Caseware UK (AP4) 2023.0.135 2023.0.135 Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies for the Company's financial statements and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied: The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of OHMG (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from its registered office at Carnbane House, Shepherd's Way, Carnbane Industrial Estate, Newry, BT35 6EE.2024-01-01 53 false 34 true false false NI011033 2024-01-01 2024-12-31 NI011033 2023-01-01 2023-12-31 NI011033 2024-12-31 NI011033 2023-12-31 NI011033 2023-01-01 NI011033 1 2024-01-01 2024-12-31 NI011033 1 2023-01-01 2023-12-31 NI011033 d:Exceptional 2024-01-01 2024-12-31 NI011033 d:Exceptional 2023-01-01 2023-12-31 NI011033 e:CompanySecretary1 2024-01-01 2024-12-31 NI011033 e:Director2 2024-01-01 2024-12-31 NI011033 e:Director2 2024-12-31 NI011033 e:Director3 2024-01-01 2024-12-31 NI011033 e:Director3 2024-12-31 NI011033 e:Director7 2024-01-01 2024-12-31 NI011033 e:Director8 2024-01-01 2024-12-31 NI011033 e:Director8 2024-12-31 NI011033 e:Director9 2024-01-01 2024-12-31 NI011033 e:Director10 2024-01-01 2024-12-31 NI011033 e:Director11 2024-01-01 2024-12-31 NI011033 e:RegisteredOffice 2024-01-01 2024-12-31 NI011033 e:Agent1 2024-01-01 2024-12-31 NI011033 d:Buildings 2024-01-01 2024-12-31 NI011033 d:PlantMachinery 2024-01-01 2024-12-31 NI011033 d:PlantMachinery 2024-12-31 NI011033 d:PlantMachinery 2023-12-31 NI011033 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI011033 d:MotorVehicles 2024-01-01 2024-12-31 NI011033 d:MotorVehicles 2024-12-31 NI011033 d:MotorVehicles 2023-12-31 NI011033 d:MotorVehicles d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI011033 d:FurnitureFittings 2024-01-01 2024-12-31 NI011033 d:FurnitureFittings 2024-12-31 NI011033 d:FurnitureFittings 2023-12-31 NI011033 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI011033 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 NI011033 d:CurrentFinancialInstruments 2024-12-31 NI011033 d:CurrentFinancialInstruments 2023-12-31 NI011033 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 NI011033 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI011033 d:ReportableOperatingSegment1 2024-01-01 2024-12-31 NI011033 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 NI011033 d:ShareCapital 2024-12-31 NI011033 d:ShareCapital 2023-12-31 NI011033 d:ShareCapital 2023-01-01 NI011033 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI011033 d:RetainedEarningsAccumulatedLosses 2024-12-31 NI011033 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI011033 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI011033 d:RetainedEarningsAccumulatedLosses 2023-01-01 NI011033 e:OrdinaryShareClass1 2024-01-01 2024-12-31 NI011033 e:OrdinaryShareClass1 2024-12-31 NI011033 e:OrdinaryShareClass1 2023-12-31 NI011033 e:FRS102 2024-01-01 2024-12-31 NI011033 e:Audited 2024-01-01 2024-12-31 NI011033 e:FullAccounts 2024-01-01 2024-12-31 NI011033 e:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI011033 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 NI011033 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 NI011033 1 2024-01-01 2024-12-31 NI011033 4 2024-01-01 2024-12-31 NI011033 6 2024-01-01 2024-12-31 NI011033 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Financial Statements O'Hare & McGovern Limited For the year ended 31 December 2024 Registered number: NI011033
O'Hare & McGovern Limited
Company Information
Directors | JG O'Hare (resigned 24 October 2024)
| E O'Hare (resigned 24 October 2024)
| N Hamilton
| M Lennon (resigned 31 March 2025)
| C O'Hare
| S O'Hare
| B Murphy
Company secretary | B Murphy
Registered number | NI011033
Registered office | Carnbane House
| Shepherd's Way
| Carnbane Industrial Estate, Carnbane
| Newry
| Co. Down
| BT35 6EE
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Bank of Ireland
| Donegall Square South
| Belfast
| BT1 5LR
Solicitors | Carson McDowell
| Murray House
| 4 Murray Street
| Belfast
| BT1 6DN
O'Hare & McGovern Limited
Contents
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditor's report | 6 - 9
Statement of comprehensive income | 10
Balance sheet | 11
Statement of changes in equity | 12
Notes to the financial statements | 13 - 25
O'Hare & McGovern Limited
Strategic report For the year ended 31 December 2024
Introduction
The directors are pleased to present their Strategic Report for the year ended 31 December 2024.
