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Registered number: 05980917 SL 6 LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
SL 6 LIMITED COMPANY INFORMATION
Directors | T V Amico
| A C Roberts (appointed 26 March 2026)
| H S Motan (appointed 1 May 2026)
| J R Hallett (appointed 26 March 2026)
Registered number | 05980917
Registered office | Unit B
| Tectonic Place
| Holyport Road
| Maidenhead
| Berkshire
| SL6 2YE
Independent auditor | TWP Accounting LLP
| Chartered Accountants & Statutory Auditors
| The Old Rectory
| Church Street
| Weybridge
| Surrey
| KT13 8DE
SL 6 LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditor's Report | 5 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Balance Sheet | 9
Company Balance Sheet | 10
Consolidated Statement of Changes in Equity | 11
Company Statement of Changes in Equity | 12
Consolidated Statement of Cash Flows | 13
Consolidated Analysis of Net Debt | 14
Notes to the Financial Statements | 15 - 35
SL 6 LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 25 MAY 2025
Introduction
The directors presents their strategic report for the period 27 May 2024 to 25 May 2025.
Business review
The principal activities of the Group are its managed and licensed restaurants and its brand partnerships with an emphasis on research, development, and innovation. The review relates to the Group. The result for the Group is a post-tax loss of £1.7m for 2025 (£2.1m 2024). The hospitality industry continues to be a tough environment in which to operate. The Group is not immune to the challenges the sector faces and has experienced inflation in both supply chain and people costs. Against this backdrop the decision was taken to not pass on the price increases whilst recognising that this would affect the profitability of the Group. The directors would like to extend their thanks to our employees, partners, stakeholders and suppliers who have all supported the Group as it continues to deliver the brand promise to our guests. The Group also is grateful to our guests who understand the unique experience we offer. The directors are of the opinion that the steps being taken by the management team will allow the group to navigate future challenges and return the group to profitability. The focus will be on improving our unique proposition whilst continuing to execute operational efficiencies throughout the group. The key priority will remain providing a delightful and unique experience for our guests. The teams throughout the group are best in class and continue to deliver excellence in everything they do. The business would not be able to deliver the brand value without their support. The directors would like to thank the teams for their hard work and commitment. Career development and training remain a business priority as we look to develop our team for the future.
Principal risks and uncertainties
Businesses in the hospitality sector face a range of external risks including inflationary and economic uncertainty. The directors are conscious that these uncertainties also affect our guests. These factors continue to influence our operational decision making and profitability. The business expects the operating environment to remain challenging with inflation and national minimum wage increases continuing for the foreseeable future. The directors regularly review business performance with the management team. The Group will continue to manage its brands, revenues and cost base to drive efficiency throughout the business. The Group is confident that the strategic, financial and operational risks faced by the Group are identified and are being managed appropriately.
Financial key performance indicators
The Group is monitored against several key performance indicators. These are agreed and reviewed by the directors at management meetings. Turnover £9.1m (2024: £8.9m) Gross Profit £6.9m, 76% margin (2024: £6.6m 74% margin) Operating (Loss)/Profit (£1.7m) (2024: (£2.1m)) (Loss)/Profit after tax for the financial period (£1.7m) (2024: (£2.1m)) Page 1
SL 6 LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 25 MAY 2025
Future developments
The business will continue to innovate, find cost efficiencies, develop new business opportunities and nurture our people to improve our organisational capability. The Group is committed to further enhancing our guests experience. In March 2026 the Group entered into a convertible loan agreement with Como Holdings (UK) Ltd. This report was approved by the board on 30 July 2026 and signed on its behalf.
___________________________ T V Amico Director
Page 2
SL 6 LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 25 MAY 2025 The directors present their report and the financial statements for the period ended 25 May 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the period, after taxation, amounted to £1,666,431 (2024 - loss £2,055,452). No dividends will be declared for the period.
Directors
The directors who served during the period were:
R Y Lowenthal (resigned 1 May 2026)
T V Amico
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information. Page 3
SL 6 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 25 MAY 2025
Auditor
The auditor, TWP Accounting LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 30 July 2026 and signed on its behalf.
