It’s pronounced ‘brassic’ and it’s slang for being penniless. Like so many other widespread expressions, it derives from the Cockney rhyming slang 'boracic lint' which rhymes with skint signifying that the person has no money. Incidentally, boracic lint was used as a dressing in the treatment of ulcerated skin.
“Chas, can you lend me a ton? Angie wants to go out tonight an’ me cashpoint card’s knackered.”
“Sorry mate, I'm boracic.”
When you bust a nut all over a girl's face, which is then followed immediately by kicking the fine, soft, powdery white Boracay sand on her...giving the feel of a St. Ives apricot facial scrub.
Gerry: Damn Paul, did you end up giving her a Boracay facial?
Paul: Hell yeah I did! I shot my load all over her faceand then kicked sand in that ratchet girl's eyes!