Business review
The Company provides general contracting services to local and central government particularly in education, health, leisure and housing and also for developers in housing, student accommodation, office accommodation and retail. The Company’s profitability for 2024 was affected by the continuing lack of economic activity in Northern Ireland.
Principal risks and uncertainties
The directors have identified the following areas of risk and uncertainty: Business Performance Risk The business environment in which we operate continues to be challenging with the key commercial risks being market conditions, the uncertainty surrounding public expenditure levels, competitive pressures, costs of raw material and labour, and customer credit risk. Financial Risk Management The Company's operations expose it to a variety of financial risks that include changes in the price of raw materials and labour, interest rate risk, credit risk, liquidity risk and price and market risk. The directors review and agree policies for managing each of these risks and they are summarised below. The Company uses various financial instruments including investments and cash, and various items, such as trade debtors, trade creditors, and amounts owed to related undertakings that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below. The Company does not make use of derivative transactions to minimise exposure to interest rates or foreign exchange. Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Company policy throughout the year has been to ensure continuity of funding by matching the source of funds to the intended use of those funds. Short-term flexibility is achieved through the Company's cash reserves. Following the financial crisis there continues to be a lack of availability of funding for long term design and build projects. Interest rate risk The Company finances its operations through a mixture of retained profits, cash at bank and amounts owed to related undertakings. The Company exposure to interest rate fluctuations is therefore limited. Page 1
O'Hare & McGovern Limited
Strategic report (continued) For the year ended 31 December 2024
Principal risks and uncertainties (continued)
Credit risk The Company's principal financial assets are cash and amounts recoverable on contracts, whether included in debtors or in stock. The credit risk associated with cash is limited. The principal credit risk arises therefore from contract balances. In order to manage credit risk the directors assess potential customers as part of the tender process, based on a mixture of past history, credit references, and industry knowledge. As payment milestones are normally incorporated into most contracts, most invoices are settled promptly on presentation. Foreign exchange risk Transactions other than in sterling are inconsequential, other than the amounts owed to related undertakings where a fixed exchange rate is agreed between the parties. The directors therefore consider that the price and market risk are insignificant. Health & Safety Risk The Company is committed to providing an accident free workplace and achieves this by the implementation of our Occupational Health & Safety Management Systems accredited to ISO 45001:2018. H & S performance is monitored using Key Performance Indicators, (KPIs), and regular auditing of sites by our qualified Health & Safety. Management Development The Company recognises that one of our key resources is our employees and we are committed to the effective implementation of our Employee Development & Business Sustainability training programme. This programme has been designed for the dual purpose of developing the individual participant’s knowledge, management ability and character, resulting in a much stronger motivated team for the sustainability of the Company. Environmental Risk The Company is committed to maintaining zero impact on our Environment and reducing our Environmental impacts of our operations on our neighbours and local community. We achieve this through the implementation of our environmental policies, procedures, objectives, targets and training accredited to BS EN ISO 14001:2015. We implement the criterion of the Considerate Constructors Scheme and use KPI’s to set and monitor targets. We are committed to providing positive impacts on local communities by providing professional student placements, employing local labour, apprentices and the Long Term Unemployed. Quality O’Hare & McGovern Limited's corporate ethos is the delivery of excellence in all of our construction projects through the application of processes and procedures set out in our integrated Safety, Health, Environmental & Quality Management System (SHEQMS) accredited to: ∙BS EN ISO 9001:2015 ∙BS EN ISO 14001:2015 ∙ISO 45001:2018 Page 2
O'Hare & McGovern Limited
Strategic report (continued) For the year ended 31 December 2024
Principal risks and uncertainties (continued)
Quality (continued) The SHQEMS incorporates the Company structure, planning activities, responsibilities, practices, procedures, processes and resources to ensure we deliver excellence in all our activities. Our continuous improvement process use KPI’s and SMART objectives to set and monitor targets in relation to Safety, Health, Environment, Quality, Sustainability & Employee development in order to take positive action and to instill a culture of continuous improvement. Sustainability The Company is committed to the proactive promotion & achievement of sustainable construction. We demonstrate this commitment through the implementation of our award winning sustainability processes, and our Accredited Environmental Management System, which enables the Company to manage &/or negate our impact on the following: Sustainable Construction Methods, Construction Environmental Management Measures, Conservation, Pollution, procurement, Socio Economic, Bio diversity & Monitoring & auditing our energy carbon & waste streams.
