ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: 10894949

LINA STORES WR LIMITED

CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

LINA STORES WR LIMITED

COMPANY INFORMATION

Directors	C J Miller
	M A Green
	E Green
	E C McDonagh


Registered number	10894949


Registered office	12-14 Denman Street
	London
	W1D 7HJ


Independent auditors	Harris & Trotter LLP
	Chartered Accountants & Statutory Auditors
	101 New Cavendish Street
	1st Floor South
	London
	W1W 6XH

LINA STORES WR LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Consolidated Statement of Comprehensive Income	7
Consolidated Balance Sheet	8 - 9
Company Balance Sheet	10 - 11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14 - 15
Consolidated Analysis of Net Debt	16
Notes to the Financial Statements	17 - 40

LINA STORES WR LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 29 DECEMBER 2024

The directors present their report and the financial statements for the period ended 29 December 2024.

Directors

The directors who served during the period were:

C J Miller

M A Green

E Green

E C McDonagh

Directors' responsibilities statement

The directors are responsible for preparing 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;

∙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.

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Auditors

The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

LINA STORES WR LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 29 DECEMBER 2024

This report was approved by the board and signed on its behalf.

................................................

C J Miller

Director

Date: 12 December 2025

Page 2

LINA STORES WR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINA STORES WR LIMITED

Opinion

We have audited the financial statements of Lina Stores WR Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the period ended 29 December 2024, 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 29 December 2024 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 Auditors' 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

LINA STORES WR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINA STORES WR LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has 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 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 1, 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 4

LINA STORES WR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINA STORES WR LIMITED (CONTINUED)

Auditors' 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 Auditors' 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent imitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). In dentifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.

• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.

• We challenged assumptions and judgments made by management in its significant accounting estimates;

We did not identify any key audit matters relating to irregularities, including fraud.

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 Auditors' Report.

Page 5

LINA STORES WR LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LINA STORES WR LIMITED (CONTINUED)

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 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.

Daniel Walters (Senior Statutory Auditor)

for and on behalf of

Harris & Trotter LLP

Chartered Accountants

Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH

12 December 2025

Page 6

LINA STORES WR LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 29 DECEMBER 2024

	29 December	31 December
	2024	2023
	£	£


Turnover	17,627,364	12,893,980
Cost of sales	(4,620,045)	(3,715,658)
Gross profit	13,007,319	9,178,322
Administrative expenses	(14,293,864)	(9,977,334)
Exceptional administrative expenses	(614,347)	(437,281)
Other operating income	759	38,123
Other operating charges	(2,310)	(2,190)
Operating loss	(1,902,443)	(1,200,360)
Interest payable and similar expenses	(138,635)	(100,788)
Loss before taxation	(2,041,078)	(1,301,148)
Tax on loss	(61,548)	17,156
Loss for the financial period	(2,102,626)	(1,283,992)

Adjusted EBITDA	1,530,315	879,484
Depreciation	(1,421,493)	(1,070,466)
Pre-opening costs	(779,022)	(164,890)
Management fees	(605,112)	(400,000)
Loan interest	(138,635)	(100,788)
Exceptional items	(614,347)	(437,281)
Deferred tax	(61,548)	17,156
FX movements	(12,784)	(7,207)
Loss for the financial period	(2,102,626)	(1,283,992)

Loss for the period attributable to:
Non-controlling interests	(807,960)	(493,310)
Owners of the parent Company	(1,294,666)	(790,682)
	(2,102,626)	(1,283,992)

The notes on pages 17 to 40 form part of these financial statements.

Page 7

LINA STORES WR LIMITED

REGISTERED NUMBER: 10894949

CONSOLIDATED BALANCE SHEET

AS AT 29 DECEMBER 2024

	29 December	31 December
	2024	2023
Note	£	£

Fixed assets
Intangible assets	11		821,583		787,220
Tangible assets	12		5,912,007		3,834,249
			6,733,590		4,621,469
Current assets
Stocks	14	493,279		333,285
Debtors: amounts falling due after more than one year	15	84,633		80,000
Debtors: amounts falling due within one year	15	2,455,594		1,663,416
Cash at bank and in hand	16	2,248,190		33,142
		5,281,696		2,109,843
Creditors: amounts falling due within one year	17	(9,671,529)		(6,879,373)
Net current liabilities			(4,389,833)		(4,769,530)
Total assets less current liabilities			2,343,757		(148,061)
Creditors: amounts falling due after more than one year	18		(8,598,999)		(4,048,948)
Provisions for liabilities
Deferred taxation	21	(44,392)		-
			(44,392)		-
Net liabilities			(6,299,634)		(4,197,009)

Capital and reserves
Called up share capital	2,472	2,472
Share premium account	2,267,788	2,267,788
Profit and loss account	(9,026,238)	(7,731,572)
Equity attributable to owners of the parent Company	(6,755,978)	(5,461,312)
Non-controlling interests	456,344	1,264,303
	(6,299,634)	(4,197,009)

Page 8

LINA STORES WR LIMITED

REGISTERED NUMBER: 10894949

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 29 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2025.

................................................

C J Miller

Director

The notes on pages 17 to 40 form part of these financial statements.

