ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 05812660 (England & Wales)

	RM AUCTIONS LIMITED
	ANNUAL REPORTS AND FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024


RM AUCTIONS LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2 - 3
Directors' Report	4
Statement of Directors' Responsibilities	5
Independent Auditors' Report	6 - 9
Statement of Income and Retained Earnings	10
Statement of Financial Position	11
Notes to the Financial Statements	12 - 22


RM AUCTIONS LIMITED

COMPANY INFORMATION

Directors	Robert Myers
	Shelby Myers
	Bryon Madsen
	John Sulman
	Ronald Todgham
	Gregory Anderson


Company secretary	John Sulman


Company number	05812660


Registered office	40 Queen Anne Street
	London
	W1G 9EL


Auditors	Lewis Golden LLP
	40 Queen Anne Street
	London
	W1G 9EL

- 1 -


RM AUCTIONS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their Strategic Report for the year ending 31 December 2024.

The company's principal activity is the auction of classic cars through live and online events.

Business review

Turnover increased to £20.3m (2023 - £13.5m), reflecting higher sales volumes across both live and online auctions. Profit before taxation decreased to £2.4m (2023 - £4.2m). Profit after taxation was £1.7m (2023 - £3.2m). The reduction in profit was driven by lower margins, increased operation costs and the absence of one-off sales recorded in the prior year.

Principal risks and uncertainties

The company has implemented treasury and liquidity management procedures that are appropriate for its size and complexity. The directors actively monitor interest rates and assess the impact of financing costs on the company's financial results. The company is exposed to fluctuations in exchange rates. To mitigate this risk, we operate foreign currency bank accounts and follow a policy of matching payments with receipts.

The company is part of an international group and liquidity, and cash flow is monitored at a group level, allowing for the transfer of cash within the group as needed. We also utilise forward exchange contracts to hedge against adverse currency movements on specific transactions.

The directors continue to evaluate the potential impact of the UK’s departure from the European Union. We maintain close communication with our customs agents, transport companies, and market analysts to stay informed of changes in import and export regulations. However, we believe the risk to RM Auctions Limited is limited. Our UK sales constitute only a small fraction of our overall turnover. Furthermore, the UK’s internal car market remains strong, offering opportunities for growth, as evidenced by our expansion into the online auction sector.

The Classic Car Market has experienced cyclical yet secular growth. Prior to the outbreak of Covid-19, signs of slowing were evident due to a contracting global economy. However, we have successfully navigated these challenges by managing our cost base, increasing sales volume, and selectively entering new markets. Our position as one of the leading Classic Car auctioneers globally enables us to counter short-term market adversities and adapt to evolving local and global conditions.

We are optimistic about the continued opportunities in online auctions. We have adapted well to current circumstances and continue to integrate a blend of online and in-person auctions.

The directors do not identify any further significant risks or uncertainties specific to the Classic Car Market currently.

We believe that there are no additional risks facing the group in 2025 and beyond.

Financial key performance indicators

Management reviews the company's performance monthly via management reports, with particular focus on cash flow, auction income and debt collection. In respect of private treaty sales, each sale is reviewed in respect of its net profit.

∙Turnover: £20.3m (2023 - £13.5m), driven by increased auction activity and the continued development of online sales.

∙Operating profit: £2.4m (2023 - £4.2m). The decrease reflects margin pressure and the absence of one-off sales recorded in 2023 and higher fixed costs linked to staffing, marketing, and premises.

∙Profit after tax: £1.7m (2023 - £3.2m). This reduction mirrors the operating profit trend.

∙Cash flow: Regular monitoring ensures liquidity is maintained. Cash forecasting and working capital reviews are carried out monthly at both company and group level.

∙Debtor collection: Auction and private treaty receivables are reviewed individually, with overdue balances actively followed up to minimise credit exposure.

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RM AUCTIONS LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

This report was approved by the board and signed on its behalf by:

................................................

Ronald Todgham

Director

Date: 29 September 2025

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RM AUCTIONS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors

The directors who served during the year were:

Robert Myers

Shelby Myers

Bryon Madsen

John Sulman

Ronald Todgham

Gregory Anderson (appointed 21 March 2024)

Financial instruments, price risk, credit risk, liquidity risk and cash flow risk

Financial instruments, price risk, credit risk, liquidity risk and cash flow risk are considered in the Strategic Report on page 2 under principal risks and uncertainties.

