REGISTERED NUMBER: NI045593 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2025

for

Genmark Developments Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

CURRENT ASSETS

Stocks

10,743,776

9,163,317

Debtors

4

581,645

10,176

Cash at bank and in hand

87,601

59,918

11,413,022

9,233,411

CREDITORS

Amounts falling due within one year

5

19,764,818

17,257,146

NET CURRENT LIABILITIES

(8,351,796

)

(8,023,735

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,351,796

)

(8,023,735

)

CREDITORS

Amounts falling due after more than one year

6

1,278,517

1,461,178

NET LIABILITIES

(9,630,313

)

(9,484,913

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(9,630,315

)

(9,484,915

)

SHAREHOLDERS' FUNDS

(9,630,313

)

(9,484,913

)

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

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 17 December 2025 and were signed by:

M Scullion - Director

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 flow forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts, together with the ongoing financial support committed by the parent company, Cavan Limited, indicate that the company will be able to meet its liabilities as they fall due. Accordingly, the directors consider that there are no material uncertainties that cast significant doubt on the company’s ability to continue as a going concern, and the financial statements have therefore been prepared on a going concern basis.

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.

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 (2024 - NIL).

4.

DEBTORS

31/3/25

31/3/24

£

£

Amounts falling due within one year:

Trade debtors

32,286

10,176

Amounts owed by participating interests

134,898

-

Other debtors

3,441

-

170,625

10,176

Amounts falling due after more than one year:

Amounts owed by participating interests

411,020

-

Aggregate amounts

581,645

10,176

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/25

31/3/24

£

£

Hire purchase contracts

182,660

573,513

Amounts owed to group undertakings

19,474,828

16,544,828

Amounts owed to associates

95,283

117,502

Taxation and social security

-

9,257

Other creditors

12,047

12,046

19,764,818

17,257,146

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/25

31/3/24

£

£

Hire purchase contracts

1,278,517

1,461,178

7.	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

8.	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 (2024 £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 £18,660 (2024 £22,923) from the Trust during the year for the management of these properties and the Trust is owed £95,283 (2024: £117,502) at the year end.

During the year, Genmark entered into a new interest-bearing loan agreement with the Trust, advancing £500,000. The loan is repayable in full by 1 November 2030.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Cavan Limited a company registered in the Isle Of Man..

The ultimate controlling party is M Scullion.