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Registered number: NI697496
Barrett Group Eglish Ltd
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Strategic Report 1
Directors' Report 2
Independent Auditor's Report 3—5
Consolidated Profit and Loss Account 6
Consolidated Statement of Comprehensive Income 7
Consolidated Balance Sheet 8
Company Balance Sheet 9
Consolidated Statement of Changes in Equity 10
Company Statement of Changes in Equity 11
Consolidated Statement of Cash Flows 12
Notes to the Consolidated Statement of Cash Flows 13
Notes to the Financial Statements 14—24
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 July 2024.
Review of the Business
The directors consider the results for the year to be satisfactory. The subsidiary companies have traded well, which underpin the sales and earnings. The directors are committed to the long term creation of shareholder value, which will enable continued investment and diversification. The incoming year is likely to provide challenges, early results are consistent with the directors' expectations.
The key performance indicators used to measure the group's performance are gross profit margin and profit before tax. The current year gross profit margin was 35.38% (2023: 37.44%) and net profit margin was 5.62% (2023: 17.93%)
Despite the difficulties of global inflation the group has maintained a strong level of production and has continued to make investments in the business and deliver high quality products on demand. There have been improvements to machinery during the year to ensure production continues to maintain standard.
The directors believe the group has performed well during the year and will continue to do so in the future.
Principal Risks and Uncertainties
There are certain risk factors which could affect the company's future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.
Business performance risk
The business environment continues to be challenging with key commercial risks being market conditions, competitive pressures, and customer credit risk. Adverse macroeconomic uncertainties and the impact of Brexit is continually reviewed by Directors.
The Directors endeavour to mitigate these risks by implementing regular strategic and operational reviews.
Foreign exchange risk
The group  is exposed to some foreign exchange risk in the normal course of business the directors keep a constant review of their exposure to exchange risk.
Liquidity risk
The group manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.
Environmental
The group recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
Health and Safety
The group is committed to achieving the highest practical standards in health and safety management and strives to make all places of work a safe environment for employees and customers.
On behalf of the board
Mr Martin Barrett
Director
30/04/2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 July 2024.
Principal Activity
The group's principal activity continues to be that of concrete blocks, ready mix, sand, aggregates and a holding company.
Directors
The directors who held office during the year were as follows:
Mr John Barrett
Mr Martin Barrett
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditors, WHR Accountants Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Martin Barrett
Director
30/04/2025
Page 2
Page 3
Independent Auditor's Report
Opinion
We have audited the financial statements of Barrett Group Eglish Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 July 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 31 July 2024 and of the group's profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
Page 3
Page 4
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
  • the parent company financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
-the Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 4
Page 5
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
James Robinson (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd , Statutory Auditor
30/04/2025
WHR Accountants Ltd
Chartered Certified Accountants
56 Upper English Street
Armagh
Co. Armagh
BT61 7LG
Page 5
Page 6
Consolidated Profit and Loss Account
31 July 2024 31 July 2023
Notes £ £
TURNOVER 3 15,147,684 13,781,698
Cost of sales (9,789,011 ) (8,622,467 )
GROSS PROFIT 5,358,673 5,159,231
Distribution costs (2,326,777 ) (2,321,580 )
Administrative expenses (1,753,008 ) (1,734,792 )
Other operating income 25,784 282,295
OPERATING PROFIT 5 1,304,672 1,385,154
Profit on disposal of fixed assets 38,758 1,515,779
Interest payable and similar charges 10 (491,417 ) (429,819 )
PROFIT BEFORE TAXATION 852,013 2,471,114
Tax on Profit 11 (289,406 ) (292,905 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 562,607 2,178,209
The notes on pages 13 to 24 form part of these financial statements.
