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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their strategic report for the year ended 31 December 2025.
The business operates in the UK Nuclear market and has already secured a number of new contracts to deliver the design, procurement, supplier management, fabrication and construction of pipework and specialist equipment for the new Hinkley Point C nuclear power station currently under construction. The Company is also pursuing other opportunities in the UK nuclear market
Turnover and loss on ordinary activities for the year before taxation are £135,682,000 (2024: £111,346,000) and £nil (2024: £nil) respectively. Post tax losses of £3,000 (2024: £nil) have been transferred to reserves. No dividends have been paid during the year (2024: £nil)
The Company has a process for identifying and assessing business risks. These risks are regularly monitored and commercial actions taken where appropriate.
The main business risks facing the Company are competition, contract delivery, employee recruitment and retention and continuing customer service development. Company liquidity is managed through a Group treasury arrangement, appropriate to the Company’s working capital requirements. Regular cash flow forecasts ensure adequate funding is maintained.
The Company has a process for identifying and assessing business risks. These risks are regularly monitored and commercial actions taken where appropriate.
The main business risks facing the Company are competition, contract delivery, employee recruitment and retention and continuing customer service development. Company liquidity is managed through a Group treasury arrangement, appropriate to the Company’s working capital requirements. Regular cash flow forecasts ensure adequate funding is maintained.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
In the following section, the Company details the key stakeholders and summarises their interests, how the board has engaged with them and the decisions that have been made as a result of engagement.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Overall, the Company has considered the interests of numerous stakeholders, with the main focus being on, but not restricted to the above categories. It is the Board’s intention to operate the Company in a responsible manner, with high standards of business conduct and good governance expected.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £3,000 (2024 - £nil).
The directors who served during the year were:
The Company gives full consideration to applications for employment for disabled persons where the candidate’s particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.
Where existing employees become disabled, it is the Company’s policy to provide continuing employment wherever practicable in the same or alternative position and to provide appropriate training to achieve this aim
The Company operates a framework for employee information and consultation which complies with the requirements of the Information and Consultation of Employees Regulations 2015. During the year, the policy of providing employees with information has been continued through the monthly Team Brief and online meetings. In addition, regular meetings are held between local management and employees to allow a free flow of information and ideas, where information relating to the economic and financial factors affecting the performance of the company is discussed.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is committed to and meets the objectives of the Modern Slavery Act.
As part of the Bilfinger Group, we operate under strict Compliance regulations with a Code of Conduct that sets out the general standards that everyone must meet in terms of compliance and ethical conduct, and lays out the general principles that we must adhere to in everything we do and determines regarding important aspects of our business dealings. Our Code of Conduct is underpinned by an Integrity Guideline, Competition Guideline and Third Party Guideline, all of which ensure that we adhere to fair employment, ethical behaviour and forbids illegal employment, and ensures our supply chain are audited and checked to comply with our standards. This means we operate with transparency, responsibility, security and integrity in dealing with business partners and colleagues. Bilfinger expects all of its employees to put this corporate philosophy into practice on their own. Executives, who lead by example, have been given particular responsibilities in this regard, but all our employees are supported and trained in compliance. Bilfinger has enacted compliance regulations that apply throughout the Group. The “Compliance” e-learning training program conveys these values in an interactive, online format. Bilfinger Group companies will not be in business contact with customers and suppliers that are listed on sanction lists. The Group has a clear Whistleblowing Policy and actively encourages the reporting and exposure of unethical behaviour through a confidential reporting line, and all matters raised are thoroughly investigated and appropriate action is taken in accordance with the Group’s compliance standards. The Group continues to build on the approach deployed to ensure that it operates free from enforced labour, human trafficking and slavery.
The Company attaches great importance to the health, safety and welfare of all its employees. An experienced team of safety officers has the task of safety training and monitoring compliance with regulations.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company’s business activities, together with the factors likely to affect its future development and position are set out above.
