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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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: |
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: |
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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditors |
56 English Street |
Armagh |
Co. Armagh |
BT61 7LG |
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 |
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 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 4,912,582 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Freehold property | - |
Office buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Leased fixed assets | - |
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 |
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 |
At 31 July 2023 |
AMORTISATION |
Amortisation for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
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 |
At 31 July 2023 |
DEPRECIATION |
Charge for period |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
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 |
NET BOOK VALUE |
At 31 July 2023 |
At 21 May 2023 |
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 | - |
Other debtors | 687,306 |
Deferred VAT | 5,049 | - |
Prepayments and accrued income | 85,089 |
4,286,991 |
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 |
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: | £ |
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. |