Caseware UK (AP4) 2023.0.135 2023.0.135 52023-01-01falseBuying and selling of own real estate5truetrue NI650235 2023-01-01 2023-12-31 NI650235 2022-01-01 2022-12-31 NI650235 2023-12-31 NI650235 2022-12-31 NI650235 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-01-01 NI650235 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-12-31 NI650235 c:CurrentFinancialInstruments c:WithinOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-01-01 NI650235 c:CurrentFinancialInstruments c:WithinOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-12-31 NI650235 c:Non-currentFinancialInstruments c:AfterOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-01-01 NI650235 c:Non-currentFinancialInstruments c:AfterOneYear c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-12-31 NI650235 c:IncreaseDecreaseDueToTransitionFromPreviousStandard 2022-01-01 2022-12-31 NI650235 1 2023-01-01 2023-12-31 NI650235 d:Director1 2023-01-01 2023-12-31 NI650235 d:Director2 2023-01-01 2023-12-31 NI650235 c:CurrentFinancialInstruments 2023-12-31 NI650235 c:CurrentFinancialInstruments 2022-12-31 NI650235 c:Non-currentFinancialInstruments 2023-12-31 NI650235 c:Non-currentFinancialInstruments 2022-12-31 NI650235 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 NI650235 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 NI650235 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 NI650235 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 NI650235 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-12-31 NI650235 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-12-31 NI650235 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-12-31 NI650235 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-12-31 NI650235 c:ShareCapital 2023-12-31 NI650235 c:ShareCapital 2022-12-31 NI650235 c:RetainedEarningsAccumulatedLosses 2023-12-31 NI650235 c:RetainedEarningsAccumulatedLosses 2022-12-31 NI650235 d:OrdinaryShareClass1 2023-01-01 2023-12-31 NI650235 d:OrdinaryShareClass1 2023-12-31 NI650235 d:OrdinaryShareClass2 2023-01-01 2023-12-31 NI650235 d:OrdinaryShareClass2 2023-12-31 NI650235 d:FRS102 2023-01-01 2023-12-31 NI650235 d:Audited 2023-01-01 2023-12-31 NI650235 d:FullAccounts 2023-01-01 2023-12-31 NI650235 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI650235 d:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI650235 c:Right-of-useInvestmentProperty 2023-01-01 2023-12-31 NI650235 c:Right-of-useInvestmentProperty 2023-12-31 NI650235 c:Right-of-useInvestmentProperty 2022-12-31 NI650235 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: NI650235










O H (Office) Developments Limited










Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
O H (Office) Developments Limited
Registered number: NI650235

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
34,250,153
30,813,198

  
34,250,153
30,813,198

Current assets
  

Debtors: amounts falling due within one year
 6 
20,699
10,918

Cash at bank and in hand
 7 
251,810
84,827

  
272,509
95,745

Creditors: amounts falling due within one year
 8 
(3,077,503)
(1,051,617)

Net current liabilities
  
 
 
(2,804,994)
 
 
(955,872)

Total assets less current liabilities
  
31,445,159
29,857,326

Creditors: amounts falling due after more than one year
 9 
(32,280,738)
(30,200,737)

  

Net liabilities
  
(835,579)
(343,411)


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
(835,581)
(343,413)

  
(835,579)
(343,411)


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.




James Maurice Bullick
Kevin Craig
Director
Director

The notes on pages 2 to 10 form part of these financial statements.

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Page 1

 
O H (Office) Developments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

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.

 
2.3

Investment property

Investment property under construction is measured at cost. No depreciation is provided.

 
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Creditors

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.

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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)

  
2.7

Borrowing Costs

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.

 
2.8

Financial instruments

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. 


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

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).

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O H (Office) Developments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
5
5


5.


Investment property


Property under construction

£



Valuation


At 1 January 2023
30,813,198


Additions at cost
3,436,955



At 31 December 2023
34,250,153






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Page 4

 
O H (Office) Developments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Debtors

2023
2022
£
£


Other debtors
5,699
5,623

Prepayments and accrued income
15,000
5,295

20,699
10,918



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
251,810
84,827

251,810
84,827



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,973,318
-

Trade creditors
17,724
16,210

Accruals and deferred income
86,461
1,035,407

3,077,503
1,051,617


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Page 5

 
O H (Office) Developments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
8,176,625
10,188,295

Amounts owed to related parties
24,104,113
20,012,442

32,280,738
30,200,737


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

 
O H (Office) Developments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
2,973,318
-


2,973,318
-

Amounts falling due 1-2 years

Bank loans
2,973,318
3,000,000


2,973,318
3,000,000

Amounts falling due 2-5 years

Bank loans
5,203,307
7,188,295


5,203,307
7,188,295


11,149,943
10,188,295



11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 Ordinary A share of £1.00
1
1
1 Ordinary B share of £1.00
1
1

2

2


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Page 7

 
O H (Office) Developments Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

12.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
1,006,037

-
1,006,037


13.


Related party transactions

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.


14.


Post balance sheet events

There have been no significant events affecting the Company since the end of the financial year. 


15.


Controlling party

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

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Page 8

 


 
O H (Office) Developments Limited


 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

16.


First time adoption of FRS 102

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:

As previously stated
1 January
2022
Effect of transition
1 January
2022
FRS 102
(as restated)
1 January
2022
As previously stated
31 December
2022
Effect of transition
31 December
2022
FRS 102
(as restated)
31 December
2022
Note
£
£
£
£
£
£

Fixed assets
  
-
24,443,198
24,443,198
-
30,813,198
30,813,198

Current assets
  
-
1,237,634
1,237,634
-
95,744
95,744

Creditors: amounts falling due within one year
  
-
(1,712,810)
(1,712,810)
-
(1,051,617)
(1,051,617)

Net current liabilities
  
 
-
 
(475,176)
 
(475,176)
 
-
 
(955,873)
 
(955,873)

Total assets less current liabilities
  
 
-
 
23,968,022
 
23,968,022
 
-
 
29,857,325
 
29,857,325

Creditors: amounts falling due after more than one year
  
-
(24,158,901)
(24,158,901)
-
(30,200,737)
(30,200,737)

Net  liabilities
  
 
-
 
(190,879)
 
(190,879)
 
-
 
(343,412)
 
(343,412)

Capital and reserves
  
-
(190,879)
(190,879)
-
(343,412)
(343,412)
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Page 9

 
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)

As previously stated
31 December
2022
Effect of transition
31 December
2022
FRS 102
(as restated)
31 December
2022
Note
£
£
£

  
 
-
 
-
 
-

Administrative expenses
  
-
(152,532)
(152,532)

Operating profit
  
 
-
 
(152,532)
 
(152,532)

Loss on ordinary activities after taxation and for the financial year
  
 
-
 
(152,532)
 
(152,532)

Explanation of changes to previously reported profit and equity:

1



17.


Auditors' information

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.

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