Page 6
Page 7
Consolidated Statement of Comprehensive Income
31 July 2024 31 July 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 562,607 2,178,209
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT 562,607 2,178,209
Page 7
Page 8
Consolidated Balance Sheet
Registered number: NI697496
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 73,520 77,605
Tangible Assets 13 8,572,228 7,919,356
8,645,748 7,996,961
CURRENT ASSETS
Stocks 15 1,722,836 2,190,997
Debtors 16 4,095,616 4,286,541
Cash at bank and in hand 6,935,852 6,835,376
12,754,304 13,312,914
Creditors: Amounts Falling Due Within One Year 17 (11,683,754 ) (11,497,383 )
NET CURRENT ASSETS (LIABILITIES) 1,070,550 1,815,531
TOTAL ASSETS LESS CURRENT LIABILITIES 9,716,298 9,812,492
Creditors: Amounts Falling Due After More Than One Year 18 (2,233,813 ) (2,902,660 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (762,430 ) (702,717 )
NET ASSETS 6,720,055 6,207,115
CAPITAL AND RESERVES
Called up share capital 23 5,725 5,725
Revaluation reserve (1,747,753 ) (1,747,753 )
Capital redemption reserve 4,275 4,275
Exchange rate reserve 195,837 200,504
Profit and Loss Account 8,261,971 7,744,364
SHAREHOLDERS' FUNDS 6,720,055 6,207,115
On behalf of the board
Mr John Barrett
Director
Mr Martin Barrett
Director
30/04/2025
The notes on pages 13 to 24 form part of these financial statements.
Page 8
Page 9
Company Balance Sheet
Registered number: NI697496
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 12 73,521 77,605
Tangible Assets 13 3,953,333 3,616,667
Investments 14 1,042,443 1,042,443
5,069,297 4,736,715
CURRENT ASSETS
Debtors 16 - 97,479
- 97,479
Creditors: Amounts Falling Due Within One Year 17 (278,408 ) (887 )
NET CURRENT ASSETS (LIABILITIES) (278,408 ) 96,592
TOTAL ASSETS LESS CURRENT LIABILITIES 4,790,889 4,833,307
NET ASSETS 4,790,889 4,833,307
CAPITAL AND RESERVES
Called up share capital 23 5,725 5,725
Profit and Loss Account 4,785,164 4,827,582
SHAREHOLDERS' FUNDS 4,790,889 4,833,307
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 2,582 (2023: £ 4,912,582 profit).
On behalf of the board
Mr John Barrett
Director
Mr Martin Barrett
Director
30/04/2025
The notes on pages 13 to 24 form part of these financial statements.
Page 9
Page 10
Consolidated Statement of Changes in Equity
Share Capital Revaluation reserve Capital Redemption Exchange rate reserve
£ £ £ £
As at 22 May 2023 5,725 (1,747,753 ) 4,275 228,446
Profit for the period and total comprehensive income - - - -
Dividends paid - - - -
Movement - - - (27,942)
As at 31 July 2023 and 1 August 2023 5,725 (1,747,753 ) 4,275 200,504
Profit for the year and total comprehensive income - - - -
Dividends paid - - - -
Movement - - - (4,667)
As at 31 July 2024 5,725 (1,747,753 ) 4,275 195,837
Profit and Loss Account Total
£ £
As at 22 May 2023 5,651,155 4,141,848
Profit for the period and total comprehensive income 2,178,209 2,178,209
Dividends paid (85,000) (85,000)
Movement - (27,942)
As at 31 July 2023 and 1 August 2023 7,744,364 6,207,115
Profit for the year and total comprehensive income 562,607 562,607
Dividends paid (45,000) (45,000)
Movement - (4,667)
As at 31 July 2024 8,261,971 6,720,055
Page 10
Page 11
Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 22 May 2023 5,725 - 5,725
Profit for the period and total comprehensive income - 4,912,582 4,912,582
Dividends paid - (85,000) (85,000)
As at 31 July 2023 and 1 August 2023 5,725 4,827,582 4,833,307
Profit for the year and total comprehensive income - 2,582 2,582
Dividends paid - (45,000) (45,000)
As at 31 July 2024 5,725 4,785,164 4,790,889
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Consolidated Statement of Cash Flows
31 July 2024 31 July 2023
Notes £ £
Cash flows from operating activities
Net cash generated from/(used in) operations 1 3,043,527 (1,860,377 )
Interest paid (440,418 ) (355,715 )
Tax (paid)/refunded (120,665 ) 35,848
Net cash generated from/(used in) operating activities 2,482,444 (2,180,244 )
Cash flows from investing activities
Purchase of intangible assets - (81,690 )
Purchase of tangible assets (1,667,924 ) (5,476,379 )
Proceeds from disposal of tangible assets 66,475 3,976,178
