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Registered number: NI645870
Paul Barrett Contracts Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
MMC Accountancy Services
ICAEW
6 Linenhall Street
Limavady
BT49 0HQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI645870
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 175,078 149,453
175,078 149,453
CURRENT ASSETS
Stocks 5 175,000 238,000
Debtors 6 70,039 65,049
Cash at bank and in hand 145,304 77,591
390,343 380,640
Creditors: Amounts Falling Due Within One Year 7 (389,851 ) (439,318 )
NET CURRENT ASSETS (LIABILITIES) 492 (58,678 )
TOTAL ASSETS LESS CURRENT LIABILITIES 175,570 90,775
Creditors: Amounts Falling Due After More Than One Year 8 (86,031 ) (74,409 )
NET ASSETS 89,539 16,366
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 89,439 16,266
SHAREHOLDERS' FUNDS 89,539 16,366
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Barrett
Director
24/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Paul Barrett Contracts Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI645870 . The registered office is 6 Linenhall Street, Limavady, BT49 0HQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
Page 3
Page 4
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 June 2023 260,130
Additions 100,370
Disposals (2,000 )
As at 31 May 2024 358,500
Depreciation
As at 1 June 2023 110,677
Provided during the period 74,745
Disposals (2,000 )
As at 31 May 2024 183,422
Net Book Value
As at 31 May 2024 175,078
As at 1 June 2023 149,453
5. Stocks
2024 2023
£ £
Work in progress 175,000 238,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,038 12,075
VAT 64,001 52,974
70,039 65,049
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 42,772 42,611
Trade creditors 330,267 344,315
Bank loans and overdrafts 3,900 7,800
Other taxes and social security 5,842 12,887
Other creditors 2,305 28,972
Director's loan account 4,765 2,733
389,851 439,318
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 54,854 43,209
Bank loans 31,177 31,200
86,031 74,409
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 42,772 42,611
Later than one year and not later than five years 54,854 43,209
97,626 85,820
97,626 85,820
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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