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REGISTERED NUMBER: 12554193 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

ASSISI PROPERTIES LTD

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASSISI PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: I G Verrecchia
J A Verrecchia





REGISTERED OFFICE: 10 Jesus Lane
Cambridge
Cambridgeshire
CB58BA





REGISTERED NUMBER: 12554193 (England and Wales)





ACCOUNTANTS: Thompson Taraz Rand Ltd
Chartered Accountants
10 Jesus Lane
Cambridge
Cambridgeshire
CB5 8BA

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 295,346 80
Investment property 6 9,630,000 9,385,000
9,925,346 9,385,080

CURRENT ASSETS
Cash at bank 8,647 71,348

CREDITORS
Amounts falling due within one year 7 (360,794 ) (160,253 )
NET CURRENT LIABILITIES (352,147 ) (88,905 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,573,199 9,296,175

CREDITORS
Amounts falling due after more than one
year

8

(1,597,527

)

(2,168,378

)

PROVISIONS FOR LIABILITIES (206,250 ) -
NET ASSETS 7,769,422 7,127,797

CAPITAL AND RESERVES
Called up share capital 10 7,021,026 7,021,026
Retained earnings 748,396 106,771
SHAREHOLDERS' FUNDS 7,769,422 7,127,797

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 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.

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

BALANCE SHEET - continued
30 APRIL 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 Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by:





I G Verrecchia - Director


ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Assisi Properties 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is derived from the provision of accomodation and represents rental income received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost and 10% on cost

Investment property
Investment property is included at fair value. Fair value gains and losses are recognised in the profit and loss account. Deferred taxation is provided on these gains and losses at the rate expected to apply when the property is sold.

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.

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. ACCOUNTING POLICIES - continued

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.

Key judgements and estimates
Investment property is held at fair value. The director considers fair value of the property by comparing to similar properties in the same geographical area.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 32,292
Additions 295,346
At 30 April 2023 327,638
DEPRECIATION
At 1 May 2022 32,212
Charge for year 80
At 30 April 2023 32,292
NET BOOK VALUE
At 30 April 2023 295,346
At 30 April 2022 80

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2022 9,385,000
Additions 825,000
Disposals (580,000 )
At 30 April 2023 9,630,000
NET BOOK VALUE
At 30 April 2023 9,630,000
At 30 April 2022 9,385,000

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. INVESTMENT PROPERTY - continued

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2023 825,000
Cost 8,805,000
9,630,000

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

2023 2022
£    £   
Cost 8,805,000 9,385,000

Investment property was valued on an open market basis on 30 April 2023 by the directors .

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 17,872 -
Taxation and social security 28,921 35,315
Other creditors 314,001 124,938
360,794 160,253

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 1,597,527 2,168,378

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgage loans 1,692,396 2,222,965

Debt relating to mortgage loans are secured by way of a fixed charge over the freehold property.

10. CALLED UP SHARE CAPITAL


11. RELATED PARTY DISCLOSURES

At the balance sheet date the amount of £255,774 (2022: £58,827) was due to the directors from the company and is disclosed within other creditors.