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REGISTERED NUMBER: 01683871 (England and Wales)









AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CSII (UK) LIMITED

CSII (UK) LIMITED (REGISTERED NUMBER: 01683871)






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


CSII (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ron Solomon Douek
Paul Joseph Douek





SECRETARY: Edward Owen Caton





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





REGISTERED NUMBER: 01683871 (England and Wales)





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

CSII (UK) LIMITED (REGISTERED NUMBER: 01683871)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 118,146 147,682
Investment property 5 24,100,000 24,846,552
24,218,146 24,994,234

CURRENT ASSETS
Debtors 6 36,139 33,133
Cash at bank 785,765 248,224
821,904 281,357
CREDITORS
Amounts falling due within one year 7 6,215,928 4,983,643
NET CURRENT LIABILITIES (5,394,024 ) (4,702,286 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,824,122

20,291,948

PROVISIONS FOR LIABILITIES 2,083,348 1,972,746
NET ASSETS 16,740,774 18,319,202

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Fair value reserve 8 16,303,271 16,972,100
Retained earnings 427,503 1,337,102
SHAREHOLDERS' FUNDS 16,740,774 18,319,202

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


CSII (UK) LIMITED (REGISTERED NUMBER: 01683871)

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

1. STATUTORY INFORMATION

CSII (UK) Limited 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 rents and service charges receivable.

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 that have been enacted or substantively enacted by the balance sheet date.

Unrelieved tax losses of £734,010 (£545,677 - 2022) arose during the year. The amount carried forward is £3,069,063. The tax losses have been utilised in calculating the deferred tax arising on potential sale of the investment property.

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 2 (2022 - 2 ) .

CSII (UK) LIMITED (REGISTERED NUMBER: 01683871)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 20,698 247,265 267,963
DEPRECIATION
At 1 January 2023 10,101 110,180 120,281
Charge for year 2,119 27,417 29,536
At 31 December 2023 12,220 137,597 149,817
NET BOOK VALUE
At 31 December 2023 8,478 109,668 118,146
At 31 December 2022 10,597 137,085 147,682

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 24,846,552
Revaluations (746,552 )
At 31 December 2023 24,100,000
NET BOOK VALUE
At 31 December 2023 24,100,000
At 31 December 2022 24,846,552

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2008 1,959,239
Valuation in 2011 4,952,774
Valuation in 2016 2,200,000
Valuation in 2017 4,800,000
Valuation in 2022 5,200,000
Valuation in 2023 (746,552 )
Cost 5,734,539
24,100,000

CSII (UK) LIMITED (REGISTERED NUMBER: 01683871)

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

5. INVESTMENT PROPERTY - continued

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

2023 2022
£    £   
Cost 5,734,539 5,734,539

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 2,750
Other debtors 36,139 30,383
36,139 33,133

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to ultimate parent company 6,206,173 4,947,857
Taxation and social security 7,080 7,226
Other creditors 2,675 28,560
6,215,928 4,983,643

The parent company Compagnia Sviluppi Industriali Ed Immobiliari S.p.A.has agreed a loan facility which is secured on the properties of Euros 20,000,000. At present, Euros 7,000,000 has been drawn down on the loan. The loan is repayable on demand at an interest rate based on the 5-year EURO interest rate swap plus 1.50% per annum, as determined at each drawdown date and is payable in arrears. The current amount outstanding, net of exchange rate movements, includes the loan interest accrued to the balance sheet date.

8. RESERVES
Fair
value
reserve
£   
At 1 January 2023 16,972,100
Investment property revaluation (668,829 )

At 31 December 2023 16,303,271

CSII (UK) LIMITED (REGISTERED NUMBER: 01683871)

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

9. 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

10. RELATED PARTY DISCLOSURES

The company is controlled by its ultimate parent company Compagnia Suiluppi Industriali ed Immobiliari S.P.A.