Company registration number 03089062 (England and Wales)
SODITIC LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
SODITIC LIMITED
COMPANY INFORMATION
Directors
E. Dwek
J. H. S. Denham
Secretary
S. Townsley
Company number
03089062
Registered office
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Auditor
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Business address
5-10 Bolton Street
London
W1J 8BA
SODITIC LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 16
SODITIC LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of Business

The results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued satisfactory business conditions in the foreseeable future.

 

The business environment is expected to remain competitive in 2025. The investment research activities are projected to provide the major source of income in 2025. The company remains confident with regard to the medium-term outlook.

 

In the opinion of the directors, given the nature of the company's operations, it would be seriously prejudicial to the company to disclose further details regarding the review of the company's operations and a description of the principal risks and uncertainties that the company faces. The allowed exemption from disclosure available under these conditions has therefore been applied.

Directors' statement of compliance with duty to promote the success of the Company

In line with their responsibilities under Section 172(1) of the Companies Act, the directors are committed to acting in a way that they consider is most likely to promote the success of the company.

On behalf of the board

J. H. S. Denham
Director
25 April 2025
SODITIC LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company in the year under review was that of investment research services.

 

Financial Instruments

During the year under review, the company's financial instruments comprised bank balances and various other financial instruments which have arisen directly from its operations.

Results and dividends

The profit for the year amounted to £296,308 (2023: £290,262).

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

E. Dwek
J. H. S. Denham
Auditor

The auditor, Lindeyer Francis Ferguson Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

SODITIC LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Financial Conduct Authority

The company is authorised and regulated by the FCA and has permission to advise on investments (except on pension transfers and pension opt outs), to arrange (bring about) deals in investments, and to make arrangements with a view to transactions in investments.

On behalf of the board
J. H. S. Denham
Director
25 April 2025
SODITIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SODITIC LIMITED
- 4 -
Opinion

We have audited the financial statements of Soditic Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

SODITIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SODITIC LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the company, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act and FRS102.

 

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the company’s operations and to avoid material penalties, including FCA regulations, the General Data Protection Regulation, health and safety, and employment law.

 

Having reviewed the laws and regulations applicable to the company, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

 

 

SODITIC LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SODITIC LIMITED (CONTINUED)
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We assessed the susceptibility of the company’s financial statements to material misstatement, including considering how fraud might occur. This was performed by:

 

 

We then designed audit procedures in response to the risks identified, including performing substantive testing on all material income streams, reviewing journal entries and accounting estimates etc.

 

The audit has been planned and performed in accordance with auditing standards, however, because of the inherent limitations of audit procedures there remains a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. There are inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, for example due to concealment, override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less audit procedures are able to identify it.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Healey FCA
Senior Statutory Auditor
For and on behalf of Lindeyer Francis Ferguson Limited
25 April 2025
Chartered Accountants
Statutory Auditor
North House
198 High Street
Tonbridge
Kent
TN9 1BE
SODITIC LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
2,820,000
2,928,000
Administrative expenses
(2,689,440)
(2,808,830)
Other operating income
58,820
77,463
Operating profit
4
189,380
196,633
Interest receivable and similar income
7
142,570
122,423
Profit before taxation
331,950
319,056
Tax on profit
8
(35,642)
(28,794)
Profit for the financial year
296,308
290,262

The income statement has been prepared on the basis that all operations are continuing operations.

SODITIC LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,152
1,794
Current assets
Debtors
10
85,760
105,781
Cash at bank and in hand
4,343,178
3,808,681
4,428,938
3,914,462
Creditors: amounts falling due within one year
11
(1,650,645)
(1,431,119)
Net current assets
2,778,293
2,483,343
Net assets
2,781,445
2,485,137
Capital and reserves
Called up share capital
12
3,000,000
3,000,000
Profit and loss reserves
(218,555)
(514,863)
Total equity
2,781,445
2,485,137
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
J. H. S. Denham
Director
Company registration number 03089062 (England and Wales)
SODITIC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
3,000,000
(805,125)
2,194,875
Year ended 31 December 2023:
Profit and total comprehensive income
-
290,262
290,262
Balance at 31 December 2023
3,000,000
(514,863)
2,485,137
Year ended 31 December 2024:
Profit and total comprehensive income
-
296,308
296,308
Balance at 31 December 2024
3,000,000
(218,555)
2,781,445
SODITIC LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
16
424,097
(27,102)
Income taxes paid
(28,794)
(4,044)
Net cash inflow/(outflow) from operating activities
395,303
(31,146)
Investing activities
Purchase of tangible fixed assets
(3,376)
(1,032)
Interest received
142,570
122,423
Net cash generated from investing activities
139,194
121,391
Net increase in cash and cash equivalents
534,497
90,245
Cash and cash equivalents at beginning of year
3,808,681
3,718,436
Cash and cash equivalents at end of year
4,343,178
3,808,681
SODITIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Soditic Limited is a private company limited by shares incorporated in England and Wales. The registered office is North House, 198 High Street, Tonbridge, Kent, TN9 1BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Research fees receivable which represent regular income for services, are recognised on an accrual basis.

