ACCOUNTT - Pages for Filing

Registered Number: 12046029 (England & Wales)

	RM SOTHEBYS FINANCIAL SERVICES (NO2) LTD
	DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2024
	Pages for Filing with Registrar


RM SOTHEBYS FINANCIAL SERVICES (NO2) LTD

CONTENTS

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


RM SOTHEBYS FINANCIAL SERVICES (NO2) LTD

COMPANY INFORMATION

Directors	B R Madsen
	S W Drabble


Registered Number	12046029


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: 12046029 (England & Wales) RM SOTHEBYS FINANCIAL SERVICES (NO2) LTD

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Debtors	4	258,827		167,027
Cash at bank and in hand		12,057		44,719
		270,884		211,746
Creditors: amounts falling due within one year	5	(130,264)		(88,611)
Net current assets			140,620		123,135

Net assets			140,620		123,135

Capital and reserves
Called up share capital	1,000	1,000
Profit and loss account	139,620	122,135
	140,620	123,135

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 (NO2) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

RM Sothebys Financial Services (No2) Ltd is a private company limited by share capital, incorporated in England and Wales, registered number 12046029. 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 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

Going concern

The financial statements have been prepared on a going concern basis. The ultimate parent undertaking has confirmed that it will provide sufficient funds to enable the company to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Accordingly, the directors believe that the financial statements should be prepared on a going concern basis.
Since the year end the directors have decided to transfer the business into RM Sothebys Financial Services (No1) Ltd and then close the company. This makes no difference to the disclosures for the year ended 31 December 2024.

2.3

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.

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 Profit and Loss Account.

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.

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 (NO2) 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
					£	£


Amounts owed by group undertakings	248,432	167,027
Other debtors	10,395	-
	258,827	167,027

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RM SOTHEBYS FINANCIAL SERVICES (NO2) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Amounts owed to group undertakings	116,584	39,591
Corporation tax	-	28,371
Other creditors	13,680	20,649
	130,264	88,611

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.

The immediate parent entity is RM Sothebys Financial Services (Europe) Limited.

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.

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