Registered number
09090954
J.T BARRETT BUILDING LTD
Filleted Accounts
30 June 2024
J.T BARRETT BUILDING LTD
Registered number: 09090954
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,237 6,984
Current assets
Stocks 850,000 1,255,846
Debtors 4 7,127 12,231
Cash at bank and in hand 25,824 6,577
882,951 1,274,654
Creditors: amounts falling due within one year 5 (714,831) (1,100,491)
Net current assets 168,120 174,163
Total assets less current liabilities 173,357 181,147
Creditors: amounts falling due after more than one year 6 (14,167) (24,167)
Provisions for liabilities (995) (1,326)
Net assets 158,195 155,654
Capital and reserves
Called up share capital 100 100
Profit and loss account 158,095 155,554
Shareholders' funds 158,195 155,654
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs M Barrett
Director
Approved by the board on 18 March 2025
J.T BARRETT BUILDING LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
(This includes directors)
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 4,006 24,048 28,054
At 30 June 2024 4,006 24,048 28,054
Depreciation
At 1 July 2023 2,656 18,414 21,070
Charge for the year 338 1,409 1,747
At 30 June 2024 2,994 19,823 22,817
Net book value
At 30 June 2024 1,012 4,225 5,237
At 30 June 2023 1,350 5,634 6,984
4 Debtors 2024 2023
£ £
Trade debtors - 10,366
Other debtors 7,127 1,865
7,127 12,231
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 384,999 707,816
Trade creditors 6,495 23,022
Taxation and social security costs 2,078 15,064
Other creditors 321,259 354,589
714,831 1,100,491
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,167 24,167
7 Related party transactions
There is a balance owed to the directors at the year end of £318928 (2023 £352408) being the directors' loan account.
8 Controlling party
The company is controlled by the directors, Mr J Barrett and Mrs M Barrett.
9 Other information
J.T BARRETT BUILDING LTD is a private company limited by shares and incorporated in England. Its registered office is:
California House
California Lane
Hintlesham
Ipswich
IP8 3QJ
J.T BARRETT BUILDING LTD 09090954 false 2023-07-01 2024-06-30 2024-06-30 VT Final Accounts July 2024 Mrs M Barrett No description of principal activity 09090954 2022-07-01 2023-06-30 09090954 core:WithinOneYear 2023-06-30 09090954 core:AfterOneYear 2023-06-30 09090954 core:ShareCapital 2023-06-30 09090954 core:RetainedEarningsAccumulatedLosses 2023-06-30 09090954 2023-07-01 2024-06-30 09090954 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09090954 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09090954 bus:Director40 2023-07-01 2024-06-30 09090954 1 2023-07-01 2024-06-30 09090954 2 2023-07-01 2024-06-30 09090954 core:PlantMachinery 2023-07-01 2024-06-30 09090954 core:Vehicles 2023-07-01 2024-06-30 09090954 countries:England 2023-07-01 2024-06-30 09090954 bus:FRS102 2023-07-01 2024-06-30 09090954 bus:FilletedAccounts 2023-07-01 2024-06-30 09090954 2024-06-30 09090954 core:WithinOneYear 2024-06-30 09090954 core:AfterOneYear 2024-06-30 09090954 core:ShareCapital 2024-06-30 09090954 core:RetainedEarningsAccumulatedLosses 2024-06-30 09090954 core:PlantMachinery 2024-06-30 09090954 core:Vehicles 2024-06-30 09090954 2023-06-30 09090954 core:PlantMachinery 2023-06-30 09090954 core:Vehicles 2023-06-30 iso4217:GBP xbrli:pure