Company registration number 12282292 (England and Wales)
THE FIGARO SHOP HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
THE FIGARO SHOP HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
4,539,894
1,630,293
Current assets
Debtors
5
516
7,779
Cash at bank and in hand
13,363
597
13,879
8,376
Creditors: amounts falling due within one year
6
(1,719,315)
(1,480,712)
Net current liabilities
(1,705,436)
(1,472,336)
Total assets less current liabilities
2,834,458
157,957
Creditors: amounts falling due after more than one year
7
(1,460,391)
-
0
Net assets
1,374,067
157,957
Capital and reserves
Called up share capital
9
1,202
1,202
Share premium account
67,508
67,508
Profit and loss reserves
1,305,357
89,247
Total equity
1,374,067
157,957
THE FIGARO SHOP HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr D R Smith
Mr T H Brooks
Director
Director
Company Registration No. 12282292
THE FIGARO SHOP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

The Figaro Shop Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rich's Sidings, Lower Broadway, Didcot, Oxfordshire, OX11 8AG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE FIGARO SHOP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from group companies and loan notes issued, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
THE FIGARO SHOP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,539,894
1,630,293
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023
1,630,293
Additions
2,909,601
At 31 January 2024
4,539,894
Carrying amount
At 31 January 2024
4,539,894
At 31 January 2023
1,630,293

In the year ended 31 January 2024, the company purchased 100% of the share capital issued in EA Recovery & Contracting Services Limited and Station Tyres & Service Centre Limited, together with the remaining 10% of shares issued in Best Autocentres Ltd.

4
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Figaro Shop Limited
Rich's Sidings, Lower Broadway, Didcot, Oxfordshire, OX11 8AG
Maintenance and restoration of Nissan Figaros and other motor vehicles
Ordinary shares
100.00
Best Autocentres Ltd
Rich's Sidings, Lower Broadway, Didcot, Oxfordshire, OX11 8AG
Maintenance and repair of motor vehicles
Ordinary shares
100.00
E A Recovery & Contracting Services Limited
Rich's Sidings, Lower Broadway, Didcot, Oxfordshire, OX11 8AG
Maintenance and repair of motor vehicles
Ordinary shares and Ordinary A, B, C, D, E shares
100.00
Station Tyres & Service Centre Limited
Rich's Sidings, Lower Broadway, Didcot, Oxfordshire, OX11 8AG
Dormant
Ordinary A and B shares
100.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
516
7,779
THE FIGARO SHOP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
8
182,664
412,500
Trade creditors
378
-
0
Amounts owed to group undertakings
1,284,023
843,592
Other creditors
252,250
224,620
1,719,315
1,480,712

At the year end, included within amounts owed to group undertakings due within one year is £277,332 (2023 - £428,176) due to The Figaro Shop Limited and £1,006,691 (2023 - £415,416) due to Best Autocentres Ltd. No interest is being charged on these amounts, and they are due for repayment on demand.

 

At the year end, included within other creditors due within one year are loan notes amounting to £600 (2023 - £600) held by Mr T H Brooks (director), which are guaranteed by the subsidiary company, The Figaro Shop Limited.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
8
1,360,391
-
0
Other creditors
100,000
-
0
1,460,391
-
0
8
Loans and overdrafts
2024
2023
£
£
Bank loans
1,543,055
412,500
Payable within one year
182,664
412,500
Payable after one year
1,360,391
-
0
THE FIGARO SHOP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
8
Loans and overdrafts
(Continued)
- 7 -

Last year, included within bank loans due within one year was £412,500 which was guaranteed by the subsidiary company, Best Autocentres Ltd. As part of a group debt restructuring exercise, this loan was settled in full in the year ended 31 January 2024.

 

At the year end, included within bank loans is a £1,017,667 (2023 - £nil) loan from HSBC via the Recovery Loan Scheme, which is secured in part by the Government.

 

At the year end, included within bank loans is £525,388 (2023 - £nil) on a commercial mortgage, which is secured on the associated property. At the time of signing these accounts, the property is owned by the subsidiary company, EA Recovery & Contracting Services Limited.

 

HSBC Bank Plc hold a debenture dated 22 December 2023 as security for all amounts due to them. Security has been provided by the company by way of a fixed and floating charge over all the assets of the company. The amount due to HSBC by the company, including the Recovery Loan Scheme, as at 31 January 2024 is £1,543,055.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
120,000
120,000
1,200
1,200
Ordinary A Shares of £1 each
1
1
1
1
Ordinary B shares of £1 each
1
1
1
1
120,002
120,002
1,202
1,202
10
Financial commitments, guarantees and contingent liabilities

A debenture, dated 22 December 2023 containing a fixed and floating charge over all assets of The Figaro Shop Holdings Limited and its subsidiaries, The Figaro Shop Limited, Best Autocentres Ltd, Station Tyres & Service Centre Limited and E A Recovery & Contracting Services Limited, is held by HSBC Bank Plc as security for the Group’s banking facilities. At the year end, the total amount due to HSBC by the Group was £1,549,166, which includes the amounts due on the Recovery Loan Scheme.

11
Director's transactions

In the period ended 31 January 2021, the company issued £205,886 in loan notes to its director, Mr T H Brooks, which are being repaid in monthly instalments. In the year to 31 January 2024, £nil (2023 - £40,000) was repaid. As at 31 January 2024, £600 (2023 - £600) was outstanding. No interest is payable on these loan notes.

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