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REGISTERED NUMBER: 03853241 (England and Wales)















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: R Philpott
S P G Hughes



REGISTERED OFFICE: 9 Pall Mall
London
SW1Y 5NP



REGISTERED NUMBER: 03853241 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr. Michael F Cox FCA



AUDITORS: Cox Costello & Horne
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 4,042,903 3,380,112

CURRENT ASSETS
Debtors 5 1,987,678 2,068,480

CREDITORS
Amounts falling due within one year 6 1,428,408 1,428,408
NET CURRENT ASSETS 559,270 640,072
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,602,173

4,020,184

CREDITORS
Amounts falling due after more than one
year

7

560,020

640,822
NET ASSETS 4,042,153 3,379,362

CAPITAL AND RESERVES
Called up share capital 5,102,572 5,102,572
Share premium 519,881 519,881
Capital redemption reserve 4,702,169 4,702,169
Retained earnings (6,282,469 ) (6,945,260 )
SHAREHOLDERS' FUNDS 4,042,153 3,379,362

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

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 21 October 2024 and were signed on its behalf by:





R Philpott - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 2 (2023 - 2 ) .

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 5,304,160
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 4,042,903
At 31 January 2023 3,380,112

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Farlows Limited
Registered office: 9 Pall Mall, London, SW1Y 5NP
Nature of business: Retail of country clothing and fishing
%
Class of shares: holding
Ordinary 100.00
31.1.24 31.1.23
£ £
Aggregate capital and reserves (254,644 ) (660,951 )
Profit for the year 406,307 326,116

Sportfish Limited
Registered office: 9 Pall Mall, London SW1Y 5NP
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.1.24 31.1.23
£ £
Aggregate capital and reserves 1 1

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 1,427,658 1,427,658

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 560,020 640,822

Aggregate amounts 1,987,678 2,068,480

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£ £
Amount owed to group undertaking 1,428,408 1,428,408

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 560,020 640,822

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.

Mr. Michael F Cox FCA (Senior Statutory Auditor)
for and on behalf of Cox Costello & Horne

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.