ACCOUNTT - Pages for Filing

Registered Number: 11468295 (England & Wales)

	RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD
	DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024

	Pages for Filing with Registrar


RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD

CONTENTS

	Page
Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 - 5


RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD

COMPANY INFORMATION

Directors	B R Madsen
	S W Drabble


Registered number	11468295


Registered office	Heron House
	5 Heron Square
	London
	TW9 1EL


Independent auditors	Lewis Golden LLP
	40 Queen Anne Street
	London
	W1G 9EL

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Registered Number: 11468295 (England & Wales) RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Debtors	4	2,902,523		2,966,065
Cash at bank and in hand		54,820		385,154
		2,957,343		3,351,219
Creditors: amounts falling due within one year	5	(2,785,973)		(3,016,287)
Net current assets			171,370		334,932

Net assets			171,370		334,932

Capital and reserves
Called up share capital	100	100
Profit and loss account	171,270	334,832
	171,370	334,932

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the Directors' Report and Profit and Loss Account in accordance with provisions applicable to companies subject to the small companies' regime.

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

S W Drabble

Director

Date: 29 September 2025

The notes on pages 3 to 5 form part of these financial statements.

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RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

RM Sotheby's Financial Services (No1) Ltd is a private company limited by share capital, incorporated in England and Wales, registered number 11468295. The address of the registered office is Heron House, 5 Heron Square, London, United Kingdom, 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the 'Republic of Ireland' ("FRS 102") and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

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 Income
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.

2.3

Foreign currency translation

The company's functional and presentational currency is GBP.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.4

Taxation

Tax is recognised in the Profit and Loss Account.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

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RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Debtors

Short-term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

2.7

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.

2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Debtors

					2024	2023
					£	£

Due after more than one year
Other debtors	-	1,221,976
	-	1,221,976
Due within one year
Amounts owed by group undertakings	-	35,500
Other debtors	2,902,523	1,708,589
	2,902,523	2,966,065

Other debtors includes loans receivable of £2,889,720 (2023 - £2,919,526) which are secured by way of fixed charges against specific cars.

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RM SOTHEBYS FINANCIAL SERVICES (NO1) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Bank loans	-	464,627
Amounts owed to group undertakings	2,758,861	2,510,443
Corporation tax	3,824	15,920
Other creditors	23,288	25,297
	2,785,973	3,016,287

Amounts falling due within one year includes bank loans of £nil (2023 - £464,627) which are secured by way of fixed and floating charges on the assets of the company.

6.	Related party transactions
	The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

7.	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

8.	Auditors' information

The full financial statements, from which these pages for filing with the Registrar of Companies have been extracted, have been audited by Lewis Golden LLP. The audit report was unqualified .

The audit report was signed on 30 September 2025 by Andrew Moss FCA (Senior Statutory Auditor) on behalf of Lewis Golden LLP.

9.	Subsequent events

At year end there was a Hire Purchase Agreement debtor outstanding at £635,000. Following the year end the debtor has defaulted and the principal of the loan plus interest of £5,556 remains outstanding. In accordance with the terms of the loan agreement, a default notice has been issued to the account holder which is expected to result in RM Financial Services (No1) taking possession of the cars. In the opinion of the directors the value of the cars is sufficient to cover the outstanding debtor balance due, including the outstanding debt, unpaid interest and fees.

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