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Registered Number: 10633001 (England & Wales)
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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DIRECTORS' REPORT AND AUDITED FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
31 DECEMBER 2025
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Pages for Filing with Registrar
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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CONTENTS
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Notes to the Financial Statements
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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COMPANY INFORMATION
- 1 -
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Registered Number: 10633001 (England & Wales)
RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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BALANCE SHEET
AS AT 31 DECEMBER 2025
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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:
The notes on pages 3 to 7 form part of these financial statements.
- 2 -
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RM Sothebys Financial Services (Europe) Limited is a private company limited by share capital, incorporated in England and Wales, registered number 10633001. The address of the registered office is Heron House, 5 Heron Square, London, United Kingdom, TW9 1EL.
2.Accounting policies
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Basis of preparation of financial statements
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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 the UK and the Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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.
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.
Management fee income
The company charges its subsidiaries 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.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Investments in subsidiaries are measured at cost less accumulated impairment.
- 3 -
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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.
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Cash and cash equivalents
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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.
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.
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.
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The company has0employees other than the directors, who did not receive any remuneration (2024 - nil).
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- 4 -
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Shares in group undertakings
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The company has fully disposed of its £1,000 interest in its subsidiary RM Sothebys Financial Services (No2) Limited ("No2"), which ceased trading on 1 November 2025. The directors authorised No2 to make a distribution of the company's residual net assets as at 1 November 2025 to transfer its residual business to its sister subsidiary RM Sothebys Financial Services (No1) Limited ("No1"), in order that the company can subsequently be wound down.
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Amounts owed by group undertakings
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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- 6 -
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RM SOTHEBYS FINANCIAL SERVICES (EUROPE) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Creditors: amounts falling due after more than one year
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Related party transactions
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At the balance sheet date, the company owed £1,250,000 (2024 - £1,250,000) to a shareholder. The balance is interest free and repayable in more than one year.
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The company's ultimate controlling party at the balance sheet date was Patrick Drahi by virtue of his shareholding in Bidfair Limited, the ultimate parent entity.
The immediate parent entity is RM European Holdings Limited, registered in England and Wales.
Consolidated financial statements are prepared by Bidfair Luxembourg S.a.r.l and are publicly available from the Luxembourg Register of Companies.
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 2026 by Andrew Moss (Senior Statutory Auditor at Lewis Golden LLP).
- 7 -
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