Proceeds from disposal of investment in subsidiary undertaking - 1,118,408
Net cash used in investing activities (1,601,449 ) (463,483 )
Cash flows from financing activities
Proceeds from issue of share capital - 5,725
Equity dividends paid (45,000 ) (85,000 )
Proceeds from new bank borrowings 174,000 -
Repayment of bank borrowings (539,209 ) -
Repayment of finance leases (529,759 ) 1,503,072
Amount introduced by directors 45,000 85,000
Amount withdrawn by directors (43,770) (107,340)
Net cash (used in)/generated from financing activities (938,738 ) 1,401,457
Decrease in cash and cash equivalents (57,743 ) (1,242,270 )
Cash and cash equivalents at beginning of year 2 (1,242,270 ) -
Cash and cash equivalents at end of year 2 (1,300,013 ) (1,242,270 )
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations
31 July 2024 31 July 2023
£ £
Profit for the financial year 562,607 2,178,209
Adjustments for:
Tax on profit 289,406 292,905
Interest expense 440,418 355,715
Amortisation of intangible assets 4,085 4,085
Depreciation of tangible assets 1,167,635 1,103,318
Profit on disposal of tangible assets (38,758) (1,515,779)
Foreign exchange gains (4,667) -
Movements in working capital:
Decrease/(increase) in stocks 468,161 (2,190,998 )
Decrease/(increase) in trade and other debtors 190,925 (4,286,991 )
(Decrease)/increase in trade and other creditors (36,285 ) 2,199,159
Net cash generated from/(used in) operations 3,043,527 (1,860,377 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
31 July 2024 31 July 2023
£ £
Cash at bank and in hand 6,935,852 6,835,376
Overdraft facilities repayable on demand (8,235,865 ) (8,077,646 )
Cash and cash equivalents as stated in the Statement of Cash Flows (1,300,013) (1,242,270)
3. Analysis of changes in net debt
As at 1 August 2023 Cash flows New finance leases As at 31 July 2024
£ £ £ £
Cash at bank and in hand 6,835,376 100,476 - 6,935,852
Overdraft facilities repayable on demand (8,077,646) (158,219) - (8,235,865)
Cash and cash equivalents (1,242,270 ) (57,743) - (1,300,013 )
Finance leases (1,503,072) 529,759 (180,300) (1,153,613)
Debts falling due after more than one year (1,784,544) 365,209 - (1,419,335)
(4,529,886) 837,225 (180,300) (3,872,961)
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Notes to the Financial Statements
1. General Information
Barrett Group Eglish Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI697496 . The registered office is 128 Eglish Road, Dungannon, Co. Tyrone, BT70 1LB.
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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 July 2024.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
  • the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
  • the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30.
No disclosure has been given for the aggregate remuneration of key management personnel.
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2.4. 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.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 20 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.6. 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:
Freehold 2%/3% on cost
Office Buildings 2%/3% on cost
Plant & Machinery 25% on reducing balance and 20% on cost
Motor Vehicles 25% on reducing balance and 20% on cost
Fixtures & Fittings 25% on reducing balance and 15% on cost
Leased Assets 25% reducing balance
2.7. Investments
Investments in subsidiary undertakings are recognised at cost.
2.8. 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.
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2.9. 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 is determined using the first-in, first-out method. 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.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.10. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.11. 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.12. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.13. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.14. Intangible Assets
Intangilbe assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
2.15. Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value.
