Joseph Barrett & Sons Limited - Accounts to registrar (filleted) - small 18.2
Joseph Barrett & Sons Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 July 2020 |
| for |
| Joseph Barrett & Sons Limited |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2020 |
| Page |
| Company Information | 1 |
| Report of the Independent Auditors | 2 |
| Income Statement | 4 |
| Balance Sheet | 5 |
| Statement of Changes in Equity | 6 |
| Notes to the Financial Statements | 7 |
| Joseph Barrett & Sons Limited |
| Company Information |
| for the Year Ended 31 July 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Certified Accountants |
| Statutory Auditors |
| 56 English Street |
| Armagh |
| Co. Armagh |
| BT61 7LG |
| BANKERS: |
| 5/6 Market Street |
| Dungannon |
| Co. Tyrone |
| BT70 1AB |
| SOLICITORS: |
| 13 Linenhall Street |
| Belfast |
| Co Antrim |
| BT2 8AA |
| Report of the Independent Auditors to the Members of |
| Joseph Barrett & Sons Limited |
| Although the company is only required to file a Balance Sheet, 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 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 2020 which comprise the Income Statement, 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 2020 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. |
| Report of the Independent Auditors to the Members of |
| Joseph Barrett & Sons Limited |
| 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| Statutory Auditors |
| 56 English Street |
| Armagh |
| Co. Armagh |
| BT61 7LG |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Income Statement |
| for the Year Ended 31 July 2020 |
| 31.7.20 | 31.7.19 |
| Notes | £ | £ | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Distribution costs |
| Administrative expenses |
| 1,972,065 | 2,018,759 |
| (65,340 | ) | (508,017 | ) |
| Other operating income |
| OPERATING PROFIT | 4 |
| Income from fixed asset investments |
| 1,163,277 | 608,070 |
| Interest payable and similar expenses |
| PROFIT BEFORE TAXATION |
| Tax on profit | ( |
) |
| PROFIT FOR THE FINANCIAL YEAR |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Balance Sheet |
| 31 July 2020 |
| 31.7.20 | 31.7.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Revaluation reserve | 14 | ( |
) | ( |
) |
| Capital redemption reserve | 14 |
| Retained earnings | 14 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Statement of Changes in Equity |
| for the Year Ended 31 July 2020 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 August 2018 | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 July 2019 | ( |
) |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - |
| Balance at 31 July 2020 | ( |
) |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2020 |
| 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 |
| 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 shorter: |
| Freehold property - 2% on cost |
| Plant and machinery - 25% on reducing balance |
| Motor vehicles - 25% on reducing balance |
| Leased fixed assets - 25% on reduced 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. |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Depreciation - owned assets |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2020 |
| 5. | DIVIDENDS |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Ordinary shares of 1 each |
| Final |
| 6. | TANGIBLE FIXED ASSETS |
| Leased |
| Freehold | Plant and | Motor | fixed |
| property | machinery | vehicles | assets | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 August 2019 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 July 2020 |
| DEPRECIATION |
| At 1 August 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 July 2020 |
| NET BOOK VALUE |
| At 31 July 2020 |
| At 31 July 2019 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 August 2019 |
| Additions |
| At 31 July 2020 |
| DEPRECIATION |
| At 1 August 2019 |
| Charge for year |
| At 31 July 2020 |
| NET BOOK VALUE |
| At 31 July 2020 |
| At 31 July 2019 |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2020 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 August 2019 |
| and 31 July 2020 |
| NET BOOK VALUE |
| At 31 July 2020 |
| At 31 July 2019 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Trade debtors |
| Bad debt provision | (12,133 | ) | (10,289 | ) |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Bank loans and overdrafts (see note 11) |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 190,302 | 215,810 |
| Other creditors |
| Directors' current accounts | 134,074 | 123,489 |
| Accrued expenses |
| 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. Intercompany debt does not have any interest and repayment is within the directors discretion. Interest on bank loans is charged at the various rates according to the lending margin applicable to the loan, and the loans are repayable according to the terms agreed when first drawndown.There is no interest rate with the intercompany debts which are repayable by demand. |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Bank loans (see note 11) |
| Hire purchase contracts |
| Loan a/c - John Barrett | 275,584 | 321,084 |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2020 |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Danske- COVID 19 | 650,000 | - |
| Repayable by instalments |
| Danske Bank -Ballygawley land | 454,008 | 545,277 |
| Danske Bank Ltd - Quarry | 72,752 | 455,939 |
| Danske Bank Ltd - Land | 2,216,000 | 2,436,000 |
| 2,742,760 | 3,437,216 |
| 11. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Danske- COVID 19 | 650,000 | - |
| Repayable by instalments |
| Danske Bank -Ballygawley land | 454,008 | 545,277 |
| Danske Bank Ltd - Quarry | 72,752 | 455,939 |
| Danske Bank Ltd - Land | 2,216,000 | 2,436,000 |
| 2,742,760 | 3,437,216 |
| 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. |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.7.20 | 31.7.19 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| 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. |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2020 |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.20 | 31.7.19 |
| value: | £ | £ |
| Ordinary | 1 | 5,725 | 5,725 |
| 14. | RESERVES |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 August 2019 | ( |
) | 3,047,890 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 July 2020 | ( |
) | 3,825,876 |
| 15. | CONTINGENT LIABILITIES |
| The company's solicitors have stated that there are no outstanding claims against the company at the year end. |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2020 |
| 16. | RELATED PARTY DISCLOSURES |
| Related party transactions |
| Trade debtors & sales |
| Opening balance Sales Closing balance |
| DC Piling Ltd 2,162 15,983 1,785 |
| NM & Sons Ltd 6,231 0 0 MC(E) Ltd 150 5,711 0 |
| Trade creditors & purchases |
| Opening balance Purchases Closing balance |
| DC Piling Ltd 0 0 0 |
| NM & Sons Ltd 327,146 813,823 282,099 |
| MC(E) Ltd 0 4,713 0 |
| Amounts owed to group undertakings |
| Opening balance Movement Closing balance |
| NM & Sons Ltd 0 0 0 |
| MC(E) Ltd 0 0 0 |
| Amounts owed by group undertakings |
| Opening balance Movement Closing balance |
| NM & Sons Ltd 2,700,000 500,000 3,200,000 |
| Other debtors |
| Opening balance Movement Closing balance |
| NM & Sons Ltd 515,789 452,967 968,756 |
| DC Piling Ltd 1,262,418 192,000 1,454,418 |
| MC(E) Ltd 0 0 0 |
| Other creditors |
| Opening balance Movement Closing balance |
| MC(E) Ltd 567,779 0 567,779 |
| NM & Sons Ltd 163,413 51,885 215,298 |
| DC Piling Ltd 0 0 0 |
| 17. | ULTIMATE CONTROLLING PARTY |
| The directors Mr M Barrett and Mr J Barrett are the joint controlling parties by virtue of their interest in the company's equity capital. |