Company Registration No. SC284392 (Scotland)
PERT BRUCE CONSTRUCTION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PERT BRUCE CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr Craig Bruce
Mr Graeme Davies
Mr Gilbert Forrest
Mr Brandon Bryant
Mrs Sharon Bruce
Mr Ronald Lochrie
Mrs Laura Reid
Mr Craig Rioch
Secretary
Mrs Sharon Bruce
Company number
SC284392
Registered office
Munros House
Broomfield Industrial Estate
Broomfield Road
Montrose
Angus
DD10 8SY
Auditor
bk plus Audit Limited
144 Nethergate
Dundee
DD1 4EB
Bankers
Handelsbanken
River Court
5 West Victoria Dock Road
Dundee
DD1 3JT
PERT BRUCE CONSTRUCTION LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
PERT BRUCE CONSTRUCTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Review of the business

The company delivered a resilient performance in 2025, meeting our turnover objectives and maintaining a sound profit outcome despite a mixed market backdrop.

The company's principal activities during the present year continued to be within the construction industry, including domestic, commercial and public funded projects and developments. The company offers a range of traditional and contemporary skills, and prides itself upon the professionalism and attention to detail that is the cornerstone of its business ethos. The company continues to employ and train a regular intake of trades apprentices as it sees this as the future to the progression and sustainability of the business and the industry as a whole.

Principal risks and uncertainties

The directors and senior management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The principal risks and uncertainties facing the company are as follows;

- General economic conditions - the directors acknowledge that the general economic conditions can have a significant impact upon the company's trade. The risks in this area include inflationary pressures pushing prices and payroll costs up, as well as rising interest rates which have a direct impact upon the housing market. The company is aware of the importance of cash movement and as such maintains strict cash flow procedures including prompt and regular payment of suppliers.

- Competitor pressure - the construction industry is a highly competitive market, but the company manages this risk by providing an excellent bespoke service at a competitive price with a strong emphasis on collaboration with the client, developing achievable work programmes and including end of product support. As a result of this it has built up a large client base with regular repeat business.

- Reliance of key suppliers - the company continues to directly employ the main bulk of its workforce however the company does depend upon strong support from its supply chain including materials and a large group of trusted specialist sub-contractors. The directors consider that having an experienced and diverse pool of sub-contractors/suppliers and the ability to manage them adds to the strength of the company and maintaining a number of alternative lists for their projects ensures the avoidance of over reliance on any particular provider.

- Loss of key personnel - the company has a highly experienced and loyal senior management team and a skilled and motivated on-site workforce. The company places a major emphasis on life work balance, training and team working. The company provides excellent working conditions and remuneration to all its staff and has a strong emphasis on equal opportunity. The directors do not foresee any immediate loss or workforce issues and the company has critical illness insurance “Key man cover” for the Key personnel. There is strength and depth across all the required key areas of skill. The company ha s a long serving workforce and s taff turnover is very low.

PERT BRUCE CONSTRUCTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Development and performance

The directors use a range of detailed performance indicators on all projects, and on an annual basis the main financial performance indicators used are as follows;

|  |  | 202 5 | 202 4
|  |  | £ | £
Turnover |  |  | 1 5,465,729 | 11,9 47,210
Profit after tax |  | 517,286 | 269,744
Equity Shareholders' funds | 2,348,860 | 2,468,574
Gross Profit margin |  | 20.95% | 19.49%
Net profit margin |  | 4.52% | 3.04%

Pert-Bruce delivered a resilient performance in 2025, meeting our turnover objectives and maintaining a sound profit outcome despite a mixed market backdrop.

As is widely reflected across the construction sector, the year ahead is expected to remain challenging in several areas. Cost inflation has eased versus prior peaks but remains persistent, with continued pressure from labour availability and wage dynamics, alongside further increases in employment-related costs. Unless fully recovered through pricing, procurement, and commercial discipline, these factors may place pressure on margins. The market also continues to experience heightened financial stress and a greater focus on cash management, supply chain resilience, and robust pre-contract assessment and disciplined change control increasingly important.

