Blakiston Houston Estate Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
28 Carrowreagh Road
Dundonald
Belfast
Down
BT16 0TS
Northern Ireland

These financial statements were authorised for issue by the Board on 21 September 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity and the level of rounding is £1.

Going concern

The company has access to adequate financial resources and the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis in preparing the annual financial statements.The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 4

Blakiston Houston Estate Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2026 (continued)

2	Accounting policies (continued)

Government grants

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Depreciation method and rate for tangible assets
Asset class	Depreciation method and rate
Plant and machinery	5%, 10% and 15%
Fixtures and fittings	10% and 20%
Motor vehicles	25%
Office equipment	33.33%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined
annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature,
location or condition of the specific asset. Changes in fair value are recognised in profit or loss

Blakiston Houston Estate Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2026 (continued)

2	Accounting policies (continued)

Investments in subsidiaries and associates

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. These investments are derecognised upon sale or disposal.

Any gain or loss arising on derecognition of the asset (calculated as the difference between the net proceeds
and the carrying amount of the asset) is included in the income statement when the asset is derecognised.

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Blakiston Houston Estate Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2026 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Key sources of estimation uncertainty

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.

Revaluation of investment property

The Company carries investment properties at fair value, with changes in fair value being recognised in profit or loss. The Company's investment properties are revalued at the year end by an employee who is RCIS qualified and has experience in valuing similar properties.. The carrying amount is £10,013,917 (2025 -£9,762,091).

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Blakiston Houston Estate Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2026 (continued)

2	Accounting policies (continued)

Judgements

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2025 - 37).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost
At 1 February 2025	12,814,733	48,565	6,441,023	3,482	466,595	19,774,398
Additions	458,266	-	980,127	2,824	-	1,441,217
Disposals	(755,377)	-	(70,750)	-	-	(826,127)
At 31 January 2026	12,517,622	48,565	7,350,400	6,306	466,595	20,389,488
Depreciation
At 1 February 2025	-	47,667	4,326,823	3,482	379,426	4,757,398
Charge for the year	-	806	322,662	941	29,685	354,094
Eliminated on disposal	-	-	(63,250)	-	-	(63,250)
At 31 January 2026	-	48,473	4,586,235	4,423	409,111	5,048,242
Carrying amount
At 31 January 2026	12,517,622	92	2,764,165	1,883	57,484	15,341,246
At 31 January 2025	12,814,733	898	2,114,200	-	87,169	15,017,000

5	Investment property

	2026 £
At 1 February	9,762,091
Additions	1,076,184
Fair value adjustments	(641,775)
At 31 January	10,196,500

The fair value of the company's Investment property was revalued on 31 January 2026.
a) the effective date of the valuation is 31 January 2026 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

There has been no valuation of investment property by an independent valuer.

Blakiston Houston Estate Company Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2026 (continued)

6	Investments

	2026 £	2025 £
Investments in associates	150,000	150,000
Fixed asset investment participating loan	20,200	20,200
	170,200	170,200