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REGISTERED NUMBER: 04036908 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

SOTIM LIMITED

SOTIM LIMITED (REGISTERED NUMBER: 04036908)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOTIM LIMITED

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mrs S Santarelli





REGISTERED OFFICE: 38 Craven Street
London
WC2N 5NG





REGISTERED NUMBER: 04036908 (England and Wales)





ACCOUNTANTS: B&P Tax Legal Finance LLP
38 Craven Street
London
WC2N 5NG

SOTIM LIMITED (REGISTERED NUMBER: 04036908)

Balance Sheet
31 DECEMBER 2023

2023 2022
Notes €    €   
FIXED ASSETS
Tangible assets 4 - 287,434
Investment property 5 4,886,788 4,886,788
4,886,788 5,174,222

CURRENT ASSETS
Stocks 10,315,354 10,133,116
Debtors 6 49,744 604,857
Cash at bank and in hand 130,847 8,897
10,495,945 10,746,870
CREDITORS
Amounts falling due within one year 7 (10,263,310 ) (11,299,991 )
NET CURRENT ASSETS/(LIABILITIES) 232,635 (553,121 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,119,423

4,621,101

CREDITORS
Amounts falling due after more than one
year

8

(143,421

)

(90,359

)
NET ASSETS 4,976,002 4,530,742

CAPITAL AND RESERVES
Called up share capital 118,559 118,559
Fair value reserve 4,592,837 4,592,837
Retained earnings 264,606 (180,654 )
4,976,002 4,530,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

SOTIM LIMITED (REGISTERED NUMBER: 04036908)

Balance Sheet - continued
31 DECEMBER 2023


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 director and authorised for issue on 4 October 2024 and were signed by:





Mrs S Santarelli - Director


SOTIM LIMITED (REGISTERED NUMBER: 04036908)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Sotim 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings : 5% -15% on cost on a straight line basis.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3. EMPLOYEES AND DIRECTORS

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

SOTIM LIMITED (REGISTERED NUMBER: 04036908)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
€   
COST
At 1 January 2023 1,608,256
Additions 26,703
At 31 December 2023 1,634,959
DEPRECIATION
At 1 January 2023 1,320,822
Charge for year 314,137
At 31 December 2023 1,634,959
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 287,434

5. INVESTMENT PROPERTY
Total
€   
FAIR VALUE
At 1 January 2023
and 31 December 2023 4,886,788
NET BOOK VALUE
At 31 December 2023 4,886,788
At 31 December 2022 4,886,788

Fair value at 31 December 2023 is represented by:
€   
Valuation in 2023 4,886,788

The director has reviewed the market conditions at year end date and confirmed that the fair value of the investment property as at 31/12/2023 has not materially changed in respect of the previous year market value.

6. DEBTORS
2023 2022
€    €   
Amounts falling due within one year:
Trade debtors 6,709 64,812
Other debtors 4,158 500,070
VAT 38,158 -
Prepayments and accrued income 598 39,854
49,623 604,736

SOTIM LIMITED (REGISTERED NUMBER: 04036908)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS - continued
2023 2022
€    €   
Amounts falling due after more than one year:
Other debtors 121 121

Aggregate amounts 49,744 604,857

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
€    €   
Trade creditors 42,531 74,566
Tax 41,148 -
Other creditors 268,768 1,258
Amounts owed to shareholders 9,879,371 11,187,329
Directors' loan accounts 110 -
Accruals and deferred income 31,382 36,838
10,263,310 11,299,991

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
€    €   
Other creditors 143,421 90,359

9. CAPITAL COMMITMENTS
2023 2022
€    €   
Contracted but not provided for in the
financial statements 1,250,000 1,250,000

The above balance represents a capital commitment incurred by the company for the purchase of a property in Via Arno no.21 & no.33, Rome , Italy.

10. RELATED PARTY DISCLOSURES

At year end the Company owed € 9,879,371 (2022: € 11,187,329) to its shareholder. The loan is payable on demand and interest free.

11. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Private Trustees SA, an entity incorporated in Luxembourg.
Private Trustees SA controls the company in its capacity as trustee of Trust Famiglia Santarelli.