REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
GENMARK DEVELOPMENTS LTD |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
for and on behalf of |
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 |