Joseph Barrett & Sons Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: NI021951 (Northern Ireland)

Audited Financial Statements for the Year Ended 31 July 2017

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 2017 which

comprise the Income Statement, Abridged Balance Sheet, 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).

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.

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2017 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 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, 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.

Opinion 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.

Our 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.

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

25 April 2018

GROSS PROFIT

2,409,829

2,142,192

Distribution costs

1,387,150

1,134,651

Administrative expenses

521,837

470,701

1,908,987

1,605,352

OPERATING PROFIT

4

500,842

536,840

Income from fixed asset investments

1,202,761

2,000,000

1,703,603

2,536,840

Interest payable and similar expenses

203,059

237,021

PROFIT BEFORE TAXATION

1,500,544

2,299,819

Tax on profit

55,072

59,812

PROFIT FOR THE FINANCIAL YEAR

1,445,472

2,240,007

FIXED ASSETS

Tangible assets

6

3,899,745

4,949,827

Investments

7

3,517,750

3,517,750

7,417,495

8,467,577

CURRENT ASSETS

Stocks

151,063

298,382

Debtors

5,000,447

3,553,790

Cash at bank and in hand

40,929

4,320

5,192,439

3,856,492

CREDITORS

Amounts falling due within one year

5,848,051

4,859,780

NET CURRENT LIABILITIES

(655,612

)

(1,003,288

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,761,883

7,464,289

CREDITORS

Amounts falling due after more than one year

8

(4,647,239

)

(4,913,118

)

PROVISIONS FOR LIABILITIES

(126,946

)

(118,945

)

NET ASSETS

1,987,698

2,432,226

CAPITAL AND RESERVES

Called up share capital

11

5,725

10,000

Revaluation reserve

12

(1,747,753

)

(547,753

)

Capital redemption reserve

12

4,275

-

Retained earnings

12

3,725,451

2,969,979

SHAREHOLDERS' FUNDS

1,987,698

2,432,226

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved by the Board of Directors on 25 April 2018 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 2015

10,000

784,972

2,952,247

-

3,747,219

Changes in equity

Dividends

-

(55,000

)

-

-

(55,000

)

Total comprehensive income

-

2,240,007

(3,500,000

)

-

(1,259,993

)

Balance at 31 July 2016

10,000

2,969,979

(547,753

)

-

2,432,226

Changes in equity

Issue of share capital

(4,275

)

-

-

-

(4,275

)

Dividends

-

(240,000

)

-

-

(240,000

)

Total comprehensive income

-

995,472

(1,200,000

)

4,275

(200,253

)

Balance at 31 July 2017

5,725

3,725,451

(1,747,753

)

4,275

1,987,698

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First-time adoption of FRS 102

The Company has adopted FRS 102 for the first time in the period ended 31/07/2017. The date of transition to FRS 102 is

01/08/2015.

There are no consequential changes in accounting policies or transition adjustments to note resulting from adoption of FRS

102 from the previous financial reporting framework.

Preparation of consolidated financial statements

The financial statements contain information about Joseph Barrett & Sons Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under Section 398

of the Companies Act 2006 not to prepare consolidated 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 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 34 .

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.7.17

31.7.16

£

£

Depreciation - owned assets

124,068

127,404

5.

DIVIDENDS

31.7.17

31.7.16

£

£

Ordinary shares of 1 each

Final

205,000

55,000

Interim

35,000

-

240,000

55,000

6.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 August 2016

7,938,458

Additions

395,956

Disposals

(50,782

)

Revaluations

(1,200,000

)

At 31 July 2017

7,083,632

DEPRECIATION

At 1 August 2016

2,988,631

Charge for year

235,944

Eliminated on disposal

(40,688

)

At 31 July 2017

3,183,887

NET BOOK VALUE

At 31 July 2017

3,899,745

At 31 July 2016

4,949,827

The Office and Yard located at Eglish, County Tyrone which Joseph Barrett & Sons Limited own contained in freehold land

and buildings was revalued again on 28th July 2017 by DTZ McCombe Pierce LLP ,RICS Registered Valuers on an open

market basis at £300,000. The previous valuation by the same valuers had been £1.5 million prepared a number of years

ago. No other land or buildings were revalued.

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

Totals

£

COST OR VALUATION

At 1 August 2016

319,959

Additions

427,837

Transfer to ownership

(43,959

)

At 31 July 2017

703,837

DEPRECIATION

At 1 August 2016

47,914

Charge for year

111,876

Transfer to ownership

(30,049

)

Reclassification/transfer

13,403

At 31 July 2017

143,144

NET BOOK VALUE

At 31 July 2017

560,693

At 31 July 2016

272,045

7.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 August 2016

and 31 July 2017

3,517,750

NET BOOK VALUE

At 31 July 2017

3,517,750

At 31 July 2016

3,517,750

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.7.17

31.7.16

£

£

Repayable otherwise than by instalments

Danske Bank Ltd - Legal Fees

-

91,255

Loan a/c - John Barrett

412,083

-

412,083

91,255

Repayable by instalments

Danske Bank Ltd - Quarry

1,143,032

1,450,395

Danske Bank Ltd - Land

2,576,000

2,721,000

Danske Bank Ltd - DC Piling

141,537

344,514

3,860,569

4,515,909

9.

LOANS

An analysis of the maturity of loans is given below:

31.7.17

31.7.16

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Danske Bank Ltd - Legal Fees

-

91,255

Loan a/c - John Barrett

412,083

-

412,083

91,255

Repayable by instalments

Danske Bank Ltd - Quarry

1,143,032

1,450,395

Danske Bank Ltd - Land

2,576,000

2,721,000

Danske Bank Ltd - DC Piling

141,537

344,514

3,860,569

4,515,909

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:

31.7.17

31.7.16

£

£

Bank overdrafts

3,352,497

2,411,820

Bank loans

4,272,652

4,607,164

7,625,149

7,018,984

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

31.7.17

31.7.16

value:

£

£

5,725

Ordinary

1

5,725

10,000

12.

RESERVES

Capital

Retained

Revaluation

redemption

earnings

reserve

reserve

Totals

£

£

£

£

At 1 August 2016

2,969,979

(547,753

)

-

2,422,226

Profit for the year

1,445,472

1,445,472

Dividends

(240,000

)

(240,000

)

Purchase of own shares

(450,000

)

-

4,275

(445,725

)

Revaluation

-

(1,200,000

)

-

(1,200,000

)

At 31 July 2017

3,725,451

(1,747,753

)

4,275

1,981,973

13.	CONTINGENT LIABILITIES

The company's solicitors have stated that there is still an outstanding claim against the company in respect of the alleged

failure of a concrete floor.The company has provided £240,000 (£240,000 - 2016) as at the balance sheet date contained in

other creditors on the basis that this claim could amount to a similar claim which was settled in 2015.

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £240,000 were paid to the directors .

15.	ULTIMATE CONTROLLING PARTY