The directors present the strategic report for the year ended 31 December 2024.
The principal activity of Titanic Property Development Limited ("TPDL") is the development of the land that falls within the Titanic Quarter Master Agreement ("TQMA"), entered into with the Belfast Harbour Commissioners ("Belfast Harbour"), comprising 161.5 acres within Titanic Quarter, Belfast.
TPDL has been focused throughout 2024 on the planning and implementation of development activity associated with the land available for sale and development. This activity has yielded further results in terms of the sale of sites at Titanic Quarter for development by third parties and the negotiation of agreements that will result in further development during 2025 and beyond.
Titanic Quarter Today
Titanic Quarter is home to over 100 firms with approximately 20,000 people living and working in Titanic Quarter daily. The area welcomes over 1m visitors annually. Master planning has been undertaken and planning approval exists for 3 million square feet with 1.5 million square feet delivered to date. Over £700m has been invested in mixed-use projects at Titanic Quarter as follows:
Development by Sector to date
Office
1. Financial Services Centre - Phase I (Gateway Office)
2. Titanic House
3. Public Record Office of Northern Ireland
4. Catalyst Inc. (formerly N.I. Science Park)
5. Olympic House
Commercial
1. Channel Commercial Park
2. Visitor Car Parks at the Premier Inn Hotel, Belfast Metropolitan College and Queens Road
3. Premier Inn Hotel
4. Titanic Hotel Belfast
5. Audi Car Showroom
6. Porsche Car Showroom
7. Amazon logistics unit and van park
8. Hamilton Dock Hotel (under construction)
Residential and Retail
1. ARC Apartments & Retail
2. Loftlines (under construction)
Education
1. Belfast Metropolitan College
Film, Media and Leisure
1. Titanic Slipways event space
2. Titanic Studios (Paint Hall)
3. We Are Vertigo adventure park
4. Titanic Studios (McQuitty and Hurst stages)
5. Titanic Belfast and Car Park
The Directors consider that the principal risks and uncertainties faced by TPDL are in the following categories:
Going concern and funding
The group incurred a pre-tax loss of £2,141,744 for the year ended 31 December 2024 (2023: £485,753) and the consolidated statement of financial position reflects a net liabilities position of £14,338,971 (2023: £12,069,661). The net current liabilities position at 31 December 2024 was £39,774 (2023: £1,384,850).
The directors have valued the development land at £22,245,619 (2023: £21,860,558) per note 14. It remains the primary objective of the group that the development land continues to be developed over the medium to long term (through to 2030).
Banking facilities were renewed for a further 5 year term on 15 February 2022. The senior debt facilities have been provided by Danske Bank and the subordinated debt by Realview Limited, an entity ultimately beneficially owned by Mr D Desmond.
The directors have concluded that there is sufficient expectation that TPDL will continue to be able to meet its liabilities as they fall due for the foreseeable future. Consequently, the directors consider it appropriate to prepare the Financial Statements on a going concern basis.
The Financial Statements do not include any adjustments that would result if the going concern basis was not being applied.
The company and its subsidiaries have drawn shareholder loans of £26,283,651 (2023: £26,283,651).
The shareholders have confirmed that they will not seek repayment of the loans for the foreseeable future. The shareholder loans are subordinated to the debt facility providers. The directors recognise that if TPDL and its subsidiaries were not to continue as a going concern and it was not possible to realise assets in the ordinary course of business, it would not be possible to repay the outstanding shareholder loans in full.
Other Financial Risk
The availability of development and working capital finance in the property sector is important for prospective property purchasers.
Economic and Business Risks
The following represent the primary economic and business risks for the group:
The risk relating to the availability of finance, ongoing liquidity, interest rate movements and inflation having an adverse impact on property markets;
The risk of increases in development and operating costs impacting adversely on the group;
The risk of not being able to reach agreement with stakeholders and the consequential impact on the future delivery of projects; and
The impact of planning policy and decisions on the group's assets.
These risks (which are not an exhaustive list) are managed by due consideration of the financing and interest rate environment, business planning, strict cost control, management of planning applications and proactively developing projects in conjunction with Belfast Harbour.