People and capability remain central to our strategy. We continue to maintain a core employed workforce and invest in the next generation through trade and professional apprenticeships. At the same time, consistent with wider industry conditions, we will keep our resourcing model under review to ensure long-term sustainability in the context of ongoing wage and employment cost pressures and the continuing skills challenge across the sector.

Regulatory requirements also remain a key theme for the year ahead. The evolving building safety regime continues to increase the emphasis on evidence, competence, documentation, and programme certainty, all of which we are actively addressing through our governance and operating procedures.

Our Joint Venture Homes Company, Sunnyside Estates Ltd, continued to deliver affordable homes in line with planning obligations. While housing market conditions have remained cautious and sales rates can be sensitive to mortgage availability and buyer confidence, construction and sales activity have continued, and we remain alert to improving conditions as the market stabilises.

Overall, while the sector outlook points to modest growth accompanied by ongoing risks and uncertainty, we remain committed to disciplined execution, strong client service, and continuous improvement. By maintaining a focus on safety, commercial rigour, and operational delivery, we believe Pert-Bruce is well positioned to navigate the year ahead and to build a more resilient and productive business for the long term.

On behalf of the board

Mr Craig Bruce
Director
26 May 2026
PERT BRUCE CONSTRUCTION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The company was incorporated on 6th May, 2005 and remained dormant until 1st November, 2005. It acquired the businesses of its subsidiary company, W W Pert Construction Limited, and of James Bruce & Son at that point and commenced trading as a merger of the two firms. On 23rd October, 2017 a new company, Pert Bruce Holdings Limited was incorporated. It bought over the entire shareholding of Pert Bruce Construction Limited under a management buy-out arrangement. The trade of Pert Bruce Construction Limited continues to be that of construction which is undertaken wholly in the UK.

Results and dividends

The results for the year are set out on page 9. The net profit for the year amounted to £698,722 (202 4; £363,123) before corporation tax.

The net assets of the company stood at £2,348,860 (202 4; £2,468,574) at the year end and a healthy cash flow position has been maintained with net current assets of £1,656,747 (202 4; £1,771,500).

Ordinary dividends were paid amounting to £637,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Craig Bruce
Mr Graeme Davies
Mr Gilbert Forrest
Mr Brandon Bryant
Mrs Sharon Bruce
Mr Ronald Lochrie
Mrs Laura Reid
Mr Craig Rioch
Future developments

Looking ahead, our forward order book remains strong and is supported by a healthy pipeline of opportunities. While demand is uneven across end-markets, our diversified client base and long-established relationships continue to provide good visibility and confidence in delivering our turnover ambitions for 26/27.

As is widely reflected across the construction sector, the year ahead is expected to remain challenging in several areas. Cost inflation has eased versus prior peaks but remains persistent, with continued pressure from labour availability and wage dynamics, alongside further increases in employment-related costs.

The joint venture with Sunnyside Estates will continue to be a source of future work, and while housing market conditions have remained cautious and sales rates can be sensitive to mortgage availability and buyer confidence, construction and sales activity have continued, and we remain alert to improving conditions as the market stabilises.

Overall, while the sector outlook points to modest growth accompanied by ongoing risks and uncertainty, we remain committed to disciplined execution, strong client service, and continuous improvement. By maintaining a focus on safety, commercial rigour, and operational delivery, we believe Pert-Bruce is well positioned to navigate the year ahead and to build a more resilient and productive business for the long term.

Auditor

In accordance with the company's articles, a resolution proposing that bk plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.

