Registered number: NI650235
Information for filing with the registrar
For the year ended 31 December 2025
O H (Office) Developments Limited
Registered number: NI650235
Balance sheet
As at 31 December 2025
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2026 .
The notes on pages 2 to 10 form part of these financial statements.
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
O H (Office) Developments Limited ("the Company") is a private company limited by shares and registered in Northern Ireland. The registered office is Unit 4, The Legacy Buildings, Queens Road, Belfast, B3 9DT.
The Company's principal activities include the construction, development and sale of real estate.
The Company's principal activities include the construction, development and sale of real estate.
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 requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The presentational and functional currency is GBP. The financial statements have been rounded to the nearest £.
The presentational and functional currency is GBP. The financial statements have been rounded to the nearest £.
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:
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
2.Accounting policies (continued)
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
In light of this uncertainty, the directors have engaged with the Company’s participators and have prepared financial forecasts on the basis that the Company will continue to receive financial support from Belfast Harbour Commissioners and Titanic Office Developments Limited. Both Belfast Harbour Commissioners and Titanic Office Developments Limited have confirmed their intention to provide such financial support as is necessary to enable the Company to meet its financial commitments and obligations as they fall due for a period of at least twelve months from the date of approval of these financial statements.
On this basis, and having considered all relevant information, the directors believe it is appropriate to prepare the financial statements on a going concern basis.
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
In preparing the financial statements, the directors are required to make judgements, estimates, and assumptions that affect the amounts reported for assets and liabilities, income, and expenses. These judgements, estimates, and assumptions are continually evaluated and based on historical experience and other factors, including expectations of future events which are believed to be reasonable under the circumstances.
The most significant areas of estimation uncertainty and judgement applied, relates to the valuation of investment properties.
Valuation of Investment Properties
The fair value of the investment properties is determined by the directors and, periodically, by an external, professionally qualified valuer, at each reporting date. The valuation is based on market evidence of transaction prices for similar properties, adjusted to reflect the specific characteristics, such as location, condition, and current lease terms, of the property being valued.
The valuation methodology involves assumptions regarding future rental income, occupancy levels, capital expenditure, and yields, all of which are subject to uncertainty. Any changes in these assumptions could result in significant changes to the fair value of investment properties.
The most significant areas of estimation uncertainty and judgement applied, relates to the valuation of investment properties.
Valuation of Investment Properties
The fair value of the investment properties is determined by the directors and, periodically, by an external, professionally qualified valuer, at each reporting date. The valuation is based on market evidence of transaction prices for similar properties, adjusted to reflect the specific characteristics, such as location, condition, and current lease terms, of the property being valued.
The valuation methodology involves assumptions regarding future rental income, occupancy levels, capital expenditure, and yields, all of which are subject to uncertainty. Any changes in these assumptions could result in significant changes to the fair value of investment properties.
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
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The Company holds a single investment property which at the balance sheet date is being actively marketed for sale. The asset is accounted for at fair value, with changes in fair value recognised in profit or loss.
During the year, the directors reassessed the fair value of the property and recognised an upward revaluation of £15.32m, resulting in a carrying value of £42m at the year end.
The fair value has been determined by the directors, taking into account available market evidence and recent expressions of interest received in respect of the property, together with prevailing market conditions for comparable properties. In forming their assessment, the directors have exercised judgement in evaluating the relevance and reliability of such information and in estimating the price that would be achieved in an orderly transaction between market participants at the reporting date.
Given the nature of the property and current market conditions, the valuation is inherently subjective and involves a degree of estimation uncertainty. A change in assumptions could result in a materially different valuation.
No external valuation was obtained at the reporting date.
During the year, the directors reassessed the fair value of the property and recognised an upward revaluation of £15.32m, resulting in a carrying value of £42m at the year end.
The fair value has been determined by the directors, taking into account available market evidence and recent expressions of interest received in respect of the property, together with prevailing market conditions for comparable properties. In forming their assessment, the directors have exercised judgement in evaluating the relevance and reliability of such information and in estimating the price that would be achieved in an orderly transaction between market participants at the reporting date.
Given the nature of the property and current market conditions, the valuation is inherently subjective and involves a degree of estimation uncertainty. A change in assumptions could result in a materially different valuation.
No external valuation was obtained at the reporting date.
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O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
Page 8
O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
Page 9
O H (Office) Developments Limited
Notes to the financial statements
For the year ended 31 December 2025
Profit and loss account
The immediate parent undertaking of the Company is Ocorian Trustee (UK) Limited, a company incorporated in England and Wales. The shares in the Company are held in Trust by Ocorian Trustee (UK) Limited on behalf of both Belfast Harbour Commissioners and Titanic Office Developments Limited.
The audit report was signed on 2 June 2026 by Adrian Patton (Senior statutory auditor) on behalf of Sumer Auditco NI Limited .
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