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3. Turnover
Analysis of turnover by geographical market is as follows:
31 July 2024 31 July 2023
£ £
United Kingdom 14,506,834 13,205,695
Europe 640,850 576,003
15,147,684 13,781,698
4. Other Operating Income
31 July 2024 31 July 2023
£ £
Commission income 497 163
Rental income 7,092 5,763
Other operating income 18,195 276,369
25,784 282,295
5. Operating Profit
The operating profit is stated after charging:
31 July 2024 31 July 2023
£ £
Bad debts (3,133) 34,935
Depreciation of tangible fixed assets 1,167,635 1,103,318
Amortisation of intangible fixed assets 4,085 4,085
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
31 July 2024 31 July 2023
£ £
Audit Services
Audit of the company's financial statements 39,874 38,339
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
31 July 2024 31 July 2023
£ £
Wages and salaries 2,312,355 2,261,130
Social security costs 58,993 50,123
Other pension costs 37,503 29,948
2,408,851 2,341,201
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8. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:
31 July 2024 31 July 2023
Production & Administration 79 72
79 72
Company
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
9. Directors' remuneration
31 July 2024 31 July 2023
£ £
Emoluments 73,817 71,705
10. Interest Payable and Similar Charges
31 July 2024 31 July 2023
£ £
Bank loans and overdrafts 368,483 318,533
Finance charges payable under finance leases and hire purchase contracts 80,988 73,905
Foreign exchange charges 3,266 20,494
Other finance charges 38,680 16,887
491,417 429,819
11. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 31 July 2024 31 July 2023
31 July 2024 31 July 2023 £ £
Current tax
UK Corporation Tax 25.0% 20.1% 229,693 99,866
Deferred Tax
Deferred taxation 59,713 193,039
Total tax charge for the period 289,406 292,905
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
31 July 2024 31 July 2023
£ £
Profit before tax 852,013 2,471,114
Tax on profit at 25% (UK standard rate) 213,003 497,806
Goodwill/depreciation not allowed for tax 283,240 (80,746 )
...CONTINUED
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Capital allowances (245,974 ) (316,946 )
Short term timing differences 59,713 193,039
Difference in tax rates (20,576 ) (248 )
Total tax charge for the period 289,406 292,905
12. Intangible Assets
Group
Goodwill
£
Cost
As at 1 August 2023 1,732,083
As at 31 July 2024 1,732,083
Amortisation
As at 1 August 2023 1,654,478
Provided during the period 4,085
As at 31 July 2024 1,658,563
Net Book Value
As at 31 July 2024 73,520
As at 1 August 2023 77,605
Company
Goodwill
£
Cost
As at 1 August 2023 81,690
As at 31 July 2024 81,690
Amortisation
As at 1 August 2023 4,085
Provided during the period 4,084
As at 31 July 2024 8,169
Net Book Value
As at 31 July 2024 73,521
As at 1 August 2023 77,605
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13. Tangible Assets
Group
Land & Property
Freehold Office Buildings Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 August 2023 4,631,124 94,822 9,098,400 4,759,247
Additions 810,000 - 515,735 518,418
Disposals - - (58,000 ) (273,875 )
As at 31 July 2024 5,441,124 94,822 9,556,135 5,003,790
Depreciation
As at 1 August 2023 383,988 34,834 6,390,379 3,862,242
Provided during the period 100,531 1,896 761,161 301,446
Disposals - - (51,996 ) (252,162 )
As at 31 July 2024 484,519 36,730 7,099,544 3,911,526
Net Book Value
As at 31 July 2024 4,956,605 58,092 2,456,591 1,092,264
As at 1 August 2023 4,247,136 59,988 2,708,021 897,005
Fixtures & Fittings Leased Assets Total
£ £ £
Cost
As at 1 August 2023 46,614 141,446 18,771,653
Additions 4,071 - 1,848,224
Disposals - - (331,875 )
As at 31 July 2024 50,685 141,446 20,288,002
Depreciation
As at 1 August 2023 39,408 141,446 10,852,297
Provided during the period 2,600 1 1,167,635
Disposals - - (304,158 )
As at 31 July 2024 42,008 141,447 11,715,774
Net Book Value
As at 31 July 2024 8,677 (1 ) 8,572,228
As at 1 August 2023 7,206 - 7,919,356
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Company
Land & Property
Freehold
£
Cost
As at 1 August 2023 3,700,000
Additions 420,000
As at 31 July 2024 4,120,000
Depreciation
As at 1 August 2023 83,333
Provided during the period 83,334
As at 31 July 2024 166,667
Net Book Value
As at 31 July 2024 3,953,333
As at 1 August 2023 3,616,667
14. Investments
Company
Subsidiaries
£
Cost
As at 1 August 2023 1,042,443
As at 31 July 2024 1,042,443
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 1,042,443
As at 1 August 2023 1,042,443
Subsidiary undertakings
Registered Office
Nature of business
Class of share
Percentage of shares held
Joseph Barrett & Sons Limited
