Joseph Barrett & Sons Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI021951 (Northern Ireland)

Audited Financial Statements for the Year Ended 31 July 2019

for

Joseph Barrett & Sons Limited

Page

Company Information

1

Report of the Independent Auditors

2

Abridged Income Statement

4

Abridged Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

DIRECTORS:

M Barrett

J Barrett

SECRETARY:

R Donnelly

REGISTERED OFFICE:

128 Eglish Road

Dungannon

Co. Tyrone

BT70 1LB

REGISTERED NUMBER:

NI021951 (Northern Ireland)

SENIOR STATUTORY AUDITOR:

James Robinson FCCA

AUDITORS:

WHR Accountants Ltd

Chartered Certified Accountants

Statutory Auditors

56 English Street

Armagh

Co. Armagh

BT61 7LG

BANKERS:

Danske Bank

5/6 Market Street

Dungannon

Co. Tyrone

BT70 1AB

SOLICITORS:

C&J Black

13 Linenhall Street

Belfast

Co Antrim

BT2 8AA

Although the company is only required to file a Balance Sheet, the Companies Act 2006 requires the accompanying Report of the

Auditors to be a copy of our report to the members on the company's full Financial Statements and Report of the Directors.

Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the

Directors, referred to in the copy of our Report of the Auditors, are not required to be filed with the Registrar of Companies.

Opinion

We have audited the financial statements of Joseph Barrett & Sons Limited (the 'company') for the year ended 31 July 2019 which

comprise the Abridged Income Statement, Abridged Balance Sheet, Statement of Changes in Equity and Notes to the Financial

Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their

preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2019 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 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 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the

Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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

audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material

misstatement of the other information. 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have

not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material

misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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.

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 Report of the Auditors.

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 a Report of the Auditors 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.

James Robinson FCCA (Senior Statutory Auditor)

for and on behalf of WHR Accountants Ltd

Chartered Certified Accountants

Statutory Auditors

56 English Street

Armagh

Co. Armagh

BT61 7LG

21 February 2020

GROSS PROFIT

2,109,879

2,646,507

Distribution costs

1,487,075

1,458,489

Administrative expenses

531,684

635,715

2,018,759

2,094,204

OPERATING PROFIT

4

91,120

552,303

Income from fixed asset investments

516,950

516,950

608,070

1,069,253

Interest payable and similar expenses

239,140

245,005

PROFIT BEFORE TAXATION

368,930

824,248

Tax on profit

(69,319

)

56,580

PROFIT FOR THE FINANCIAL YEAR

438,249

767,668

FIXED ASSETS

Tangible assets

6

4,520,452

4,645,207

Investments

7

3,517,750

3,517,750

8,038,202

8,162,957

CURRENT ASSETS

Stocks

345,499

338,245

Debtors

5,891,719

5,879,467

Cash at bank and in hand

40,185

58,180

6,277,403

6,275,892

CREDITORS

Amounts falling due within one year

7,335,149

7,069,406

NET CURRENT LIABILITIES

(1,057,746

)

(793,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,980,456

7,369,443

CREDITORS

Amounts falling due after more than one year

8

(3,838,716

)

(4,578,294

)

PROVISIONS FOR LIABILITIES

(88,125

)

(105,783

)

NET ASSETS

3,053,615

2,685,366

CAPITAL AND RESERVES

Called up share capital

11

5,725

5,725

Revaluation reserve

12

(1,747,753

)

(1,747,753

)

Capital redemption reserve

12

4,275

4,275

Retained earnings

12

4,791,368

4,423,119

SHAREHOLDERS' FUNDS

3,053,615

2,685,366

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the Board of Directors on 21 February 2020 and were signed on its behalf by:

M Barrett - Director

J Barrett - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 August 2017

5,725

3,725,451

(1,747,753

)

4,275

1,987,698

Changes in equity

Dividends

-

(70,000

)

-

-

(70,000

)

Total comprehensive income

-

767,668

-

-

767,668

Balance at 31 July 2018

5,725

4,423,119

(1,747,753

)

4,275

2,685,366

Changes in equity

Dividends

-

(70,000

)

-

-

(70,000

)

Total comprehensive income

-

438,249

-

-

438,249

Balance at 31 July 2019

5,725

4,791,368

(1,747,753

)

4,275

3,053,615

1.	STATUTORY INFORMATION

Joseph Barrett & Sons Limited is a company limited by shares incorporated in Northern Ireland within the United Kingdom.