................................................ T V Amico Director
Page 4
SL 6 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SL 6 LIMITED
Opinion
We have audited the financial statements of SL 6 Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 25 May 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 25 May 2025 and of the Group's loss for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to note 2.3 in the financial statements, which indicates that while the financial results of the entity and group have improved following the recent investment and debt restructuring, the results still show ongoing losses and a negative balance sheet. The management team still believe the new investment will lay the foundations for future growth. This funding will enable SL 6 Limited to continue to support its trading subsidiaries and the Directors have disclosed the uncertainty that still exists in the business while it transitions. This indicated that a material uncertainty exists at the year end date that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. Page 5
SL 6 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SL 6 LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 6
SL 6 LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SL 6 LIMITED (CONTINUED)
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: •Obtain an understanding of the policies and procedures management have in place to detect and prevent fraud and non-compliance with laws and regulations •Enquire with management any cases of actual or suspected fraud and non-compliance with laws and regulations •Enquire with management and those charged with governance about actual and potential litigation and claims. •Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. •Assess the key risk areas within the financial statements, which are susceptible to fraud or error and design our audit approach thereon. •Perform substantive tests on a sample of transactions throughout the financial statements to ensure that no material errors have been identified •Perform cut off tests on a sample of transactions to ensure income and expenditure have been accounted for in the correct period. •Perform analytical review procedures to identify any irregularities and investigation thereon. •Auditing the risk of management override of controls, including thorough testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Paul Hawksley FCA, MAAT, CTA (Senior Statutory Auditor) for and on behalf of TWP Accounting LLP Chartered Accountants & Statutory Auditors The Old Rectory Church Street Weybridge Surrey KT13 8DE 4 August 2026 Page 7
SL 6 LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 25 MAY 2025
| 25 May | 26 May
| 2025 | 2024
Note | £ | £
Turnover | 3 | 9,145,047 | 8,935,755
Cost of sales |  | (2,269,290) | (2,326,148)
Gross profit |  | 6,875,757 | 6,609,607
Administrative expenses |  | (8,328,343) | (8,412,371)
Other operating income | 4 | 67,844 | -
Operating loss | 5 | (1,384,742) | (1,802,764)
Interest payable and similar expenses | 9 | (281,969) | (272,246)
Loss before taxation |  | (1,666,711) | (2,075,010)
Tax on loss | 10 | 280 | 19,558
Loss for the financial period |  | (1,666,431) | (2,055,452)
(Loss) for the period attributable to: |  |  |
Owners of the Parent Company |  | (1,666,431) | (2,055,452)
|  | (1,666,431) | (2,055,452)
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 35 form part of these financial statements.
Page 8
SL 6 LIMITED REGISTERED NUMBER: 05980917 CONSOLIDATED BALANCE SHEET AS AT 25 MAY 2025
|  | 25 May |  | 26 May
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 133,661 |  | 222,740
Tangible assets | 12 |  | 3,803,033 |  | 3,963,575
|  |  | 3,936,694 |  | 4,186,315
Current assets |  |  |  |  |
Stocks | 14 | 1,171,424 |  | 1,289,342 |
Debtors | 15 | 298,347 |  | 510,487 |
Cash at bank and in hand | 16 | 203,932 |  | 697,605 |
|  | 1,673,703 |  | 2,497,434 |
Creditors: amounts falling due within one year | 17 | (8,547,992) |  | (7,819,463) |
Net current liabilities |  |  | (6,874,289) |  | (5,322,029)
Total assets less current liabilities |  |  | (2,937,595) |  | (1,135,714)
Creditors: amounts falling due after more than one year | 18 |  | (1,436,260) |  | (1,571,710)
Provisions for liabilities |  |  |  |  |
Net assets excluding pension asset |  |  | (4,373,855) |  | (2,707,424)
Net liabilities |  |  | (4,373,855) |  | (2,707,424)
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100,000 |  | 100,000
Profit and loss account | 22 |  | (4,473,939) |  | (2,807,508)
Equity attributable to owners of the Parent Company |  |  | (4,373,939) |  | (2,707,508)
Non-controlling interests |  |  | 84 |  | 84
|  |  | (4,373,855) |  | (2,707,424)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2026.