Northern Ireland
Concrete blocks & ready mix
Ordinary
100
Neil Mullin & Sons Limited
Northern Ireland
Sand & Aggregates
Ordinary
100
DC Piling Ltd
Northern Ireland
Piling
Ordinary
100
Mullin Concrete (Emyvale) Limited
Republic of Ireland
Sand, gravel & cement
Ordinary
100
15. Stocks
31 July 2024 31 July 2023
£ £
Stock 1,722,836 2,190,997
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16. Debtors
Group Company
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Due within one year
Trade debtors 3,104,562 3,509,547 - -
Prepayments and accrued income 65,469 85,089 - -
Other debtors 889,811 687,306 - -
Deferred VAT 34,985 5,049 - -
IR VAT 789 (450 ) - -
Amounts owed by group undertakings - - - 97,479
4,095,616 4,286,541 - 97,479
17. Creditors: Amounts Falling Due Within One Year
Group Company
31 July 2024 31 July 2023 31 July 2024 31 July 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 432,719 524,040 - -
Trade creditors 1,770,280 2,142,134 - -
Bank loans and overdrafts 8,235,865 8,077,646 - -
Corporation tax 230,595 121,567 - -
Other taxes and social security 49,927 50,172 - -
VAT 480,699 230,754 - -
Pension 5,414 - - -
Other creditors 335,556 28,005 - -
Aggregate levy 58,667 14,147 - -
Accruals and deferred income 81,915 308,031 - -
Directors' loan accounts 2,117 887 2,117 887
Amounts owed to group undertakings - - 276,291 -
11,683,754 11,497,383 278,408 887
Bank borrowings are secured by a floating charge, fixed charge over book debts, legal mortgages over property and directors personal guarantees. There is a group overdraft facility of £1 million incorporating Joseph Barrett & Sons Ltd, Neil Mullin & Sons Ltd & DC Piling Ltd. Intercompany debt does not have any interest and repayment is within the directors discretion. Interest on bank loans is charged at the various rates according to the lending margin applicable to the loan, and the loans are repayable according to the terms agreed when first drawndown.There is no interest rate with the intercompany debts which are repayable by demand.
18. Creditors: Amounts Falling Due After More Than One Year
Group
31 July 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 720,894 979,032
Bank loans 1,419,335 1,784,544
Other creditors 93,584 139,084
2,233,813 2,902,660
Of the creditors falling due after more than one year the following amounts are due after more than five years.
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2024
2023
£
£
Danske - No2 Covid loan
1,028,964
1,447,238
Danske - COVID 19
219,119
337,306
Altamuskin Road loan
171,252
-
image1,419,335
image1,784,544
image
image
Group
31 July 2024 31 July 2023
£ £
Bank loans 1,419,335 1,784,544
Of the creditors the following amounts are secured.
Bank borrowings are secured by a floating charge, fixed charge over book debts, legal mortgages over property and directors guarantees. There is a group overdraft facility of £1 incorporating Jospeh Barrett & Sons Ltd, Neil Mullin & Sons Ltd & DC Piling Ltd.Of the creditors the following amounts are secured.
Group
31 July 2024 31 July 2023
£ £
Bank loans and overdrafts 9,655,200 9,862,190
19. Loans
An analysis of the maturity of loans is given below:
Group
31 July 2024 31 July 2023
£ £
Amounts falling due after more than five years:
Bank loans 1,419,335 1,784,544
20. Obligations Under Finance Leases and Hire Purchase
Group
31 July 2024 31 July 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 432,719 524,040
Later than one year and not later than five years 720,894 979,032
1,153,613 1,503,072
1,153,613 1,503,072
21. Deferred Taxation
The provision for deferred tax is made up as follows:
31 July 2024 31 July 2023
£ £
Other timing differences 762,430 702,717
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22. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 August 2023 702,717 702,717
Additions 59,713 59,713
Balance at 31 July 2024 762,430 762,430
23. Share Capital
31 July 2024 31 July 2023
Allotted, called up and fully paid £ £
5,725 Ordinary Shares of £ 1.00 each 5,725 5,725
24. Contingent Liabilities
The company's solicitors have stated that there are no outstanding claims against the company at the year end.
25. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £37,503 (2023: £29,948).
At the balance sheet date contributions of £5,414 (2023: £0) were due to the fund and are included in creditors.
26. Dividends
31 July 2024 31 July 2023
£ £
On equity shares:
Final dividend paid 45,000 85,000
27. Controlling Parties
The company's ultimate controlling parties are Mr M Barrett and Mr J Barrett by virtue of their interest in the share capital of the company.
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