Sotim Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04036908 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Sotim Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

FIXED ASSETS

Tangible assets

3

398,768

161,402

Investment property

4

12,250,952

12,044,529

12,649,720

12,205,931

CURRENT ASSETS

Debtors

5

686,167

876,411

Cash at bank and in hand

168,691

32,201

854,858

908,612

CREDITORS

Amounts falling due within one year

6

(11,099,770

)

(10,706,053

)

NET CURRENT LIABILITIES

(10,244,912

)

(9,797,441

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,404,808

2,408,490

CAPITAL AND RESERVES

Called up share capital

118,559

118,559

Revaluation reserve

7

2,028,795

2,028,795

Retained earnings

257,454

261,136

SHAREHOLDERS' FUNDS

2,404,808

2,408,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 October 2017 and were signed by:

Mrs S Santarelli - Director

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 the provisions of Section 1A "Small Entities" of 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.

Turnover

The turnover shown in the profit and loss account represents revenue recognised during the year from the letting

of its investment property. Turnover is exclusive of value added tax.

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.

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.

3.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

€

COST

At 1 January 2016

819,141

Additions

282,948

At 31 December 2016

1,102,089

DEPRECIATION

At 1 January 2016

657,739

Charge for year

45,582

At 31 December 2016

703,321

NET BOOK VALUE

At 31 December 2016

398,768

At 31 December 2015

161,402

4.	INVESTMENT PROPERTY

Total

€

FAIR VALUE

At 1 January 2016

12,044,529

Additions

206,423

At 31 December 2016

12,250,952

NET BOOK VALUE

At 31 December 2016

12,250,952

At 31 December 2015

12,044,529

Investment property reflects a portfolio of properties that were rented out during the year ended 31 December

2016.These properties are held for investment purposes.

The investment properties were valued on an open market basis by the director Mrs S Santarelli on 31 December

2016. In the opinion of the director, the balance sheet value at 31 December 2016 represents the open market

value of the properties.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

€

€

Trade debtors

5,862

30,754

Other debtors

526,863

577,306

Tax

5,799

1,281

VAT

-

11,256

Prepayments and accrued income

147,643

255,814

686,167

876,411

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

€

€

Bank loans and overdrafts

319

-

Trade creditors

73,872

29,132

Tax

4,677

16,975

Social security and other taxes

655

-

VAT

7,247

-

Other creditors

19,992

12,895

Amounts owed to shareholders

10,898,842

10,534,842

Accrued expenses

94,166

112,209

11,099,770

10,706,053

Amounts owed to shareholders reflect interest-free loans received from the shareholders.

7.

RESERVES

Revaluation

reserve

€

At 1 January 2016

and 31 December 2016

2,028,795

8.	CAPITAL COMMITMENTS

31.12.16

31.12.15

€

€

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.

9.	RELATED PARTY DISCLOSURES

During the year, the company received rental income from Santarelli Costruzioni SPA amounting to €nil (2015:

€111,000). Amounts due from Santarelli Costruzioni SPA at the end of the year was €142,456 (2015: €278,957).

During the year, the company received goods and services from Santarelli Costruzioni SPA amounting to €nil

(2015: €21,200).

Santarelli Costruzioni SPA is an entity under the ownership of the beneficiaries of Trust Famiglia Santarelli.

During the year, the company purchased investment properties amounting to €nil (2015:€17,950) from Pietro

Santarelli. Pietro Santarelli is a director of Santarelli Costruzioni SPA.

Loans from the shareholders are disclosed in note 7 to the financial statements.

10.	POST BALANCE SHEET EVENTS

Other debtors include an amount of €500,000 paid as an advance for the purchase of a property in Via Arno

no.21 & no.33, Rome, Italy. The purchase price of this property is €1,750,000.

11.	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.

12.	FIRST YEAR ADOPTION

The principal accounting policies adopted are set out below:

These are the first financial statements of Sotim Limited prepared in accordance with Financial Reporting

Standard 102, Section 1 (A) "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

(FRS 102). The financial statement of Sotim Limited for the year ended 31 December 2015 were prepared in

accordance with previous UK GAAP. The date of transition to FRS 102, Section 1(A) was 1 January 2015.

There is no difference on equity or comprehensive income as at 1 January 2015 and 31 December 2015 under

UK GAAP as previously reported and FRS 102, Section 1 (A). Some of the FRS102 recognition, measurement,

presentation and disclosure requirements and accounting policy choices differ from Financial Reporting Standard

for Smaller Entities (effective from January 2015). Consequently, the director has amended certain accounting

policies to comply with FRS 102. The director has also taken advantage of certain exemptions from the

requirements of FRS 102 permitted by FRS 102 Chapter 35 "Transition to this FRS".