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REGISTERED NUMBER: 08798900 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

PALAZZO SCARSINI LIMITED

PALAZZO SCARSINI LIMITED (REGISTERED NUMBER: 08798900)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 April 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PALAZZO SCARSINI LIMITED

COMPANY INFORMATION
for the year ended 30 April 2023







DIRECTORS: D L Cavanagh-Hobbs
M P Hobbs
G Lauretta





REGISTERED OFFICE: Unit 2
Charnwood Edge Business Park
Syston Road
Cossington
Leicestershire
LE7 4UZ





REGISTERED NUMBER: 08798900 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

PALAZZO SCARSINI LIMITED (REGISTERED NUMBER: 08798900)

BALANCE SHEET
30 April 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 754,599 709,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

754,599

709,830

RESERVES
Other reserves 5 541,398 496,629
Income and expenditure account 5 213,201 213,201
754,599 709,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 surplus or deficit 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2023 and were signed on its behalf by:





M P Hobbs - Director


PALAZZO SCARSINI LIMITED (REGISTERED NUMBER: 08798900)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 April 2023


1. STATUTORY INFORMATION

Palazzo Scarsini Limited is a limited company, registered in England and Wales. Its registered office address is Unit 2, Charnwood Edge Business Park, Syston Road, Cossington, Leicester, LE7 4UZ and the registered number is 08798900.

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.

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

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

PALAZZO SCARSINI LIMITED (REGISTERED NUMBER: 08798900)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 April 2023


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 709,830
Additions 44,769
At 30 April 2023 754,599
NET BOOK VALUE
At 30 April 2023 754,599
At 30 April 2022 709,830

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2022 213,201
Cost 541,398
754,599

5. RESERVES

The Income and expenditure reserve includes an amount of £213,201 (2022: £213,201) which is non distributable.