Consolidated Financial Statements
For the year ended 31 December 2024
Registered number: NI639514
Company Information
Contents
Group 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 year marked a period of transition and renewal for the Group. Following the successful completion of several legacy contracts that had been affected by the pandemic and subsequent inflationary pressures, the focus has shifted towards consolidating performance, strengthening governance, and preparing the business for its next phase of growth.
During the year, the Group completed a structured transition of ownership from the founding generation to the next, accompanied by enhancements in governance, systems, and financial management.
The contracting division, (OHMG), continues to deliver complex multi-million-pound and euro projects across Northern Ireland and the Republic of Ireland. Several recent schemes, including award-winning social and affordable housing projects, have reinforced the Group’s reputation for sustainable, design-led delivery whilst the retail fit-out division continues to perform strongly.
Through its joint venture with a European partner, the Group successfully delivered three major school projects in 2024, with a further two progressing well for completion in 2025.
Trading conditions have become more favourable during 2025, with greater cost stability, an improving order book, and a clear strategic plan focused on delivery discipline, profitability, and sustainable growth.
During the year, the Group completed a structured transition of ownership from the founding generation to the next, accompanied by enhancements in governance, systems, and financial management.
The contracting division, (OHMG), continues to deliver complex multi-million-pound and euro projects across Northern Ireland and the Republic of Ireland. Several recent schemes, including award-winning social and affordable housing projects, have reinforced the Group’s reputation for sustainable, design-led delivery whilst the retail fit-out division continues to perform strongly.
Through its joint venture with a European partner, the Group successfully delivered three major school projects in 2024, with a further two progressing well for completion in 2025.
Trading conditions have become more favourable during 2025, with greater cost stability, an improving order book, and a clear strategic plan focused on delivery discipline, profitability, and sustainable growth.
The Board of Directors of OHMG (Holdings) Limited consider, both individually and together, that they have acted in the way they consider would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the year ended 31 December 2024.
The following paragraphs summarise how the directors fulfil their duties:
The following paragraphs summarise how the directors fulfil their duties:
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Group strategic report (continued)
For the year ended 31 December 2024
The Directors have identified the following areas of risk and uncertainty:
Business Performance Risk
The business environment continues to be challenging with the key commercial risks being hyperinflation, scarcity of materials and labour, the global pandemic and uncertainty surrounding public expenditure levels.
Financial Risk Management
The Group'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 Group 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 Group's operations.
The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. The Group does not make use of derivative transactions to minimise exposure to interest rates or foreign exchange.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Group 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 group's cash reserves.
Business Performance Risk
The business environment continues to be challenging with the key commercial risks being hyperinflation, scarcity of materials and labour, the global pandemic and uncertainty surrounding public expenditure levels.
Financial Risk Management
The Group'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 Group 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 Group's operations.
The existence of these financial instruments exposes the Group to a number of financial risks, which are described in more detail below. The Group does not make use of derivative transactions to minimise exposure to interest rates or foreign exchange.
Liquidity risk
The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Group 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 group's cash reserves.
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Group strategic report (continued)
For the year ended 31 December 2024
Credit risk
The Group'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
Group companies trade in their own currencies. The directors therefore consider that the price and market risk are insignificant.
Health & Safety Risk
The Group 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 and regular auditing of sites by a qualified Health & Safety Manager.
Management Development
The Group 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 participants knowledge, management ability and character, resulting in a much stronger, motivated team for the sustainability of the Group.
Environmental Risk
The Group is committed to maintaining zero impact on our environment and reduce the 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 14001:2004. 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
The Group'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
The SHQEMS incorporates the group 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 instil a culture of continuous improvement.
The Group'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
Group companies trade in their own currencies. The directors therefore consider that the price and market risk are insignificant.
Health & Safety Risk
The Group 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 and regular auditing of sites by a qualified Health & Safety Manager.
Management Development
The Group 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 participants knowledge, management ability and character, resulting in a much stronger, motivated team for the sustainability of the Group.
Environmental Risk
The Group is committed to maintaining zero impact on our environment and reduce the 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 14001:2004. 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
The Group'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
The SHQEMS incorporates the group 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 instil a culture of continuous improvement.
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Group strategic report (continued)
For the year ended 31 December 2024
Sustainability
The Group 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 group 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 Group 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 group 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 Group, these being turnover and net profit.
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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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £2.2m (2023 - loss £3.1m).
The directors have not recommended a dividend.
The directors have not recommended a dividend.
The directors who served during the year were:
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Directors' report (continued)
For the year ended 31 December 2024
The Group intends to continue with its present strategies and focus on general contracting going forward.
Our strategy prioritises growth, driven by continued expansion and bringing new customers into the Group, and up-selling services to existing clients. To do this, we need to develop and nurture strong customer relationships.
We value all of our suppliers and have multi-year contracts in place with our key suppliers.
We value all of our suppliers and have multi-year contracts in place with our key suppliers.
The Group's greenhouse gas emissions and energy consumption for the year are as follows:
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Intensity measurement
We have chosen the metric gross global scope 1 and 2 emissions in tonnes of CO2e per £m sales revenue as this is a common business metric for our industry sector.
Methodologies used
We have followed the 2022 UK government environmental reporting guidance and we have used 2024 and 2023 UK Government's GHG conversion factors for reporting. We engaged with our suppliers to obtain actual usage information for the Group
We have chosen the metric gross global scope 1 and 2 emissions in tonnes of CO2e per £m sales revenue as this is a common business metric for our industry sector.
Methodologies used
We have followed the 2022 UK government environmental reporting guidance and we have used 2024 and 2023 UK Government's GHG conversion factors for reporting. We engaged with our suppliers to obtain actual usage information for the Group
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Directors' report (continued)
For the year ended 31 December 2024
Information the Group has chosen, in accordance with s414C (II) of the Companies Act 2006, to set out in the Strategic Report which would otherwise by required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report is as follows:
−Business review;
−Principal risks & uncertainties; and
−Financial risk management.
There have been no significant events affecting the Group since 31 December 2024.
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 OHMG (Holdings) 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 Group and 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 Group's or the parent 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 OHMG (Holdings) 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.
Page 9
Independent auditor's report to the members of OHMG (Holdings) Limited (continued)
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Independent auditor's report to the members of OHMG (Holdings) Limited (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:
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Independent auditor's report to the members of OHMG (Holdings) Limited (continued)
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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Consolidated statement of comprehensive income
For the year ended 31 December 2024
Page 13
Consolidated 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 on 29 September 2025 .
The notes on pages 21 to 39 form part of these financial statements.
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Company 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 on 29 September 2025 .
The notes on pages 21 to 39 form part of these financial statements.
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