___________________________ T V Amico
Director
The notes on pages 15 to 35 form part of these financial statements. Page 9
SL 6 LIMITED REGISTERED NUMBER: 05980917 COMPANY BALANCE SHEET AS AT 25 MAY 2025
|  | 25 May |  | 26 May
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 15,225 |  | 15,225
Investments | 13 |  | 2,645,317 |  | 2,645,317
|  |  | 2,660,542 |  | 2,660,542
Current assets |  |  |  |  |
Debtors | 15 | 2,958,097 |  | 3,034,764 |
|  | 2,958,097 |  | 3,034,764 |
Creditors: amounts falling due within one year | 17 | (7,202,215) |  | (6,691,646) |
Net current liabilities |  |  | (4,244,118) |  | (3,656,882)
Total assets less current liabilities |  |  | (1,583,576) |  | (996,340)
Net liabilities |  |  | (1,583,576) |  | (996,340)
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 100,000 |  | 100,000
Profit and loss account brought forward |  | (1,096,340) |  | 639,083 |
Loss for the period |  | (587,236) |  | (1,735,423) |
Profit and loss account carried forward |  |  | (1,683,576) |  | (1,096,340)
|  |  | (1,583,576) |  | (996,340)
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2026.
___________________________ T V Amico
Director
The notes on pages 15 to 35 form part of these financial statements. Page 10
SL 6 LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 25 MAY 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of Parent Company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £
At 28 May 2023 | 100,000 | (752,056) | (652,056) | 84 | (651,972)
Comprehensive income for the period |  |  |  |  |
Loss for the period | - | (2,055,452) | (2,055,452) | - | (2,055,452)
Total comprehensive income for the period | - | (2,055,452) | (2,055,452) | - | (2,055,452)
Total transactions with owners | - | - | - | - | -
At 27 May 2024 | 100,000 | (2,807,508) | (2,707,508) | 84 | (2,707,424)
Comprehensive income for the period |  |  |  |  |
Loss for the period | - | (1,666,431) | (1,666,431) | - | (1,666,431)
Total comprehensive income for the period | - | (1,666,431) | (1,666,431) | - | (1,666,431)
Total transactions with owners | - | - | - | - | -
At 25 May 2025 | 100,000 | (4,473,939) | (4,373,939) | 84 | (4,373,855)
| The notes on pages 15 to 35 form part of these financial statements.
Page 11
SL 6 LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 25 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
at 28 May 2023 | 100,000 | 639,083 | 739,083
Comprehensive income for the period |  |  |
Loss for the period | - | (1,735,423) | (1,735,423)
Total comprehensive income for the period | - | (1,735,423) | (1,735,423)
Total transactions with owners | - | - | -
At 27 May 2024 | 100,000 | (1,096,340) | (996,340)
Comprehensive income for the period |  |  |
Loss for the period | - | (587,236) | (587,236)
Total comprehensive income for the period | - | (587,236) | (587,236)
At 25 May 2025 | 100,000 | (1,683,576) | (1,583,576)
| The notes on pages 15 to 35 form part of these financial statements.
Page 12
SL 6 LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 25 MAY 2025
|  |  | 25 May | 26 May
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial period | (1,666,431) | (2,055,452)
Adjustments for: |  |
Amortisation of intangible assets | 89,080 | 89,080
Depreciation of tangible assets | 181,449 | 176,064
Interest paid | 281,969 | 272,246
Taxation charge | (280) | (19,558)
Decrease/(increase) in stocks | 117,918 | (227,387)
Decrease in debtors | 175,765 | 152,213
(Decrease)/increase in creditors | (606,799) | 1,507,895
Increase in amounts owed to groups | 913,028 | 534,471
Corporation tax received/(paid) | 50,088 | (650)
Net cash generated from operating activities | (464,213) | 428,922
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (34,851) | (74,970)
Sale of tangible fixed assets | 13,944 | -
Net cash from investing activities | (20,907) | (74,970)
Cash flows from financing activities |  |
Repayment of loans | (135,450) | (135,449)
Other new loans | 800,000 | -
Repayment of other loans | (52,940) | -
Interest paid | (281,969) | (272,246)
Net cash used in financing activities | 329,641 | (407,695)
Net (decrease) in cash and cash equivalents | (155,479) | (53,743)
Cash and cash equivalents at beginning of period | (108,486) | (54,743)
Cash and cash equivalents at the end of period | (263,965) | (108,486)
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 203,932 | 697,605
Bank overdrafts | (467,897) | (806,091)
| (263,965) | (108,486)
The notes on pages 15 to 35 form part of these financial statements.
