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Registered number: 08984517 SL WORKSHOP LTD (FORMERLY KNOWN AS AMY SOMERVILLE WORKSHOP LTD) UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
SL WORKSHOP LTD REGISTERED NUMBER: 08984517 BALANCE SHEET AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 86,417 |  | 96,685
|  |  | 86,417 |  | 96,685
Current assets |  |  |  |  |
Stocks |  | 10,640 |  | 9,926 |
Debtors: amounts falling due within one year | 5 | 30,903 |  | 27,395 |
Cash at bank and in hand | 6 | 762 |  | 11,804 |
|  | 42,305 |  | 49,125 |
Creditors: amounts falling due within one year | 7 | (150,951) |  | (42,198) |
Net current (liabilities)/assets |  |  | (108,646) |  | 6,927
Total assets less current liabilities |  |  | (22,229) |  | 103,612
Creditors: amounts falling due after more than one year | 8 |  | - |  | (1,010,089)
Net liabilities |  |  | (22,229) |  | (906,477)
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 1 |  | 1
Profit and loss account |  |  | (22,230) |  | (906,478)
|  |  | (22,229) |  | (906,477)
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SL WORKSHOP LTD REGISTERED NUMBER: 08984517 BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025 The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 July 2026.
Oleksandr Shepel
Director
The notes on pages 3 to 8 form part of these financial statements. 2
SL WORKSHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | General information
The SL Workshop Ltd is a private company, limited by shares, registered in England and Wales,registration number 08984517. The registered office address of the company is 368b North Dome, Design Centre, Chelsea Harbour, SW10 0XE. The principal activity of the company continued to be that of the design, manufacture and sale of furniture. The company changed its name from Amy Somerville Workshop Ltd to Helen Workshop Ltd on 1 April 2025 and then changed its name from Helen Workshop Ltd to SL Workshop Ltd on 14 April 2025. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. 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. These financial statements are the company's first financial statements prepared in accordance with FRS 102 1A. The transition to FRS 102 Section 1A from FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime, has resulted in no changes to the company's accounting policies, and no adjustments were required to the previously reported financial position or financial performance. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis as the director has confirmed the parent company will continue to provide necessary funding in order for the company to maintain operations and meet liabilities in full for at least the next 12 months. On this basis, the director is satisfied that the financial statements should be prepared on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The company's functional and presentational currency is pound sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'administration expenses'. 3
SL WORKSHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.4 | Turnover
Turnover from the sale of furniture is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover from the sale of furniture is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Turnover from the sale of furniture is recognised when all of the following conditions are satisfied: ∙the company has transferred the significant risks and rewards of ownership to the buyer; ∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. 4
SL WORKSHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.9 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 5% | straight-line
|  |  |  | Plant and machinery | - | 10% | straight-line
|  |  |  | Office equipment | - | 25% | straight-line
|  |  |  | Computer equipment | - | 25% | straight-line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. 5
SL WORKSHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.15 | Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
3. | Employees
| The average monthly number of employees, including directors, during the year was 6 (2024 - 7).
4. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 October 2024 | 62,622 | 58,405 | 2,097 | 1,287 | 124,411
| Disposals | - | (750) | - | - | (750)
| At 30 September 2025 | 62,622 | 57,655 | 2,097 | 1,287 | 123,661
| Depreciation |  |  |  |  |
| At 1 October 2024 | 9,393 | 16,074 | 1,573 | 687 | 27,727
| Charge for the year | 3,131 | 5,803 | 524 | 322 | 9,780
| Disposals | - | (263) | - | - | (263)
| At 30 September 2025 | 12,524 | 21,614 | 2,097 | 1,009 | 37,244
| Net book value |  |  |  |  |
| At 30 September 2025 | 50,098 | 36,041 | - | 278 | 86,417
| At 30 September 2024 | 53,229 | 42,331 | 524 | 601 | 96,685
6
SL WORKSHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 1,382
| Other debtors | 16,326 | 9,500
| Prepayments and accrued income | 14,577 | 16,513
|  | 30,903 | 27,395
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 762 | 11,804
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 19,396 | 12,450
| Amounts owed to group undertakings | 116,084 | -
| Other taxation and social security | 6,447 | 14,113
| Other creditors | 1,796 | 15,635
| Accruals | 7,228 | -
|  | 150,951 | 42,198
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | - | 1,010,089
|  | - | 1,010,089
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SL WORKSHOP LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
10. | Pension commitments
The company operates a defined contribution scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £4,188 (2024 - £5,633). Included in other creditors at the year end is an amount payable of £1,798 (2024 - £1,123).
11. | Commitments under operating leases
| At 30 September 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 50,200 | 38,000
|  | 50,200 | 38,000
12. | Related party transactions
| No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.
13. | Exceptional item
On 29 March 2025, the amount due to the parent company, Amy Somerville Ltd, totalling £1,171,499 was written off. On 1 April 2025 Amy Somerville Ltd sold 100% of the share capital in SL Workshop Ltd to Shepel Home London Ltd.
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