36 false false false false false false false false false false true false false true false false true true No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 44,064 44,064 xbrli:pure xbrli:shares iso4217:GBP NI000369 2023-02-01 2024-01-31 NI000369 2024-01-31 NI000369 2023-01-31 NI000369 2022-02-01 2023-01-31 NI000369 2023-01-31 NI000369 2022-01-31 NI000369 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 NI000369 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 NI000369 bus:Director1 2023-02-01 2024-01-31 NI000369 bus:Director4 2023-02-01 2024-01-31 NI000369 core:WithinOneYear 2024-01-31 NI000369 core:WithinOneYear 2023-01-31 NI000369 core:AfterOneYear 2024-01-31 NI000369 core:AfterOneYear 2023-01-31 NI000369 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 NI000369 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 NI000369 core:PlantMachinery 2023-01-31 NI000369 core:FurnitureFittings 2023-01-31 NI000369 core:MotorVehicles 2023-01-31 NI000369 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 NI000369 core:PlantMachinery 2024-01-31 NI000369 core:FurnitureFittings 2024-01-31 NI000369 core:MotorVehicles 2024-01-31 NI000369 core:DeferredTaxation 2023-02-01 2024-01-31 NI000369 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 NI000369 core:PlantMachinery 2023-02-01 2024-01-31 NI000369 core:FurnitureFittings 2023-02-01 2024-01-31 NI000369 core:MotorVehicles 2023-02-01 2024-01-31 NI000369 core:UKTax 2023-02-01 2024-01-31 NI000369 core:UKTax 2022-02-01 2023-01-31 NI000369 core:ShareCapital 2024-01-31 NI000369 core:ShareCapital 2023-01-31 NI000369 core:CapitalRedemptionReserve 2024-01-31 NI000369 core:CapitalRedemptionReserve 2023-01-31 NI000369 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI000369 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI000369 core:BetweenOneFiveYears 2024-01-31 NI000369 core:BetweenOneFiveYears 2023-01-31 NI000369 core:CostValuation core:Non-currentFinancialInstruments 2023-01-31 NI000369 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-01-31 NI000369 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 NI000369 core:Non-currentFinancialInstruments 2024-01-31 NI000369 core:Non-currentFinancialInstruments 2023-01-31 NI000369 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI000369 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 NI000369 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 NI000369 core:PlantMachinery 2023-01-31 NI000369 core:FurnitureFittings 2023-01-31 NI000369 core:MotorVehicles 2023-01-31 NI000369 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2024-01-31 NI000369 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-01-31 NI000369 core:DeferredTaxation 2023-01-31 NI000369 core:DeferredTaxation 2024-01-31 NI000369 bus:Director1 2023-01-31 NI000369 bus:Director1 2022-01-31 NI000369 bus:SmallEntities 2023-02-01 2024-01-31 NI000369 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI000369 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI000369 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI000369 bus:FullAccounts 2023-02-01 2024-01-31 NI000369 bus:OrdinaryShareClass1 2024-01-31 NI000369 bus:OrdinaryShareClass1 2023-01-31 NI000369 bus:OrdinaryShareClass2 2024-01-31 NI000369 bus:OrdinaryShareClass2 2023-01-31 NI000369 bus:AllOrdinaryShares 2024-01-31 NI000369 bus:AllOrdinaryShares 2023-01-31 NI000369 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: NI000369
Blakiston Houston Estate Company Limited
Filleted unaudited financial statements
31 January 2024
Blakiston Houston Estate Company Limited
Statement of financial position
31 January 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
7
22,624,849
21,962,183
Investments
8
264,232
114,232
-----------
-----------
22,889,081
22,076,415
Current assets
Stocks
9
775,344
946,851
Debtors
10
3,144,261
4,394,476
Cash at bank and in hand
1,015,153
258,342
----------
----------
4,934,758
5,599,669
Creditors: amounts falling due within one year
11
994,345
811,390
----------
----------
Net current assets
3,940,413
4,788,279
-----------
-----------
Total assets less current liabilities
26,829,494
26,864,694
Creditors: amounts falling due after more than one year
12
544,331
654,620
Provisions
Taxation including deferred tax
14
438,573
455,238
Other provisions
14
300,022
-------
-------
438,573
755,260
-----------
-----------
Net assets
25,846,590
25,454,814
-----------
-----------
Capital and reserves
Called up share capital
17
104,400
104,400
Capital redemption reserve
8,100
8,100
Profit and loss account
25,734,090
25,342,314
-----------
-----------
Shareholders funds
25,846,590
25,454,814
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Blakiston Houston Estate Company Limited
Statement of financial position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
