BrightAccountsProduction v1.0.0 v1.0.0 2023-02-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The prinicipal activity is that of holding investment property. 10 September 2024 0 0 NI005724 2024-01-31 NI005724 2023-01-31 NI005724 2022-01-31 NI005724 2023-02-01 2024-01-31 NI005724 2022-02-01 2023-01-31 NI005724 uk-bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI005724 uk-curr:PoundSterling 2023-02-01 2024-01-31 NI005724 uk-bus:AbridgedAccounts 2023-02-01 2024-01-31 NI005724 uk-core:ShareCapital 2024-01-31 NI005724 uk-core:ShareCapital 2023-01-31 NI005724 uk-core:RevaluationReserve 2024-01-31 NI005724 uk-core:RevaluationReserve 2023-01-31 NI005724 uk-core:OtherReservesSubtotal 2024-01-31 NI005724 uk-core:OtherReservesSubtotal 2023-01-31 NI005724 uk-core:RetainedEarningsAccumulatedLosses 2024-01-31 NI005724 uk-core:RetainedEarningsAccumulatedLosses 2023-01-31 NI005724 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-01-31 NI005724 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-01-31 NI005724 uk-bus:FRS102 2023-02-01 2024-01-31 NI005724 2023-02-01 2024-01-31 NI005724 uk-bus:Director1 2023-02-01 2024-01-31 NI005724 uk-bus:Director2 2023-02-01 2024-01-31 NI005724 uk-bus:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Houston Brothers Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 January 2024



Houston Brothers Limited
Company Registration Number: NI005724
ABRIDGED BALANCE SHEET
as at 31 January 2024

2024 2023
Notes £ £
 
Fixed Assets
Investment properties 3 1,566,363 1,566,363
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Current Assets
Debtors 519,991 106,460
Cash and cash equivalents 1,677 844
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521,668 107,304
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Creditors: amounts falling due within one year (606,341) (172,077)
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Net Current Liabilities (84,673) (64,773)
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Total Assets less Current Liabilities 1,481,690 1,501,590
 
Creditors:
amounts falling due after more than one year (187,484) (244,981)
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Net Assets 1,294,206 1,256,609
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Capital and Reserves
Called up share capital 34,500 34,500
Revaluation reserve 4 1,164,349 1,164,349
Other reserves 4 14,179 14,179
Retained earnings 81,178 43,581
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Equity attributable to owners of the company 1,294,206 1,256,609
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 10 September 2024 and signed on its behalf by
           
           
________________________________     ________________________________
Mr. John Houston     Mr. Peter Houston
Director     Director
           



Houston Brothers Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 January 2024

   
1. General Information
 
Houston Brothers Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 2a Scarva Street, Banbridge, BT32 3DA which is also the principal place of business of the company. The prinicipal activity is that of holding investment property. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 January 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The going concern basis assumes that the company will continue in operational existence for the foreseeable future, having adequate funds to meet its obligations as they fall due.
 
Turnover
Turnover comprises the invoice value of rents charged by the company, exclusive of value added tax.
 
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
 
Investment properties
Investment property whose fair value can be measured reliably without undue cost or effort is measured at fair value with changes in fair value recognised in the Profit and Loss Account. Revalued investment properties are not depreciated or amortised, unless the fair value cannot be measured reliably or without undue cost or effort. Not depreciating or amortising property is a departure from the requirement of Company Law to provide depreciation on all fixed assets which have a limited useful life. However, these investment properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. If depreciation were to be provided it would be provided at a rate of 2% straight line per annum on the revalued amount.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
     
3. Investment Properties
  Investment
  properties
 
  £
Cost
 
At 31 January 2024 1,566,363
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Net book value
At 31 January 2024 1,566,363
  ═════════
At 31 January 2023 1,566,363
  ═════════
 
The historical cost of the investment properties held at 31 January 2024 amounted to £998,132 (2023: £998,132).

No item of investment property was valued by an external independent valuer. The directors value the portfolio each year.
   
4. Reserves
 
Revaluation Reserve
 
Where investment properties are revalued, the cumulative increase in the fair value of the properties in excess of any previous impairment losses are included in the revaluation reserve. At 31 January 2024 the investment property revaluation reserve is £1,164,349 (2023: £1,164,349).

Historically when tangible fixed assets were revaluated the cumulative increase in the value of the fixed assets were included in the revaluation reserve. At 31 January 2024 the tangible fixed asset revaluation reserve is £NIL (2023: £NIL).
 
       
5. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 January 2024.
   
6. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.