Acorah Software Products - Accounts Production 16.2.850 false true 31 July 2023 1 August 2022 false 30 April 2025 1 August 2023 31 July 2024 31 July 2024 NI021951 Mr John Barrett Mr Martin Barrett Mrs Roisin Donnelly true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure NI021951 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2024-07-31 NI021951 2023-07-31 NI021951 2024-07-31 NI021951 2023-08-01 2024-07-31 NI021951 frs-core:Non-currentFinancialInstruments 2024-07-31 NI021951 frs-core:BetweenOneFiveYears 2024-07-31 NI021951 frs-core:FurnitureFittings 2023-08-01 2024-07-31 NI021951 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 NI021951 frs-core:MotorVehicles 2023-08-01 2024-07-31 NI021951 frs-core:PlantMachinery 2023-08-01 2024-07-31 NI021951 frs-core:WithinOneYear 2024-07-31 NI021951 frs-core:CapitalRedemptionReserve 2024-07-31 NI021951 frs-core:RevaluationReserve 2024-07-31 NI021951 frs-core:ShareCapital 2024-07-31 NI021951 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 NI021951 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 NI021951 frs-bus:AbridgedAccounts 2023-08-01 2024-07-31 NI021951 frs-bus:SmallEntities 2023-08-01 2024-07-31 NI021951 frs-bus:Audited 2023-08-01 2024-07-31 NI021951 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 NI021951 1 2023-08-01 2024-07-31 NI021951 frs-bus:Director1 2023-08-01 2024-07-31 NI021951 frs-bus:Director2 2023-08-01 2024-07-31 NI021951 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 NI021951 frs-countries:NorthernIreland 2023-08-01 2024-07-31 NI021951 frs-core:Non-currentFinancialInstruments frs-core:MoreThanFiveYears 2023-07-31 NI021951 2022-07-31 NI021951 2023-07-31 NI021951 2022-08-01 2023-07-31 NI021951 frs-core:Non-currentFinancialInstruments 2023-07-31 NI021951 frs-core:BetweenOneFiveYears 2023-07-31 NI021951 frs-core:MotorVehicles 2022-08-01 2023-07-31 NI021951 frs-core:PlantMachinery 2022-08-01 2023-07-31 NI021951 frs-core:WithinOneYear 2023-07-31 NI021951 frs-core:CapitalRedemptionReserve 2023-07-31 NI021951 frs-core:RevaluationReserve 2023-07-31 NI021951 frs-core:ShareCapital 2023-07-31 NI021951 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: NI021951
Joseph Barrett & Sons Limited
ABRIDGED Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—7
Page 1
Abridged Balance Sheet
Registered number: NI021951
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,020,232 1,453,381
2,020,232 1,453,381
CURRENT ASSETS
Stocks 886,823 874,664
Debtors 12,888,027 12,368,342
Cash at bank and in hand 1,669 654,945
13,776,519 13,897,951
Creditors: Amounts Falling Due Within One Year (12,827,910 ) (11,923,233 )
NET CURRENT ASSETS (LIABILITIES) 948,609 1,974,718
TOTAL ASSETS LESS CURRENT LIABILITIES 2,968,841 3,428,099
Creditors: Amounts Falling Due After More Than One Year 5 (1,667,251 ) (1,956,441 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (365,119 ) (256,993 )
NET ASSETS 936,471 1,214,665
CAPITAL AND RESERVES
Called up share capital 8 5,725 5,725
Revaluation reserve (1,747,753 ) (1,747,753 )
Capital redemption reserve 4,275 4,275
Profit and Loss Account 2,674,224 2,952,418
SHAREHOLDERS' FUNDS 936,471 1,214,665
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 July 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr John Barrett
Director
Mr Martin Barrett
Director
30/04/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Joseph Barrett & Sons Limited is a private company, limited by shares, incorporated in Northern Ireland, registered number NI021951 . 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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. 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% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Leased fixed assets 25% on reducing balance
2.4. 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.
2.5. 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 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.
2.6. 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.
Page 3
Page 4
2.7. 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 company'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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 49 (2023: 42)
49 42
4. Tangible Assets
Total
£
Cost
As at 1 August 2023 5,578,008
Additions 1,034,153
Disposals (204,125 )
As at 31 July 2024 6,408,036
Depreciation
As at 1 August 2023 4,124,627
Provided during the period 453,371
Disposals (190,194 )
As at 31 July 2024 4,387,804
Net Book Value
As at 31 July 2024 2,020,232
As at 1 August 2023 1,453,381
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 188,939 -
Motor Vehicles 22,281 42,091
211,220 42,091
Page 4
Page 5
5. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 154,331 32,813
Loan Ac - John Barrett 93,584 139,084
Danske - No2 Covid Govt loan 1,028,964 1,447,238
Danske - COVID 19 219,119 337,306
Other creditors 171,253 -
1,667,251 1,956,441
Creditors: amounts falling due after five years
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024
2023
£
£
Danske - No2 Covid Govt loan
1,028,964
1,447,238
Danske - COVID 19
219,119
337,306
Altamuskin Road loan
171,253
-
image
image
1,419,336
image
1,784,544
image
Guarantee on fixed term loans given by Department for Business Energy Industrial Strategy.
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.
2024 2023
£ £
Bank loans 1,419,336 1,784,544
6. Secured Creditors
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 personal guarantees. There is a group overdraft facility of £1 million incorporating Joseph Barrett & Sons Ltd, Neil Mullin & Sons Ltd & DC Piling Ltd.
2024 2023
£ £
Bank loans and overdrafts 11,068,298 11,000,780
7. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 55,125 21,250
Later than one year and not later than five years 154,331 32,813
209,456 54,063
209,456 54,063
Page 5
Page 6
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5,725 5,725
9. Contingent Liabilities
The company's solicitors have stated that there are no outstanding claims against the company at the year end.
10. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 90,000 5,000,000
11. Related Party Transactions
Trade debtors & sales
Opening balance
Sales
Closing balance
DC Piling Ltd
28,985
68,006
4,497
NM & Sons Ltd
-
5,124
-
Trade creditors & purchases
Opening balance
Purchases
Closing balance
NM & Sons Ltd
313,098
994,819
306,533
MC(E) Ltd
5,778
-
-
Amounts owed to group undertakings
Opening balance
Movement
Closing balance
NM & Sons Ltd
55,000
-
55,000
Amounts owed by group undertakings
Opening balance
Movement
Closing blance
NM & Sons Ltd
5,600,000
230,000
5,830,000
DC Piling Ltd
1,664,131
0
1,664,131
Barrett Group Eglish Ltd
(111,040)
373,433
262,393
Other Debtors
Opening balance
Movement
Closing balance
NM & Sons Ltd
1,349,472
69,079
1,418,551
DC Piling Ltd
1,454,418
0
1,454,418
Other Creditors
Opening balance
Movement
Closing balance
MC(E) Ltd
508,786
54,760
563,546
NM & Sons Ltd
361,298
20,975
382,273
12. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13. Ultimate Controlling Party
Barrett Group Eglish Ltd, a company registered in Northern Ireland own 100% of the shares in the company. Copies of the financial statements of Barrett Group Eglish Ltd are available from companies House. 
Page 6
Page 7
14. Audit Information
The auditor's report on the accounts of Joseph Barrett & Sons Limited for the year ended 31 July 2024 was unqualified.
The auditor's report was signed by James Robinson (Senior Statutory Auditor) for and on behalf of WHR Accountants Ltd , Statutory Auditor.
WHR Accountants Ltd
Chartered Certified Accountants
56 English Street
Armagh
Co Armagh
BT61 7LG
Page 7