REGISTERED NUMBER: 01683871 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

CSII (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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.

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.

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

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

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