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REGISTERED NUMBER: NI697496 (Northern Ireland)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Period 22 May 2023 to 31 July 2023

for

Barrett Group Eglish Ltd

Barrett Group Eglish Ltd (Registered number: NI697496)






Contents of the Consolidated Financial Statements
for the Period 22 May 2023 to 31 July 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


Barrett Group Eglish Ltd

Company Information
for the Period 22 May 2023 to 31 July 2023







DIRECTORS: M Barrett
J Barrett





SECRETARY: Mrs R Donnelly





REGISTERED OFFICE: 128 Eglish Road
Dungannon
Co. Tyrone
BT70 1LB





REGISTERED NUMBER: NI697496 (Northern Ireland)





AUDITORS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

Barrett Group Eglish Ltd (Registered number: NI697496)

Group Strategic Report
for the Period 22 May 2023 to 31 July 2023

The directors present their strategic report of the company and the group for the period 22 May 2023 to 31 July 2023.

REVIEW OF BUSINESS
The directors consider the results for the year to be satisfactory. The subsidiary companies have traded well, which underpin the sales and earnings. The directors are committed to the long term creation of shareholder value, which will enable continued investment and diversification. The incoming year is likely to provide challenges, early results are consistent with the directors' expectations.

The key performance indicators used to measure the group's performance are gross profit margin and profit before tax. The current year gross profit margin was 37.44% and net profit margin was 17.93%.

Despite the difficulties of global inflation the group has maintained a strong level of production and has continued to make investments in the business and deliver high quality products on demand. There have been improvements to machinery during the year to ensure production continues to maintain standard.

The directors believe the group has performed well during the year and will continue to do so in the future.

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risk factors which could affect the company's future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.

Business performance risk
The business environment continues to be challenging with key commercial risks being market conditions, competitive pressures, and customer credit risk. Adverse macroeconomic uncertainties and the impact of Brexit is continually reviewed by Directors.

The Directors endeavour to mitigate these risks by implementing regular strategic and operational reviews.

Foreign exchange risk
The group is exposed to some foreign exchange risk in the normal course of business the directors keep a constant review of their exposure to exchange risk.

Liquidity risk
The group manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.

Environmental
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

Health and Safety
The group is committed to achieving the highest practical standards in health and safety management and strives to make all places of work a safe environment for employees and customers.

ON BEHALF OF THE BOARD:





M Barrett - Director


29 April 2024

Barrett Group Eglish Ltd (Registered number: NI697496)

Report of the Directors
for the Period 22 May 2023 to 31 July 2023

The directors present their report with the financial statements of the company and the group for the period 22 May 2023 to 31 July 2023.

INCORPORATION
The group was incorporated on 22 May 2023 and commenced trading on the same date.

DIVIDENDS
A final dividend of £85,000 was paid on 31st July 2023.

DIRECTORS
The directors who have held office during the period from 22 May 2023 to the date of this report are as follows:

M Barrett - appointed 22 May 2023
J Barrett - appointed 22 May 2023

Both the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, WHR Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Barrett - Director


29 April 2024

Report of the Independent Auditors to the Members of
Barrett Group Eglish Ltd

Opinion
We have audited the financial statements of Barrett Group Eglish Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 July 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 July 2023 and of the group's profit for the period 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 group 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
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and 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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Barrett Group Eglish Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Barrett Group Eglish Ltd


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.

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.

Report of the Independent Auditors to the Members of
Barrett Group Eglish Ltd


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 (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

29 April 2024

Barrett Group Eglish Ltd (Registered number: NI697496)

Consolidated Income Statement
for the Period 22 May 2023 to 31 July 2023

Notes £    £   

TURNOVER 13,781,698

Cost of sales 8,622,467
GROSS PROFIT 5,159,231

Distribution costs 2,321,580
Administrative expenses 293,117
2,614,697
2,544,534

Other operating income 282,295
OPERATING PROFIT 4 2,826,829


Interest payable and similar expenses 5 355,715
PROFIT BEFORE TAXATION 2,471,114

Tax on profit 6 292,905
PROFIT FOR THE FINANCIAL PERIOD 2,178,209
Profit attributable to:
Owners of the parent 2,178,209

Barrett Group Eglish Ltd (Registered number: NI697496)

Consolidated Other Comprehensive Income
for the Period 22 May 2023 to 31 July 2023

Notes £   

PROFIT FOR THE PERIOD 2,178,209


OTHER COMPREHENSIVE INCOME
Exchange rate reserve (27,942 )
Income tax relating to other comprehensive
income

