Registered number: NI650235
O H (Office) Developments Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2023
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O H (Office) Developments Limited
Registered number: NI650235
Balance Sheet
As at 31 December 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2024.
The notes on pages 2 to 10 form part of these financial statements.
Page 1
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
OH (Office) Developments Limited is a company incorporated in the United Kingdom under the Companies Act.
The Company is a private Company limited by shares and is registered in Northern Ireland. The registration number and address of the registered office are given in the Company information section of these financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared using the going concern basis of accounting. The company directors have prepared financial projections and have had discussions with lenders and participators. The directors are confident that having considered the resources available to the company and all other current information available they believe that the going concern basis is appropriate.
Investment property under construction is measured at cost. No depreciation is provided.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 2
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
2.Accounting policies (continued)
Borrowing costs are capitalised as part of the cost of a qualifying asset and are recognised from the point when the Company first incurs both expenditure on the asset and borrowing costs, and when activities have been undertaken to prepare the asset for its intended use.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.
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.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction, the financial asset or liability is measured ate present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as ‘loans and receivables’. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Interest income is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial.
Financial assets and liabilities are only offset in the statement of financial position when, and only when, there exists a legally enforceable right to set off the recognised amounts and the entity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when, and only when, a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the process of applying the company’s accounting policies, the directors have not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation that have a significant risk of raising material adjustment to the carrying amount of assets or liabilities within the next financial period except those which have been considered under the appropriateness of the going concern basis (as set out above).
Page 3
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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The average monthly number of employees, including the directors, during the year was as follows:
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Property under construction
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Page 4
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 5
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Creditors: Amounts falling due after more than one year
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Amounts owed to related parties
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Details of security provided:
The company has entered into an agreement with Ocorian Trustee (UK) Limited in which a fixed and floating charge is held over the lands, buildings and premises known as Olympic House, Titanic Quarter and subordinated to Danske Bank.
Security has been provided for a bank loan in the form of a debenture incorporating a fixed charge over the development site on Queens Road, Titanic Quarter. There are share charges over the company in favour of Danske Bank from Ocorian Trustee (UK) Limited, which shall be limited recourse in respect of the recourse to the shares held only. There are several collateral warranties including step in rights for the development and professional advisor contracts it holds. There is a subordination agreement in relation to full capital and interest subordination of all participant/promotor/shareholder loans or capital introduced.
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Page 6
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Allotted, called up and fully paid
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1 Ordinary A share of £1.00
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1 Ordinary B share of £1.00
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Page 7
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
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At 31 December 2023 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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Related party transactions
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During the year the company has been charged £1,991,671 (2022: £1,920,000) of interest on loans from related parties. At the balance sheet date the loans from related parties amounted to £24,104,114 (2022: £20,012,442). The parties providing the loans are considered related parties due to their shareholdings held in Trust by Ocorian Trustee (UK) Limited.
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Post balance sheet events
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There have been no significant events affecting the Company since the end of the financial year.
O H (Office) Developments Limited is a Northern Ireland registered Company. The shares in the Company are held in Trust by Ocorian Trustee (UK) Limited, on behalf of both Belfast Harbour Commissioners and Titanic Office Developments Limited
Page 8
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O H (Office) Developments Limited
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Notes to the Financial Statements
For the Year Ended 31 December 2023
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First time adoption of FRS 102
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The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 January 2022. The impact of the transition to FRS 102 is as follows:
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As previously stated
1 January
2022
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Effect of transition
1 January
2022
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FRS 102
(as restated)
1 January
2022
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As previously stated
31 December
2022
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Effect of transition
31 December
2022
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FRS 102
(as restated)
31 December
2022
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 9
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O H (Office) Developments Limited
Notes to the Financial Statements
For the Year Ended 31 December 2023
16.First time adoption of FRS 102 (continued)
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As previously stated
31 December
2022
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Effect of transition
31 December
2022
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FRS 102
(as restated)
31 December
2022
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Loss on ordinary activities after taxation and for the financial year
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Explanation of changes to previously reported profit and equity:
The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 16 July 2024 by Adrian Patton (Senior Statutory Auditor) on behalf of Sumer AuditCo NI Limited.
Page 10
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