The directors have reviewed the profit and cash flow forecasts for the period to 30 September 2027 in detail and also have prepared a five year plan, which has enabled them to conclude that the business is a going concern. The future workload is underwritten by key long term contracts related to the Hinkley Point project which is expected to continue for a number of years and the Company is also pursuing other opportunities in the UK nuclear market. As a result, the Company is expected to generate positive cashflows on its own account for the foreseeable future. The Company also participates in the Group’s centralised treasury arrangements and so shares banking arrangements with its parent and fellow subsidiaries. Additional procedures have been performed as part of the going concern review by directors including additional stress testing. The current levels of secured work has been considered as an appropriate worst-case scenario when performing this stress testing, as well as the impact of a 15% fall in cash flows generated. On review of the results of this sensitivity testing, the directors expect the overall project to be both profitable and cash generative for the period to 30 September 2027. The directors, have considered the financial position and future prospects of the Company. In addition, the directors have made enquiries of Bilfinger SE in order to satisfy themselves that financial support would be available from this company should it be needed and a letter of financial support has been received from Bilfinger SE covering the period to 30 September 2027. The directors have considered the ability of Bilfinger SE to provide such support with no significant concerns noted. Details of banking arrangements for Bilfinger SE may be found in its own financial statements. Based on their considerations and enquiries, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern for the period of 12 months from the date of approval of these financial statements. Therefore, despite the net liabilities position of £157,000 reported at 31 December 2025 (2024: £154,000), on the basis of their assessment of the Company’s financial position and of their enquiries made of Bilfinger SE, the directors have adopted the going concern basis of accounting in the preparation of these financial statements.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company is subject to these requirements under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 to report on carbon and energy usage.
Methodology
The emissions and energy usage are reported for the period 1 January 2025 to 31 December 2025. Usage in buildings has been calculated based on meter readings and amounts invoiced by gas and electricity suppliers for the period. In instances where invoices are not available, the amounts have been estimated on the basis of usage demonstrated in the invoices available. The Company operates some properties where energy usage is managed and paid by the landlord; where a sub-metering arrangement exists, this usage is included in-line with relevant meter readings. Where no sub-metering arrangement is in place, this usage has been estimated on the basis of the size and number of people based in the property.
The Company did not consume natural gas during the year and did not operate a vehicle fleet. Consequently, no Scope 1 emissions arose from the combustion of fuel.
Energy Efficiency Measures
The Company recognises the importance of energy efficiency measures and the need to reduce fuel consumption and energy usage. The Company has made a commitment to carbon reduction as part of the 5 year plan as they strive to contribute to a net zero environment. The Company continued to promote energy efficiency through the efficient use of office facilities, improvements to lighting, recycling initiatives, the replacement of single-use items and ongoing employee awareness activities.
The WeSustain tool itself is being improved continuously to maintain data easily and provide more accurate reporting across the relevant scopes and is monitored closely by the Group as a whole.
Risk management
The Company is required to adhere to the group policy on risk management. This serves to identify and specifically manage relevant strategic, operational and financial risks as well as compliance risks. These are managed locally through the Group-wide risk management system (RMS) where risks are identified, monitored and managed. Various committees and roles across the organisation mitigate such risks and the Group also conducts monthly and annual internal audits on internal controls within the business.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
No material events have occurred since the statement of financial position date that would affect the financial statements of the company.
Under section 487(2) of the Companies Act 2006, AAB Audit & Accountancy Limited, will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BILFINGER PIPING TECHNOLOGIES UK LIMITED
We have audited the financial statements of Bilfinger Piping Technologies UK Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BILFINGER PIPING TECHNOLOGIES UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BILFINGER PIPING TECHNOLOGIES UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.
We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:
∙Management override of controls to manipulate the company’s key performance indicators to meet targets
∙Timing and completeness of revenue recognition
∙Management judgement applied in calculating provisions
∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading
Our audit procedures to respond to these risks included:
∙Testing of journal entries and other adjustments for appropriateness
∙Evaluating the business rationale of significant transactions outside the normal course of business
∙Reviewing judgments made by management in their calculation of accounting estimates for potential management bias
∙Enquiries of management about litigation and claims and inspection of relevant correspondence
∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BILFINGER PIPING TECHNOLOGIES UK LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The financial statements of Bilfinger Piping Technologies UK Limited (the “Company”) for the year ended 31 December 2025 were authorised for issue by the board of directors on 29 September 2026 and the balance sheet was signed on the board’s behalf by Derek Harcus. Bilfinger Piping Technologies UK Limited is incorporated and domiciled in England and Wales.