-
OTHER COMPREHENSIVE INCOME FOR THE PERIOD,
NET OF INCOME TAX

(27,942

)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 2,150,267

Total comprehensive income attributable to:
Owners of the parent 2,150,267

Barrett Group Eglish Ltd (Registered number: NI697496)

Consolidated Statement of Financial Position
31 July 2023

Notes £    £   
FIXED ASSETS
Intangible assets 9 77,606
Tangible assets 10 7,919,356
Investments 11 -
7,996,962

CURRENT ASSETS
Stocks 12 2,190,997
Debtors 13 4,286,991
Cash at bank and in hand 6,835,262
13,313,250
CREDITORS
Amounts falling due within one year 14 11,497,720
NET CURRENT ASSETS 1,815,530
TOTAL ASSETS LESS CURRENT LIABILITIES 9,812,492

CREDITORS
Amounts falling due after more than one year 15 (2,902,660 )

PROVISIONS FOR LIABILITIES 19 (702,717 )
NET ASSETS 6,207,115

CAPITAL AND RESERVES
Called up share capital 20 5,725
Revaluation reserve 21 (1,747,753 )
Capital redemption reserve 21 4,275
Exchange rate reserve 21 200,504
Retained earnings 21 7,744,364
SHAREHOLDERS' FUNDS 6,207,115

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by:




M Barrett - Director



J Barrett - Director


Barrett Group Eglish Ltd (Registered number: NI697496)

Company Statement of Financial Position
31 July 2023

Notes £    £   
FIXED ASSETS
Intangible assets 9 77,605
Tangible assets 10 3,616,667
Investments 11 1,042,443
4,736,715

CURRENT ASSETS
Debtors 13 97,479

CREDITORS
Amounts falling due within one year 14 887
NET CURRENT ASSETS 96,592
TOTAL ASSETS LESS CURRENT LIABILITIES 4,833,307

CAPITAL AND RESERVES
Called up share capital 20 5,725
Retained earnings 4,827,582
SHAREHOLDERS' FUNDS 4,833,307

Company's profit for the financial year 4,912,582

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2024 and were signed on its behalf by:




M Barrett - Director



J Barrett - Director


Barrett Group Eglish Ltd (Registered number: NI697496)

Consolidated Statement of Changes in Equity
for the Period 22 May 2023 to 31 July 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Changes in equity
Issue of share capital 5,725 - -
Dividends - (85,000 ) -
Total comprehensive income - 2,178,209 -
Balance at 31 July 2023 5,725 2,093,209 -
Capital Exchange
redemption rate Total
reserve reserve equity
£    £    £   

Changes in equity
Issue of share capital - - 5,725
Dividends - - (85,000 )
Total comprehensive income - (27,942 ) 2,150,267
Balance at 31 July 2023 - (27,942 ) 2,070,992

Barrett Group Eglish Ltd (Registered number: NI697496)

Company Statement of Changes in Equity
for the Period 22 May 2023 to 31 July 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 5,725 - 5,725
Dividends - (85,000 ) (85,000 )
Total comprehensive income - 4,912,582 4,912,582
Balance at 31 July 2023 5,725 4,827,582 4,833,307

Barrett Group Eglish Ltd (Registered number: NI697496)

Consolidated Statement of Cash Flows
for the Period 22 May 2023 to 31 July 2023

Notes £   
Cash flows from operating activities
Cash generated from operations 1 (1,860,376 )
Interest paid (266,219 )
Interest element of hire purchase payments paid (73,905 )
Finance costs paid (15,591 )
Tax paid 35,848
Net cash from operating activities (2,180,243 )

Cash flows from investing activities
Purchase of intangible fixed assets (81,690 )
Purchase of tangible fixed assets (5,476,379 )
Sale of tangible fixed assets 3,976,178
Sale of fixed asset investments 1,118,408
Net cash from investing activities (463,483 )

Cash flows from financing activities
Capital repayments in year 1,503,072
Amount introduced by directors 85,000
Amount withdrawn by directors (107,340 )
Share issue 5,725
Equity dividends paid (85,000 )
Net cash from financing activities 1,401,457

Decrease in cash and cash equivalents (1,242,269 )
Cash and cash equivalents at beginning of period 2 -

Cash and cash equivalents at end of period 2 (1,242,269 )

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Statement of Cash Flows
for the Period 22 May 2023 to 31 July 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
£   
Profit before taxation 2,471,114
Depreciation charges 1,107,403
Profit on disposal of fixed assets (1,515,779 )
Finance costs 355,715
2,418,453
Increase in stocks (2,190,997 )
Increase in trade and other debtors (4,286,991 )
Increase in trade and other creditors 2,199,159
Cash generated from operations (1,860,376 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 July 2023
31.7.23 22.5.23
£    £   
Cash and cash equivalents 6,835,262 -
Bank overdrafts (8,077,531 ) -
(1,242,269 ) -


