REGISTERED NUMBER: 07880354 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SIXTHCONTINENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

F Politi

REGISTERED OFFICE:

P O Box 4385

07880354 Companies House Default Address

Cardiff

CF14 8LH

REGISTERED NUMBER:

07880354 (England and Wales)

ACCOUNTANTS:

B&P Tax Legal Finance LLP

38 Craven Street

London

WC2N 5NG

FIXED ASSETS

Intangible assets

4

2,751,012

2,751,012

CURRENT ASSETS

Debtors

5

690

690

CREDITORS

Amounts falling due within one year

6

(6,114,850

)

(6,114,850

)

NET CURRENT LIABILITIES

(6,114,160

)

(6,114,160

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,363,148

)

(3,363,148

)

CAPITAL AND RESERVES

Called up share capital

7,426,684

7,426,684

Retained earnings

(10,789,832

)

(10,789,832

)

SHAREHOLDERS' FUNDS

(3,363,148

)

(3,363,148

)

The company is entitled to exemption from audit under Section 480 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 his 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.

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 30 September 2025 and were signed by:

F Politi - Director

1.	STATUTORY INFORMATION

SixthContinent 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Preparation of consolidated financial statements

The financial statements contain information about SixthContinent Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Sixthcontinent Inc, 80 STATE STREET, ALBANY,NEW YORK, 12207-2543 UNITED STATES..

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible assets are being amortised evenly over their estimated useful life of ten years.

A gain or loss on disposal of intangible assets is recognised in Profit & Loss when the item is derecognised.

The gain or loss is determined as the difference between the net disposal proceeds and the carrying amount of the item. Any gain arising on derecognition is not reclassified as revenue, but in other income as gain or loss.

Financial instruments

Financial liabilities

The company's financial liabilities comprise of basic financial liabilities, including other payables. These are initially recognised at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled, or expires.

Financial assets

The company's financial assets comprise basic financial instruments, being other receivables, amounts owed by group undertakings, cash and bank balances.

Other receivable and amounts owed by group undertakings are measured at transaction price less any impairment. Any impairment loss is recognised in the Profit and Loss.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expires or are settled, or when substantially all the risks and rewards of ownership have been transferred.

Going concern

The Shareholder has confirmed that it will continue to provide the financial resources necessary for the Company to meet its financial commitments as they fall due for at least twelve months from the date of approval of these financial statements.

Therefore the director considers it appropriate that the financial statements are prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

€

COST

At 1 January 2023

and 31 December 2023

5,100,719

AMORTISATION

At 1 January 2023

and 31 December 2023

2,349,707

NET BOOK VALUE

At 31 December 2023

2,751,012

At 31 December 2022

2,751,012

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

€

€

Other debtors

690

690

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

€

€

Trade creditors

1,059,709

1,059,709

Amounts owed to group undertakings

2,795,799

2,795,799

Other creditors

2,259,342

2,259,342

6,114,850

6,114,850

7.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed Mr Politi, the director of the company, €1,622,183 (2022: €1,622,183) as unpaid royalties and a further €642,124 (2022: €556,673) on his loan account.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Miss Gabriella Albertelli.

9.	CONTINGENCIES

The company is currently involved in a claim against major online retailers seeking €300:million in damages. This Litigation is based on the results of 3 years of investigation carried out by the Public Prosecutor's Office of Milan, with the cooperation of Consob and Guardia di Finanza, following complaints that SixthContinent issued after being the victim of the "Loop fraud". The Public Prosecutor's Office, Italy's highest authority, issued a final and non-appealable document, in which it

declared that SixthContinent had been the victim of fraud and that the fraud had been possible thanks to the behaviour of the major retailers named in the investigation.

No asset has been recognised as the claim is ongoing and in its early stages and no certainty as yet of its success.