IRIS Accounts Production v23.3.0.418 11842883 Board of Directors 31.12.21 31.12.22 31.12.22 true true false true true false false true true true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure118428832021-12-30118428832022-12-31118428832021-12-312022-12-31118428832020-12-30118428832020-12-312021-12-30118428832021-12-3011842883ns16:EnglandWales2021-12-312022-12-3111842883ns15:PoundSterling2021-12-312022-12-3111842883ns11:Director12021-12-312022-12-3111842883ns11:PrivateLimitedCompanyLtd2021-12-312022-12-3111842883ns11:FRS1022021-12-312022-12-3111842883ns11:Audited2021-12-312022-12-3111842883ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-12-312022-12-3111842883ns11:LargeMedium-sizedCompaniesRegimeForAccounts2021-12-312022-12-3111842883ns11:FullAccounts2021-12-312022-12-3111842883ns11:OrdinaryShareClass12021-12-312022-12-3111842883ns11:Director22021-12-312022-12-3111842883ns11:CompanySecretary12021-12-312022-12-3111842883ns11:RegisteredOffice2021-12-312022-12-3111842883ns6:CurrentFinancialInstruments2022-12-3111842883ns6:CurrentFinancialInstruments2021-12-3011842883ns6:ShareCapital2022-12-3111842883ns6:ShareCapital2021-12-3011842883ns6:RetainedEarningsAccumulatedLosses2022-12-3111842883ns6:RetainedEarningsAccumulatedLosses2021-12-3011842883ns6:ShareCapital2020-12-3011842883ns6:RetainedEarningsAccumulatedLosses2020-12-3011842883ns6:ShareCapital2020-12-312021-12-3011842883ns6:RetainedEarningsAccumulatedLosses2020-12-312021-12-3011842883ns6:RetainedEarningsAccumulatedLosses2021-12-312022-12-3111842883112021-12-312022-12-3111842883112020-12-312021-12-3011842883ns6:CostValuation2021-12-3011842883ns6:Subsidiary12021-12-312022-12-31118428831ns6:Subsidiary12021-12-312022-12-3111842883ns11:OrdinaryShareClass12022-12-3111842883ns6:RetainedEarningsAccumulatedLosses2021-12-30
REGISTERED NUMBER: 11842883 (England and Wales)





















Strategic Report, Report of the Directors and

Financial Statements for the Period 31 December 2021 to 31 December 2022

for

SIIS International Ltd

SIIS International Ltd (Registered number: 11842883)

Contents of the Financial Statements
for the Period 31 December 2021 to 31 December 2022










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


SIIS International Ltd

Company Information
for the Period 31 December 2021 to 31 December 2022







DIRECTORS: L Omodei
Ms E Pettenuzzo





SECRETARY: T&W Secretaries Limited





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





BUSINESS ADDRESS: Three Corners
3 Greenway Road
Brixham
Devon
TQ5 0LW





REGISTERED NUMBER: 11842883 (England and Wales)





AUDITORS: Darnells Audit Limited
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU

SIIS International Ltd (Registered number: 11842883)

Strategic Report
for the Period 31 December 2021 to 31 December 2022


The directors present their strategic report for the period 31 December 2021 to 31 December 2022.

FAIR REVIEW OF BUSINESS
The company did not trade throughout the year.

The only income received during the year comprised dividends received of £650,000 (2021: £180,000).

At the end of the year, the retained profit of the company was £258,246 (2021: £235,415).

PRINCIPAL RISKS AND UNCERTAINTIES
The company is a non-trading holding company, and consequently there are no operational risks and uncertainties.

The company's principal commercial risks include the subsidiary company ceasing to trade. The directors
manage this risk by reviewing the results and financial position of the subsidiary on a regular basis throughout the
year.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, loans by and to the company. The main
purpose of these instruments is to raise funds for the company's operations and to finance its operations.

Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The
company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining sufficient cash reserves to cover planned
expenditure in the foreseeable future. A balance is achieved between ensuring continuity of funding by maintaining
sufficient cash reserves.

