Joseph Barrett & Sons Limited

	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—6

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 the 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.

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Joseph Barrett & Sons Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 July 2025

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 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 49 (2024: 49)

4. Tangible Assets

	Total
	£
Cost
As at 1 August 2024	6,408,036
Additions	1,485,654
Disposals	(251,000 )

As at 31 July 2025	7,642,690

Depreciation
As at 1 August 2024	4,387,804
Provided during the period	617,735
Disposals	(125,477 )

As at 31 July 2025	4,880,062

Net Book Value
As at 31 July 2025	2,762,628

As at 1 August 2024	2,020,232

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Joseph Barrett & Sons Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 July 2025

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	2025	2024
	£	£
Plant & Machinery	-	188,939
Motor Vehicles	-	22,281

	-	211,220

5. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	611,467	154,331
Loan Accounts	233,571	872,913

	845,038	1,027,244

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.

	2025		2024
	£		£
Bank loans and overdrafts	12,845,730		11,499,619

7. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	247,492	55,125
Later than one year and not later than five years	611,467	154,331

	858,959	209,456

	858,959	209,456

8. Share Capital

	2025	2024
	£	£
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.

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Joseph Barrett & Sons Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 July 2025

10. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	95,000	90,000

11. Related Party Transactions



Trade debtors & sales	Opening balance	Sales	Closing balance
DC Piling Ltd	4,497	109,100	28,717
NM & Sons Ltd	-	46,301	1,895



Trade creditors & purchases	Opening balance	Purchases	Closing balance
NM & Sons Ltd	306,533	787,282	77,939
DC Piling Ltd	-	1,202	1,286


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	5,830,000	-	5,830,000
DC Piling Ltd	1,664,131	-	1,664,131
Barrett Group Eglish Ltd	262,393	7,136	269,529


Other Debtors	Opening balance	Movement	Closing balance
NM & Sons Ltd	1,418,551	71,362	1,489,913
DC Piling Ltd	1,454,418	-	1,454,418


Other Creditors	Opening balance	Movement	Closing balance
MC(E) Ltd	563,546	-	563,546
NM & Sons Ltd	382,273	43,000	399,273

12. 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.

13. Audit Information

The auditor's report on the accounts of Joseph Barrett & Sons Limited for the year ended 31 July 2025 was unqualified.

The auditor's report was signed by James Robinson FCCA (Senior Statutory Auditor) for and on behalf of WHR Accountants Ltd , Statutory Auditor.

WHR Accountants Ltd

Chartered Certified Accountants

56 English Street

Co Armagh

BT61 7LG

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		2,762,628		2,020,232

			2,762,628		2,020,232
CURRENT ASSETS
Stocks		859,477		886,823
Debtors		13,713,361		12,888,027
Cash at bank and in hand		97		1,669

		14,572,935		13,776,519
Creditors: Amounts Falling Due Within One Year		(15,488,611 )		(13,467,917 )

NET CURRENT ASSETS (LIABILITIES)			(915,676 )		308,602

TOTAL ASSETS LESS CURRENT LIABILITIES			1,846,952		2,328,834

Creditors: Amounts Falling Due After More Than One Year	5		(845,038 )		(1,027,244 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(488,729 )		(365,119 )

NET ASSETS			513,185		936,471

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			2,250,938		2,674,224

SHAREHOLDERS' FUNDS			513,185		936,471