PERT BRUCE CONSTRUCTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Craig Bruce
Director
26 May 2026
PERT BRUCE CONSTRUCTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -

The directors are responsible for preparing the Strategic Report, 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

PERT BRUCE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PERT BRUCE CONSTRUCTION LIMITED
- 6 -
Opinion

We have audited the financial statements of Pert Bruce Construction Limited (the 'company') for the year ended 31 October 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

PERT BRUCE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PERT BRUCE CONSTRUCTION LIMITED (CONTINUED)
- 7 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;

- we identified the laws and regulations applicable to the company through discussion with directors and management and for a company within the construction industry we deem these to be standard company laws and regulations which have a direct effect upon the financial statements (Companies Acts, FRS 102 and UK corporation tax laws) as well as those that have an indirect effect via the operations of the company (employment law, health & safety regulations, planning & building regulations, environmental regulations, and GDPR); and

- the engagement partner ensured that the engagement team were aware of this and collectively had appropriate competence, capabilities and skills to recognize non-compliance with applicable laws and regulations over the course of their audit work;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

- making enquiries of management as to where they considered there was a susceptibility to fraud, and their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- considering the risks attached to revenue recognition and work in progress valuations due to the need for estimates and judgements of work carried out at the year end date.

PERT BRUCE CONSTRUCTION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PERT BRUCE CONSTRUCTION LIMITED (CONTINUED)
- 8 -

To address the risk of fraud through management bias and override of controls, we;

- performed a full comparison of the annual results to identify any unusual or unexpected amounts;

- tested journal entries to identify any unusual transactions;

- considered whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions where found; and

- reviewed the ledgers for any related party transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to;

- review of financial statements and agreement of disclosures to underlying supporting documentation;

- discussion with management over any actual or potential litigation or claims against the company;

- reviewing correspondence with relevant regulators and legal advisors where any potential non-compliance exists, including any ongoing matters with HMRC and health and safety advisers; and

- discussions with management detailing high level review of the activities of the year, and investigation of any matters that would impact upon the financial statements.

Due to 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 regulations. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Murray Dalgety C.A. (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
144 Nethergate
Dundee
DD1 4EB
26 May 2026
PERT BRUCE CONSTRUCTION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
15,465,729
11,947,210
Cost of sales
(12,225,696)
(9,618,357)
Gross profit
3,240,033
2,328,853
Administrative expenses
(2,561,281)
(1,982,501)
Other operating income
23,968
17,377
Operating profit
4
702,720
363,729
Interest receivable and similar income
7
9,971
11,957
Interest payable and similar expenses
8
(13,969)
(12,563)
Profit before taxation
698,722
363,123
Tax on profit
9
(181,436)
(93,379)
Profit for the financial year
517,286
269,744

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PERT BRUCE CONSTRUCTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
2025
2024
£
£
Profit for the year
517,286
269,744
Other comprehensive income
-
-
Total comprehensive income for the year
517,286
269,744
PERT BRUCE CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
888,660
936,902
Investments
12
4,480
4,475
893,140
941,377
Current assets
Stocks
13
879,794
582,984
Debtors
14
2,225,608
4,118,453
Cash at bank and in hand
2,850,979
1,070,391
5,956,381
5,771,828
Creditors: amounts falling due within one year
15
(4,299,634)
(4,000,328)
Net current assets
1,656,747
1,771,500
Total assets less current liabilities
2,549,887
2,712,877
Creditors: amounts falling due after more than one year
16
(134,049)
(168,515)
Provisions for liabilities
Deferred tax liability
20
66,978
75,788
(66,978)
(75,788)
Net assets
2,348,860
2,468,574
Capital and reserves
Called up share capital
22
50,000
50,000
Revaluation reserve
398,632
402,632
Profit and loss reserves
1,900,228
2,015,942
Total equity
2,348,860
2,468,574

