BROWNS (SOUTH MOLTON STREET) LIMITED

• ⚠

  Material uncertainty over going concern

  These financial statements have been prepared on a going concern basis; however, the Company is dependent on the continued operation of the Farfetch Group, which may require additional financing to satisfy its obligations as they fall due in the 12-month period from the approval of these financial statements. Given the challenging market conditions noted above and the expected geopolitical changes, namely the implementation of tariffs imposed by the United States, the continued operation of the Farfetch Group and availability of additional financing cannot be assured and, hence, these conditions indicate a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern. These financial statements do not include any adjustments if the Company were unable to continue as a going concern.

1. BROWNS (SOUTH MOLTON STREET) LIMITED 2009-08-28 → present
2. BROWNS FASHION LIMITED 2009-04-27 → 2009-08-28

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

PricewaterhouseCoopers LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“These financial statements have been prepared on a going concern basis; however, the Company is dependent on the continued operation of the Farfetch Group, which may require additional financing to satisfy its obligations as they fall due in the 12-month period from the approval of these financial statements. Given the challenging market conditions noted above and the expected geopolitical changes, namely the implementation of tariffs imposed by the United States, the continued operation of the Farfetch Group and availability of additional financing cannot be assured and, hence, these conditions indicate a material uncertainty which may cast significant doubt over the Company's ability to continue as a going concern. These financial statements do not include any adjustments if the Company were unable to continue as a going concern.”

Significant events

• “Subsequent to the year end it has been brought to the attention of the directors that the surrender of UK tax losses by the Company to other UK Group members (in line with the Corporation Tax Act 2010) without consideration represents a distribution of assets with intrinsic value from the Company for which the Company has not been compensated. Further, over the time period the distributions were made, the Company did not have sufficient distributable reserves to support the distributions. In light of this, in the financial year ending 31 December 2025, an aggregate receivable of £3,145,294 will be recognised from Farfetch UK FINCO Limited, Fashion Concierge UK Limited, Farfetch Platform Solutions Limited, Farfetch.com Limited and Off White Operating London Limited collectively. This reflects the value of the asset distributed by the Company to the entities listed above from the year ended 31 December 2020 to the year ended 31 December 2023 as they have agreed to fully compensate the Company for the distribution. It is expected that the receivables will be settled using existing cash held by the entities and/or cash they receive from the settlement of intragroup receivables they hold. This is a non-adjusting post balance sheet event.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -47.6%

  £321,053,000 → £168,354,000

• Cash

  +25.5%

  £10,684,000 → £13,404,000

• Net assets

  -50.8%

  -£101,129,000 → -£152,503,000

• Employees

  -55.6%

  135 → 60

• Operating profit

  +4.7%

  -£52,837,000 → -£50,353,000

• Profit before tax

  +8.5%

  -£55,303,000 → -£50,577,000

• Wages

  -50%

  £6,464,000 → £3,233,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers