Financial Statements
For the year ended 31 December 2024
Registered number: NI011033
Company Information
Contents
Strategic report
For the year ended 31 December 2024
The directors are pleased to present their Strategic Report for the year ended 31 December 2024.
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.
The Company’s profitability for 2024 was affected by the continuing lack of economic activity in Northern Ireland.
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
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.
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Strategic report (continued)
For the year ended 31 December 2024
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
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Strategic report (continued)
For the year ended 31 December 2024
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.
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.
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.
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.
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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.
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 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).
The directors who served during the year were:
The Company intends to continue with its present strategies and focus on general contracting going forward.
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Directors' report (continued)
For the year ended 31 December 2024
There are no branches of the Company outside the State.
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:
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.
There have been no significant events affecting the Company since the year end.
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.
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Independent auditor's report to the members of O'Hare & McGovern Limited
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.
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.
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Independent auditor's report to the members of O'Hare & McGovern Limited (continued)
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.
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Independent auditor's report to the members of O'Hare & McGovern Limited (continued)
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.
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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.
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.
for and on behalf of
Chartered Accountants &
Statutory Auditors
Date:
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Statement of comprehensive income
For the year ended 31 December 2024
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Balance sheet
As at 31 December 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Statement of changes in equity
For the year ended 31 December 2024
Statement of changes in equity
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2024
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.
The principal activity of the Company is general contracting.
2.Accounting policies
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.
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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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...
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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:
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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.
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.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
10.Taxation (continued)
There were no known factors that may affect future tax charges.
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
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Notes to the financial statements
For the year ended 31 December 2024
Profit & loss account
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 ).
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.
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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