 

Rental income is recognised on an accrual basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and fittings
3-5 Years
Computers
3 Years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Financial instruments

The company only has financial instruments which are classified as basic financial instruments.

 

Short-term receivables and payables are measured at the settlement value. Any losses from impairment are recognised in the income statement.

1.6
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

SODITIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Retirement benefits

The company operates a money purchase pension scheme to which it has no commitment beyond the payment of regular contributions which are changed to the profit and loss account as incurred.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Research and advisory fees
2,820,000
2,928,000
2024
2023
£
£
Other revenue
Interest income
142,570
122,423
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(916)
8,504
Fees payable to the company's auditor for the audit of the company's financial statements
13,870
13,240
Fees payable to the company's auditor in respect of non-audit services
4,880
4,660
Depreciation of owned tangible fixed assets
2,018
7,374
Operating lease charges
117,024
154,955
SODITIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Office
9
10

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,038,301
1,988,925
Social security costs
272,999
270,877
Pension costs
36,525
38,896
2,347,825
2,298,698
6
Directors' remuneration

The aggregate directors' emoluments were £1,481,275 (2023: £1,383,946). In addition, payments of £12,306 (2023: £14,619) have been made to 2 directors (2023: 3 directors) in respect of a money purchase pension scheme. No pension contributions were paid on behalf of any other director.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
142,570
122,423
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
35,642
28,794
SODITIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Taxation
(Continued)
- 14 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
331,950
319,056
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
82,988
75,044
Tax effect of expenses that are not deductible in determining taxable profit
996
1,780
Tax effect of utilisation of tax losses not previously recognised
(48,342)
(48,030)
Taxation charge for the year
35,642
28,794

The company has estimated tax losses of £426,489 (2023: £619,658) available to carry forward against future trading profits.

 

In the prior period, the main rate of UK corporation tax increased from 19% to 25%. As the company's prior financial year straddled this date, a blended corporation tax rate of 23.52% was applied by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.

 

In the current period, the main rate of UK corporation tax remained at 25%.

9
Tangible fixed assets
Furniture and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024
109,469
54,464
163,933
Additions
-
0
3,376
3,376
Disposals
-
0
(23,918)
(23,918)
At 31 December 2024
109,469
33,922
143,391
Depreciation and impairment
At 1 January 2024
109,469
52,670
162,139
Depreciation charged in the year
-
0
2,018
2,018
Eliminated in respect of disposals
-
0
(23,918)
(23,918)
At 31 December 2024
109,469
30,770
140,239
Carrying amount
At 31 December 2024
-
0
3,152
3,152
At 31 December 2023
-
0
1,794
1,794
SODITIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,416
38,930
Prepayments and accrued income
55,844
66,851
57,260
105,781
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
28,500
-
0
Total debtors
85,760
105,781
11
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
35,642
28,794
Other taxation and social security
230,274
1,338,125
Other creditors
-
0
33,600
Accruals and deferred income
1,384,729
30,600
1,650,645
1,431,119
12
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
3,000,000 Ordinary shares of £1 each
3,000,000
3,000,000
3,000,000
3,000,000
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
111,150
59,400
Between two and five years
28,500
-
0
139,650
59,400
SODITIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Operating lease commitments
(Continued)
- 16 -

Amounts recoverable from related companies for leases expiring within one year is £55,575 (2023: £29,700).

 

Amounts recoverable from related companies for leases expiring between two and five years is £14,250 (2023: £Nil).

 

14
Ultimate controlling party

The company's immediate parent undertaking is SFH Jersey Limited, a company incorporated in Jersey (registered office: 27 Hill Street, St Helier, Jersey JE2 4UA). The SFH Jersey Limited group is the largest and smallest group within which the results of Soditic Limited are consolidated.

 

The company's ultimate parent undertaking is JEJ Limited, a company incorporated in the British Virgin Islands. The ultimate controlling party of both JEJ Limited and therefore Soditic Limited is the JEJ Foundation.

15
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
1,595,409
1,497,251

 

16
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit after taxation
296,308
290,262
Adjustments for:
Taxation charged
35,642
28,794
Investment income
(142,570)
(122,423)
Depreciation and impairment of tangible fixed assets
2,018
7,374
Movements in working capital:
Decrease in debtors
20,021
43,392
Increase/(decrease) in creditors
212,678
(274,501)
Cash generated from/(absorbed by) operations
424,097
(27,102)
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