REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) (REGISTERED NUMBER: 11468295) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
40 Queen Anne Street |
London |
W1G 9EL |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) (REGISTERED NUMBER: 11468295) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) (REGISTERED NUMBER: 11468295) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
RM Sothebys Financial Services (No1) Ltd (Formerly Twin Spark Finance (UK) Limited) is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Turnover |
Interest Income |
Income derives from financial assets that are classified as loans and receivables and is determined using the |
effective interest method. Effective interest when applied against a financial asset, is a method of calculating the amortised cost of a financial asset and allocating the interest income over the expected life of the asset.This income is included within the 'Turnover' line of the income statement. |
Fee Income |
The company earns underwriting fees from its lending activities, which is recognised when the company successfully enters into a financial transaction with its client. |
Management Fee |
The company charges its parent a management fee for the servicing functions it performs on their behalf. The fees are agreed between the companies and documented as part of a management agreement. The management fees are included within the 'Other operating income' line of the income statement. |
Financial instruments |
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
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 statement of financial position date. |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) (REGISTERED NUMBER: 11468295) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS |
2022 | 2021 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Loan receivables | 11,380,270 | 9,546,378 |
Other debtors |
Amounts falling due after more than one year: |
Loan receivables |
Aggregate amounts |
Loan receivables of £11,380,270 (2021 - £15,803,898) are secured against the specific classic car or cars to which they relate. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts falling due within one year includes bank loans of £4,942,166 (2021 - £10,297,516) which are secured by way of fixed and floating charges on the assets of the company. |
RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD |
(FORMERLY TWIN SPARK FINANCE (UK) |
LIMITED) (REGISTERED NUMBER: 11468295) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
6. | AUDITORS’ INFORMATION |
The full financial statements from which these Pages for Filing with Registrar have been extracted have been audited by Lewis Golden LLP. The audit report was unqualified and signed by Andrew Moss FCA (Senior Statutory Auditor at Lewis Golden LLP). |
7. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party at the Balance Sheet date was Patrick Drahi by virtue of his shareholding in Sothebys Inc. who increased their interest in RM US Holding, Inc. and are now the ultimate parent entity. |
The immediate parent entity is RM Sotheby's Financial Services (Europe) Ltd. |
Consolidated financial statements are prepared by RM European Holdings Limited and are publicly available from Companies House. |