  | 77 | 75
Page 19
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 102,274 | 110,097
| Company contributions to defined contribution pension schemes | 2,247 | 2,425
|  | 104,521 | 112,522
| During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 158,181 | 178,516
| Other loan interest payable | 439 | 226
| Finance leases and hire purchase contracts | 100,669 | 82,647
|  | 259,289 | 261,389
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 44,079 | 89,720
| Adjustments in respect of prior periods | - | (1,482)
| Total deferred tax | 44,079 | 88,238
| Taxation on profit/loss on ordinary activities | 44,079 | 88,238
Page 20
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (41,841) | 272,271
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (10,460) | 68,068
| Effects of: |  |
| Fixed asset differences | 51,624 | 19,336
| Expenses not deductible for tax purposes | 2,915 | 2,316
| Adjustments to tax charge in respect of previous periods - deferred tax | - | (1,482)
| Total tax charge for the year | 44,079 | 88,238
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on Ordinary shares | 58,631 | 58,631
| Dividends paid on A Ordinary shares | 8,620 | 8,621
|  | 67,251 | 67,252
Page 21
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | Tangible fixed assets
|  | Freehold property | Long-term leasehold property Improvements | Short-term leasehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £ | £ | £
| Cost |  |  |  |  |  |
| At 1 October 2024 | 2,912,156 | 1,087,782 | 50,492 | 574,487 | 10,492,449 | 15,117,366
| Additions | 914,567 | - | - | 39,181 | 674,118 | 1,627,866
| Disposals | - | - | - | - | (75,482) | (75,482)
| At 30 September 2025 | 3,826,723 | 1,087,782 | 50,492 | 613,668 | 11,091,085 | 16,669,750
| Depreciation |  |  |  |  |  |
| At 1 October 2024 | 174,728 | 61,623 | 50,492 | 428,724 | 4,896,879 | 5,612,446
| Charge for the year on owned assets | 61,992 | 19,102 | - | 66,180 | 382,504 | 529,778
| Charge for the year on financed assets | - | - | - | - | 495,891 | 495,891
| Disposals | - | - | - | - | (14,837) | (14,837)
| At 30 September 2025 | 236,720 | 80,725 | 50,492 | 494,904 | 5,760,437 | 6,623,278
| Net book value |  |  |  |  |  |
| At 30 September 2025 | 3,590,003 | 1,007,057 | - | 118,764 | 5,330,648 | 10,046,472
| At 30 September 2024 | 2,737,428 | 1,026,159 | - | 145,763 | 5,595,570 | 9,504,920
Page 22
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 12.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 3,590,003 | 2,737,428
| Long leasehold | 1,007,057 | 1,026,159
|  | 4,597,060 | 3,763,587
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 3,048,012 | 3,316,851
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 873,268 | 755,854
| Other debtors | - | 7,240
| Prepayments and accrued income | 521,547 | 454,536
|  | 1,394,815 | 1,217,630
| Trade debtors are stated after provisions for impairment of £86,354 (2024: £81,606).
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 17,547 | 66,523
| Less: bank overdrafts | (59,320) | -
|  | (41,773) | 66,523
Page 23
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 59,320 | -
| Bank loans (see note 17) | 130,141 | 103,354
| Trade creditors | 355,996 | 306,645
| Other taxation and social security | 186,936 | 128,376
| Obligations under finance lease and hire purchase contracts | 734,281 | 771,515
| Other creditors | 212,175 | 22,202
| Accruals and deferred income | 91,621 | 133,548
|  | 1,770,470 | 1,465,640
| Obligations under finance lease and hire purchase agreements are secured against the assets to which they relate.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans (See note 17) | 2,962,768 | 2,299,884
| Net obligations under finance leases and hire purchase contracts | 1,123,090 | 1,311,951
|  | 4,085,858 | 3,611,835
Page 24
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
17. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 130,141 | 103,354
| Amounts falling due 1-2 years |  |
| Bank loans | 139,417 | 110,726
| Amounts falling due 2-5 years |  |
| Bank loans | 480,761 | 381,859
| Amounts falling due after more than 5 years |  |
| Bank loans | 2,342,590 | 1,807,299
|  | 3,092,909 | 2,403,238
| The bank loans are secured by fixed charged over the property held by the Company, as well as floating charges over all of the Company's assets and undertakings. A bank loan totalling £1,888k (2024: £1,978k) at the year end is repayable in installments and attracts interest at 3% above base rate per annum. The loan is due to be repaid by November 2038. A bank loan totalling £407k (2024: £425K) at the year end is repayable in installments and attracts interest at 2% above base rate per annum. The loan is due to be repaid by November 2038. A new bank loan totalling £798K (2024: £NIL) at the year end is repayable in installments and attracts interest at 2.87% above base rate per annum. The loan is due to be repaid in August 2045.
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 734,281 | 771,515
| Between 1-5 years | 1,123,090 | 1,242,451
| Over 5 years | - | 69,500
|  | 1,857,371 | 2,083,466
| Obligations under finance lease and hire purchase agreements are secured against the assets to which they relate.
Page 25
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (1,234,520)
| Charged to profit or loss | (44,079)
| At end of year | (1,278,599)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (1,333,286) | (1,353,588)
| Short term timing differences | 562 | 606
| Losses and other deductions | 54,125 | 118,462
|  | (1,278,599) | (1,234,520)
| Deferred tax liabilities of £41,808 are expected to reverse within the next 12 months.
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 75 (2024 - 75) Ordinary shares of £1.00 each | 75 | 75
|  | 25 (2024 - 25) A Ordinary shares of £1.00 each | 25 | 25
|  |  | 100 | 100
21. | Reserves
Profit and loss account Includes current and prior period distributable retained profits and losses.
22. | Pension commitments
The Company operates a defined contributions 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 £65,183 (2024 - £63,563). Contributions totalling £18,824 (2024 - £6,393) were payable to the fund at the balance sheet date and are included in other creditors. Page 26
BURROWS RECOVERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
23. | Commitments under operating leases
| At 30 September 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 | 110,350 | 253,800
| Later than 1 year and not later than 5 years | 47,500 | 154,975
|  | 157,850 | 408,775
24. | Related party transactions
| In the prior year £7,240 was included in other debtors for amounted owed from a director. The director was advanced £6,567 and repaid £144,740. At 30 September 2025, the Company owes £130,933 to the director and this is included in other creditors. The amounts owed are interest free and repayable on demand. During the year, key management personnel were remunerated £58,457 (2024: £54,092). During the year, remuneration totalling £5,206 (2024: £5,206) was paid to close family members of the directors.
25. | Controlling party
The ultimate controlling party is Mr Chris James Burrows, by virtue of owning the majority of the share capital in the Company.
Page 27