Loans to and from other group companies are unsecured, bear interest and are repayable on demand.

ON BEHALF OF THE BOARD:





L Omodei - Director


9 October 2023

SIIS International Ltd (Registered number: 11842883)

Report of the Directors
for the Period 31 December 2021 to 31 December 2022


The directors present their report with the financial statements of the company for the period 31 December 2021 to 31 December 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of a holding company.

DIVIDENDS
No dividends will be distributed for the period ended 31 December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 31 December 2021 to the date of this report.

L Omodei
Ms E Pettenuzzo

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

SIIS International Ltd (Registered number: 11842883)

Report of the Directors
for the Period 31 December 2021 to 31 December 2022


AUDITORS
The auditors, Darnells Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





L Omodei - Director


9 October 2023

Report of the Independent Auditors to the Members of
SIIS International Ltd


Opinion
We have audited the financial statements of SIIS International Ltd (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures in note 2 to the financial statements concerning the fact that the comparative figures in these financial statements were not audited, but were subject to an assurance review. Our audit work has not brought to light any material errors relating to the comparative figures

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
SIIS International Ltd


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
SIIS International Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

However, the primary responsibility for the prevention and detection of fraud rests with those charged with governance of the company and management.

There are no laws and regulations identified as being of significance in the context of the company.

The extent to which our procedures are capable of detecting material misstatements in respect of irregularities, including fraud, is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of management in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sean Murphy (Senior Statutory Auditor)
for and on behalf of Darnells Audit Limited
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU

9 October 2023

SIIS International Ltd (Registered number: 11842883)

Income Statement
for the Period 31 December 2021 to 31 December 2022

Period
31.12.21
to Year Ended
31.12.22 30.12.21
as restated
Notes £    £   

TURNOVER - -

Administrative expenses 437,328 12,825
(437,328 ) (12,825 )

Other operating income - 229,293
OPERATING (LOSS)/PROFIT 4 (437,328 ) 216,468

Income from shares in group undertakings 650,000 180,000
212,672 396,468

Interest payable and similar expenses 5 189,841 163,847
PROFIT BEFORE TAXATION 22,831 232,621

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL PERIOD 22,831 232,621

SIIS International Ltd (Registered number: 11842883)

Other Comprehensive Income
for the Period 31 December 2021 to 31 December 2022

Period
31.12.21
to Year Ended
31.12.22 30.12.21
as restated
Notes £    £   

PROFIT FOR THE PERIOD 22,831 232,621


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
PERIOD

22,831

232,621

SIIS International Ltd (Registered number: 11842883)

Balance Sheet
31 December 2022

31.12.22 30.12.21
as restated
Notes £    £    £    £   
FIXED ASSETS
Investments 8 5,030,358 5,030,358

CURRENT ASSETS
Debtors 9 3,127,351 1,266,351
Cash at bank 22,606 1,498,746
3,149,957 2,765,097
CREDITORS
Amounts falling due within one year 10 7,822,069 7,460,040
NET CURRENT LIABILITIES (4,672,112 ) (4,694,943 )
TOTAL ASSETS LESS CURRENT LIABILITIES 358,246 335,415

CAPITAL AND RESERVES
Called up share capital 11 100,000 100,000
Retained earnings 12 258,246 235,415
SHAREHOLDERS' FUNDS 358,246 335,415

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:





L Omodei - Director


SIIS International Ltd (Registered number: 11842883)

Statement of Changes in Equity
for the Period 31 December 2021 to 31 December 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 31 December 2020 - 2,794 2,794

Changes in equity
Issue of share capital 100,000 - 100,000
Total comprehensive income - 232,621 232,621
Balance at 30 December 2021 100,000 235,415 335,415

Changes in equity
Total comprehensive income - 22,831 22,831
Balance at 31 December 2022 100,000 258,246 358,246

SIIS International Ltd (Registered number: 11842883)

Notes to the Financial Statements
for the Period 31 December 2021 to 31 December 2022


1. STATUTORY INFORMATION

SIIS International Ltd is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 'Share based Payment': Share based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanations of modifications to arrangements;

- Section 33 'Related Party Disclosures': Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Societa' Di Investimenti Dell' Impresa Sociale, SPA. These consolidated financial statements are available from its registered office at Via Boccaccio Giovanni 96 35128 Padova, Italy.

