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REGISTERED NUMBER: 12277256 (England and Wales)



















L'IMPERO SOL LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023






L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,314 120
Investment property 5 970,000 890,000
972,314 890,120

CURRENT ASSETS
Debtors 6 16,187 -
Cash at bank 5,655 1,522
21,842 1,522
CREDITORS
Amounts falling due within one year 7 247,437 267,156
NET CURRENT LIABILITIES (225,595 ) (265,634 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

746,719

624,486

CREDITORS
Amounts falling due after more than one year 8 (579,958 ) (524,277 )

PROVISIONS FOR LIABILITIES (67,537 ) (52,337 )
NET ASSETS 99,224 47,872

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 287,920 223,120
Retained earnings (188,697 ) (175,249 )
SHAREHOLDERS' FUNDS 99,224 47,872

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

BALANCE SHEET - continued
31 MARCH 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 February 2024 and were signed by:





Mr J Solitro - Director


L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

L'Impero Sol Ltd 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: 12277256

Registered office: 71 Knowl Piece
Wilbury Way
Hitchin
SG4 0TY

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The director has a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

Related party exemption
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 group.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of rental income received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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.

L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments 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 the Profit and Loss Account.

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2022 - 230 230
Additions 2,637 - 2,637
At 31 March 2023 2,637 230 2,867
DEPRECIATION
At 1 April 2022 - 110 110
Charge for year 385 58 443
At 31 March 2023 385 168 553
NET BOOK VALUE
At 31 March 2023 2,252 62 2,314
At 31 March 2022 - 120 120

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 890,000
Revaluations 80,000
At 31 March 2023 970,000
NET BOOK VALUE
At 31 March 2023 970,000
At 31 March 2022 890,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 275,457
Valuation in 2023 80,000
Cost 614,543
970,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 614,543 614,543

Investment property was valued on an open market basis on 31 March 2023 by the director .

L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 16,187 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,000 5,000
Other creditors 242,437 262,156
247,437 267,156

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 579,958 524,277

Amounts falling due in more than five years:

Repayable by instalments
Mortgages 539,125 480,110
Bank loans 20,833 24,167
559,958 504,277

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgages 539,125 480,110

The mortgages are secured by fixed and floating charges over the company's assets.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2022 223,120
Investment property
revaluation 80,000
Deferred tax on revaluation (15,200 )

At 31 March 2023 287,920

L'IMPERO SOL LTD (REGISTERED NUMBER: 12277256)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the director was owed £221,311 (2022: £234,916).

Jon Sol Investments Limited
A company in which Mr J Solitro is a director.

Amount due from the related party at the balance sheet date: £11,187 (2022: £nil).

No interest is payable on the loan and there are no agreed repayment terms.

12. ULTIMATE CONTROLLING PARTY

From 12 October 2022, the ultimate parent company of L'Impero Sol Limited is Jon Sol Group Limited which was incorporated in England and Wales.

The registered office of the ultimate parent company is the same as that of Jon Sol Group Limited as shown on the Company Information page.

The parent company, Jon Sol Group Limited, has not prepared group accounts as it is exempted from the requirement to do so by Section 398 of the Companies Act 2006. The company meets the qualifying conditions for a small sized group as laid down in section 398 of the Act.