REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
GINSENG DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
GINSENG DEVELOPMENTS LIMITED |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 7 |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non distributable reserve |
Retained earnings | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2023 |
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 |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Ginseng Developments Limited is a |
Registered number: |
Registered office: |
The principal activity of the company during the year was that of a property investment company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Going concern |
The accounts have been prepared on the going concern basis. The director believes this to be appropriate as he has expressed his willingness to support the business for the foreseeable future. |
Judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Investment properties |
The fair value of the investment properties has been determined by the director, based on his experience of the market and the selling price of similar properties. |
Revenue recognition |
The company's principal activity is property investment. Rental income is recognised in the relevant rental period. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly |
attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value |
are recognised in profit or loss. |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
Additions |
At 31 May 2023 |
DEPRECIATION |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
Additions |
Revaluations | 109,211 |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
The directors consider the investment properties to be stated at fair value as at 31 May 2023. |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2019 | 30,892 |
Valuation in 2020 | 116,662 |
Valuation in 2021 | 75,000 |
Valuation in 2023 | 109,211 |
Cost | 1,242,671 |
1,574,436 |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Amounts due from connected |
companies | 208 | - |
Deferred tax asset | 22,751 | 24,172 |
Directors' loan accounts | 15,159 | - |
Prepayments |
Amounts due from connected companies are interest free, unsecured and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Other creditors |
Amounts due to connected |
companies | 150 | 150 |
Directors' loan accounts | - | 20,050 |
Accruals and deferred income |
An amount of £150,551 in other loans is unsecured and repayable on demand (2022: £184,051). |
Amounts due to connected companies are interest free, unsecured and repayable on demand. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans payable more than |
5 years by instalments |
Other loans more than 5 years |
non-instalments | 1,091,552 | 612,012 |
GINSENG DEVELOPMENTS LIMITED (REGISTERED NUMBER: 10762826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.5.23 | 31.5.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more than 5 years |
non-instalments |
Repayable by instalments |
Bank loans payable more than |
5 years by instalments | 11,111 | 16,667 |
11,111 | 16,667 |
The other loans and bank loans are secured by a fixed charge over all investment properties. |
The company has a Government bounce back loan. The loan is repayable by May 2030 and bears a fixed interest rate of 2.5% per annum. |
9. | GOING CONCERN |
The accounts have been prepared on the going concern basis. The director believes this to be appropriate as he has expressed his willingness to support the business for the foreseeable future. |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022: |
31.5.23 | 31.5.22 |
£ | £ |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The directors had interest free loans during the year. By virtue of the loan accounts, a liability to taxation exists under section 455 CTA 2010 in the sum of £5,116 which will be repaid or discharged when the loans are repaid. It is anticipated that the loans will be repaid within nine months of the year end and, as such, no provision for the taxation has been made. |
11. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no significant events up to the date of approval of the financial statements by the Board. |