Environment
Titanic Quarter is an award-winning environmental project committed to sustainable development, including recycling, remediation and reusing of brownfield sites and former industrial buildings, Titanic Quarter also incorporates the latest green technology to enhance operations and efficient energy use.
Community engagement
Fostering Titanic Quarter's community, along with its sense of place and purpose, is an important factor in creating a sustainable future. The group continuously seeks to engage with people and organisations throughout Belfast and further afield.
The group works with organisations such as the Maritime Belfast Trust, Queen's University, Ulster University, Belfast Metropolitan College and the Eastside Partnership to help foster community relations and promote economic opportunities.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditor, AAB Group Accountants Limited (formally FPM Accountants Limited), is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The strategic report is included at pages 1 to 4.
We have audited the financial statements of Titanic Property Development Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).
Titanic Property Development Ltd (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is Titanic House, Queens Road, Queen's Island, Belfast, Co. Antrim, Northern Ireland, BT3 9DT.
The group consists of Titanic Property Development Ltd and all of its subsidiaries.
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.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Titanic Property Development Ltd together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The group incurred a pre-tax loss of £2,141,744 for the year ended 31 December 2024 (2023: £485,753) and the consolidated statement of financial position reflects a net liabilities position of £14,338,971 (2023: £12,069,661). The net current liabilities position at 31 December 2024 was £39,774 (2023: £1,384,850).
The directors have valued the development land at £22,245,619 (2023: £21,860,558) per note 14. It remains the primary objective of the group that the development land continues to be developed over the medium to long term (through to 2030).
The group remains dependent upon support from the group's shareholders and related parties. The group's ultimate controlling parties, The Entice Limited Partnership and Dockside Investments Limited, have confirmed they will not seek repayment of existing loans of £26,283,651 for the foreseeable future. The shareholder loans are subordinated to Danske Bank and Realview Limited, an entity ultimately beneficially owned by Dermot Desmond, for the duration of the facilities provided by these parties. Harcourt Construction (NI) Limited, which is related to Dockside Investments Limited, will not seek repayment of amounts payable to it for the foreseeable future.
In February 2022, the company's debt facilities were agreed and renewed with its current lenders. The renewal of the facilities is on similar terms to those held at the year end and for a period of 5 years. The disclosures in respect of bank loans reflect the renewed position as at the balance sheet signing date.
After making enquiries, the directors have formed the judgement at the time of approving the financial statements that the group will have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements, and therefore it is appropriate to prepare the financial statements on a going concern basis.
Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, 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.
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.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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.
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 group after deducting all of its 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.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
In the application of the group’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.
There were no significant judgements (apart from those involving estimations) that the Directors have made in the process of applying the company's accounting policies.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programs are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Investment properties are valued annually by a Director using a yield methodology. This uses market rental values capitalised at a market capitalisation rate but there is an inevitable degree of judgement involved in that each property is unique and value can only ultimately be reliably tested in the market itself. Key inputs into the valuations are annual rent per square foot and property yields.
Development land is stated at the lower of cost and estimated selling price less selling costs. Excess inventory is provided for on the basis of likely future usage and estimated net realisable value.
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the group. No remuneration was paid to the three company directors, Mr M Walsh, Mr P Power or Mr J Comerford.
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
Equipment includes £49,318 (2023: £49,318) of chattels which are not depreciated.
The investment properties were valued at 7 January 2025 by CBRE, Chartered Surveyors, at open market value in accordance with the Practice Statements in the RICS Appraisal & Valuation Manual which resulted in a gain on revaluation in the current year of £510,000. Further to this, the Directors have performed an internal valuation and are of the opinion that the above valuations represent a prudent approximation of the open market value of the properties at 31 December 2024.
On the historical cost basis, investment property would have been included as follows:
Details of the company's subsidiaries at 31 December 2024 are as follows:
In the opinion of the directors the value of the shares in group undertakings is not less than that shown above.
The registered office for all of the above investments is Titanic House, Queens Road, Queens Island, Belfast, BT3 9DT.
The Directors have performed an internal valuation and are of the opinion that the above valuations represent a prudent approximation of the open market value of the development land at 31 December 2024. The valuation of the development land at the date of the approval of the financial statements is subject to uncertainty.
All debtors are due within one year.
