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SL2 GROUP LTD

Registered Number
11346263
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

SL2 GROUP LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

Mr Jonathan Martyn Greenwood
Lidija Kolenc
Sean Carthage Lonergan

Company Secretary

Sean Carthage Lonergan

Registered Address

55 Granes End
Great Linford
Milton Keynes
MK14 5DY

Registered Number

11346263 (England and Wales)
SL2 GROUP LTD
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets45,7933,325
5,7933,325
Current assets
Stocks51,576,1181,905,144
Debtors6272,310217,653
Cash at bank and on hand7,303121,726
1,855,7312,244,523
Creditors amounts falling due within one year7(1,140,002)(1,530,890)
Net current assets (liabilities)715,729713,633
Total assets less current liabilities721,522716,958
Provisions for liabilities9(1,101)(650)
Net assets720,421716,308
Capital and reserves
Called up share capital100100
Profit and loss account720,321716,208
Shareholders' funds720,421716,308
The financial statements were approved and authorised for issue by the Board of Directors on 27 May 2025, and are signed on its behalf by:
Sean Carthage Lonergan
Director
Registered Company No. 11346263
SL2 GROUP LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows: Asset class Depreciation method and rate

Straight line (years)
Office Equipment5
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has a
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year33
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 June 234,0444,044
Additions3,7943,794
At 31 May 247,8387,838
Depreciation and impairment
At 01 June 23719719
Charge for year1,3261,326
At 31 May 242,0452,045
Net book value
At 31 May 245,7935,793
At 31 May 233,3253,325
5.Stocks

2024

2023

££
Finished goods1,576,1181,905,144
Total1,576,1181,905,144
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables77,313400
Amounts owed by group undertakings18,47623,528
Other debtors155,252173,977
Prepayments and accrued income21,26919,748
Total272,310217,653
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables321,860584,212
Taxation and social security7,74144,961
Other creditors766,439889,524
Accrued liabilities and deferred income43,96212,193
Total1,140,0021,530,890
Other borrowings included in Other creditors: The carrying amount of Amazon Loans at year end is £Nil (2023 - £77,873). The carrying amount of MYOS Loan at year end is £301,569 (2023 - £527,185). The carrying amount of Loan - John Patrick McDonnell at year end is £177,000 (2023 - £200,000). The carrying amount of Wayflyer Loan at year end is £71,757 (2023 - £Nil).
8.Secured creditors
The MYOS Loan, with a balance of £301,569 (2023 - £527,185) at the balance sheet date is included in other creditors and was secured with both a fixed and floating charge as well as a negative pledge. The charge has been satisfied post year end.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,101650
Total1,101650
10.Related party transactions
Summary of transactions with entities with joint control or significant interest The company has made loans to other businesses under the common control of the directors. The following amounts remain as being owed to SL2 Group Ltd at the reporting date and are included in other debtors: SL2 Spain - 2024 £18,475.63 (2023 £22,524.34) SL2 Mexico - 2024 £0 (2023 £1,003.37) During the course of the year payments to directors (or companies controlled by the directors) totalling £246,794 were made for consultancy services and included in administrative expenses. At the balance sheet date the company owed the directors £216,114 (2003 £84,466) and this is included in other creditors.