Financial key performance indicators
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company, these being turnover and net profit/loss.
| 2024 | 2023
| £'000 | £'000
Turnover | 617 | 4,429
Loss before tax | (728) | (249)
Other key performance indicators
The directors do not consider any further non-financial key performance indicators to be appropriate. This report was approved by the board on 29 September 2025 and signed on its behalf.
................................................ S O'Hare Director
Page 3
O'Hare & McGovern Limited
Directors' report For the year ended 31 December 2024 The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the Company is general contracting.
Results and dividends
The loss for the year, after taxation, amounted to £728,466 (2023 - loss £1,225,133). The directors have not recommended a final dividend (2023 - £Nil).
Directors
The directors who served during the year were:
JG O'Hare (resigned 24 October 2024)
E O'Hare (resigned 24 October 2024)
N Hamilton
M Lennon (resigned 31 March 2025)
C O'Hare
S O'Hare
B Murphy
Future developments
The Company intends to continue with its present strategies and focus on general contracting going forward. Page 4
O'Hare & McGovern Limited
Directors' report (continued) For the year ended 31 December 2024
Branches outside the United Kingdom
There are no branches of the Company outside the State.
Matters covered in the Strategic report
Under Schedule 7.1A of the "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008", the Company has elected to disclose the following Directors' report information in the Strategic report: ∙Business review; ∙Principal risks & uncertainties; and ∙Financial key perormance indicators.
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Grant Thornton (NI) LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 29 September 2025 and signed on its behalf.
S O'Hare Director
Page 5
Independent auditor's report to the members of O'Hare & McGovern Limited
Opinion
We have audited the financial statements of O'Hare & McGovern Limited, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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, O'Hare & McGovern 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 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 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 directors, with respect to going concern are described in the relevant sections of this report. Page 6
Independent auditor's report to the members of O'Hare & McGovern 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 and the Strategic Report. The directors are 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 and the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic Report have 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 and the Strategic 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 directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 7
Independent auditor's report to the members of O'Hare & McGovern 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 directors determine 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 Laws, 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 applicable tax laws. 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 judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 8
Independent auditor's report to the members of O'Hare & McGovern 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 statement. 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 judgments made by management in their significant accounting estimates, including estimating the useful lives of depreciable assets and estimating an allowance for the impairment of intangible assets, investments, stock and trade debtors 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 9
O'Hare & McGovern Limited
Statement of comprehensive income For the year ended 31 December 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 617,129 | 4,429,121
Cost of sales |  | (409,368) | (4,764,541)
Gross profit/(loss) |  | 207,761 | (335,420)
Administrative expenses |  | (940,372) | (1,871,065)
Exceptional administrative expenses | 11 | - | 2,008,147
Other operating income |  | 3,120 | 3,120
Fair value movements |  | - | (54,923)
Operating loss | 5 | (729,491) | (250,141)
Income from current assets investments |  | 1,030 | 936
Interest payable and similar expenses | 9 | (5) | (248)
Loss before tax |  | (728,466) | (249,453)
Tax on loss | 10 | - | (975,680)
Loss for the financial year |  | (728,466) | (1,225,133)
All amounts relate to continuing operations. There was no other comprehensive income for 2024 (2023: £Nil).
The notes on pages 13 to 25 form part of these financial statements.
