Joseph Barrett & Sons Limited - Accounts to registrar (filleted) - small 23.2.5
Joseph Barrett & Sons Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| Audited Financial Statements for the Year Ended 31 July 2023 |
| for |
| Joseph Barrett & Sons Limited |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Contents of the Financial Statements |
| for the Year Ended 31 July 2023 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Joseph Barrett & Sons Limited |
| Company Information |
| for the Year Ended 31 July 2023 |
| 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 |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Abridged Balance Sheet |
| 31 July 2023 |
| 31.7.23 | 31.7.22 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Revaluation reserve | 10 | (1,747,753 | ) | (1,747,753 | ) |
| Capital redemption reserve | 10 | 4,275 | 4,275 |
| Retained earnings | 10 | 2,952,418 | 6,196,724 |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements |
| for the Year Ended 31 July 2023 |
| 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. |
| 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. |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. | TANGIBLE FIXED ASSETS |
| Totals |
| £ |
| COST |
| At 1 August 2022 |
| Additions |
| Disposals | ( |
) |
| At 31 July 2023 |
| DEPRECIATION |
| At 1 August 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 July 2023 |
| NET BOOK VALUE |
| At 31 July 2023 |
| At 31 July 2022 |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2023 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Totals |
| £ |
| COST |
| At 1 August 2022 |
| and 31 July 2023 | 101,125 |
| DEPRECIATION |
| At 1 August 2022 | 45,005 |
| Charge for year | 14,029 |
| At 31 July 2023 | 59,034 |
| NET BOOK VALUE |
| At 31 July 2023 | 42,091 |
| At 31 July 2022 | 56,120 |
| 5. | FIXED ASSET INVESTMENTS |
| Information on investments other than loans is as follows: |
| Totals |
| £ |
| COST |
| At 1 August 2022 | 1,118,408 |
| Disposals | (1,118,408 | ) |
| At 31 July 2023 | - |
| NET BOOK VALUE |
| At 31 July 2023 | - |
| At 31 July 2022 | 1,118,408 |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 31.7.23 | 31.7.22 |
| £ | £ |
| Repayable otherwise than by instalments |
| Danske - No2 Covid Govt loan |
| Danske- COVID 19 | 337,306 | 461,135 |
| Guarantee on fixed term loans given by Department for Business Energy Industrial Strategy. |
| 7. | LOANS |
| An analysis of the maturity of loans is given below: |
| 31.7.23 | 31.7.22 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Danske - No2 Covid Govt loan | 1,447,238 | 1,882,274 |
| Danske- COVID 19 | 337,306 | 461,135 |
| 1,784,544 | 2,343,409 |
| Joseph Barrett & Sons Limited (Registered number: NI021951) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 July 2023 |
| 7. | LOANS - continued |
| 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. |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.7.23 | 31.7.22 |
| £ | £ |
| 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. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
| value: | £ | £ |
| Ordinary | 1 | 5,725 | 5,725 |
| 10. | RESERVES |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 August 2022 | 6,196,724 | (1,747,753 | ) | 4,275 | 4,453,246 |
| Profit for the year | 1,755,694 | 1,755,694 |
| Dividends | (5,000,000 | ) | (5,000,000 | ) |
| At 31 July 2023 | 2,952,418 | (1,747,753 | ) | 4,275 | 1,208,940 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | 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 2023 |
| 13. | RELATED PARTY DISCLOSURES |
| Related party transactions |
| Trade debtors & Sales |
| Opening balance | Sales | Closing balance |
| DC Piling Ltd | 0 | 90,620 | 28,985 |
| NM & Sons Ltd | 0 | 11,494 | 0 |
| MC(E) Ltd | 0 | 1,459 | 0 |
| Trade creditors & purchases |
| Opening balance | Purchases | Closing balance |
| DC Piling Ltd | 0 | 0 | 0 |
| NM & Sons Ltd | 487,551 | 943,813 | 313,098 |
| MC(E) Ltd | 5,778 | 0 | 5,778 |
| Amounts owed to group undertakings |
| Opening balance | Movement | Closing balance |
| NM & Sons Ltd | 55,000 | 0 | 55,000 |
| MC(E) Ltd |
| Amounts owed by group undertakings |
| Opening balance | Movement | Closing balance |
| NM & Sons Ltd | 5,600,000 | 0 | 5,600,000 |
| DC Piling Limited | 1,664,131 | 0 | 1,664,131 |
| Barrett Group Eglish Ltd | 0 | 4,888,960 | 4,888,960 |
| Other debtors |
| Opening balance | Movement | Closing balance |
| NM & Sons Ltd | 1,208,515 | 140,812 | 1,349,472 |
| DC Piling Ltd | 1,454,418 | 0 | 1,454,418 |
| Other creditors |
| Opening balance | Movement | Closing balance |
| MC(E) Ltd | 508,786 | 0 | 508,786 |
| NM & Sons Ltd | 361,298 | 0 | 361,298 |
| 14. | ULTIMATE CONTROLLING PARTY |
| As per 23rd May 2023, 100% of the shares were acquired by Barrett Group Eglish Ltd, a company registered in Northern Ireland. Copies of the financial statements of Barrett Group Eglish Ltd are available from Companies House. |