Page 13
SL 6 LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 25 MAY 2025
| At 27 May 2024 | Cash flows | Other non-cash changes | At 25 May 2025
| £ | £ | £ | £
Cash at bank and in hand | 697,605 | (493,673) | - | 203,932
Bank overdrafts | (806,091) | 338,194 | - | (467,897)
Debt due after 1 year | (1,571,710) | - | 135,450 | (1,436,260)
Debt due within 1 year | (135,450) | (611,610) | (135,450) | (882,510)
| (1,815,646) | (767,089) | - | (2,582,735)
The notes on pages 15 to 35 form part of these financial statements.
Page 14
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
1. | General information
SL6 Limited is a private company,limited by shares, registered in England and Wales. The principal place of business is Unit B, Tectonic Place,Holyport Road, Maidenhead, Berkshire, SL6 2YE. The principal activity of the company during the year was that of a holding company. The principal activities of the subsidiary companies during the year are disclosed in note 13. 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 Companies Act 2006. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 June 2015. Page 15
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The directors are pleased with the performance of the SL 6 Ltd Group of companies given the challenging environment in which they have been operating. The business will continue to solve the problems produced by the current operating environment. The directors have been encouraged by the continued improvement in the performance of the business post year end. The fundamental drivers of the business remain strong and the management team are more focused than ever to return the company to profitability through an enhanced guest experience. The Group expects to see continuing inflationary pressures in its cost base – particularly through wage increases and changes to Employers National Insurance rates. The Group remains determined to deliver excellent guest value and experience which generate new and repeat guests. The directors believe that, with the excellent management team and the ongoing support of the Group, SL 6 Ltd will have all the necessary resources to trade profitably for the foreseeable future. Post year end the management team has secured additional funding through a convertible loan agreement with Como Holdings (UK) Ltd. This agreement will provide the SL6 Group with the necessary working capital to provide a foundation for future growth. It is with the confirmation of this funding that the Group should be considered a going concern for the next 12 months and is confident that the existing relationship with the company’s bank will continue. Accordingly, the Group continues to adopt the going concern basis in preparing its annual report and accounts.
| 2.4 | Turnover
Turnover represents the amounts derived from the provision of goods and services in the UK which fall within the group's ordinary activities, stated after trade discounts, other sales taxes and net of value added tax. Income from royalties are recognised as it arises on an accruals basis. Income from goods and services provided is recognised as it arises.t.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 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. Page 16
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. 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 income 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 and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 17
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 2.9 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 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. Land is not depreciated. Depreciation on other assets 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:
|  |  |  | Freehold property | - | 2% and 10% on cost of buildings
|  |  |  | Short-term leasehold property | - | Over term of lease
|  |  |  | Plant and machinery | - | 25%
|  |  |  | Motor vehicles | - | 25%
|  |  |  | Fixtures and fittings | - | 20%
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 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 18
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 2.12 | 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.
| 2.13 | Debtors
Short term debtors are measured at transaction price, less any impairment.
