REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FARLOWS GROUP LIMITED |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
FARLOWS GROUP LIMITED |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
FARLOWS GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Batchworth Lock House |
99 Church Street, Rickmansworth |
WD3 1JJ |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
BALANCE SHEET |
31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Farlows Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements are drawn up on the going concern basis which assumes Farlows Group Limited will continue in operational existence for the foreseeable future. The Board of Directors have given due consideration to the working capital and cash flow requirements of Farlows Group Limited. The Board of Directors consider Farlows Group Limited's current and forecast cash resources to be sufficient to cover the working capital requirements of the company and its subsidiaries for at least 12 months from the date of signing the financial statements.The directors have been given reassurances of ongoing support from the shareholders of the parent company. |
Preparation of consolidated financial statements |
The financial statements contain information about Farlows Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Investments in subsidiaries |
Investment in a subsidiary company is held at cost less accumulated impairment losses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
PROVISIONS |
At 1 February 2023 | 1,924,048 |
Provision written back | (662,791 | ) |
At 31 January 2024 | 1,261,257 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 9 Pall Mall, London, SW1Y 5NP |
Nature of business: |
% |
Class of shares: | holding |
31.1.24 | 31.1.23 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Registered office: 9 Pall Mall, London SW1Y 5NP |
Nature of business: |
% |
Class of shares: | holding |
31.1.24 | 31.1.23 |
£ | £ |
Aggregate capital and reserves |
Having reviewed the impairment on the fixed assets investment and improving business performances of the subsidiary in the last few years, the management have decided to write back £662,791 from provision to reflect the fair value of the investment at the balance sheet. |
5. | DEBTORS |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due within one year: |
Amount owed by group undertaking |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
5. | DEBTORS - continued |
31.1.24 | 31.1.23 |
£ | £ |
Amounts falling due after more than one year: |
Amount owed by group undertaking |
Aggregate amounts |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Amount owed to group undertaking |
Amounts owed to group undertakings relate to the loan facilities provided by the immediate holding company Farlows International Limited. This loan is provided on an interest free basis, and has no set repayment date but is repayable upon the issuance of notice by the provider. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Amount owed to group undertaking |
Amounts owed to group undertakings relate to the loan facility provided by the immediate holding company Farlows International Limited. A loan of £560,020 is provided with an interest rate of 7.00% pa. to be accrued and added to principal outstanding. |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | ULTIMATE CONTROLLING PARTY |
The Ultimate Controlling Party is Mr S P G Hughes who owns 95% of the issued shares of Farlows International Limited. |