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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 |
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FARLOWS GROUP LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022 |
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FOR |
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FARLOWS GROUP LIMITED |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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FARLOWS GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
26 Main Avenue |
Moor Park |
HA6 2HJ |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
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BALANCE SHEET |
31 JANUARY 2022 |
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31.1.22 | 31.1.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Capital redemption reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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1. | STATUTORY INFORMATION |
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Farlows Group Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. |
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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. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Investments in subsidiaries |
Investment in a subsidiary company is held at cost less accumulated impairment losses. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2021 |
and 31 January 2022 |
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PROVISIONS |
At 1 February 2021 |
and 31 January 2022 | 1,924,048 |
NET BOOK VALUE |
At 31 January 2022 |
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At 31 January 2021 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: 9 Pall Mall, London, SW1Y 5NP |
Nature of business:
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Class of shares: | holding |
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31.1.22 | 31.1.21 |
£ | £ |
Aggregate capital and reserves | ( |
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Profit/(loss) for the year/period |
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( |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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31.1.22 | 31.1.21 |
£ | £ |
Aggregate capital and reserves |
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5. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.22 | 31.1.21 |
£ | £ |
Amount owed by group undertaking |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.22 | 31.1.21 |
£ | £ |
Amount owed to group undertaking |
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Amounts owed to group undertakings relate to two loan facilities provided by the immediate holding company Farlows International Limited. A loan of £1,428,408 is provided on an interest free basis and the balance in excess of this is provided with an interest rate of 7.00% pa. In respect of the interest bearing portion of the amounts owed, there is provision in the loan facility that provides for accrued interest to be rolled up and added to principal outstanding. |
FARLOWS GROUP LIMITED (REGISTERED NUMBER: 03853241) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2022 |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | RELATED PARTY DISCLOSURES |
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Farlows International Ltd |
Parent company |
Registered office: 9 Pall Mall, London, SW1Y 5NP |
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Amount due to related party at the balance sheet date |
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31.1.22 | 31.1.21 |
£ | £ |
2,224,954 | 2,170,003 |
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Farlows Ltd |
100% subsidiary |
Registered office: 9 Pall Mall, London, SW1Y 5NP |
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The loan is unsecured, £796,546 is interest bearing and £1,427,658 is interest free and is considered long term in nature. |
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Amount due from related party at the balance sheet date |
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31.1.22 | 31.1.21 |
£ | £ |
2,224,204 | 2,169,253 |
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9. | POST BALANCE SHEET EVENTS |
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In March 2022 Mr V V Rybalchenko resigned as a Director. His ultimate beneficial ownership via the ultimate holding company, Farlows International Limited, was subsequently sold to Mr S P G Hughes who now owns 95% and to Mr J M McCarthy who owns 5%. |
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10. | ULTIMATE CONTROLLING PARTY |
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As at the balance sheet date, the Ultimate Controlling Party was Mr V V Rybalchenko. However, per Note 9, post balance sheet the ultimate controlling party is S P G Hughes who owns 95% of the issued shares of Farlows International Limited. |