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REGISTERED NUMBER: 10762826 (England and Wales)















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 1,355 -
Investment property 5 1,574,436 948,766
1,575,791 948,766

CURRENT ASSETS
Debtors 6 39,189 25,712
Cash at bank 169,754 29,764
208,943 55,476
CREDITORS
Amounts falling due within one year 7 (405,232 ) (213,410 )
NET CURRENT LIABILITIES (196,289 ) (157,934 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,379,502

790,832

CREDITORS
Amounts falling due after more than one
year

8

(1,124,886

)

(650,902

)

PROVISIONS FOR LIABILITIES (63,035 ) (42,285 )
NET ASSETS 191,581 97,645

CAPITAL AND RESERVES
Called up share capital 100 100
Non distributable reserve 268,730 180,269
Retained earnings (77,249 ) (82,724 )
191,581 97,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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


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 6 February 2024 and were signed by:





C Y Kwok - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10762826

Registered office: C/O DPC
Stone House
55 Stone Road Business Park
Stoke-on-Trent
Staffordshire
ST4 6SR

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
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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Computer equipment - straight line over 3 years

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 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 2,032
At 31 May 2023 2,032
DEPRECIATION
Charge for year 677
At 31 May 2023 677
NET BOOK VALUE
At 31 May 2023 1,355

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 948,766
Additions 516,459
Revaluations 109,211
At 31 May 2023 1,574,436
NET BOOK VALUE
At 31 May 2023 1,574,436
At 31 May 2022 948,766

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 1,071 1,540
39,189 25,712

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 5,555 5,555
Other loans 265,706 184,051
Other creditors 128,371 2,500
Amounts due to connected
companies 150 150
Directors' loan accounts - 20,050
Accruals and deferred income 5,450 1,104
405,232 213,410

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 5,556 5,556
Bank loans - 2-5 years 16,667 16,667
Bank loans payable more than
5 years by instalments 11,111 16,667
Other loans more than 5 years
non-instalments 1,091,552 612,012
1,124,886 650,902

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 1,091,552 612,012
1,091,552 612,012

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
£    £   
C Y Kwok
Balance outstanding at start of year (20,050 ) -
Amounts advanced 35,209 -
Amounts repaid - (20,050 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 15,159 (20,050 )

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.