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REGISTERED NUMBER: 12554193 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 MAY 2023 TO 29 APRIL 2024

FOR

ASSISI PROPERTIES LTD

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ASSISI PROPERTIES LTD

COMPANY INFORMATION
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024







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
29 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 - -
Investment property 6 9,850,000 9,925,346
9,850,000 9,925,346

CURRENT ASSETS
Cash at bank 13,541 8,647

CREDITORS
Amounts falling due within one year 7 (372,609 ) (360,794 )
NET CURRENT LIABILITIES (359,068 ) (352,147 )
TOTAL ASSETS LESS CURRENT LIABILITIES 9,490,932 9,573,199

CREDITORS
Amounts falling due after more than one
year

8

(1,366,593

)

(1,597,527

)

PROVISIONS FOR LIABILITIES 10 (243,664 ) (206,250 )
NET ASSETS 7,880,675 7,769,422

CAPITAL AND RESERVES
Called up share capital 11 6,951,026 7,021,026
Capital redemption reserve 70,000 -
Retained earnings 859,649 748,396
SHAREHOLDERS' FUNDS 7,880,675 7,769,422

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 April 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 April 2024 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
29 APRIL 2024


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 4 March 2025 and were signed on its behalf by:





I G Verrecchia - Director


ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

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.

Financial instruments
Basic financial assets and basic financial liabilities as defined under section 11 of FRS 102, including trade and other debtors, trade and other creditors, cash and bank balances and investments in commercial paper, 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.

Taxation
Taxation for the period 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.


ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

3. 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 period 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.

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 period was 2 (2023 - 1 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023
and 29 April 2024 32,292
DEPRECIATION
At 1 May 2023
and 29 April 2024 32,292
NET BOOK VALUE
At 29 April 2024 -

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023 9,925,346
Additions 11,370
Disposals (250,000 )
Revaluations 163,284
At 29 April 2024 9,850,000
NET BOOK VALUE
At 29 April 2024 9,850,000
At 30 April 2023 9,925,346

Fair value at 29 April 2024 is represented by:
£   
Valuation in 2022 306,716
Valuation in 2023 504,654
Valuation in 2024 163,284
Cost 8,875,346
9,850,000

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

2024 2023
£    £   
Cost 8,875,346 9,100,346

Investment property was valued on an open market basis on 30 April 2024 by the directors .

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 17,872
Taxation and social security 31,442 28,921
Other creditors 341,167 314,001
372,609 360,794

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 1,366,593 1,597,527

ASSISI PROPERTIES LTD (REGISTERED NUMBER: 12554193)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 29 APRIL 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Mortgage loans 1,421,180 1,692,396

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

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 243,664 206,250

Deferred
tax
£   
Balance at 1 May 2023 206,250
Provided during period 37,414
Balance at 29 April 2024 243,664

11. CALLED UP SHARE CAPITAL


12. RELATED PARTY DISCLOSURES

At the balance sheet date the amount of £280,090 (2023: £255,774) was due to the directors from the company and is disclosed within other creditors.

13. SHARE BUYBACK

On 5 April 2024, Assisi Properties Ltd repurchased and cancelled 70,000 Ordinary B shares of £1 each at par.

As a result of this transaction:

-The company’s share capital decreased by £70,000.
-The total share capital is now £6,951,026 following the buyback.
-The total number of Ordinary B shares in issue after the buyback is 6,950,926.
-The total number of Ordinary A shares in issue after the buyback is 100.

The buyback was executed following the required special resolution passed by the shareholders and statement of solvency provided by the directors, with all necessary filings made with Companies House.