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REGISTERED NUMBER: 02597572 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIMISA 180 LTD

SIMISA 180 LTD (REGISTERED NUMBER: 02597572)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIMISA 180 LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ron Solomon Douek
Leonardo Emiliano Guerra Seragnoli





SECRETARY: Edward Owen Caton





REGISTERED OFFICE: Essex House
8 The Shrubberies
George Lane
South Woodford
London
E18 1BD





REGISTERED NUMBER: 02597572 (England and Wales)





AUDITOR: Buckley Watson Limited
Chartered Accountants and
Registered Auditor
57A The Broadway
Leigh-on-Sea
Essex
SS9 1PE

SIMISA 180 LTD (REGISTERED NUMBER: 02597572)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,408 46,760
Investment property 5 71,000,000 74,000,000
71,037,408 74,046,760

CURRENT ASSETS
Cash at bank 3,304,051 4,637,106

CREDITORS
Amounts falling due within one year 6 328,281 259,492
NET CURRENT ASSETS 2,975,770 4,377,614
TOTAL ASSETS LESS CURRENT
LIABILITIES

74,013,178

78,424,374

PROVISIONS FOR LIABILITIES 14,284,835 12,107,574
NET ASSETS 59,728,343 66,316,800

CAPITAL AND RESERVES
Called up share capital 2,000,000 2,000,000
Fair value reserve 7 51,798,300 56,973,361
Retained earnings 5,930,043 7,343,439
SHAREHOLDERS' FUNDS 59,728,343 66,316,800

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 Board of Directors and authorised for issue on 31 May 2024 and were signed on its behalf by:




Ron Solomon Douek - Director



Leonardo Emiliano Guerra Seragnoli - Director


SIMISA 180 LTD (REGISTERED NUMBER: 02597572)

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

1. STATUTORY INFORMATION

Simisa 180 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" 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.

Turnover
Turnover represents rent receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance

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.

Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss.

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 balance sheet date.


SIMISA 180 LTD (REGISTERED NUMBER: 02597572)

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

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 95,300
DEPRECIATION
At 1 January 2023 48,540
Charge for year 9,352
At 31 December 2023 57,892
NET BOOK VALUE
At 31 December 2023 37,408
At 31 December 2022 46,760

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 74,000,000
Revaluations (3,000,000 )
At 31 December 2023 71,000,000
NET BOOK VALUE
At 31 December 2023 71,000,000
At 31 December 2022 74,000,000

SIMISA 180 LTD (REGISTERED NUMBER: 02597572)

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

5. INVESTMENT PROPERTY - continued

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2008 11,080,935
Valuation in 2011 12,900,000
Valuation in 2015 21,950,000
Valuation in 2016 17,500,000
Valuation in 2017 1,150,000
Valuation in 2018 1,500,000
Valuation in 2019 5,500,000
Valuation in 2020 (2,500,000 )
Valuation in 2023 (3,000,000 )
Cost 4,919,065
71,000,000

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

2023 2022
£    £   
Cost 4,919,065 4,919,065

The investment property was valued on an open market basis on 31 December 2023 by Hanover Green Retail .

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 161,574 93,003
Other creditors 166,707 166,489
328,281 259,492

7. RESERVES
Fair
value
reserve
£   
At 1 January 2023 56,973,361
Investment property revaluation (5,175,061 )

At 31 December 2023 51,798,300

SIMISA 180 LTD (REGISTERED NUMBER: 02597572)

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

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Spencer Watson FCA (Senior Statutory Auditor)
for and on behalf of Buckley Watson Limited

9. RELATED PARTY DISCLOSURES

The company is jointly controlled by Fersen S.A and SISS Srl throughout the year.