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Registered number: 03677212 THE FAT DUCK LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE PERIOD ENDED 25 MAY 2025
THE FAT DUCK LIMITED COMPANY INFORMATION
Directors | R Y Lowenthal (resigned 24 April 2026)
| T V Amico (appointed 27 March 2026)
Registered number | 03677212
Registered office | Unit B
| Tectonic Place
| Holyport Road
| Maidenhead
| Berkshire
| SL6 2YE
Independent auditors | TWP Accounting LLP
| Chartered Accountants and Statutory Auditors
| The Old Rectory
| Church Street
| Weybridge
| Surrey
| KT13 8DE
THE FAT DUCK LIMITED REGISTERED NUMBER: 03677212 BALANCE SHEET AS AT 25 MAY 2025
|  | 25 May |  | 26 May
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 1,346,166 |  | 1,446,934
|  |  | 1,346,166 |  | 1,446,934
Current assets |  |  |  |  |
Stocks |  | 1,111,375 |  | 1,224,528 |
Debtors: amounts falling due within one year | 6 | 2,563,891 |  | 1,672,477 |
Cash at bank and in hand |  | 100,460 |  | 181,443 |
|  | 3,775,726 |  | 3,078,448 |
Creditors: amounts falling due within one year | 7 | (3,685,942) |  | (2,289,376) |
Net current assets |  |  | 89,784 |  | 789,072
Total assets less current liabilities |  |  | 1,435,950 |  | 2,236,006
Creditors: amounts falling due after more than one year | 8 |  | (1,436,260) |  | (1,571,710)
Net (liabilities)/assets |  |  | (310) |  | 664,296
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 2 |  | 2
Profit and loss account |  |  | (312) |  | 664,294
|  |  | (310) |  | 664,296
Page 1
THE FAT DUCK LIMITED REGISTERED NUMBER: 03677212 BALANCE SHEET (CONTINUED) AS AT 25 MAY 2025 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 30 July 2026.
T V Amico
Director
The notes on pages 5 to 12 form part of these financial statements. Page 2
THE FAT DUCK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 25 MAY 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 27 May 2024 | 2 | 664,294 | 664,296
Comprehensive income for the period |  |  |
Loss for the period | - | (664,606) | (664,606)
Total comprehensive income for the period | - | (664,606) | (664,606)
Total transactions with owners | - | - | -
At 25 May 2025 | 2 | (312) | (310)
| The notes on pages 5 to 12 form part of these financial statements.
Page 3
THE FAT DUCK LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 26 MAY 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 29 May 2023 | 2 | 747,828 | 747,830
Comprehensive income for the period |  |  |
Loss for the period | - | (83,534) | (83,534)
Total comprehensive income for the period | - | (83,534) | (83,534)
At 26 May 2024 | 2 | 664,294 | 664,296
| The notes on pages 5 to 12 form part of these financial statements.
Page 4
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
1. | General information
The Fat Duck Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. 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 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. The following principal accounting policies have been applied:
| 2.2 | Going concern
The director is pleased with the performance of the company given the challenging environment in which it has been operating. At the end of the year the company's reserves have become negative for the first time which is an indicator of the challenges faced by the sector. The business will continue to solve the problems produced by the current operating environment. The director has 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 company expects to see continuing inflationary pressures in its cost base – particularly through wage increases and changes to Employers National Insurance rates. The company remains determined to deliver excellent guest value and experience which generate new and repeat guests. The director believes that, with the excellent management team and the ongoing support of the Group and its parent, SL 6 Ltd, the company will have all the necessary resources to trade profitably for the foreseeable future. Accordingly, the company continues to adopt the going concern basis in preparing its annual report and accounts.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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. Page 5
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 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.
| 2.5 | Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
| 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 | 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 6
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025 2.Accounting policies (continued)
| 2.9 | 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:
|  |  |  | Freehold property | - | 2% and 10% on cost of buildings
|  |  |  | Short-term leasehold property | - | Over the term of the lease
|  |  |  | Plant and machinery | - | 25% on cost
|  |  |  | Motor vehicles | - | 33% on cost
|  |  |  | Fixtures and fittings | - | 20% on cost
|  |  |  | Computer equipment | - | 33% on cost
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.
| 2.10 | Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the period was 74 (2024 - 85).