Amounts owed by related parties are unsecured, repayable on demand and earn interest of 20% per annum.
Details of any security held are included in note 17.
Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
The following assets are held as security by Danske Bank whether or not formally charged to the Lender:
An all monies debenture from the group to Danske Bank conferring on the Lender fixed and floating security over the property, assets, undertakings, rights and revenues (both present and future) of the group.
Full cross intercompany guarantees between Titanic Properties Limited, Titanic Properties (Arc Management) Limited, Titanic Holdings Limited, Titanic Island Limited, Titanic Property Development Limited, and Titanic Trademark Limited, who had provided guarantees in relation to loan facilities between Danske Bank and the group.
The following assets are held as security by Realview Limited whether or not formally charged to the Lender:
An all monies company guarantee in favour of the Lender from Titanic Quarter Limited.
An all monies debenture from the company to Realview Limited conferring on the Lender fixed and floating security over the property, assets, undertakings, rights and revenues (both present and future) of the group.
Full cross intercompany guarantees between Titanic Quarter Limited, Titanic Properties Limited, Titanic Properties (Arc Management) Limited, Titanic Holdings Limited, Titanic Island Limited, Titanic Property Development Limited, and Titanic Trademark Limited, who had provided guarantees in relation to loan facilities between Realview Limited and the company.
There are no other amounts included under 'creditors' in respect of which any security has been given by the group.
Details of security held are included in note 17.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
The profit and loss reserves account records retained earnings and accumulated losses.
In common with many other businesses of our size and nature the group uses its auditors to provide tax advice, prepare and submit returns to tax authorities and assist with the preparation of the financial statements.
The group has future operating lease commitments as a lessee of £939,947 (2023: £959,990).
The group has future operating lease commitments as a lessor of £2,094,753 (2023: £3,715,575).
The company has no operating lease commitments as a lessee or lessor.
On 15 February 2022, Titanic Properties Limited, Titanic Properties (Arc Management) Limited, Titanic Holdings Limited, Titanic Island Limited, Titanic Property Development Limited, and Titanic Trademark Limited, entered into a 5 year refinancing agreement with Danske Bank. As part of this arrangement the entities have entered into a full cross intercompany guarantee.
In addition, on 15 February 2022, Titanic Quarter Limited, Titanic Properties Limited, Titanic Properties (Arc Management) Limited, Titanic Holdings Limited, Titanic Island Limited, Titanic Property Development Limited, and Titanic Trademark Limited entered into a 5 year refinancing agreement with Realview Limited (a related party of the company) alongside Danske Bank.
There was in place at the year end an all monies debenture conferring on Realview Limited a fixed and floating security over the group's property and assets. As part of this arrangement the entities have also entered into a full cross intercompany guarantee.
Due to the various factors that may impact on the above guarantees it is not possible to quantify the amounts that could be involved or give any indication as to the timing of when a liability may arise.
The key management personnel and the directors are the same. Therefore, the directors’ remuneration disclosed in note 7 represents the total compensation paid to key management personnel.
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 para 33.2.
The following amounts were outstanding at the reporting end date:
Within creditors of the group there is a balance of £31,687,779. This amount relates to loan balances owed to the related parties of the group, with £7,700,000 relating to Titanic Property Developments Limited and £23,987,779 relating to Titanic Quarter Limited.
The respective amounts payable are £3,520,346 to The Entice Limited Partnership, £225,000 to Dockside Investments Limited and £3,954,654 to Harcourt Developments in Titanic Property Developments Limited, and £8,751,957 to The Entice Limited Partnership, £9,831,694 to Harcourt Developments and £5,366,511 to Harcourt Construction (NI) Limited, £36,438 to Titanic Island Limited & £1,179 to TQ (Arc) Building Management Company Limited in Titanic Quarter Limited.
Within note 18, the other loans balance totalling £23,117,170, relates to amounts owed to Realview Limited, a related party of the company, which is ultimately beneficially owned by Mr D Desmond.
The results and business review of Titanic Property Development Limited and its subsidiaries are publicly available at Companies House.
The group is under the joint control of The Entice Limited Partnership which is ultimately beneficially owned by Mr D Desmond and Dockside Investments Limited which is under the control of the family of Mr P Doherty.