REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
BARRETT ELECTRICAL CONTRACTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
BARRETT ELECTRICAL CONTRACTS LIMITED |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Report of the Accountants | 8 |
BARRETT ELECTRICAL CONTRACTS LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
BALANCE SHEET |
30 SEPTEMBER 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
BALANCE SHEET - continued |
30 SEPTEMBER 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Barrett Electrical Contracts Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets and depreciation |
All fixed assets are initially recorded at cost. |
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its estimated useful life as follows:- |
Freehold buildings - 2% straight line |
Plant and machinery - 15% reducing balance |
Fixtures and fittings - 15% reducing balance |
Motor vehicles - 25% reducing balance |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 profit. |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investment properties |
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Long-term contracts |
The attributable profit on long-term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project. Costs associated with long-term contracts are included in stock to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in stock are stated at cost, after provision has been made for any foreseeable losses and the deduction of applicable payments on account. Full provision is made for losses on all contracts in the year in which the loss is first foreseen. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Land and | Plant and | and |
Property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
Additions |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Investment property at Gortrush Industrial Estate, Clanabogan Road and Knocklocklan, Omagh were revalued on 30 September 2024 by the directors at fair value. The last valuation completed by an independent professional valuer was undertaken in September 2021. |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2024 | 893,835 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Trade debtors |
Company Loan | 25,000 | 200,000 |
Prepayments and accrued income |
BARRETT ELECTRICAL CONTRACTS LIMITED (REGISTERED NUMBER: NI011162) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 43,129 | - |
Corporation Tax |
VAT | 5,952 | 2,120 |
Directors' current accounts | 3,056 | 19,027 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.24 | 30.9.23 |
£ | £ |
Hire purchase contracts | 8,100 | 16,200 |
The obligations under finance leases and hire purchase contracts are secured by the assets to which the agreement relates. |
10. | RELATED PARTY DISCLOSURES |
The company is under the control of the directors by virtue of their shareholdings in the holding company which are detailed in the Directors' Report. |
In the normal course of business the company undertook transactions with related party, Benford Limited. |
Amount owed by related party |
The movement on the balance to this related party and the balance outstanding at the beginning of the year is as follows: |
As at 30/09/2023 |
Movement |
As at 30/09/2024 |
Benford Limited | 200,000 | 175,000 | 25,000 |
BARRETT ELECTRICAL CONTRACTS LIMITED |
REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF |
BARRETT ELECTRICAL CONTRACTS LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 September 2024 set out on pages three to nine and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Chartered Accountants |
6 East Bridge Street |
Enniskillen |
Co. Fermanagh |
BT74 7BT |