Page 10
O'Hare & McGovern Limited Registered number:NI011033
Balance sheet As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible fixed assets | 12 |  | 137,423 |  | 182,970
|  |  | 137,423 |  | 182,970
Current assets |  |  |  |  |
Stocks | 13 | - |  | 12,469 |
Debtors: amounts falling due within one year | 14 | 5,439,792 |  | 5,768,362 |
Current asset investments | 15 | - |  | 137,128 |
Cash at bank and in hand | 16 | 5,294 |  | 28,529 |
|  | 5,445,086 |  | 5,946,488 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 17 | (4,233,031) |  | (4,051,514) |
Net current assets |  |  | 1,212,055 |  | 1,894,974
Total assets less current liabilities |  |  | 1,349,478 |  | 2,077,944
Net assets |  |  | 1,349,478 |  | 2,077,944
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 7,030,000 |  | 7,030,000
Profit and loss account | 20 |  | (5,680,522) |  | (4,952,056)
Shareholders' funds |  |  | 1,349,478 |  | 2,077,944
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ S O'Hare
Director
Date: 29 September 2025
Page 11
O'Hare & McGovern Limited
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 7,030,000 | (4,952,056) | 2,077,944
Loss for the year | - | (728,466) | (728,466)
At 31 December 2024 | 7,030,000 | (5,680,522) | 1,349,478
Statement of changes in equity For the year ended 31 December 2023
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 7,030,000 | (3,726,923) | 3,303,077
Loss for the year | - | (1,225,133) | (1,225,133)
At 31 December 2023 | 7,030,000 | (4,952,056) | 2,077,944
| The notes on pages 13 to 25 form part of these financial statements.
Page 12
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
1. | Company information
O'Hare & McGovern Limited is a limited company 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 general contracting. 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 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 judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of OHMG (Holdings) Limited as at 31 December 2024 and these financial statements may be obtained from its registered office at Carnbane House, Shepherd's Way, Carnbane Industrial Estate, Newry, BT35 6EE.
| 2.3 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectationthat the Company has adequate resources to continue in operational existence for the foreseeable future. In addition, the parent company has significant resources available to assist with the cash flow of the Company and have confirmed their support for the ongoing funding of the business in the event that such support is needed. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Page 13
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At balance sheet date foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at balance sheet date exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised as profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.5 | Turnover
Turnover is the amount derived from the provision of goods and services falling within the Company's ordinary activities net of value added tax and trade discounts. In respect of long-term contracts, turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value together with profit. Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty, by including in the Statement of Comprehensive Income turnover and related costs as contract activity progresses.
| 2.6 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into an approved pension scheme. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of Other Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.re... Page 14
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised as profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Pre-contract costs
Pre-contract costs are recognised as expenses as incurred, except that directly attributable costs are recognised as an asset when it is virtually certain that a contract will be obtained and the contract is expected to result in future net cash inflows. In the case of Private Finance Initiative bid costs, on financial close of the project the Company recovers bid costs by charging a fee to the relevant project company. Page 15
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 4% | reducing balance
|  |  |  | Plant & machinery | - | 25% | reducing balance
|  |  |  | Motor vehicles | - | 25% | reducing balance
|  |  |  | Fixtures & fittings | - | 25% | reducing balance and straight line
| 2.12 | Impairment of fixed assets
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit (CGU) to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.13 | Valuation of investments
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised as profit or loss for the period.
| 2.14 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.15 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 16
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.16 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.17 | 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.
| 2.18 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to the Statement of Other Comprehensive Income.
| 2.19 | Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. Page 17
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
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: Construction contract revenue Recognised amounts of construction contract revenues and related receivables reflect management's best estimate of each contract's outcome and stage of completion. This includes the assessment of the profitability of ongoing construction contracts and the order backlog. For more complex contracts in particular, costs to complete and contract profitability are subject to significant estimation uncertainty. Recoverability of debtors Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered. Useful lives of depreciable assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and physical obsolescence that may change the utility of certain property, plant and equipment. Page 18
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Contract revenue | 617,129 | 4,429,121
| All turnover arose within the United Kingdom.
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Admin - depreciation | 45,546 | 60,569
| Exchange differences | 6,340 | 2,069
| Audit fees | 7,500 | 7,500
6. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Wages and salaries | 2,134,553 | 2,388,967
| Social security costs | 251,118 | 257,466
| Cost of defined contribution scheme | 26,238 | 114,909
|  | 2,411,909 | 2,761,342
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Number of production staff | 4 | 23
|  | Number of administrative staff | 30 | 30
|  |  | 34 | 53
Page 19
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
7. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 440,000 | 445,757
| Company contributions to defined contribution pension schemes | 15,000 | 15,283
|  | 455,000 | 461,040
| During the year retirement benefits were accruing to 5 directors (2023 - 7) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £100,000 (2023 - £100,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £12,545).