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
Mr Craig Bruce
Director
Company registration number SC284392 (Scotland)
PERT BRUCE CONSTRUCTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 November 2023
50,000
406,632
1,868,198
2,324,830
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
269,744
269,744
Dividends
10
-
-
(126,000)
(126,000)
Transfers
-
(4,000)
4,000
-
Balance at 31 October 2024
50,000
402,632
2,015,942
2,468,574
Year ended 31 October 2025:
Profit and total comprehensive income for the year
-
-
517,286
517,286
Dividends
10
-
-
(637,000)
(637,000)
Transfers
-
(4,000)
4,000
-
Balance at 31 October 2025
50,000
398,632
1,900,228
2,348,860
PERT BRUCE CONSTRUCTION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
2,166,189
483,677
Interest paid
(13,969)
(12,563)
Income taxes paid
(74,180)
(107,358)
Net cash inflow from operating activities
2,078,040
363,756
Investing activities
Purchase of tangible fixed assets
(77,562)
(176,889)
Proceeds from disposal of tangible fixed assets
10,362
50,000
Payments to Joint Ventures
(5)
-
0
Loans made
-
0
(521,000)
Repayment of loans
426,698
89,544
Interest received
9,971
11,957
Net cash generated from/(used in) investing activities
369,464
(546,388)
Financing activities
Repayment of bank loans
(20,000)
(20,000)
Payment of finance leases obligations
(9,916)
71,822
Dividends paid
(637,000)
(126,000)
Net cash used in financing activities
(666,916)
(74,178)
Net increase/(decrease) in cash and cash equivalents
1,780,588
(256,810)
Cash and cash equivalents at beginning of year
1,070,391
1,327,201
Cash and cash equivalents at end of year
2,850,979
1,070,391
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
1
Accounting policies
Company information

Pert Bruce Construction Limited is a private company limited by shares incorporated in Scotland. The registered office is Munros House, Broomfield Industrial Estate, Broomfield Road, Montrose, Angus, DD10 8SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties . The principal accounting policies adopted are set out below.

1.2
Going concern

There continued to be a strong demand for the company's services. A healthy profit was achieved in the year, with a stable bank position true and s ignificant net current asset s. The company has demonstrated that it can react swiftly to changes in demand in recent challenging times and has sufficient reserves to act as a cushion to any temporary changes. Looking forward, it has a strong order book and high levels of demand from a wide customer base.

The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The assets residual values, useful lives and depreciation methods are reviewed and adjusted accordingly if appropriate.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% straight line
Plant and machinery
16.7% straight line (Solar Panels 10% straight line)
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stock and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress on long-term contracts is valued 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.

1.8
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company only enters into financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash other other consideration expected to be paid or received.

Financial assets measured at cost and amortised are assessed at the end of each reporting period for evidence of impairment and if found, and impairment loss is recognised in the Statement of Comprehensive Income.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 17 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grant assistance of a revenue nature is credited to the profit and loss account in the same period as a related expenditure. Grants that become receivable for compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs shall be recognised in the income in the period in which it becomes receivable.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of c ertain assets and liabilities that are not readily apparent from other sources. In particular, work in progress valuations and the carrying values of properties require such estimates to be made. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Jobbing
446,148
430,318
Contracts
15,019,581
11,516,892
15,465,729
11,947,210
2025
2024
£
£
Other revenue
Interest income
9,971
11,957
Grants received
-
5,000

All the company's sales are generated in the UK

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(5,000)
Fees payable to the company's auditor for the audit of the company's financial statements
8,000
6,000
Depreciation of tangible fixed assets
125,804
104,406
Profit on disposal of tangible fixed assets
(10,362)
(50,000)
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Directors
8
8
Management and administration
20
17
Operational
38
39
Total
66
64

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,680,877
2,435,413
Social security costs
298,077
220,693
Pension costs
172,551
79,389
3,151,505
2,735,495
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
562,158
497,293
Company pension contributions to defined contribution schemes
110,232
30,746
672,390
528,039

