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Registered number:
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
COMPANY INFORMATION
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SL 6 LIMITED
CONTENTS
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SL 6 LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 25 MAY 2025
The directors presents their strategic report for the period 27 May 2024 to 25 May 2025.
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.
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.
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))
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SL 6 LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 MAY 2025
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.
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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.
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.
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.
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.
The directors who served during the period were:
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SL 6 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 MAY 2025
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
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SL 6 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SL 6 LIMITED
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).
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.
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.
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SL 6 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SL 6 LIMITED (CONTINUED)
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.
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.
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.
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SL 6 LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SL 6 LIMITED (CONTINUED)
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.
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.
for and on behalf of
Chartered Accountants & Statutory Auditors
The Old Rectory
Church Street
Surrey
KT13 8DE
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SL 6 LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
REGISTERED NUMBER: 05980917
CONSOLIDATED BALANCE SHEET
AS AT 25 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2026.
The notes on pages 15 to 35 form part of these financial statements.
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SL 6 LIMITED
REGISTERED NUMBER: 05980917
COMPANY BALANCE SHEET
AS AT 25 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 35 form part of these financial statements.
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SL 6 LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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
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:
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.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
2.Accounting policies (continued)
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. Income from royalties are recognised as it arises on an accruals basis. Income from goods and services provided is recognised as it arises.t.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
2.Accounting policies (continued)
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
2.Accounting policies (continued)
Goodwill
Other intangible assets
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.
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:
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.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
2.Accounting policies (continued)
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. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
2.Accounting policies (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.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
Analysis of turnover by country of destination:
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
10.Taxation (continued)
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
12.Tangible fixed assets (continued)
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
Page 28
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
Page 29
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
Page 30
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
20.Deferred taxation (continued)
Profit and loss account
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).
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.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
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) These events are considered to be post balance sheet non-adjusting events by the directors.
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SL 6 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 MAY 2025
Page 35
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