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Financial Statements Carnbane House Limited For the year ended 31 December 2024 Registered number: NI024714
Carnbane House Limited
Company Information
Directors | E O'Hare (resigned 24 October 2024)
| S O'Hare (resigned 24 October 2024)
| B Murphy
Company secretary | B Murphy
Registered number | NI024714
Registered office | Carnbane House
| Shepherd's Way
| Carnbane, Newry
| Co. Down
| BT35 6QE
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Solicitors | Carson McDowell
| Murray House
| 4 Murray Street
| Belfast
| BT1 6DN
Carnbane House Limited
Contents
| Page
Independent auditor's report | 1 - 4
Balance sheet | 5
Notes to the financial statements | 6 - 8
Independent auditor's report to the members of Carnbane House Limited
Opinion
We have audited the financial statements of Carnbane House Limited, which comprise the Statement of Comprehensive Income and the Balance Sheet for the financial year ended 31 December 2024, and the related notes to the financial statements, including a summary of 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). In our opinion, Carnbane House Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2024 and of its financial performance for the financial year then ended; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director s' 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 Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities, and the responsibilities of the director, with respect to going concern are described in the relevant sections of this report. Page 1
Independent auditor's report to the members of Carnbane House Limited (continued)
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report. The director is responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of director s' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the director was not entitled to take advantage of the small companies' exemptions from the requirement to prepare a strategic report or in preparing the Directors' report. Page 2
Independent auditor's report to the members of Carnbane House Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy law, Employment Law, Environmental Regulations, and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgments and assumptions in significant accounting estimates, in particular in relation to significant one off or unusual transactions. Page 3
Independent auditor's report to the members of Carnbane House Limited (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets, estimating an allowance for the impairment of debtors and stocks; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
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. Louise Kelly FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants Statutory Auditors Belfast Date: 29 September 2025 Page 4
Carnbane House Limited Registered number:NI024714
Balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Investments | 5 |  | 1,000 |  | 2,000
|  |  | 1,000 |  | 2,000
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 6 | (11) |  | (11) |
Net current liabilities |  |  | (11) |  | (11)
Total assets less current liabilities |  |  | 989 |  | 1,989
Net assets |  |  | 989 |  | 1,989
Capital and reserves |  |  |  |  |
Called up share capital | 7 |  | 7,011 |  | 7,011
Capital redemption reserve | 8 |  | 8 |  | 8
Profit and loss account | 8 |  | (6,030) |  | (5,030)
Shareholders' funds |  |  | 989 |  | 1,989
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 sole director and were signed by him on 29 September 2025.
B Murphy
Director
The notes on pages 6 to 8 form part of these financial statements. Page 5
Carnbane House Limited
Notes to the financial statements For the year ended 31 December 2024
1. | Company information
Carnbane House Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is Carnbane House, Shepherd's Way, Carnbane Industrial Estate, Newry, BT35 6EE. The principal activity of the Company is that of a holding company. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in Sterling (£). The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102: −the requirements of section 7 Statement of Cash Flows and paragraph 3.17(d); −the requirements of section 33 Related Party Disclosures paragraph 33.7; and −the requirements of section 11 Basic Financial Instruments paragraph 11.41. This information is included in the consolidated financial statements of OHMG (Holdings) Limited as at 31 December 2024. These financial statements are publicly available and may be obtained from the Companies House. The following principal accounting policies have been applied:
| 2.2 | Going concern
The director has assessed that the Company has adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason, the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business. The parent shareholders will provide the financial resources necessary to enable the Company to continue its normal course of operations during the coming financial year on a going concern basis for a period of 12 months from the date of signing the financial statements.
| 2.3 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.4 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 6
Carnbane House Limited
Notes to the financial statements For the year ended 31 December 2024
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: a) Allowance for impairment of investments Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the directors' best estimate of future performance of the subsidiary.
4. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).
| The average monthly number of employees, including directors, during the year was 3 (2023 - 3).
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 January 2024 | 7,030
| At 31 December 2024 | 7,030
| Impairment |
| At 1 January 2024 | 5,030
| Charge for the period | 1,000
| At 31 December 2024 | 6,030
| Net book value |
| At 31 December 2024 | 1,000
| At 31 December 2023 | 2,000
Page 7
Carnbane House Limited
Notes to the financial statements For the year ended 31 December 2024
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
| Other creditors | 11 | 11
|  | 11 | 11
7. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 14,022,504 (2023 - 14,022,504) Ordinary shares of £0.50 each | 7,011 | 7,011
8. | Reserves
Capital redemption reserve The reserve comprises proceeds from the redemption of capital. Profit & loss account This reserve includes all current and prior period retained profit and losses.
9. | Related party transactions
| The Company has availed of the exemption in s33 FRS102 from disclosing transactions with 100% subsidiary companies.
10. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
11. | Controlling party
The Company is a 100% subsidiary of OHMG (Holdings) Limited, a company incorporated in Northern Ireland. Its ultimate controlling party is Carnbane Estates Limited, a company incorporated in Northern Ireland. The smallest company in which the results of the Company are consolidated in OHMG (Holdings) Limited and the largest is Carnbane Estates Limited. The financial statements of OHMG (Holdings) Limited and Carnbane Estates Limited are available from Companies House.
Page 8