Future developments

There is not expected to be any material changes to the company's business objectives going forward.

Directors' liabilities

The company held third party indemnity insurance on behalf of the directors and officers of the company during the current and prior year.

Disclosure of information to the auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the directors are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the company's auditors are unaware; and

∙the directors have taken all the steps that ought to have been taken as directors to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report was approved by the board and signed on its behalf by:

Ronald Todgham

Director

Date: 29 September 2025

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RM AUCTIONS LIMITED

STATEMENT OF DIRECTORS' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent; and

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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RM AUCTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RM AUCTIONS LIMITED

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion

We have audited the financial statements of RM Auctions Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related Notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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RM AUCTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RM AUCTIONS LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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RM AUCTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RM AUCTIONS LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

As part of designing our audit, we determined materiality and assessed the risk of material misstatement in the financial statements, whether due to fraud or error, and then designed and performed audit procedures responsive to those risks. In particular, we looked at where the directors made subjective judgments such as making assumptions on significant accounting estimates.

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole. We used the outputs of a risk assessment, our understanding of the company, its environment, its controls and critical business processes, to consider qualitative factors in order to ensure that we obtained sufficient coverage across all financial statement line items.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. In identifying and assessing risks of material misstatement in respect of irregularities including non-compliance with laws and regulations, our procedures included but were not limited to:

∙at the planning stage, we gained an understanding of the legal and regulatory framework applicable to the company, the industry in which it operates, the structure of the company, and considered the risk of failing to comply with these legal and regulatory requirements;

∙we discussed with management the policies and procedures in place regarding compliance with laws and regulations;

∙we discussed amongst the engagement team the identified laws and regulations, and remained alert to any indications of non-compliance; and

∙during the audit, we focused on areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussions with the directors (as required by auditing standards), from inspection of the company’s regulatory and legal correspondence and review of statutory minutes in the year.

We also considered those other laws and regulations that have a direct impact on the preparation of financial statements, such as the Companies Act 2006 and UK tax legislation.

Our procedures in relation to fraud included but were not limited to:

∙ inquiries of management whether they have knowledge of any actual, suspected or alleged fraud;

∙gaining an understanding of the internal controls established to mitigate risk related to fraud;

∙using analytical procedures to identify any unusual or unexpected relationships;

∙discussion amongst the engagement team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements; and

∙scrutiny of unusual transactions and entries in sensitive nominal ledger accounts.

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RM AUCTIONS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF RM AUCTIONS LIMITED (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors' responsibilities for the audit of the financial statements (continued)

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss (Senior Statutory Auditor)

for and on behalf of Lewis Golden LLP

Chartered Accountants and Statutory Auditors

40 Queen Anne Street

London

W1G 9EL

30 September 2025

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RM AUCTIONS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	3	20,282,283	13,506,419
Cost of sales		(7,324,924)	(3,488,334)
Gross profit		12,957,359	10,018,085
Administrative expenses		(10,694,593)	(6,132,862)
Other operating income		145,529	300,549
Operating profit	4	2,408,295	4,185,772
Other interest receivable and similar income		64	12
Interest payable and similar expenses		(25,321)	(27,337)
Profit before taxation		2,383,038	4,158,447
Tax on profit		(694,881)	(1,006,632)
Profit for the financial year		1,688,157	3,151,815



Retained earnings at the beginning of the year	29,355,219	26,203,404
Profit for the year	1,688,157	3,151,815
Retained earnings at the end of the year	31,043,376	29,355,219

Turnover and operating profit derive wholly from continuing operations.

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Registered number: 05812660 (England & Wales) RM AUCTIONS LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible fixed assets	8		93,234		154,147
Current assets
Stocks	9	11,485,201		4,171,385
Debtors	10	18,458,653		26,877,129
Cash at bank and in hand		5,264,548		3,439,476
		35,208,402		34,487,990
Creditors: amounts falling due within one year	11	(4,255,915)		(5,270,197)
Net current assets			30,952,487		29,217,793
Total assets less current liabilities			31,045,721		29,371,940
Provisions	12		(2,344)		(16,720)
Net assets			31,043,377		29,355,220

Capital and reserves
Called up share capital	13	1	1
Profit and loss account	14	31,043,376	29,355,219
		31,043,377	29,355,220

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Ronald Todgham

Director

Date:29 September 2025

The notes on pages 12 to 22 form part of these financial statements.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


1.	General information

RM Auctions Limited is a private company, limited by share capital and incorporated in England and Wales, registered number 05812660. The address of the registered office is 40 Queen Anne Street, London W1G 9EL. The principal place of business is 5 Heron Square, Richmond, TW9 1EL.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.

