SHOGUN FINANCE LIMITED

Company number

01963821

Status

Active

Incorporation

1985-11-22

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

64999

Hubs

UK Fintech

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Abridged

Yes — abridged accounts (limited disclosure)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the accounts and noting the expectation is that loans and advances to customers will broadly have been paid down by 2026 and the Company will be considered for liquidation at this point. As set out in note 2, the Company has uncertainty in relation to the outcomes of the FCA review into historical motor finance commission arrangements and sales, and where the Supreme Court granted the relevant lenders permission to appeal the Wrench, Johnson and Hopcraft ("WJH") judgement and the substantive hearing that is scheduled to be heard on 1 April to 3 April 2025. There is uncertainty over whether or not the Company is obligated to settle potential costs for claims and BHL, the main trading entity, have not clarified their position on the possibility of recharging potential costs for claims to the Company. The Directors have considered the support available to cover any liability that should arise in the Company in the event of adverse outcomes from the FCA review or the Supreme Court hearing, and having consulted on this, conclude that it is appropriate to continue to adopt the going concern basis of accounting in preparing the annual financial statements. Further details regarding the adoption of the going concern basis can be found in note 1.1 to the financial statements.”

Significant events

• “In July 2020 Mitsubishi Motors informed The Colt Car Company Limited (importer of Mitsubishi vehicles) of their intention to exit the new car market in the UK in 2021. Consequently, the Company ceased to on-board new retail finance agreements and provide dealer finance facilities.”
• “The expectation is that loans and advances to customers will broadly have been paid down by 2026 and the Company will be considered for liquidation at this point.”
• “uncertainty in relation to the outcomes of the FCA review into historical motor finance commission arrangements and sales, and where the Supreme Court granted the relevant lenders permission to appeal the Wrench, Johnson and Hopcraft ("WJH") judgement and the substantive hearing that is scheduled to be heard on 1 April to 3 April 2025.”
• “BHL has recognised a provision as at 31 December 2024 for the potential impact of the CoA judgement, subsequent SC appeal and the FCA review on the Group's Transport customers, which includes the customers of this Company. There is continued uncertainty over the final outcome of the FCA's review... and the Company recognises that there is a contingent liability for this exposure at 31 December 2024.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers