IRIS Accounts Production v24.3.0.553 NI045593 director 1.4.23 31.3.24 31.3.24 14/11/2024 0 0 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI0455932023-03-31NI0455932024-03-31NI0455932023-04-012024-03-31NI0455932022-03-31NI0455932022-04-012023-03-31NI0455932023-03-31NI045593ns15:NorthernIreland2023-04-012024-03-31NI045593ns14:PoundSterling2023-04-012024-03-31NI045593ns10:Director12023-04-012024-03-31NI045593ns10:PrivateLimitedCompanyLtd2023-04-012024-03-31NI045593ns10:SmallEntities2023-04-012024-03-31NI045593ns10:Audited2023-04-012024-03-31NI045593ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-31NI045593ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-31NI045593ns10:AbridgedAccounts2023-04-012024-03-31NI045593ns10:CompanySecretary12023-04-012024-03-31NI045593ns10:RegisteredOffice2023-04-012024-03-31NI045593ns5:CurrentFinancialInstruments2024-03-31NI045593ns5:CurrentFinancialInstruments2023-03-31NI045593ns5:Non-currentFinancialInstruments2024-03-31NI045593ns5:Non-currentFinancialInstruments2023-03-31NI045593ns5:ShareCapital2024-03-31NI045593ns5:ShareCapital2023-03-31NI045593ns5:RetainedEarningsAccumulatedLosses2024-03-31NI045593ns5:RetainedEarningsAccumulatedLosses2023-03-31NI04559312023-04-012024-03-31
REGISTERED NUMBER: NI045593 (Northern Ireland)














Financial Statements

for the Year Ended 31 March 2024

for

GENMARK DEVELOPMENTS LTD

GENMARK DEVELOPMENTS LTD (REGISTERED NUMBER: NI045593)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


GENMARK DEVELOPMENTS LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: M Scullion





SECRETARY: M Scullion





REGISTERED OFFICE: 16c Tamlaghduff Road
Bellaghy
Magherafelt
Co Derry





REGISTERED NUMBER: NI045593 (Northern Ireland)





AUDITORS: M.B.Mc Grady & Co
Chartered Accountants
Statutory Auditors
Rathmore House
52 St Patricks Avenue
Downpatrick
Co. Down
BT30 6DS

GENMARK DEVELOPMENTS LTD (REGISTERED NUMBER: NI045593)

Abridged Balance Sheet
31 MARCH 2024

31/3/24 31/3/23
£    £   
CURRENT ASSETS
Stocks 9,163,317 8,671,737
Debtors 10,176 17,868
Cash at bank and in hand 59,918 117,049
9,233,411 8,806,654
CREDITORS
Amounts falling due within one year 17,257,146 16,245,052
NET CURRENT LIABILITIES (8,023,735 ) (7,438,398 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(8,023,735

)

(7,438,398

)

CREDITORS
Amounts falling due after more than one
year

1,461,178

2,034,046
NET LIABILITIES (9,484,913 ) (9,472,444 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (9,484,915 ) (9,472,446 )
SHAREHOLDERS' FUNDS (9,484,913 ) (9,472,444 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2024 and were signed by:





M Scullion - Director


GENMARK DEVELOPMENTS LTD (REGISTERED NUMBER: NI045593)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Genmark Developments Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Cavan Limited Group.

Critical accounting judgements and key sources of estimation uncertainty
Going Concern

The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company's ability to meet its liabilities as they fall due, and to continue as a going concern.

On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GENMARK DEVELOPMENTS LTD (REGISTERED NUMBER: NI045593)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Malachy McGrady (Senior Statutory Auditor)
for and on behalf of M.B.Mc Grady & Co

5. RELATED PARTY DISCLOSURES

M&T Properties

Genmark is 100% owned by Cavan Limited, with the ultimate controlling party being Mark Scullion. Mark and Tracy Scullion are both partners in M&T Properties, therefore are related parties to Genmark Developments Ltd for the full year.

During the year the company paid M&T Properties Rental at £50,000 (2023 £50,000).

Portglenone Unit Trust

The Portglenone Unit Trust ("the Trust") is wholly owned by the Premier Small Self-Administered Scheme with the only two members being Mark and Tracy Scullion. The Trust owns property which is managed by Genmark Developments Ltd.

Genmark received revenue of £22,923.05 (2023 £23,364) from the Trust during the year for the management of these properties and the Trust is owed £117,501.76 (2023: creditor £19,557) at the year end.

6. ULTIMATE CONTROLLING PARTY

The controlling party is Cavan Limited.

The ultimate controlling party is M Scullion.