Sotim Limited - Accounts to registrar (filleted) - small 18.2

Sotim Limited - Accounts to registrar (filleted) - small 18.2

SOTIM LIMITED - Company Information

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REGISTERED NUMBER: 04036908 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2019

for

Sotim Limited
Sotim Limited (Registered number: 04036908)






Contents of the Financial Statements
for the Year Ended 31 December 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sotim Limited

Company Information
for the Year Ended 31 December 2019







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
Page 1
Sotim Limited (Registered number: 04036908)

Balance Sheet
31 December 2019

31.12.19 31.12.18
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 4 509,727 637,224
Investment property 5 2,243,445 12,354,037
2,753,172 12,991,261

CURRENT ASSETS
Stocks 10,133,116 -
Debtors 6 523,844 526,122
Cash at bank and in hand 53,703 13,954
10,710,663 540,076
CREDITORS
Amounts falling due within one year 7 11,117,261 11,139,205
NET CURRENT LIABILITIES (406,598 ) (10,599,129 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,346,574
2,392,132

CAPITAL AND RESERVES
Called up share capital 118,559 118,559
Revaluation reserve 8 2,028,795 2,028,795
Retained earnings 199,220 244,778
2,346,574 2,392,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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.

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 12 October 2020 and were signed by:



Mrs S Santarelli - Director


The notes form part of these financial statements

Page 2
Sotim Limited (Registered number: 04036908)

Notes to the Financial Statements
for the Year Ended 31 December 2019

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.

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.

Plant & machinery : 12%-15% on cost on a straight line basis.

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

Property held for sale ceased to meet the definition of investment property and has been transferred to inventory.
The deemed cost for subsequent accounting as inventory in accordance with Section 13 was its fair value at the
date of change in use.

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 (2018 - NIL).

Page 3 continued...
Sotim Limited (Registered number: 04036908)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
€   
COST
At 1 January 2019 1,541,089
Impairments (19,543 )
At 31 December 2019 1,521,546
DEPRECIATION
At 1 January 2019 903,865
Charge for year 107,954
At 31 December 2019 1,011,819
NET BOOK VALUE
At 31 December 2019 509,727
At 31 December 2018 637,224

5. INVESTMENT PROPERTY
Total
€   
FAIR VALUE
At 1 January 2019 12,354,037
Reclassification/transfer (10,110,592 )
At 31 December 2019 2,243,445
NET BOOK VALUE
At 31 December 2019 2,243,445
At 31 December 2018 12,354,037

Property held for sale ceased to meet the definition of investment property and has been transferred to inventory.
The deemed cost for subsequent accounting as inventory in accordance with Section 13 was its fair value at the
date of change in use.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
€    €   
Trade debtors 3,152 656
Other debtors 516,751 520,639
Prepayments and accrued income 3,941 4,827
523,844 526,122

Page 4 continued...
Sotim Limited (Registered number: 04036908)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2019

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.19 31.12.18
€    €   
Trade creditors 29,127 51,707
VAT 14 10,136
Other creditors 22,118 17,015
Amounts owed to shareholders 11,032,031 11,019,802
Accruals and deferred income 950 -
Accrued expenses 33,021 40,545
11,117,261 11,139,205

Included in other creditors is a shareholders loan of €11,032,031 (2018: € 11,019,802) which is short term and
interest free.

8. RESERVES
Revaluation
reserve
€   
At 1 January 2019
and 31 December 2019 2,028,795

9. CAPITAL COMMITMENTS
31.12.19 31.12.18
€    €   
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

Loans from the shareholders are disclosed in note 8 to the financial statements.

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.

Page 5