IRIS Accounts Production v25.2.0.378 01683871 Board of Directors 1.1.24 31.12.24 31.12.24 30.4.25 false true false false true false Auditors Opinion Fair value model iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 01683871 2023-12-31 01683871 2024-12-31 01683871 2024-01-01 2024-12-31 01683871 2022-12-31 01683871 2023-01-01 2023-12-31 01683871 2023-12-31 01683871 ns15:EnglandWales 2024-01-01 2024-12-31 01683871 ns14:PoundSterling 2024-01-01 2024-12-31 01683871 ns10:Director1 2024-01-01 2024-12-31 01683871 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01683871 ns10:SmallEntities 2024-01-01 2024-12-31 01683871 ns10:Audited 2024-01-01 2024-12-31 01683871 ns10:SmallCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 01683871 ns10:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01683871 ns10:FullAccounts 2024-01-01 2024-12-31 01683871 ns10:Director2 2024-01-01 2024-12-31 01683871 ns10:CompanySecretary1 2024-01-01 2024-12-31 01683871 ns10:RegisteredOffice 2024-01-01 2024-12-31 01683871 ns5:CurrentFinancialInstruments 2024-12-31 01683871 ns5:CurrentFinancialInstruments 2023-12-31 01683871 ns5:ShareCapital 2024-12-31 01683871 ns5:ShareCapital 2023-12-31 01683871 ns5:FurtherSpecificReserve3ComponentTotalEquity 2024-12-31 01683871 ns5:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31 01683871 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 01683871 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 01683871 ns5:PlantMachinery 2024-01-01 2024-12-31 01683871 ns5:FurnitureFittings 2024-01-01 2024-12-31 01683871 ns5:PlantMachinery 2023-12-31 01683871 ns5:FurnitureFittings 2023-12-31 01683871 ns5:PlantMachinery 2024-12-31 01683871 ns5:FurnitureFittings 2024-12-31 01683871 ns5:PlantMachinery 2023-12-31 01683871 ns5:FurnitureFittings 2023-12-31 01683871 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 01683871 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 01683871 ns5:CurrentFinancialInstruments 2024-01-01 2024-12-31 01683871 ns5:FurtherSpecificReserve3ComponentTotalEquity 2023-12-31

REGISTERED NUMBER: 01683871 (England and Wales)

| AUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| CSII (UK) LIMITED |

| CSII (UK) LIMITED (REGISTERED NUMBER: 01683871) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| CSII (UK) LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| 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 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 100,719 |  | 118,146 |  |

Investment property | 5 | 24,100,000 |  | 24,100,000 |  |

24,200,719 |  | 24,218,146 |  |

CURRENT ASSETS

Debtors | 6 | 27,648 |  | 36,139 |  |

Cash at bank | 1,210,210 |  | 785,765 |  |

1,237,858 |  | 821,904 |  |

CREDITORS

Amounts falling due within one year | 7 | 7,719,325 |  | 6,215,928 |  |

NET CURRENT LIABILITIES | (6,481,467 | ) | (5,394,024 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,719,252 |  | 18,824,122 |  |

PROVISIONS FOR LIABILITIES | 1,936,529 |  | 2,083,348 |  |

NET ASSETS | 15,782,723 |  | 16,740,774 |  |

CAPITAL AND RESERVES

Called up share capital | 10,000 |  | 10,000 |  |

Fair value reserve | 8 | 15,768,729 |  | 16,303,271 |  |

Retained earnings | 3,994 |  | 427,503 |  |

SHAREHOLDERS' FUNDS | 15,782,723 |  | 16,740,774 |  |

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 30 April 2025 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 2024

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.

| The financial statements are prepared in UK Sterling, which is the functional currency of the company.

| Significant judgements and estimates

| In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| Turnover

| Turnover represents rents and service charges receivable.

| 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 | - | 20% on reducing balance

| Fixtures and fittings | - | 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.

| CSII (UK) LIMITED (REGISTERED NUMBER: 01683871) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

| Basic financial assets

| Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

| 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 £432,660 (£734,010 - 2023) arose during the year. The amount carried forward is £3,501,723. The tax losses have been utilised in calculating the deferred tax arising on potential sale of the investment property.

| CSII (UK) LIMITED (REGISTERED NUMBER: 01683871) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2 (2023 - 2 ) .

4. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |

| machinery |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 20,698 |  | 247,265 |  | 267,963 |  |

| Additions | 6,492 |  | 1,260 |  | 7,752 |  |

| At 31 December 2024 | 27,190 |  | 248,525 |  | 275,715 |  |

| DEPRECIATION

| At 1 January 2024 | 12,220 |  | 137,597 |  | 149,817 |  |

| Charge for year | 2,994 |  | 22,185 |  | 25,179 |  |

| At 31 December 2024 | 15,214 |  | 159,782 |  | 174,996 |  |

| NET BOOK VALUE

| At 31 December 2024 | 11,976 |  | 88,743 |  | 100,719 |  |

| At 31 December 2023 | 8,478 |  | 109,668 |  | 118,146 |  |

| CSII (UK) LIMITED (REGISTERED NUMBER: 01683871) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2024 | 24,100,000 |  |

| Additions | 683,992 |  |

| Revaluations | (683,992 | ) |

| At 31 December 2024 | 24,100,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 24,100,000 |  |

| At 31 December 2023 | 24,100,000 |  |

| Fair value at 31 December 2024 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 | ) |

| Valuation in 2024 | (683,992 | ) |

| Cost | 6,418,531 |  |

24,100,000 |  |

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

2024 | 2023 |

£ | £ |

| Cost | 6,418,531 |  | 5,734,539 |  |

| The investment property was valued on an open market basis basis on 31 December 2024 by Hanover Green Retail LLP .

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Other debtors | 27,648 |  | 36,139 |  |

| CSII (UK) LIMITED (REGISTERED NUMBER: 01683871) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 10,780 |  | - |  |

| Amounts owed to ultimate parent company | 7,691,228 |  | 6,206,173 |  |

| Taxation and social security | 6,680 |  | 7,080 |  |

| Other creditors | 10,637 |  | 2,675 |  |

7,719,325 |  | 6,215,928 |  |

| 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 9,150,000 (2023 - 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 2024 | 16,303,271 |  |

| Investment property revaluation | (683,992 | ) |

| Deferred tax movement on

| revaluation of investment

| property | 149,450 |  |

| At 31 December 2024 | 15,768,729 |  |

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.