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 2021

for

Sotim Limited
Sotim Limited (Registered number: 04036908)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Sotim Limited

Company Information
for the Year Ended 31 December 2021







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 2021

2021 2020
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 4 344,087 418,422
Investment property 5 4,886,788 4,886,788
5,230,875 5,305,210

CURRENT ASSETS
Stocks 10,133,116 10,133,116
Debtors 6 577,553 585,474
Cash at bank and in hand 29,113 105,088
10,739,782 10,823,678
CREDITORS
Amounts falling due within one year 7 11,094,942 11,197,868
NET CURRENT LIABILITIES (355,160 ) (374,190 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,875,715
4,931,020

CREDITORS
Amounts falling due after more than one
year
8
117,586
36,920
NET ASSETS 4,758,129 4,894,100

CAPITAL AND RESERVES
Called up share capital 118,559 118,559
Fair value reserve 4,592,837 2,028,795
Retained earnings 46,733 2,746,746
4,758,129 4,894,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 notes form part of these financial statements

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Sotim Limited (Registered number: 04036908)

Balance Sheet - continued
31 December 2021


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 September 2022 and were signed by:





Mrs S Santarelli - Director


The notes form part of these financial statements

Page 3
Sotim Limited (Registered number: 04036908)

Notes to the Financial Statements
for the Year Ended 31 December 2021

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.

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 (2020 - NIL).

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

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
€   
COST
At 1 January 2021 1,535,821
Additions 25,281
At 31 December 2021 1,561,102
DEPRECIATION
At 1 January 2021 1,117,399
Charge for year 99,616
At 31 December 2021 1,217,015
NET BOOK VALUE
At 31 December 2021 344,087
At 31 December 2020 418,422

5. INVESTMENT PROPERTY
Total
€   
FAIR VALUE
At 1 January 2021
and 31 December 2021 4,886,788
NET BOOK VALUE
At 31 December 2021 4,886,788
At 31 December 2020 4,886,788

Fair value at 31 December 2021 is represented by:
€   
Valuation in 2021 4,886,788

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
€    €   
Trade debtors 51,727 17,738
Other debtors 510,245 532,992
Prepayments and accrued income 15,581 34,744
577,553 585,474

Page 5 continued...
Sotim Limited (Registered number: 04036908)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
€    €   
Trade creditors 44,028 40,952
Other creditors 726 82,843
Amounts owed to shareholders 11,016,983 11,032,031
Accruals and deferred income 952 8,850
Accrued expenses 32,253 33,192
11,094,942 11,197,868

Included in other creditors is a shareholders loan of € 11,016,983 (2020: € 11,032,031) which is short term and interest free.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
€    €   
Other creditors 117,586 36,920

9. CAPITAL COMMITMENTS
2021 2020
€    €   
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 7 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 6