Company registration number NI628779 (Northern Ireland)
TITANIC OFFICE DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TITANIC OFFICE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TITANIC OFFICE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
12,052,056
10,006,221
Current assets
Debtors
5
110,542
2
Cash at bank and in hand
3,059,624
3,060,955
3,170,166
3,060,957
Creditors: amounts falling due within one year
6
(15,287,419)
(13,100,621)
Net current liabilities
(12,117,253)
(10,039,664)
Net liabilities
(65,197)
(33,443)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(65,199)
(33,445)
Total equity
(65,197)
(33,443)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2024 and are signed on its behalf by:
Mr M P Walsh
Director
Company registration number NI628779 (Northern Ireland)
TITANIC OFFICE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Titanic Office Developments Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Titanic House, Queens Road, Queen's Island, Belfast, Co. Antrim, Northern Ireland, BT3 9DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made truelosses of £31,754 (2022: £51,639) for the year ended 31 December 2023 and the statement of financial position reflects a net liabilities position of £65,197 (2022: £33,443) as at 31 December 2023.
After making enquiries, the directors have formed the judgement at the time of approving the financial statements that the company has adequate resources to continue in operational existence for the foreseeable future and therefore it is appropriate to prepare the financial statements on a going concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
TITANIC OFFICE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
TITANIC OFFICE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
TITANIC OFFICE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Fixed asset investments
2023
2022
£
£
Loans in group undertakings and participating interests
12,052,056
10,006,221
Movements in fixed asset investments
Long term loans to investments
£
Cost or valuation
At 1 January 2023
10,006,221
Additions
2,045,835
At 31 December 2023
12,052,056
Carrying amount
At 31 December 2023
12,052,056
At 31 December 2022
10,006,221
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2
2
Prepayments and accrued income
110,540
110,542
2
TITANIC OFFICE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
240
Amounts owed to group undertakings
4,415,000
3,365,000
Amounts owed to related parties
10,604,811
9,468,581
Other creditors
267,608
266,800
15,287,419
13,100,621
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Teresa Campbell
Statutory Auditors:
FPM Accountants Limited
Date of audit report:
17 April 2024
8
Other services provided by auditors
In common with many other businesses of our size and nature we use our auditors to provide tax advice, prepare and submit returns to tax authorities and assist with the preparation of the financial statements.
9
Controlling Party
The company is under the control of the Entice Limited Partnership, and is, in turn, ultimately beneficially owed by Mr D Desmond.
TITANIC OFFICE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Related party transactions
During the year the company entered into the following transactions with related parties. The company issued a further £1,050,000 in loans to a related party, O H (Office) Developments Limited (2022: £NIL). Included within the total loan balance (held as a fixed asset investment) at year-end of £12,052,056, is interest for the year totalling £995,835 (2022: £960,000). The total amount of £12,052,056 is included within fixed asset investments.
Within creditors there are amounts owed to group undertakings and related parties totalling £15,019,811. These balances relate to amounts owed to related parties of the company, being £10,604,811 owed to Realview Limited which includes interest of £1,136,230. Realview Limited is a related party of the company as it is ultimately beneficially owned by Mr D Desmond. Also included within amounts owed to group undertakings and related parties is a balance of £4,415,000 owed to The Entice Limited Partnership.
No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.