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REGISTERED NUMBER: 11468295 (England and Wales)











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:

Mr B R Madsen


Mr S W Drabble







REGISTERED OFFICE:

Heron House


5 Heron Square


London


TW9 1EL







REGISTERED NUMBER:

11468295 (England and Wales)







AUDITORS:

Lewis Golden LLP


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

11,380,270


15,905,969



Cash at bank

880,227


31,931



12,260,497


15,937,900



CREDITORS

Amounts falling due within one year

5

11,917,401


15,922,321



NET CURRENT ASSETS

343,096


15,579



TOTAL ASSETS LESS CURRENT

LIABILITIES

343,096


15,579




CAPITAL AND RESERVES

Called up share capital

100


100



Retained earnings

342,996


15,479



SHAREHOLDERS' FUNDS

343,096


15,579




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 Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:






Mr S W Drabble - Director




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 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.    



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 2 (2021 - 2 ) .


4.

DEBTORS

2022

2021


£   

£   



Amounts falling due within one year:


Trade debtors

-


93,458




Loan receivables

11,380,270


9,546,378




Other debtors

-


8,613



11,380,270


9,648,449





Amounts falling due after more than one year:


Loan receivables

-


6,257,520





Aggregate amounts

11,380,270


15,905,969




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

4,942,165


10,297,516




Amounts owed to group undertakings

6,906,668


5,506,682




Taxation and social security

54,528


13,752




Other creditors

14,040


104,371



11,917,401


15,922,321




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.