Mr RP Blakiston Houston
Mr J Witchell
Director
Director
Company registration number: NI000369
Blakiston Houston Estate Company Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares and is incorporated in the United Kingdom and registered in Northern Ireland. The company registration number is NI000369 and the address of the registered office is 28 Carrowreagh Road, Dundonald, Belfast, BT16 0TS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and the level of rounding is £1.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the credit rating of the debtor, the age profile of the debtor and historical experience
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
Economic life of the Milk Quota
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
5%, 10% and 15%
Fixtures and fittings
-
10% and 20%
Motor vehicles
-
25%
Office equipment
-
33.33%
Contrary to the requirements of FRS 102 no depreciation is provided in respect of freehold buildings.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate. Government grants and subsidies in respect of revenue expenditure are credited to the profit and loss account in the period to which they relate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
24
20
Administrative staff
12
12
---
---
36
32
---
---
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,002,082
858,931
Social security costs
33,479
33,652
Other pension costs
47,026
58,067
----------
-------
1,082,587
950,650
----------
-------
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
142,175
97,485
Adjustments in respect of prior periods
( 1,414)
1,590
-------
------
Total current tax
140,761
99,075
-------
------
Deferred tax:
Origination and reversal of timing differences
( 17,271)
( 2,136)
Impact of change in tax rate
109,257
Adjustments in respect of prior periods
606
------
-------
Total deferred tax
( 16,665)
107,121
-------
-------
Tax on profit
124,096
206,196
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
515,872
468,466
-------
-------
Profit on ordinary activities by rate of tax
128,968
89,009
Adjustment to tax charge in respect of prior periods
(808)
1,590
Effect of expenses not deductible for tax purposes
7,337
12,008
Effect of revenue exempt from tax
( 5,664)
( 5,668)
Effect of different UK tax rates on some earnings
(5,737)
Impact of change of tax rate
109,257
-------
-------
Tax on profit
124,096
206,196
-------
-------
6. Intangible assets
Milk quota
£
Cost
At 1 February 2023 and 31 January 2024
44,064
------
Amortisation
At 1 February 2023 and 31 January 2024
44,064
------
Carrying amount
At 31 January 2024
------
At 31 January 2023
------
7. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Feb 2023
20,017,226
5,609,796
48,565
401,318
3,482
26,080,387
Additions
744,847
264,755
1,009,602
Disposals
( 38,420)
( 38,420)
-----------
----------
------
-------
-----
-----------
At 31 Jan 2024
20,762,073
5,836,131
48,565
401,318
3,482
27,051,569
-----------
----------
------
-------
-----
-----------
Depreciation
At 1 Feb 2023
3,756,383
45,586
314,585
1,650
4,118,204
Charge for the year
299,038
1,275
38,918
825
340,056
Disposals
( 31,540)
( 31,540)
-----------
----------
------
-------
-----
-----------
At 31 Jan 2024
4,023,881
46,861
353,503
2,475
4,426,720
-----------
----------
------
-------
-----
-----------
Carrying amount
At 31 Jan 2024
20,762,073
1,812,250
1,704
47,815
1,007
22,624,849
-----------
----------
------
-------
-----
-----------
At 31 Jan 2023
20,017,226
1,853,413
2,979
86,733
1,832
21,962,183
-----------
----------
------
-------
-----
-----------
Included within the above is investment property as follows:
£
At 1 February 2023
7,399,000
Additions
560,463
-----------
At 31 January 2024
7,959,463
-----------
a) the effective date of the valuation is 31 January 2024 and the basis of valuation is fair value on a property by property basis; b) the valuer is a director of the company who is RICS qualified and has current experience in valuing similar investment properties; and c) the valuation used market based evidence for similar properties sold in the local area
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 January 2024
332,300
-------
At 31 January 2023
262,500
-------
8. Investments
Forestry investment
Loans
Quoted and unlisted investments
Total
£
£
£
£
Cost
At 1 February 2023
94,032
20,200
114,232
Additions
150,000
150,000
------
------
-------
-------
At 31 January 2024
94,032
20,200
150,000
264,232
------
------
-------
-------
Impairment
At 1 February 2023 and 31 January 2024
------
------
-------
-------
Carrying amount
At 31 January 2024
94,032
20,200
150,000
264,232
------
------
-------
-------
At 31 January 2023
94,032
20,200
114,232
------
------
-------
-------
A loan was issued during the 2023 which is unsecured, repayable over eleven years and is interest bearing.
