Company registration number 03288386 (England and Wales)
B & E BOYS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
B & E BOYS LIMITED
COMPANY INFORMATION
Directors
Mr B J Boys
Mr M A Boys
Mr P H Boys
Company number
03288386
Registered office /
Todd Carr Road
business address
Waterfoot
Rossendale
Lancashire
BB4 9SJ
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Bankers
Handelsbanken plc
Greenbank Court
Challenge Way
Greenbank Business Park
Blackburn
Lancashire
BB1 5QB
B & E BOYS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
B & E BOYS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 November 2025.

Fair Review of the Business

Overall g roup performance has continued to be robust, in accordance with a proven track record. National and international conditions have once again driven costs up through a combination of overseas conflicts, inconsistent governance, National Insurance burden on business, and further living wage increases above inflation. The Bank of England base rate has not fallen as far as expected, creating hesitancy in the market and slowing down transactions in many areas of the business

The company's turnover for the year has increased by 10.03% from the previous year and the gross profit margin has decreased to 3.43% compared to a margin of 8.47% in 2024. The company has continued its efforts to control administrative costs which have reduced by 33.45% from the previous year.

Shareholder funds have decreased by £142,977 to £265,837 at 30 November 2025.

We have several development sites that are being delayed for reasons of financial viability and where a financial loss could potentially be crystalised. The group can however take a longer-term view of its own target returns, where commercial leases are concerned, in the belief that a market correction will come in due course. No work on new housing development s has occurred in 2026 so far and is unlikely to do so until market conditions and demand improve. The company is also mindful of the associated planning expiration dates. Work has now commenced on the former Regal Cinema in Bacup with an agreement for grant assistance from the Local Authority, and by the company stretching the parameters on returns way beyond our usual timeframes. This is in a location where the business was founded, and i t is hoped that the project will encourage further investment in the area in recognition of a community who dedicated themselves to industry and manufacture.

Construction contracts, which have been in negotiations for many year s, are now close to being awarded as construction costs and technical challenges in the planning system led to previous delays. Other projects that have been over budget have led to value engineering which in turn then involves procedural delays. Our main construction activities have been in education, with three projects on currently site where educational space is being expanded. One of these projects is for a previous client and the other two with the same contract administrator suggesting consistency and quality in the work being delivered by our Construction arm. Other projects likely to start in 2026 are the second phase of Dunsop Bridge, and St Pauls Church in Oldham.

Current construction projects include St Johns School in Thornham, Tytherington High School and Mount St Josephs, with works to our own properties to improve EPC’s and the quality of space available at Forest Mill, Ironworks, Cloisters. W e continue to be in consideration for future work for many long-standing clients.

Timings from tender submissions to mobilisation on site remain extended and, in some cases, for many years as clients grapple with their own financial constraints leading to a period of tight margins. Despite this the Group has employment development projects in the pipeline for 2027 which may include more than 50,000 sq ft of further employment space on Waters Meeting, and 10,000 sq ft in Waterfoot in addition to our current commitment s in Bacup.

Staff resource and availability have improved due to the national slowdown in residential development, but this allow s us to maintain the high standard s and work ethic our staff provide, but with greater caution with the Employment Bill now in effect.

Industrial lettings remain consistent but strained in some sectors, although occupancy levels remain consistent. The Group remain s committed to improvement in energy efficiency, and quality of the space on offer whilst simplifying the portfolio for future generations of the business.

We remain optimistic for the future and expect a robust financial future thanks to our long standing and valued relationships in both our business support and client network.

B & E BOYS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Principal Risks and Uncertainties

Financial risk management is an integral part of the company's processes.

Cash flow risk is monitored by regular review of the cash position against forecasts. Trade debt levels are continually monitored and managed to keep them at an acceptable level. This enables the company to ensure that it has the ability to meet the cash flow requirements of its operations, whilst avoiding excessive levels of debt.

The company and related businesses actively use financial instruments as part of their financial risk management. The company finances its working capital through bank borrowings at the prevailing market rates and its exposure to price risk is therefore minimal.

On behalf of the board

Mr P H Boys
Director
7 August 2026
B & E BOYS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
The directors present their report and financial statements for the year ended 30 November 2025.
Principal activities

The principal activity of the company continued to be that of general building contracting.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final 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 B J Boys
Mr M A Boys
Mr P H Boys
Auditor

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

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.

On behalf of the board
Mr P H Boys
Director
7 August 2026
B & E BOYS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors are responsible for preparing the annual 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; and

- 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.

B & E BOYS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF B & E BOYS LIMITED
- 5 -
Opinion

We have audited the financial statements of B & E Boys Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of income and retained earnings, the balance sheet 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 30 November 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 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.

B & E BOYS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B & E BOYS LIMITED
- 6 -
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.

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.

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

- The nature of the industry, the company’s control environment, the significant laws and regulations relevant to the company, and the company’s policies on detection of fraud;

- Results of our enquiries of management, those charged with governance, and of staff in compliance roles;

- Our review of disclosures included in the financial statements; and

- Engagement team discussions in respect of any potential indicators of non-compliance or fraud.

