REGISTERED NUMBER: NI045593 (Northern Ireland)

Financial Statements

for the Year Ended 31 March 2026

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

FIXED ASSETS

Investment property

4

233,392

-

CURRENT ASSETS

Stocks

11,577,998

10,743,776

Debtors

5

797,633

581,645

Cash at bank and in hand

1,884,823

87,601

14,260,454

11,413,022

CREDITORS

Amounts falling due within one year

6

23,043,923

19,764,818

NET CURRENT LIABILITIES

(8,783,469

)

(8,351,796

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,550,077

)

(8,351,796

)

CREDITORS

Amounts falling due after more than one year

7

1,095,856

1,278,517

NET LIABILITIES

(9,645,933

)

(9,630,313

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(9,645,935

)

(9,630,315

)

SHAREHOLDERS' FUNDS

(9,645,933

)

(9,630,313

)

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 30 September 2026 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. The principal activity of the company is property management.

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.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern

The company incurred a loss of £15,620 during the year and, as at 31 March 2026, had net liabilities and reserves of £9,645,933..

The directors have carefully considered the company's current financial position, cash flow forecasts and funding requirements for a period of at least twelve months from the date of approval of these financial statements.

The company is reliant on the continued financial support of its immediate parent company, Cavan Limited, to meet its liabilities as they fall due. The parent company has confirmed its intention to provide such financial support for a period of not less than twelve months from the date of approval of these financial statements and has stated that it does not intend to demand repayment of amounts due where this would adversely affect the company's ability to continue trading.

Based on the forecasts prepared and the support available from the parent company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt upon the company's ability to continue as a going concern. Accordingly, the financial statements have been prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

233,392

At 31 March 2026

233,392

NET BOOK VALUE

At 31 March 2026

233,392

5.

DEBTORS

31/3/26

31/3/25

£

£

Amounts falling due within one year:

Trade debtors

21,218

32,286

Amounts owed by participating interests

234,898

134,898

Other debtors

95,497

3,441

351,613

170,625

Amounts falling due after more than one year:

Amounts owed by participating interests

446,020

411,020

Aggregate amounts

797,633

581,645

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/26

31/3/25

£

£

Hire purchase contracts

182,651

182,660

Amounts owed to group undertakings

22,674,828

19,474,828

Amounts owed to associates

143,564

95,283

Other creditors

42,880

12,047

23,043,923

19,764,818

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/26

31/3/25

£

£

Hire purchase contracts

1,095,856

1,278,517

8.	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

9.	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). They also paid expenses of £43,114 on behalf of M&T Properties which is recoverable post year-end.

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 £48,280 (2025 £18,660) from the Trust during the year for the management of these properties and the Trust is owed £143,564 (2025 £95,283) at the year end.

In 2025, 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.

10.	ULTIMATE CONTROLLING PARTY

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

The ultimate controlling party is M Scullion.