3. ANALYSIS OF CHANGES IN NET DEBT

At 22.5.23 Cash flow At 31.7.23
£    £    £   
Net cash
Cash at bank and in hand - 6,835,262 6,835,262
Bank overdrafts - (8,077,531 ) (8,077,531 )
- (1,242,269 ) (1,242,269 )
Debt
Finance leases - (1,503,072 ) (1,503,072 )
Debts falling due after 1 year - (1,784,544 ) (1,784,544 )
- (3,287,616 ) (3,287,616 )
Total - (4,529,885 ) (4,529,885 )

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements
for the Period 22 May 2023 to 31 July 2023

1. STATUTORY INFORMATION

Barrett Group Eglish Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

Basis of consolidation
The financial statements consolidate the financial statements of Barrett Group Eglish Ltd and all of its subsidiary undertakings.

The result of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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%/3% on cost
Office buildings - 2%/3% on cost
Plant and machinery - 25% on reducing balance and 20% on cost
Fixtures and fittings - 25% on reducing balance and 15% on cost
Motor vehicles - 25% on reducing balance and 20% on cost
Leased fixed assets - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

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
£   
Wages and salaries 2,261,130
Social security costs 50,123
Other pension costs 29,948
2,341,201

The average number of employees during the period was as follows:

Production & Administration Staff 72

The average number of employees by undertakings that were proportionately consolidated during the period was 72 .

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

3. EMPLOYEES AND DIRECTORS - continued

£   
Directors' remuneration 71,705

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

£   
Depreciation - owned assets 542,047
Depreciation - assets on hire purchase contracts 561,271
Profit on disposal of fixed assets (1,515,779 )
Goodwill amortisation 4,084
Auditors' remuneration 38,339
Foreign exchange differences 20,494

5. INTEREST PAYABLE AND SIMILAR EXPENSES
£   
Bank interest 264,923
HMRC interest & penalties 1,296
Hire purchase 73,905
Discount charges 15,591
355,715

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
£   
Current tax:
UK corporation tax 99,866

Deferred tax 193,039
Tax on profit 292,905

Tax effects relating to effects of other comprehensive income

Gross Tax Net
£    £    £   
Exchange rate reserve (27,942 ) - (27,942 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

8. DIVIDENDS
£   
Ordinary shares of 1 each
Final 85,000

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 22 May 2023 1,650,393
Additions 81,690
At 31 July 2023 1,732,083
AMORTISATION
At 22 May 2023 1,650,393
Amortisation for period 4,084
At 31 July 2023 1,654,477
NET BOOK VALUE
At 31 July 2023 77,606
At 21 May 2023 -

Company
Goodwill
£   
COST
Additions 81,690
At 31 July 2023 81,690
AMORTISATION
Amortisation for period 4,085
At 31 July 2023 4,085
NET BOOK VALUE
At 31 July 2023 77,605

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

10. TANGIBLE FIXED ASSETS

Group
Freehold Office Plant and
property buildings machinery
£    £    £   
COST
At 22 May 2023 4,805,080 94,822 7,683,496
Additions 3,700,000 - 1,591,054
Disposals (3,873,956 ) - (176,150 )
At 31 July 2023 4,631,124 94,822 9,098,400
DEPRECIATION
At 22 May 2023 1,805,785 32,938 5,858,690
Charge for period 100,557 1,896 707,838
Eliminated on disposal (1,522,354 ) - (176,150 )
At 31 July 2023 383,988 34,834 6,390,378
NET BOOK VALUE
At 31 July 2023 4,247,136 59,988 2,708,022
At 21 May 2023 2,999,295 61,884 1,824,806

Fixtures Leased
and Motor fixed
fittings vehicles assets Totals
£    £    £    £   
COST
At 22 May 2023 46,614 4,928,371 141,446 17,699,829
Additions - 185,325 - 5,476,379
Disposals - (354,449 ) - (4,404,555 )
At 31 July 2023 46,614 4,759,247 141,446 18,771,653
DEPRECIATION
At 22 May 2023 37,492 3,816,784 141,446 11,693,135
Charge for period 1,916 291,111 - 1,103,318
Eliminated on disposal - (245,652 ) - (1,944,156 )
At 31 July 2023 39,408 3,862,243 141,446 10,852,297
NET BOOK VALUE
At 31 July 2023 7,206 897,004 - 7,919,356
At 21 May 2023 9,122 1,111,587 - 6,006,694