Page 7
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
4. | Tangible fixed assets
|  | Land & Buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 27 May 2024 | 1,995,679 | 893,625 | 1,234,600 | 232,132 | 4,356,036
| Additions | - | 11,700 | 1,889 | - | 13,589
| At 25 May 2025 | 1,995,679 | 905,325 | 1,236,489 | 232,132 | 4,369,625
| Depreciation |  |  |  |  |
| At 27 May 2024 | 663,636 | 821,561 | 1,194,369 | 229,536 | 2,909,102
| Charge for the period on owned assets | 64,533 | 35,239 | 13,079 | 1,506 | 114,357
| At 25 May 2025 | 728,169 | 856,800 | 1,207,448 | 231,042 | 3,023,459
| Net book value |  |  |  |  |
| At 25 May 2025 | 1,267,510 | 48,525 | 29,041 | 1,090 | 1,346,166
| At 26 May 2024 | 1,332,043 | 72,064 | 40,231 | 2,596 | 1,446,934
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Freehold | 1,254,266 | 1,317,611
| Short leasehold | 13,244 | 14,432
|  | 1,267,510 | 1,332,043
Page 8
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
5. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 27 May 2024 | 700,001
| At 25 May 2025 | 700,001
| Impairment |
| At 27 May 2024 | 700,001
| At 25 May 2025 | 700,001
| Net book value |
| At 25 May 2025 | -
| At 26 May 2024 | -
Page 9
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
6. | Debtors
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 22,615 | 29,796
| Amounts owed by group undertakings | 2,444,449 | 1,461,308
| Other debtors | - | 64,892
| Prepayments and accrued income | 72,736 | 94,940
| Deferred taxation | 24,091 | 21,541
|  | 2,563,891 | 1,672,477
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 882,510 | 135,450
| Trade creditors | 455,691 | 568,563
| Corporation tax | 2,185 | -
| Other taxation and social security | 406,705 | 68,946
| Other creditors | 475,809 | 441,513
| Accruals and deferred income | 1,463,042 | 1,074,904
|  | 3,685,942 | 2,289,376
| The following liabilities were secured:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 135,450 | 135,450
| Other loans | 747,060 | -
|  | 882,510 | 135,450
| Details of security provided:
The bank loans are secured by a first legal charge over the freehold property of the company, a debenture over all the company's assets and a cross guarantee incorporating first legal charges over fellow subsidiaries' leasehold and freehold premises and unlimited guarantees from various group companies. The other loans are secured by a debenture over the wine stock held by the company. Page 10
THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,436,260 | 1,571,710
|  | 1,436,260 | 1,571,710
| The following liabilities were secured:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,436,260 | 1,571,710
|  | 1,436,260 | 1,571,710
| Details of security provided:
The loans are secured by a first legal charge over the freehold property of the company, a debenture over all the company's assets and a cross guarantee incorporating first legal charges over fellow subsidiaries' leasehold and freehold premises and unlimited guarantees from various group companies.
| The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|  |  |  |  | 25 May | 26 May
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Repayable by instalments | 214,462 | 349,912
| Repayable other than by instalments | 680,000 | 680,000
|  | 894,462 | 1,029,912
The company has a bank loan originally for £680,000 which is repayable at the end of 10 years (Starting: 31 January 2022 and ending: 31 December 2031), with interest being charged at 3% over bank base rate. The company has a second bank loan originally for £1,354,496 which is repayable monthly over 10 years (Starting: 31 January 2022 and ending: 31 December 2031), with interest being charged at 3% over bank base rate.
9. | 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.
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THE FAT DUCK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 25 MAY 2025
10. | Controlling party
The director is of the opinion that the ultimate controlling party at the balance sheet date was Lowenthal Corporation Limited. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, SL 6 Limited, a company incorporated in England and Wales whose registered office is Unit B Tectonic Place, Holyport Road, Maidenhead, Berkshire, SL6 2YE.
11. | Auditors' information
The auditors' report on the financial statements for the period ended 25 May 2025 was unqualified.
| In their report, the auditors emphasised the following matter without qualifying their report: Material uncertainty related to going concern We draw attention to note 2.2 in the financial statements, which explains the ongoing difficulties still faced by the company. These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The audit report was signed on 4 August 2026 by Paul Hawksley FCA, MAAT, CTA (Senior Statutory Auditor) on behalf of TWP Accounting LLP. 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 Auditors' 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.
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