| 2.14 | 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. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Page 19
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled. Page 20
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
3. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Restaurant and public house | 8,895,509 | 8,561,285
| Services | 7,485 | 49,921
| Royalties | 242,053 | 324,549
|  | 9,145,047 | 8,935,755
Analysis of turnover by country of destination:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 9,145,047 | 8,919,291
| Rest of the world | - | 16,464
|  | 9,145,047 | 8,935,755
4. | Other operating income
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Royalty receivable | 67,844 | -
|  | 67,844 | -
5. | Operating loss
| The operating loss is stated after charging:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 98 | 17
| Other operating lease rentals | 214,046 | 236,088
Page 21
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
6. | Auditor's remuneration
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the consolidated and Parent Company's financial statements | 17,650 | 17,325
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group 25 May | Group 26 May | Company 25 May | Company 26 May
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 3,984,823 | 3,660,489 | 684,152 | 521,487
| Social security costs | 385,018 | 343,283 | 73,027 | 53,750
| Cost of defined contribution scheme | 71,571 | 69,249 | 8,240 | 6,846
|  | 4,441,412 | 4,073,021 | 765,419 | 582,083
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Group | Group | Company | Company
|  |  | 25 May | 26 May | 25 May | 26 May
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 2 | 1 | 2 | 1
|  | Administration | 18 | 16 | 9 | 7
|  | Restaurant and bar | 113 | 120 | - | -
|  |  | 133 | 137 | 11 | 8
8. | Directors' remuneration
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 51,000 | 59,500
|  | 51,000 | 59,500
Page 22
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
9. | Interest payable and similar expenses
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 69,827 | 71,068
| Other loan interest payable | 173,647 | 144,861
| Other interest payable | 38,495 | 56,317
|  | 281,969 | 272,246
10. | Taxation
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | (280) | (19,558)
| Total deferred tax | (280) | (19,558)
|  | (280) | (19,558)
Page 23
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 10.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is the same as (2024 - the same as) the standard rate of corporation tax in the UK of 25% (2024 - 25%) as set out below:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (1,666,711) | (2,075,010)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (416,678) | (518,753)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 25,407
| Capital allowances for period in excess of depreciation | - | 17,812
| Short term timing difference leading to an (decrease)/increase in taxation | (1,087) | 268
| Unrelieved losses not carried forward | 417,485 | 455,708
| Total tax charge for the period | (280) | (19,558)
Page 24
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
11. | Intangible assets
| Group and Company
|  | Goodwill
|  | £
| Cost |
| At 27 May 2024 | 1,781,640
| At 25 May 2025 | 1,781,640
| Amortisation |
| At 27 May 2024 | 1,558,900
| Charge for the period on owned assets | 89,080
| At 25 May 2025 | 1,647,980
| Net book value |
| At 25 May 2025 | 133,660
| At 26 May 2024 | 222,740
Page 25
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
12. | Tangible fixed assets
| Group
|  | Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 27 May 2024 | 4,834,207 | 1,509,612 | 1,462,265 | 454,085 | 8,260,169
| Additions | - | 25,962 | 8,889 | - | 34,851
| Disposals | - | (13,944) | - | - | (13,944)
| At 25 May 2025 | 4,834,207 | 1,521,630 | 1,471,154 | 454,085 | 8,281,076
| Depreciation |  |  |  |  |
| At 27 May 2024 | 1,051,017 | 1,388,612 | 1,411,602 | 445,363 | 4,296,594
| Charge for the period on owned assets | 108,566 | 65,206 | 16,906 | 4,715 | 195,393
| Disposals | - | (13,944) | - | - | (13,944)
| At 25 May 2025 | 1,159,583 | 1,439,874 | 1,428,508 | 450,078 | 4,478,043
| Net book value |  |  |  |  |
| At 25 May 2025 | 3,674,624 | 81,756 | 42,646 | 4,007 | 3,803,033
| At 26 May 2024 | 3,783,190 | 121,000 | 50,663 | 8,722 | 3,963,575
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 3,661,379 | 3,768,758
| Short leasehold | 13,245 | 14,433