8. | Income from investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Income from current asset investments | 1,030 | 936
9. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other interest payable | 5 | 248
10. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | - | 975,680
| Total deferred tax | - | 975,680
| Taxation on profit on ordinary activities | - | 975,680
Page 20
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (728,466) | (249,453)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%) | (182,117) | (58,671)
| Effects of: |  |
| Adjustments to tax charge in respect of prior periods | 1,115 | 975,680
| Other timing differences leading to an increase (decrease) in taxation | (258) | 68,204
| Non-taxable income | - | (472,316)
| Deferred tax not recognised | 240,761 | 331,816
| Group relief | (59,501) | 130,967
| Total tax charge for the year | - | 975,680
| Factors that may affect future tax charges
There were no known factors that may affect future tax charges.
11. | Exceptional items
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Related company write off | - | (2,008,147)
|  | - | (2,008,147)
Page 21
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
12. | Tangible fixed assets
|  | Plant & machinery | Motor vehicles | Fixtures & fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 2,999,525 | 1,059,062 | 915,383 | 4,973,970
| At 31 December 2024 | 2,999,525 | 1,059,062 | 915,383 | 4,973,970
| Depreciation |  |  |  |
| At 1 January 2024 | 2,898,914 | 1,024,042 | 868,044 | 4,791,000
| Charge for the year | 25,152 | 12,577 | 7,818 | 45,547
| At 31 December 2024 | 2,924,066 | 1,036,619 | 875,862 | 4,836,547
| Net book value |  |  |  |
| At 31 December 2024 | 75,459 | 22,443 | 39,521 | 137,423
| At 31 December 2023 | 100,611 | 35,020 | 47,339 | 182,970
13. | Stocks
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Stock | - | 12,469
Page 22
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
14. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 20,340 | 98,009
| Amounts owed by group undertakings | 1,083,583 | 451,129
| Amounts owed by related parties | 58,010 | 52,505
| Other debtors | 562,832 | 586,904
| Prepayments and accrued income | - | 11,888
| Amounts recoverable on long-term contracts | 3,115,027 | 3,967,927
| Deferred taxation | 600,000 | 600,000
|  | 5,439,792 | 5,768,362
| Amounts owed by group undertakings and related parties are unsecured, interest free and repayable on demand.
15. | Current asset investments
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Listed investments | - | 137,128
16. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 5,294 | 28,529
Page 23
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Payments received on account | 28,135 | -
| Trade creditors | 484,623 | 1,604,562
| Amounts owed to group undertakings | 2,874,340 | 730,441
| Amounts owed to related parties | 26 | 3,128
| Other taxation and social security | 655,474 | 269,516
| Other creditors | - | 2,080
| Accruals and deferred income | 190,433 | 1,441,787
|  | 4,233,031 | 4,051,514
| Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.
18. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | 600,000
| At end of year | 600,000
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Tax losses | 600,000 | 600,000
|  | 600,000 | 600,000
19. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 7,030,000 (2023 - 7,030,000) Ordinary shares of £1.00 each | 7,030,000 | 7,030,000
Page 24
O'Hare & McGovern Limited
Notes to the financial statements For the year ended 31 December 2024
20. | Reserves
Profit & loss account This reserve includes all current and prior period retained profit and losses.
21. | Pension commitments
The Company operates a defined contribution pension scheme. The pension cost represents contributions payable by the Company to the fund and amounted to £26,238 (2023: £114,909).
22. | Related party transactions
| The Company has availed of the exemption in s33 FRS102 from disclosing transactions with other wholly owned group companies. The directors are considered to be key management personnel within the Company. Total remuneration in respect of these individuals is disclosed in note 7.
23. | Controlling party
The Company is a wholly owned subsidiary of Carnbane House Limited, who is a wholly owned subsidiary of OHMG (Holdings) Limited, a company incorporated in Northern Ireland. The Company's ultimate parent company is Carnbane Estates Limited. The smallest company in which the results of the Company are consolidated is 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, Crown Way, Cardiff, CF14 3UZ.
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