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 22 May 2023 1,426,307 933,524 2,359,831
Additions 942,000 - 942,000
Disposals - (120,000 ) (120,000 )
At 31 July 2023 2,368,307 813,524 3,181,831
DEPRECIATION
At 22 May 2023 488,178 393,592 881,770
Charge for period 417,140 144,131 561,271
Eliminated on disposal - (52,000 ) (52,000 )
At 31 July 2023 905,318 485,723 1,391,041
NET BOOK VALUE
At 31 July 2023 1,462,989 327,801 1,790,790
At 21 May 2023 938,129 539,932 1,478,061

Company
Freehold
property
£   
COST
Additions 3,700,000
At 31 July 2023 3,700,000
DEPRECIATION
Charge for period 83,333
At 31 July 2023 83,333
NET BOOK VALUE
At 31 July 2023 3,616,667

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

11. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
At 22 May 2023 1,118,408
Disposals (1,118,408 )
At 31 July 2023 -
NET BOOK VALUE
At 31 July 2023 -
At 21 May 2023 1,118,408
Company
Shares in
group
undertakings
£   
COST
At 22 May 2023
and 31 July 2023 1,042,443
NET BOOK VALUE
At 31 July 2023 1,042,443
At 21 May 2023 1,042,443


Investments in group undertakings

Subsidiary undertakings

Registered Office

Nature of business

Class of share
Percentage of
shares held

Joseph Barrett & Sons Limited

Northern Ireland
Concrete blocks & ready
mix

Ordinary

100
Neil Mullin & Sons Limited Northern Ireland Sand & Aggregates Ordinary 100
DC Piling Ltd Northern Ireland Piling Ordinary 100
Mullin Concrete (Emyvale) Limited Republic of Ireland Sand, gravel & cement Ordinary

12. STOCKS


Group
£   
Stocks 2,190,997

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Trade debtors 3,561,169 -
Bad debt provision (51,622 ) -
Amounts owed by group undertakings - 97,479
Other debtors 687,306 -
Deferred VAT 5,049 -
Prepayments and accrued income 85,089 -
4,286,991 97,479

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Group Company
£    £   
Bank loans and overdrafts (see note 16) 8,077,531 -
Hire purchase contracts (see note 17) 524,040 -
IR Vat 450 -
Trade creditors 2,142,136 -
Tax 121,567 -
Aggregate levy 14,147 -
Social security and other taxes 50,172 -
VAT 230,754 -
Other creditors 28,005 -
Directors' current accounts 887 887
Accruals and deferred income 7,995 -
Accrued expenses 300,036 -
11,497,720 887

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 banks 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 drawn down. There is no interest rate with the intercompany debts which are repayable by demand.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


Group
£   
Bank loans (see note 16) 1,784,544
Hire purchase contracts (see note 17) 979,032
Loan a/c - John Barrett 139,084
2,902,660

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

16. LOANS

An analysis of the maturity of loans is given below:


Group
£   
Amounts falling due within one year or on demand:
Bank overdrafts 8,077,531
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Danke - No2 Covid Govt loan 1,447,238
Danske - Covid 19 337,306
1,784,544

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire
purchase
contracts
£   
Net obligations repayable:
Within one year 524,040
Between one and five years 979,032
1,503,072

18. SECURED DEBTS

Bank borrowings are secured by a floating charge, fixed charge over book debts, legal mortgages over property and directors guarantees. There is a group overdraft facility of £1m incorporating Joseph Barrett & Sons Ltd, Neil Mullin & Sons Ltd & DC Piling Ltd.

19. PROVISIONS FOR LIABILITIES


Group
£   
Deferred tax
Deferred tax 509,678
Movement 193,039
702,717

Barrett Group Eglish Ltd (Registered number: NI697496)

Notes to the Consolidated Financial Statements - continued
for the Period 22 May 2023 to 31 July 2023

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Charge to Income Statement during period 193,039
Balance at 31 July 2023 193,039

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal
value: £   
5,725 Ordinary 1 5,725

21. RESERVES

Group
Capital Exchange
Retained Revaluation redemption rate
earnings reserve reserve reserve Totals
£    £    £    £    £   

At 22 May 2023 5,651,155 (1,747,753 ) 4,275 228,446 4,136,123
Profit for the period 2,178,209 2,178,209
Dividends (85,000 ) (85,000 )
Movement - - - (27,942 ) (27,942 )
At 31 July 2023 7,744,364 (1,747,753 ) 4,275 200,504 6,201,390


22. ULTIMATE PARENT COMPANY

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.

23. CONTINGENT LIABILITIES

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