2.2

Exemptions as a qualifying entity

The company is exempt from preparing a cash flow statement as a qualifying entity. Consolidated financial statements are prepared by RM European Holdings Limited and are publicly available in the UK.

2.3

Turnover

Turnover comprises the value of charges for the sale of services and goods to third parties. Turnover excludes VAT and equivalent taxes, duty and other disbursements made on behalf of customers. The geographical location of turnover for disclosure purposes is deemed to be the location of the customer.

Sale of goods

The company sells classic cars, motorcycles and memorabilia. Turnover from the sale of goods is recognised when invoices or bills of sale are drawn up on completion of the sale. The completion of the sale is deemed to be when the company has transferred the significant risks and rewards of ownership to the buyer.

Rendering of services

The company auctions classic cars and memorabilia on behalf of sellers and takes a fee for this service, and also provides auxiliary services such as car valuation. Turnover from the rendering of services is recognised when invoices or bills of sale are drawn up on completion of the sale of the relevant item at auction, or upon completion of the auxiliary services.

Commissions

The company sells classic cars on behalf of sellers and takes a commission for this service. Turnover from commission is recognised when invoices or bills of sale are drawn up on completion of the sale. The completion of the sale is deemed to be when the seller has transferred the significant risks and rewards of the ownership to the buyer.

Profit allocation

The company receives profit allocation income based on its contribution to group income. The period in which transfer pricing income is recognised corresponds to the period in which the group income is generated.

2.4

Dividends

Equity dividends are recognised when they become legally payable.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Financial instruments

Debt instruments that are payable or receivable within one year, typically trade and other creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of its net realisable value, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.6

Tangible fixed assets

Tangible fixed assets are held under the cost model and are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Short leasehold land and buildings	-	33%	straight line per annum
Plant & machinery	-	25%	straight line per annum
Motor vehicles	-	20%	straight line per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.7

Stocks

Stocks are stated at the lower of cost and the estimated selling price less costs to sell. The directors gain comfort over the stock valuation by reviewing post year end sales and having an excellent grasp of the market in which the company operates.
Stocks are sometimes held in conjunction with a third party. The value of such items recognised in stock is in line with the signed agreement, which is usually 50%.

2.8

Debtors

Debtors are measured at the transaction price, less any impairment.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Taxation

The current and deferred tax charges are calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the end of the reporting period in the United Kingdom.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙ any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

2.12

Foreign currency translation

The company's functional and presentational currency is GBP.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the Statement of Financial Position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Any differences are taken to the Statement of Income and Retained Earnings.

2.13

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown as a liability in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

2.14

Operating leases

Rentals paid under operating leases are charged to Statement of Income and Retained Earnings on a straight line basis over the lease term.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

Related party transactions

Related party transactions have been disclosed in line with Section 33 of FRS 102, 'Related Party Disclosures'. The directors oversee and are engaged with the operational activities of the Company and therefore have a detailed knowledge of which related entities or individuals have entered into transactions with the Company during the year.

2.16

Estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other facts, including expectations of future events that are believed to be reasonable under the circumstances.
The estimate and assumption that may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year is addressed below:
Stock impairment
The group sells classic cars, motorcycles and memorabilia. Management considers the recoverability of the cost of stock and recognises an impairment when necessary. When considering an impairment, management considers the nature and condition of stock, post year end sales and market conditions in which the Group operates. See note 9 to the financial statements for the net carrying amount of stock.

Sales of goods	5,395,470	737,155
Rendering of services	4,132,019	2,443,398
Commissions and profit allocations	10,754,794	10,325,866
	20,282,283	13,506,419

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	3,986,576	1,856,292
Rest of Europe	11,052,276	10,430,963
Rest of the world	5,243,431	1,219,164
	20,282,283	13,506,419

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Fees payable to the company's auditor for the audit of the company's financial statements	29,500	29,250
Operating leases	253,235	298,389
Foreign exchange losses/(gains)	277,746	(61,721)
Defined contribution pensions scheme contributions	143,523	124,293

Wages and salaries	4,580,976	3,453,178
Social security costs	777,630	603,387
Staff pension costs	143,523	124,293
	5,502,129	4,180,858

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Administration and support	28	30
Sales	7	7

	35	37

Key management were remunerated elsewhere in the group during the prior year.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	225,000	-
Company contributions to defined contribution pension schemes	7,500	-
	232,500	-

	During the year retirement benefits were accruing to one director (2023 - nil) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £232,500 (2023 - £nil).
	The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,500 (2023 - £nil).