|  | 3,674,624 | 3,783,191
Page 26
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 12.Tangible fixed assets (continued)
| Company
|  | Land and Buildings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 27 May 2024 | 33,276 | 106,230 | 139,506
| At 25 May 2025 | 33,276 | 106,230 | 139,506
| Depreciation |  |  |
| At 27 May 2024 | 18,051 | 106,230 | 124,281
| At 25 May 2025 | 18,051 | 106,230 | 124,281
| Net book value |  |  |
| At 25 May 2025 | 15,225 | - | 15,225
| At 26 May 2024 | 15,225 | - | 15,225
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 15,225 | 15,225
|  | 15,225 | 15,225
Page 27
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 27 May 2024 | 2,645,317
| At 25 May 2025 | 2,645,317
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| TFDG Limited | United Kingdom | Dormant | Ordinary 'A' and 'B' | 100
| The Fat Duck Limited | United Kingdom | Restaurant | Ordinary | 100
| The Hinds Head Limited | United Kingdom | Public house | Ordinary | 100
| Snail Porridge Limited | United Kingdom | Television programming | Ordinary | 100
| Tapestry Management Limited | United Kingdom | Management consultancy | Ordinary | 100
| SL6 Appliances Limited | United Kingdom | Design of small kitchen appliances | Ordinary | 100
| Triple Cooked Chips Limited | United Kingdom | Intermediate holding company | Ordinary | 60
| SL6 Investments Limited | United Kingdom | Dormant | Ordinary | 100
| Breton Crust Limited | United Kingdom | Dormant | Ordinary | 100
| Heston Blumenthal Developments Limited | United Kingdom | Dormant | Ordinary | 100
| Heston Blumenthal Studios Limited | United Kingdom | Dormant | Ordinary | 100
Page 28
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| FD Experimental Kitchen Limited | United kingdom | Dormant | Ordinary | 100%
| Blue Mentality Limited | United Kingdom | Dormant | Ordinary | 60%
| Nature By Heston | United Kingdom | Dormant | Limited by guarantee | 100%
| Human Nature By Heston Limited | United Kingdom | Dormant | Ordinary | 100%
| Human Nature by HB Limited | United Kingdom | Dormant | Ordinary | 100%
| Human Nature By Heston Blumenthal Limited | United Kingdom | Dormant | Ordinary | 100%
14. | Stocks
|  | Group 25 May | Group 26 May
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 1,171,424 | 1,289,342
|  | 1,171,424 | 1,289,342
15. | Debtors
|  | Group 25 May | Group 26 May | Company 25 May | Company 26 May
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 103,706 | 101,321 | 24,182 | 24,241
| Amounts owed by group undertakings | 4,534 | - | 2,901,998 | 2,858,679
| Other debtors | 7,236 | 74,122 | 7,344 | 7,344
| Prepayments and accrued income | 152,663 | 305,116 | 24,573 | 144,500
| Deferred taxation | 30,208 | 29,928 | - | -
|  | 298,347 | 510,487 | 2,958,097 | 3,034,764
Page 29
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
16. | Cash and cash equivalents
|  | Group 25 May | Group 26 May | Company 25 May | Company 26 May
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 203,932 | 697,605 | - | -
| Less: bank overdrafts | (467,897) | (806,091) | (467,897) | (806,091)
|  | (263,965) | (108,486) | (467,897) | (806,091)
17. | Creditors: Amounts falling due within one year
|  | Group 25 May | Group 26 May | Company 25 May | Company 26 May
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | 467,897 | 806,091 | 467,897 | 806,091
| Bank loans | 882,510 | 135,450 | - | -
| Trade creditors | 937,607 | 1,050,080 | 277,594 | 215,466
| Amounts owed to group undertakings | 3,045,003 | 2,127,441 | 6,065,212 | 3,871,179
| Corporation tax | 7,332 | 5,147 | 5,147 | 5,147
| Other taxation and social security | 741,147 | 1,674,313 | 198,263 | 1,582,250
| Other creditors | 687,107 | 644,411 | 48,005 | 41,814
| Accruals and deferred income | 1,779,389 | 1,376,530 | 140,097 | 169,699
|  | 8,547,992 | 7,819,463 | 7,202,215 | 6,691,646
Page 30
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
18. | Creditors: Amounts falling due after more than one year
|  | Group 25 May | Group 26 May
|  | 2025 | 2024
|  | £ | £
| Bank loans | 1,436,260 | 1,571,710
|  | 1,436,260 | 1,571,710
| The following liabilities were secured:
|  | Group 25 May | Group 26 May
|  | 2025 | 2024
|  | £ | £
| Bank loans | 2,318,770 | 1,707,160
|  | 2,318,770 | 1,707,160
| Details of security provided:
The bank loans are secured by a first legal charges over all group properties and unlimited guarantees from various group companies. The other loan is secured by a charge over wine stock of £747,060. The group currently has two bank loans which were taken out in the previous period., One for £680,000 which is repayable at the end of 10 years with interest being charged at 3% over bank base rate. The other bank loan, originally for £1,354,496, is repayable monthly over 10 years, with interest being charged at 3% over bank base rate. Post year end both loans have been refinanced via an external refinancing agreement with Como Holdings Limited. Page 31
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
19. | Loans
| Analysis of the maturity of loans is given below:
|  | Group 25 May | Group 26 May
|  | 2025 | 2024
|  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 882,510 | 135,450
|  | 882,510 | 135,450
| Amounts falling due 1-2 years |  |
| Bank loans | 135,450 | 135,450
|  | 135,450 | 135,450
| Amounts falling due 2-5 years |  |
| Bank loans | 406,349 | 406,349
|  | 406,349 | 406,349
| Amounts falling due after more than 5 years |  |
| Bank loans | 894,461 | 1,029,911
|  | 894,461 | 1,029,911
|  | 2,318,770 | 1,707,160
20. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 29,928 | 10,370
| Utilised in year | 280 | 19,558
| At end of year | 30,208 | 29,928
Page 32
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 20.Deferred taxation (continued)
| Company
|  | 2025 | 2024
| At end of year | - | -
| The deferred tax asset is made up as follows:
|  | Group 25 May | Group 26 May
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 30,208 | 29,928
|  | 30,208 | 29,928
21. | Share capital
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100,000 (2024 - 100,000) Ordinary shares of £1 each | 100,000 | 100,000
22. | Reserves
Profit and loss account The profit and loss accounts represent cumulative profits and losses,net of dividends and other adjustments.
23. | Contingent liabilities
The company has provided unlimited guarantees in respect of bank loans to group companies. At the balance sheet date the loans totalled £1,571,710 (2024: £1,707,160).
24. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £71,571 (2024 - £69,249) . Contributions totalling £14,632 (2024 - £16,202) were payable to the fund at the balance sheet date and are included in creditors. Page 33
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
25. | Commitments under operating leases
| At 25 May 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group 25 May | Group 26 May | Company 25 May | Company 26 May
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 118,350 | 127,100 | 17,500 | 26,250
| Later than 1 year and not later than 5 years | 306,367 | 352,267 | - | 17,500
| Later than 5 years | 126,788 | 199,238 | - | -
|  | 551,505 | 678,605 | 17,500 | 43,750
26. | Related party transactions
| 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. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. Amounts due to entities with control, joint control or significant influence over the entity were £3,040,469 (2024:£2,127,441) Amounts due to entities over which the entity has control, joint control or significant influence totalled £104 (2024: £104). Purchases from entities that provide key management personnel services to the entity were £214,092 (2024 :£508,434). All the balances due are unsecured, interest free and repayable on demand. Purchases of services from related parties were undertaken in the normal course of business with payments being made on normal commercial terms.
27. | Subsidiary Companies Exemption
The following companies are exempt from the requirement to be audited by virtue of Section 479A of The Companies Act 2006. Snail Porridge Limited (Registered Number 5419823) FD Experimental Kitchen (Registered Number 5736613) SL6 Appliances Limited (Registered Number 7039118) Tapestry Management Limited (Registered Number 6431636)
28. | Post balance sheet events
On March 26th 2026 SL6 Ltd entered a convertible loan agreement with Como Holdings (UK) Ltd. THe company also agreed a capitalisation of debt owed to Cape Proprietary Inc where £2,900,000 of debt has been converted into ordinary shares. These events are considered to be post balance sheet non-adjusting events by the directors. Page 34
SL 6 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
29. | Controlling party
The immediate parent company is Cape Proprietary Inc, which is incorporated in Nevis and the ultimate parent company is Lowenthal Corporation Limited, which is incorporated in the Isle of Man.
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