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 8 (202 4 - 8).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
74,353
74,070
Company pension contributions to defined contribution schemes
41,000
4,484
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,165
1,471
Other interest income
8,806
10,486
Total income
9,971
11,957
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,165
1,471
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
2,580
3,922
Other finance costs:
Interest on finance leases and hire purchase contracts
11,389
8,641
13,969
12,563
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
190,246
74,180
Deferred tax
Origination and reversal of timing differences
(8,810)
19,199
Total tax charge
181,436
93,379

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
9
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
698,722
363,123
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
174,681
90,781
Tax effect of expenses that are not deductible in determining taxable profit
4,169
4,355
Group relief
(664)
(664)
Gains on disposal of fixed assets
(2,590)
(12,500)
Depreciation
31,451
26,102
Capital Allowances
(16,801)
(33,894)
Change in deferred tax
(8,810)
19,199
Taxation charge for the year
181,436
93,379
10
Dividends
2025
2024
£
£
Final paid
637,000
126,000
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 23 -
11
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2024
650,000
106,224
41,513
747,643
1,545,380
Additions
-
0
-
0
-
0
77,562
77,562
Disposals
-
0
(10,089)
-
0
(54,290)
(64,379)
At 31 October 2025
650,000
96,135
41,513
770,915
1,558,563
Depreciation and impairment
At 1 November 2024
16,250
56,877
41,513
493,838
608,478
Depreciation charged in the year
13,000
8,104
-
0
104,700
125,804
Eliminated in respect of disposals
-
0
(10,089)
-
0
(54,290)
(64,379)
At 31 October 2025
29,250
54,892
41,513
544,248
669,903
Carrying amount
At 31 October 2025
620,750
41,243
-
0
226,667
888,660
At 31 October 2024
633,750
49,347
-
0
253,805
936,902

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and machinery
8,305
9,902
Motor vehicles
193,805
238,767
202,110
248,669

Handelsbanken plc hold standard security over property with a carrying value of £6 20,750 and a bond and floating charge over the assets of the company. There is also a second ranking floating charge in favour of J Pert.

The freehold land and buildings were valued on an open market basis by a firm of independent Chartered Surveyors, J & E Shepherd in July 2023. The directors confirm that they believe that the carrying value of the property remains appropriate at the year end.

If the property was sold for its revalued amount it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation.

Land and buildings are carried at valuation. If l and and buildings were measured using the cost model, the carrying amounts would have been approximately £235,878 (202 4- £243,740) being cost £393,118 (202 4- £393,118) and depreciation £157,240 (202 4- £149,378).

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 24 -
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in joint ventures
25
80
75
Unlisted investments
4,400
4,400
4,480
4,475
Movements in fixed asset investments
Shares in joint ventures
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2024
75
4,400
4,475
Additions
5
-
5
At 31 October 2025
80
4,400
4,480
Carrying amount
At 31 October 2025
80
4,400
4,480
At 31 October 2024
75
4,400
4,475
13
Stocks
2025
2024
£
£
Raw materials and consumables
2,500
2,500
Work in progress
877,294
580,484
879,794
582,984
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,413,478
3,020,505
Amounts owed by group undertakings
165,400
139,000
Amounts owed by undertakings in which the company has a participating interest
616,182
505,182
Other debtors
4,758
431,456
Prepayments and accrued income
25,790
22,310
2,225,608
4,118,453
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 25 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
16,667
20,000
Obligations under finance leases
18
62,401
54,518
Trade creditors
3,207,555
3,294,431
Amounts due to undertakings in which the company has a participating interest
80
75
Corporation tax
190,246
74,180
Other taxation and social security
489,954
275,390
Other creditors
332,731
281,734
4,299,634
4,000,328
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
12,500
29,167
Obligations under finance leases
18
121,549
139,348
134,049
168,515
17
Loans and overdrafts
2025
2024
£
£
Bank loans
29,167
49,167
Payable within one year
16,667
20,000
Payable after one year
12,500
29,167