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

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.

B & E BOYS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF B & E BOYS LIMITED
- 7 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Linda Wilkinson (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
7 August 2026
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
B & E BOYS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
7,769,672
7,061,413
Cost of sales
(7,502,985)
(6,463,658)
Gross profit
266,687
597,755
Administrative expenses
(334,137)
(502,200)
Operating (loss)/profit
4
(67,450)
95,555
Interest receivable and similar income
8
28,692
86,430
Interest payable and similar expenses
9
(83,645)
(160,585)
(Loss)/profit before taxation
(122,403)
21,400
Tax on (loss)/profit
10
(20,574)
(5,630)
(Loss)/profit for the financial year
(142,977)
15,770
Retained earnings brought forward
408,813
793,043
Dividends
11
-
0
(400,000)
Retained earnings carried forward
265,836
408,813

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

B & E BOYS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
240,754
158,578
Current assets
Stocks
13
4,294
4,294
Debtors
14
3,730,925
3,433,808
Cash at bank and in hand
2,716
950
3,737,935
3,439,052
Creditors: amounts falling due within one year
15
(3,634,861)
(3,152,965)
Net current assets
103,074
286,087
Total assets less current liabilities
343,828
444,665
Creditors: amounts falling due after more than one year
16
(21,566)
-
0
Provisions for liabilities
Deferred tax liability
19
56,425
35,851
(56,425)
(35,851)
Net assets
265,837
408,814
Capital and reserves
Called up share capital
21
1
1
Profit and loss reserves
265,836
408,813
Total equity
265,837
408,814

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 7 August 2026 and are signed on its behalf by:
Mr P H Boys
Director
Company registration number 03288386 (England and Wales)
B & E BOYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2023
1
793,043
793,044
Year ended 30 November 2024:
Profit and total comprehensive income
-
15,770
15,770
Dividends
11
-
(400,000)
(400,000)
Balance at 30 November 2024
1
408,813
408,814
Year ended 30 November 2025:
Loss and total comprehensive income
-
(142,977)
(142,977)
Balance at 30 November 2025
1
265,836
265,837
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
1
Accounting policies
Company information

B & E Boys Limited is a private company limited by shares incorporated in England and Wales. The registered office is Todd Carr Road, Waterfoot, Rossendale, Lancashire, BB4 9SJ.

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. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash f low and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Boys Holdings Plc. These consolidated financial statements are available from its registered office: Todd Carr Road, Waterfoot, Rossendale, Lancashire, BB4 9SJ.

1.2
Going concern

The company finances its business operations through a true n overdraft facility provided by its bankers and a loan advanced by its parent company.

The directors are not aware of any reasons as to why these facilities will not be maintained.

The directors are confident that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.

On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.

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.

B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% straight line
Fixtures, fittings & equipment
15% 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
Stocks

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.

1.6
Construction contracts

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Contract retentions withheld by customers are not invoiced or accounted for until they fall due for payment.

1.7
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.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 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.

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.

B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
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.

Classification of 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 deducting all of its liabilities.

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.

B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
2
Judgements and key sources of estimation uncertainty

The preparation of these financial statements requires certain judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3
Turnover and other revenue

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

2025
2024
£
£
Turnover analysed by class of business
Housing new build
858,040
213,561
Housing refurbishments
6,608
162,148
Non housing new build
1,645,725
672,900
Non housing refurbishments
4,538,300
5,176,995
Maintenance and other work
720,999
835,809
7,769,672
7,061,413
2025
2024
£
£
Other revenue
Interest income
28,692
86,430

All of the company's turnover is generated in the United Kingdom.

4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
125,722
121,471
Depreciation of tangible fixed assets held under finance leases
10,135
-
Profit on disposal of tangible fixed assets
(72,865)
-
Cost of stocks recognised as an expense
1,418,265
795,786
Operating lease charges
24,000
24,000
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,960
18,180
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
6
Employees

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

2025
2024
Number
Number
Administration
24
25
Production
30
33
Total
54
58

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,959,116
1,877,690
Social security costs
223,282
191,033
Pension costs
182,240
61,162
2,364,638
2,129,885
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
184,999
127,548
Company pension contributions to defined contribution schemes
120,000
-
304,999
127,548

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
28,692
86,430
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
59,906
138,675
Interest on finance leases and hire purchase contracts
3,088
-
Other interest
20,651
21,910
83,645
160,585
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
27,931
Deferred tax
Origination and reversal of timing differences
20,574
(22,301)
Total tax charge
20,574
5,630