Investments in associates and joint ventures
Summarised financial information of associates:
2024
2023
£
£
Fixed assets
13,371
Current assets
249,565
Current liabilities
( 22,759)
-------
---
Capparelli Limited The company owns 32.4% of the equity share capital of Capparelli Limited (2023:Nil) whose shares are not publicly traded. The address of the registered office of Capparelli Limited is 28 Carrowreagh Road, Dundonald, Belfast, Northern Ireland, BT16 1TS.
9. Stocks
2024
2023
£
£
Raw materials and consumables
162,075
291,267
Finished goods and goods for resale
613,269
655,584
-------
-------
775,344
946,851
-------
-------
10. Debtors
2024
2023
£
£
Trade debtors
668,160
337,328
Prepayments and accrued income
57,601
294,553
Other debtors
2,418,500
3,762,595
----------
----------
3,144,261
4,394,476
----------
----------
The debtors above include the following amounts falling due after more than one year:
2024
2023
£
£
Other debtors
1,025,000
2,436,000
----------
----------
11. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
90,732
87,229
Trade creditors
323,503
317,379
Accruals and deferred income
104,428
120,930
Corporation tax
140,730
97,690
Social security and other taxes
55,320
21,976
Obligations under finance leases and hire purchase contracts
121,196
35,250
Director loan accounts
936
936
Other loans
37,500
50,000
Other creditors
120,000
80,000
-------
-------
994,345
811,390
-------
-------
The bank overdraft and bank loan are secured by a legal charge over land and property at Roddens. The other loans are unsecured, bear interest and are repayable within 5 years by quarterly instalments.
12. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
297,751
372,549
Accruals and deferred income
168,254
172,884
Obligations under finance leases and hire purchase contracts
78,326
71,687
Other loans
37,500
-------
-------
544,331
654,620
-------
-------
Included in bank and other loans are amounts of £410,749 (2023:£545,814) which are repayable by monthly and quarterly instalments and which carry interest in the range 5-7%.
13. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
121,196
35,250
Later than 1 year and not later than 5 years
78,326
71,687
-------
-------
199,522
106,937
-------
-------
14. Provisions
Deferred tax (note 15)
Provision for future development
Total
£
£
£
At 1 February 2023
455,238
300,022
755,260
Additions
607
607
Charge against provision
( 17,272)
( 227,582)
( 244,854)
Unused amounts reversed
( 72,440)
( 72,440)
-------
-------
-------
At 31 January 2024
438,573
438,573
-------
-------
-------
The provision for future development costs cover the company's share of common development costs associated with the previous sale of land for housing development. This matter has now concluded and the unused balance has been released to the Profit and Loss account.
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 14)
438,573
455,238
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
438,573
455,238
-------
-------
16. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in creditors:
Deferred government grants due after more than one year
168,254
172,884
-------
-------
Recognised in other operating income:
Government grants released to profit or loss
4,630
4,630
-----
-----
17. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares shares of £ 1 each
19,400
19,400
19,400
19,400
B Ordinary shares shares of £ 1 each
85,000
85,000
85,000
85,000
-------
-------
-------
-------
104,400
104,400
104,400
104,400
-------
-------
-------
-------
18. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2024
2023
£
£
Mr RP Blakiston Houston
( 936)
( 936)
---
---
The balance due to the director is unsecured, repayable on demand and interest free.
19. Related party transactions
The company received a loan during 2022 from the wife of one of the directors of the company. The loan was for £200,000 and is repayable in quarterly instalments over four years. The balance due by the company at 31 January 2024 was £37,500 (2023: £87,500) and £5,055 (2023: £6,673) was charged in the year.
20. Controlling party
There are no controlling parties.