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REGISTERED NUMBER: NI011162 (Northern Ireland)















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: Mr Martin Barrett
Mr Alan Leeper
Mr Stephen Barrett





SECRETARY: Mr Martin Barrett





REGISTERED OFFICE: 29 Gortrush Industrial Estate
Great Northern Road
Omagh
Co. Tyrone
BT78 5EJ





REGISTERED NUMBER: NI011162 (Northern Ireland)





ACCOUNTANTS: Patton Rainey Stenson Limited
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 4 879,072 889,765
Investment property 5 893,835 712,189
1,772,907 1,601,954

CURRENT ASSETS
Debtors 6 54,084 265,181
Cash at bank 616,848 606,958
670,932 872,139
CREDITORS
Amounts falling due within one year 7 75,457 76,898
NET CURRENT ASSETS 595,475 795,241
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,368,382

2,397,195

CREDITORS
Amounts falling due after more than one
year

8

-

(8,100

)

PROVISIONS FOR LIABILITIES - (12,694 )
NET ASSETS 2,368,382 2,376,401

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,368,282 2,376,301
SHAREHOLDERS' FUNDS 2,368,382 2,376,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





Mr Stephen Barrett - Director


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 private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 830,355 103,727 5,005 939,087
DEPRECIATION
At 1 October 2023 - 45,356 3,966 49,322
Charge for year - 10,506 187 10,693
At 30 September 2024 - 55,862 4,153 60,015
NET BOOK VALUE
At 30 September 2024 830,355 47,865 852 879,072
At 30 September 2023 830,355 58,371 1,039 889,765

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 49,500
DEPRECIATION
At 1 October 2023 19,101
Charge for year 4,560
At 30 September 2024 23,661
NET BOOK VALUE
At 30 September 2024 25,839
At 30 September 2023 30,399

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 712,189
Additions 181,646
At 30 September 2024 893,835
NET BOOK VALUE
At 30 September 2024 893,835
At 30 September 2023 712,189

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 5,661 45,021
Company Loan 25,000 200,000
Prepayments and accrued income 23,423 20,160
54,084 265,181

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 8,100 8,100
Trade creditors 2,872 9,662
Amounts owed to participating interests 43,129 -
Corporation Tax - 21,588
VAT 5,952 2,120
Directors' current accounts 3,056 19,027
Accrued expenses 12,348 16,401
75,457 76,898

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts - 8,100

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.






Patton Rainey Stenson Limited
Chartered Accountants
6 East Bridge Street
Enniskillen
Co. Fermanagh
BT74 7BT


31 March 2025