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REGISTERED NUMBER: NI638549 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

BARRETT CONTRACTS LTD

BARRETT CONTRACTS LTD (REGISTERED NUMBER: NI638549)

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 CONTRACTS LTD

COMPANY INFORMATION
for the Year Ended 30 SEPTEMBER 2024







DIRECTORS: Mr Stephen Barrett
Mr Martin Barrett
Mr Alan Leeper





SECRETARY: Mr Stephen Barrett





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





REGISTERED NUMBER: NI638549 (Northern Ireland)





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

BARRETT CONTRACTS LTD (REGISTERED NUMBER: NI638549)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 152,911 57,780

CURRENT ASSETS
Stocks 5 29,658 45,840
Debtors 6 387,676 443,968
Cash at bank 370,909 678,028
788,243 1,167,836
CREDITORS
Amounts falling due within one year 7 247,494 637,130
NET CURRENT ASSETS 540,749 530,706
TOTAL ASSETS LESS CURRENT
LIABILITIES

693,660

588,486

PROVISIONS FOR LIABILITIES 38,649 14,959
NET ASSETS 655,011 573,527

CAPITAL AND RESERVES
Called up share capital 9 1 1
Retained earnings 10 655,010 573,526
SHAREHOLDERS' FUNDS 655,011 573,527

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 CONTRACTS LTD (REGISTERED NUMBER: NI638549)

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 CONTRACTS LTD (REGISTERED NUMBER: NI638549)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Barrett Contracts Ltd 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Deferred tax
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.

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.

BARRETT CONTRACTS LTD (REGISTERED NUMBER: NI638549)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

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 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 3,340 6,811 79,424 89,575
Additions 21,500 612 89,108 111,220
At 30 September 2024 24,840 7,423 168,532 200,795
DEPRECIATION
At 1 October 2023 2,672 463 28,660 31,795
Charge for year 3,535 2,344 10,210 16,089
At 30 September 2024 6,207 2,807 38,870 47,884
NET BOOK VALUE
At 30 September 2024 18,633 4,616 129,662 152,911
At 30 September 2023 668 6,348 50,764 57,780

BARRETT CONTRACTS LTD (REGISTERED NUMBER: NI638549)

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:
Motor
vehicles
£   
COST
Additions 45,325
At 30 September 2024 45,325
DEPRECIATION
Charge for year 4,079
At 30 September 2024 4,079
NET BOOK VALUE
At 30 September 2024 41,246

5. STOCKS
30.9.24 30.9.23
£    £   
Work-in-progress 29,658 45,840

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 299,314 433,962
Amounts owed by participating interests 67,694 -
Prepayments and accrued income 20,668 10,006
387,676 443,968

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts 3,167 -
Trade creditors 108,014 205,346
Tax 1,439 96,367
Social security and other taxes 5,756 8,394
Subcontractors tax 4,957 6,880
VAT 36,077 112,962
Directors' current accounts 27,801 951
Accrued expenses 60,283 206,230
247,494 637,130

BARRETT CONTRACTS LTD (REGISTERED NUMBER: NI638549)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Hire purchase contracts 3,167 -

The obligations under finance leases and hire purchase contracts are secured by the assets to which the agreement relates.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
1 Ordinary £1 1 1

10. RESERVES
Retained
earnings
£   

At 1 October 2023 573,526
Profit for the year 81,484
At 30 September 2024 655,010

11. 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.

During the year, the company did not enter into any transactions with the directors personally.

BARRETT CONTRACTS LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
BARRETT CONTRACTS LTD


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