The term of the loans are as follows: 6 years, with no repayment in the first 12 months, and a fixed interest rate of 2.5%, and 6 years and a variable interest rate of 3.75% above base rate which was 4.00% at 31st October 202 5.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 26 -
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
73,823
64,410
In two to five years
157,251
179,128
231,074
243,538
Less: future finance charges
(47,124)
(49,672)
183,950
193,866

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Security

Handelsbanken plc hold a Standard Security over property owned by the company at Munros House, Broomfield Industrial Estate, Montrose. The company has also granted a Bond and Floating Charge to Handelsbanken plc. and a Bond and Floating Charge to J Pert.

20
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
66,978
75,788
2025
Movements in the year:
£
Liability at 1 November 2024
75,788
Credit to profit or loss
(8,810)
Liability at 31 October 2025
66,978
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 27 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
172,551
79,389

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
23
Directors' transactions

The company provided a loan to two of the directors in the previous year of which £431,456 was outstanding at the start of the year. Interest was charged at the prescribed rate of 2.25% (3.75% from April 2025) and therefore additional interest charges of £8,806 were accrued within the year until the date of repayment. The initial loan was repaid on the 24th July 2025.

24
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Entities over which the entity has control, joint control or significant influence
774,767
1,494,039
Other related parties
-
0
5,033

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
165,400
139,000
Entities over which the entity has control, joint control or significant influence
763,611
1,137,594
Key management personnel
2,855
431,456
Other related parties
6,040
6,040
PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 28 -
25
Joint ventures

Details of the company's joint ventures at 31 October 2025 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
Sunnyside Estate Limited
Scotland
Ordinary Shares
50.00
Sunnyside Homes (Birkwood) Limited
Scotland
Ordinary Shares
25.00
Sunnyside Estate Montrose One Limited
Scotland
Ordinary Shares
50.00
Sunnyside Estate Montrose Two Limited
Scotland
Ordinary Shares
50.00
Sunnyside Estate Montrose Three Limited
Scotland
Ordinary Shares
50.00
Sunnyside Estate Montrose Four Limited
Scotland
Ordinary Shares
50.00
Sunnyside Estate Montrose Five Limited
Scotland
Ordinary Shares
50.00

Sunnyside Estate Limited has been established with FM Ury Limited. It has purchased part of the site at Sunnyside hospital for development. The company has c ontinued with construction work on the residential development.

Sunnyside Estates (Birkwood) Limited has been established with three other entities. It has purchased part of the site at Birkwood hospital for development. The planning application has progressed in the year and t he company is hoping to commence construction work towards the residential development during the next year.

The dormant companies have been established with one other entity.

26
Ultimate controlling party

Pert Bruce Holdings Limited is the immediate parent company, it is registered in Scotland, and its registered office is Munros House, Broomfield Industrial Estate, Montrose, DD10 8SY. Pert Bruce Holdings Limited prepares group consolidated accounts.

Pert Bruce Holdings Limited is under ultimate control of Mr Craig Bruce who owns 90% of the share capital.

PERT BRUCE CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 29 -
27
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
517,286
269,744
Adjustments for:
Taxation charged
181,436
93,379
Finance costs
13,969
12,563
Investment income
(9,971)
(11,957)
Gain on disposal of tangible fixed assets
(10,362)
(50,000)
Depreciation and impairment of tangible fixed assets
125,804
104,406
Movements in working capital:
(Increase) in stocks
(296,810)
(70,079)
Decrease/(increase) in debtors
1,466,147
(829,492)
Increase/(decrease) in creditors
178,690
965,113
Cash generated from operations
2,166,189
483,677
28
Analysis of changes in net funds
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
1,070,391
1,780,588
2,850,979
Borrowings excluding overdrafts
(49,167)
20,000
(29,167)
Lease liabilities
(193,866)
9,916
(183,950)
827,358
1,810,504
2,637,862
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