Corporation tax
Current tax on profit for the year	707,601	1,014,000
Adjustments in respect of previous periods	1,656	7,468
Deferred tax	(14,376)	(14,836)

Total current tax	694,881	1,006,632

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.Tax on profit on ordinary activities (continued)

Profit on ordinary activities before tax

2,383,038

4,158,447

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.50%)	595,760	977,235
Effects of:
Expenses not deductible for tax purposes	90,716	22,374
Depreciation for year in excess of capital allowances	21,125	15,653
Adjustments to tax charge in respect of prior periods	1,656	7,468
Change in provisions	-	(1,262)
Deferred tax	(14,376)	(14,836)
Total tax charge for the year	694,881	1,006,632

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Tangible fixed assets

	Short leasehold land and buildings	Plant & machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	127,891	436,197	53,707	617,795
Additions	-	4,537	-	4,537
At 31 December 2024	127,891	440,734	53,707	622,332
Depreciation
At 1 January 2024	104,957	311,314	47,377	463,648
Charge for the year	14,276	49,655	1,519	65,450
At 31 December 2024	119,233	360,969	48,896	529,098
Net book value
At 31 December 2024	8,658	79,765	4,811	93,234
At 31 December 2023	22,934	124,883	6,330	154,147

9.	Stocks
		2024	2023
		£	£

	Goods for resale	11,485,201	4,171,385

Goods for resale includes £10,663,471 (2023 - £1,956,704) which relates to the company's share in stock held with a third party.

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.

Debtors

					2024	2023
					£	£


Trade debtors	488,637	634,618
Amounts owed by group undertakings	16,360,878	25,110,443
Other debtors	519,062	607,451
Tax recoverable	736,779	4,379
Prepayments and accrued income	353,297	520,238
	18,458,653	26,877,129

11.	Creditors: amounts falling due within one year
		2024	2023
		£	£

Trade creditors	1,862,536	1,179,298
Amounts owed to group undertakings	54,400	1,666,751
Corporation tax	-	322,000
Taxation and social security	632,637	933,738
Other creditors	455,936	494,029
Accruals and deferred income	1,250,406	674,381
	4,255,915	5,270,197

12.	Provisions

		Deferred tax liability
		£

	At 1 January 2024	16,720
	Charged to Statement of Income and Retained Earnings	(14,376)
	At 31 December 2024	2,344


Analysis of deferred tax liability
	2024	2023
	£	£

Differences between accumulated depreciation and capital allowances

2,344

16,720

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid shares

1 (2023 - 1) Ordinary share of £1.00 each	1	1

14.	Profit and loss reserves

Profit and loss account reserve - includes all current and prior period retained profits and losses. The profit and loss account is 100% distributable.

Not later than 1 year	301,595	296,236
Later than 1 year and not later than 5 years	799,590	909,045
Later than 5 years	-	185,000
Total	1,101,185	1,390,281

16.

Related party transactions

During the year, the company had the following related party transactions:

One director was paid by the company during the year the remainder of key management were remunerated elsewhere in the wider international group and in the prior year.

At the Statement of Financial Position date the amount due from the immediate parent company was £2,804,530 (2023 - £2,653,530).

At the Statement of Financial Position date the amount due from companies under common control was £13,556,349 (2023 - £22,456,913) and the amount due to companies under common control was £54,400 (2023 - £1,666,751).

The intercompany borrowings are unsecured and have no fixed date for repayment. During the year one of the companies under common control started to charge interest at 8.27% on the amount owed to them. The total interest payable was £4,942 (2023 - £nil).

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RM AUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

17.	Controlling party

The company's ultimate controlling party at the Statement of Financial Position date is Patrick Drahi by virtue of his shareholding in Bidfair Limited, the ultimate parent entity.

The immediate parent company is RM European Holdings Limited, registered in England and Wales.

Consolidated financial statements are prepared by RM European Holdings Limited and are publicly available from the Companies House website.

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