The address of the registered office is given in the company information on page 1 of these financial statements.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the

nearest £   .

The significant accounting policies applied in the preparation of these financial statements are set out below. These

policies have been applied consistently to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Leased fixed assets

-

25% on reducing balance

Investments in subsidiaries

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs.

Subsequently, they are measured at fair value through profit or loss if the shares are publically traded or their fair value can

otherwise be measured reliable. Other investments are measured at cost less impairment

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate

between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing

rate.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Revaluation of freehold property

The company operates a policy to revalue certain freehold land and buildings periodically with any unrealised deficit or

surplus on revaluation taken to the statement of total recognised gains and losses for that year.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and

compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is

recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation

decrease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are

measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a

financing transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2018 - 34 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.7.19

31.7.18

£

£

Depreciation - owned assets

133,694

124,558

5.

DIVIDENDS

31.7.19

31.7.18

£

£

Ordinary shares of 1 each

Final

70,000

70,000

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2018

8,055,824

Additions

211,127

Disposals

(292,833

)

At 31 July 2019

7,974,118

DEPRECIATION

At 1 August 2018

3,410,617

Charge for year

239,385

Eliminated on disposal

(196,336

)

At 31 July 2019

3,453,666

NET BOOK VALUE

At 31 July 2019

4,520,452

At 31 July 2018

4,645,207

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 August 2018

703,837

Disposals

(150,000

)

At 31 July 2019

553,837

DEPRECIATION

At 1 August 2018

283,316

Charge for year

105,691

Eliminated on disposal

(90,674

)

At 31 July 2019

298,333

NET BOOK VALUE

At 31 July 2019

255,504

At 31 July 2018

420,521

7.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 August 2018

and 31 July 2019

3,517,750

NET BOOK VALUE

At 31 July 2019

3,517,750

At 31 July 2018

3,517,750

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.7.19

31.7.18

£

£

Repayable by instalments

Danske Bank -Ballygawley land

545,277

629,371

Danske Bank Ltd - Quarry

455,939

811,832

Danske Bank Ltd - Land

2,436,000

2,556,000

3,437,216

3,997,203

9.

LOANS

An analysis of the maturity of loans is given below:

31.7.19

31.7.18

£

£

Amounts falling due in more than five years:

Repayable by instalments

Danske Bank -Ballygawley land

545,277

629,371

Danske Bank Ltd - Quarry

455,939

811,832

Danske Bank Ltd - Land

2,436,000

2,556,000

3,437,216

3,997,203

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are

measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a

financing transaction it is measured at present value.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.19

31.7.18

£

£

Bank overdrafts

5,335,278

4,579,194

Bank loans

3,437,216

3,997,203

8,772,494

8,576,397

Bank borrowings are secured by a floating charge, fixed charge over book debts, legal mortgages over property and

directors personal guarantees. There is a group overdraft facility of £1 million incorporating Joseph Barrett & Sons Ltd, Neil

Mullin & Sons Ltd & DC Piling Ltd.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.19

31.7.18

value:

£

£

5,725

Ordinary

1

5,725

5,725

12.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 August 2018

4,423,119

(1,747,753

)

4,275

2,679,641

Profit for the year

438,249

438,249

Dividends

(70,000

)

(70,000

)

At 31 July 2019

4,791,368

(1,747,753

)

4,275

3,047,890

13.	CONTINGENT LIABILITIES

The company's solicitors have stated that there are no outstanding claims against the company at the year end.

14.	RELATED PARTY DISCLOSURES

15.	ULTIMATE CONTROLLING PARTY