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

2025
2024
£
£
(Loss)/profit before taxation
(122,403)
21,400
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(30,601)
5,350
Tax effect of expenses that are not deductible in determining taxable profit
35,151
280
Tax effect of income not taxable in determining taxable profit
(18,216)
-
0
Group relief
49,987
-
0
Permanent capital allowances in excess of depreciation
(15,747)
-
0
Taxation charge for the year
20,574
5,630
11
Dividends
2025
2024
£
£
Interim paid
-
0
400,000
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
12
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2024
682,566
38,820
527,760
1,249,146
Additions
104,654
-
0
116,217
220,871
Disposals
(128,400)
-
0
(52,968)
(181,368)
At 30 November 2025
658,820
38,820
591,009
1,288,649
Depreciation and impairment
At 1 December 2024
638,510
38,820
413,238
1,090,568
Depreciation charged in the year
46,895
-
0
88,962
135,857
Eliminated in respect of disposals
(128,400)
-
0
(50,130)
(178,530)
At 30 November 2025
557,005
38,820
452,070
1,047,895
Carrying amount
At 30 November 2025
101,815
-
0
138,939
240,754
At 30 November 2024
44,056
-
0
114,522
158,578

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and machinery
59,365
-
0
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
4,294
4,294
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
424,431
59,379
Corporation tax recoverable
6,407
-
0
Amount due from parent undertaking
-
0
116,512
Other debtors
2,603,523
2,822,278
Prepayments and accrued income
696,564
435,639
3,730,925
3,433,808
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
870,885
1,286,269
Obligations under finance leases
18
13,064
-
0
Trade creditors
229,960
417,811
Amounts due to parent undertaking
550,226
-
0
Corporation tax
-
0
85,137
Other taxation and social security
357,212
344,564
Other creditors
383,236
203,426
Accruals and deferred income
1,230,278
815,758
3,634,861
3,152,965
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
21,566
-
0
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
870,885
1,286,269
Payable within one year
870,885
1,286,269

The company's overdraft facility is secured by:

i) A first legal charge over Land at Brunswick Terrace, Stacksteads and its associated assets.

ii) A debenture over all of the assets of the company; and

ii) An unlimited inter company cross guarantee by and between B & E Boys Limited and the companies detailed below, supported by debentures over the assets of these companies and first legal charges over various properties held by the same companies:

i) Boys Holdings Plc

ii) B & E Boys (Properties) Limite d

i ii) Kingfisher Business Centres Limited

i v) Brother Developments (Yorkshire) Limited

v) Brother Investments Limited

vi) Brother Developments Limited

vii) B & E Boys (Construction) Limited

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
13,064
-
0
After more than one year
21,566
-
0
34,630
-
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
13,064
-
0
In two to five years
21,566
-
0
34,630
-
0

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
19
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
59,417
38,824
Unrelieved pension contributions
(2,992)
(2,973)
56,425
35,851
2025
Movements in the year:
£
Liability at 1 December 2024
35,851
Charge to profit or loss
20,574
Liability at 30 November 2025
56,425

The deferred tax liability set out above is expected to reverse within four years and principally relates to accelerated capital allowances that are expected to mature within the same period.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
182,240
61,162

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.

21
Share capital
2025
2024
Ordinary share capital
£
£
Issued and fully paid
1 Ordinary share of £1 each
1
1
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
22
Financial commitments, guarantees and contingent liabilities

In 2020 the company gave a guarantee, supported by a debenture over the company's assets, in respect of bank loans provided to Brother Developments Limited, Kingfisher Business Centres Limited and Brother Investments Limited.

At 30 November 202 5 the bank loan balances were as follows:-

Brother Developments Limited - £894,000 (facility: £1,043,000); and

Kingfisher Business Centres Limited - £4 44,000 (facility: £518,000); and

Brother Investments Limited - £1 4,254,610 (facility: £16,245,985).

B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 23 -
23
Related party transactions

The directors have taken advantage of the exemption available under FRS 102, Section 33.1A, not to disclose transactions with its parent company.

Transactions with related parties

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

Net interest received
Management charges received
2025
2024
2025
2024
£
£
£
£
Entities under the common control of the directors of the company.
28,692
64,519
658,324
646,545
Development work
Property maintenance / other recharges
2025
2024
2025
2024
£
£
£
£
Entities under the common control of the directors of the company.
858,040
2,597,055
358,645
316,319
Registered pension scheme for which the directors of the company are trustees.
-
-
100,232
52,583
858,040
2,597,055
458,877
368,902

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts owed to related parties
£
£
Entities under the common control of the directors of the company.
26
26
Registered pension scheme for which the directors of the company are trustees.
-
15,515
26
15,541
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
23
Related party transactions
(Continued)
- 24 -

The following amounts were outstanding at the reporting end date:

2025
Balance
Amounts owed by related parties
£
Entities under the common control of the directors of the company.
2,603,715
Registered pension scheme for which the directors of the company are trustees.
39,192
2,642,907
2024
Balance
Amounts owed in previous period
£
Entities under the common control of the directors of the company.
2,814,008
Registered pension scheme for which the directors of the company are trustees.
22,531
2,836,539
B & E BOYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 25 -
24
Directors' transactions

Included within Other creditors are interest-free loans advanced by the directors to the company amounting to £307,275 (2024 - £59,752).

25
Ultimate controlling party

The company is under the control of the Boys family directors by virtue of their shareholdings and interests in various family trusts operated for their benefit in the company's parent company, Boys Holdings Plc.

The registered office of the above company is:

Todd Carr Road

Waterfoot

Rossedale

Lancashire

BB4 9SJ

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