Preparation of consolidated financial statements
The financial statements contain information about SIIS International Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Societa' Di Investimenti Dell' Impresa Sociale, SPA, Via Boccaccio Giovanni 96 35128 Padova, Italy.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

SIIS International Ltd (Registered number: 11842883)

Notes to the Financial Statements - continued
for the Period 31 December 2021 to 31 December 2022


2. ACCOUNTING POLICIES - continued

Financial instruments
The company holds the following financial instruments:

- Investments in subsidiaries;
- Intra group loans;
- Short term trade and other debtors and creditors;
- Short term intra group debtors and creditors; and
- Cash and bank balances.

All financial instruments are classified as basic.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors, short term intra group debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors and short term intra group creditors.

Except for investments in subsidiaries, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Investments in subsidiaries are measured at cost less impairment.

Taxation
Taxation for the period 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 period 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.

SIIS International Ltd (Registered number: 11842883)

Notes to the Financial Statements - continued
for the Period 31 December 2021 to 31 December 2022


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the period ended 31 December 2022 nor for the year ended 30 December 2021.

The average number of employees during the period was as follows:
Period
31.12.21
to Year Ended
31.12.22 30.12.21
as restated

Directors 2 2

Period
31.12.21
to Year Ended
31.12.22 30.12.21
as restated
£    £   
Directors' remuneration - -

4. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging/(crediting):

Period
31.12.21
to Year Ended
31.12.22 30.12.21
as restated
£    £   
Auditors' remuneration 1,800 -
Foreign exchange differences 422,549 (229,293 )
Directors' remuneration paid in subsidiary company 93,910 63,318

SIIS International Ltd (Registered number: 11842883)

Notes to the Financial Statements - continued
for the Period 31 December 2021 to 31 December 2022


5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
31.12.21
to Year Ended
31.12.22 30.12.21
as restated
£    £   
Loan interest 189,841 163,847

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 31 December 2022 nor for the year ended 30 December 2021.

7. PRIOR YEAR ADJUSTMENT

The company considers that intra group loans are repayable on demand and consequently these are now shown as falling due within one year. The prior period accounts have also been re-stated in this respect.

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 31 December 2021
and 31 December 2022 5,030,358
NET BOOK VALUE
At 31 December 2022 5,030,358
At 30 December 2021 5,030,358

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Golfhill Limited
Registered office: 38 Craven Street, London,WC2N 5NG
Nature of business: Residential care home
%
Class of shares: holding
Ordinary 100.00

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 30.12.21
as restated
£    £   
Amounts owed by group undertakings 3,127,351 1,266,351

Amounts due from group undertakings consists of an intra- group loan due from Golfhill Limited, the loan is unsecured and interest free. It was repaid in full on 8 February 2023.

SIIS International Ltd (Registered number: 11842883)

Notes to the Financial Statements - continued
for the Period 31 December 2021 to 31 December 2022


10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 30.12.21
as restated
£    £   
Trade creditors - 3,960
Amounts owed to group undertakings 7,811,870 7,452,480
Accrued expenses 10,199 3,600
7,822,069 7,460,040

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 30.12.21
value: as restated
£    £   
100,000 Ordinary £1 100,000 100,000

12. RESERVES
Retained
earnings
£   

At 31 December 2021 235,415
Profit for the period 22,831
At 31 December 2022 258,246

13. PARENT COMPANY RELATIONSHIPS

The company's immediate parent company is Society' Di Investimenti Dell' Impresa Sociale, SPA, a company registered in Italy. The company's ultimate parent company is Codess Sociale Societa` Cooperativa Sociale a company registered in Italy.