These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards. The Company’s financial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (£000) except when otherwise indicated. The results of Bilfinger Piping Technologies UK Limited are included in the consolidated financial statements of Bilfinger SE which are available from Corporate Headquarters, Oskar-Meixner-Straße 1, 68163 Mannheim, Germany. The principal accounting policies adopted by the Company are set out in note 2.
2.Accounting policies
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The directors have reviewed the profit and cash flow forecasts for the period to 30 September 2026 in detail and also have prepared a five year plan, which has enabled them to conclude that the business is a going concern. The future workload is underwritten by key long term contracts related to the Hinkley Point project which is expected to continue for a number of years and the Company is also pursuing other opportunities in the UK nuclear market. As a result, the Company is expected to generate positive cashflows on its own account for the foreseeable future. The Company also participates in the Group’s centralised treasury arrangements and so shares banking arrangements with its parent and fellow subsidiaries.
Additional procedures have been performed as part of the going concern review by directors including additional stress testing. The current levels of secured work has been considered as an appropriate worst-case scenario when performing this stress testing, as well as the impact of a 15% fall in cash flows generated. On review of the results of this sensitivity testing, the directors expect the project to be both profitable and cash generative for period to 30 September 2027. The directors, have considered the financial position and future prospects of the Company. In addition, the directors have made enquiries of Bilfinger SE in order to satisfy themselves that financial support would be available from this company should it be needed and a letter of financial support has been received from Bilfinger SE covering the period to 30 September 2027. The directors have considered the ability of Bilfinger SE to provide such support with no significant concerns noted. Details of banking arrangements for Bilfinger SE may be found in its own financial statements. Based on their considerations and enquiries, the directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the company to continue as a going concern for the period of 12 months from the date of approval of these financial statements. Therefore, despite the net liabilities position of £157,000 reported at 31 December 2025 (2024: £154,000), on the basis of their assessment of the Company’s financial position and of their enquiries made of Bilfinger SE, the directors have adopted the going concern basis of accounting in the preparation of these financial statements.
The Company accounts for revenue in accordance with IFRS 15. This requires judgement to determine accurate estimates of the extent of progress towards contract completion and may involve estimates of the total contract costs, remaining costs to completion, total revenues, contract risks and other judgements.
A provision is recognised when the Company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Trade debtors, which generally have 30-60 day terms, are recognised and carried at the lower of their original invoiced value and recoverable amount. Provision for impairment is made through profit or loss when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.
Where turnover, on a contract by contract basis, exceeds amounts invoiced or where goods or services are transferred to the customer before the customer pays consideration (or before payment is due), the excess is classified as amounts recoverable on contracts and included in debtors (contract asset).
Contract assets are subject to impairment assessment. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the balance sheet date.
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are recognised to the extent that the utilisation of the asset is probable. Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Revenue is recognised in accordance with IFRS 15 – Revenue from Contracts with Customers. Revenue is shown net of value added tax, returns, rebates and discounts. Claims on customers are claims made for work outside of contractual terms and, as such, are only recognised in revenue once accepted by the customer.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company’s revenue streams are not considered particularly complex in nature. IFRS 15 requires the identification of separate performance obligations within the contract. For those multi-disciplinary construction contracts, under IFRS 15, revenue must be recognised separately for each performance obligation identified. The nature of the multi-disciplinary construction contracts is such that a work carried out means that each discipline provided is highly interdependent upon the others and, as a result, could be classed as one performance obligation, therefore there has been no material impact on the recognition of IFRS 15.
The company had no employees during the year or prior year.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 24
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Performance bonds have been entered into in the normal course of business. There are no contingent liabilities at the year end date.
The Company has no capital commitments at 31 December 2025 (2024 - £nil).
Copies of the Bilfinger SE financial statements can be obtained from the Bilfinger SE headquarters,
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