Page 9

LINA STORES WR LIMITED

REGISTERED NUMBER: 10894949

COMPANY BALANCE SHEET

AS AT 29 DECEMBER 2024

	29 December	31 December
	2024	2023
Note	£	£

Fixed assets
Intangible assets	11		747,495		770,047
Tangible assets	12		203,705		249,319
Investments			221		220
			951,421		1,019,586
Current assets
Stocks	14	10,530		10,088
Debtors: amounts falling due within one year	15	13,637,155		8,560,685
Cash at bank and in hand	16	1,110,743		1,164
		14,758,428		8,571,937
Creditors: amounts falling due within one year	17	(5,468,471)		(3,892,291)
Net current assets			9,289,957		4,679,646
Total assets less current liabilities			10,241,378		5,699,232

Creditors: amounts falling due after more than one year	18		(8,393,582)		(3,758,530)

Net assets			1,847,796		1,940,702

Capital and reserves
Called up share capital	2,472	2,472
Share premium account	2,267,788	2,267,788
Profit and loss account	(422,464)	(329,558)
	1,847,796	1,940,702

Page 10

LINA STORES WR LIMITED

REGISTERED NUMBER: 10894949

COMPANY BALANCE SHEET (CONTINUED)

AS AT 29 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 December 2025.

................................................

C J Miller

Director

The notes on pages 17 to 40 form part of these financial statements.

Page 11

LINA STORES WR LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 29 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£
At 2 January 2023	2,472	2,267,788	(5,954,270)	(3,684,010)	770,994	(2,913,016)

Loss for the period	-	-	(1,777,302)	(1,777,302)	493,310	(1,283,992)

At 1 January 2024	2,472	2,267,788	(7,731,572)	(5,461,312)	1,264,304	(4,197,008)

Loss for the period	-	-	(1,294,666)	(1,294,666)	(807,960)	(2,102,626)
At 29 December 2024	2,472	2,267,788	(9,026,238)	(6,755,978)	456,344	(6,299,634)

The notes on pages 17 to 40 form part of these financial statements.

Page 12

LINA STORES WR LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 29 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 2 January 2023	2,472	2,267,788	(456,246)	1,814,014

Profit for the period	-	-	126,688	126,688

At 1 January 2024	2,472	2,267,788	(329,558)	1,940,702

Loss for the period	-	-	(92,906)	(92,906)
At 29 December 2024	2,472	2,267,788	(422,464)	1,847,796

The notes on pages 17 to 40 form part of these financial statements.

Page 13

LINA STORES WR LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 29 DECEMBER 2024

			29 December	31 December
			2024	2023
			£	£

Cash flows from operating activities
Loss for the financial period	(2,102,626)	(1,283,992)
Adjustments for:
Amortisation of intangible assets	34,875	34,322
Depreciation of tangible assets	1,386,630	1,037,910
Interest paid	138,635	100,788
Taxation charge	61,548	(17,156)
(Increase) in stocks	(159,993)	(126,552)
(Increase) in debtors	(796,812)	(690,658)
Increase in creditors	2,527,706	1,633,157
Other movements	(4,381)	-
Net cash generated from operating activities	1,085,582	687,819

Cash flows from investing activities
Purchase of intangible fixed assets	(69,239)	(791)
Purchase of tangible fixed assets	(3,464,386)	(2,295,123)
Net cash from investing activities	(3,533,625)	(2,295,914)
Cash flows from financing activities
Issue of ordinary shares	-	1,250,000
New loan notes	4,500,000	-
Repayment of other loan	(85,000)	-
New Loans	1,000,000	536,332
Repayment of loans	(600,500)	(194,496)
Interest paid	(138,635)	(100,788)
Net cash used in financing activities	4,675,865	1,491,048

Page 14

LINA STORES WR LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE PERIOD ENDED 29 DECEMBER 2024

		29 December	31 December
		2024	2023
		£	£


Net increase/(decrease) in cash and cash equivalents	2,227,822	(117,047)
Cash and cash equivalents at beginning of period	33,142	139,458
Foreign exchange gains and losses	(12,784)	-
Cash and cash equivalents at the end of period	2,248,180	22,411

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	2,248,190	33,142
Bank overdrafts	(10)	(10,731)
	2,248,180	22,411

The notes on pages 17 to 40 form part of these financial statements.

Page 15

LINA STORES WR LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 29 DECEMBER 2024


At 1 January 2024	Cash flows	At 29 December 2024
£	£	£

Cash at bank and in hand	33,142	2,215,048	2,248,190
Bank overdrafts	(10,731)	10,721	(10)
Debt due after 1 year	(1,142,180)	(135,052)	(1,277,232)
Debt due within 1 year	(452,213)	(275,179)	(727,392)
	(1,571,982)	1,815,538	243,556

The notes on pages 17 to 40 form part of these financial statements.

Page 16

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

1.	General information

Lina Stores WR Limited is a private company limited by shares, incorporated in England & Wales (registered number 10894949). Its registered office and principal place of business is 12-14 Denman Street, London, England, W1D 7HJ.

The financial statements are presented in Sterling, which is the functional currency of the Company.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

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.

2.3

Going concern

The financial statements have been prepared on the going concern basis.

Given that the Company is in a net surplus position the directors consider that the company can operate viably and meet its obligations as they fall due for a period of 12 months from the date of this report.It is noted that this company continues to support other group companies, with the assistance of its immediate controlling party.

As for the Group, they are reporting a net deficit position overall. This is largely due to the opening of 4 new sites during the year with a substantial up front cost involved with fitting out the restaurants. We are positive that the sites will start to generate profits once they are fully up and running and that the group will continued to be supported by its shareholders.

We therefore consider it appropriate to prepare the financial statements on the going concern basis.

Page 17

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 18

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.6

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

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.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.9

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.

Page 19

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.10

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.

2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

2.12

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.

Development costs are capitalised only when a project is deemed technically feasible, commercially viable, and expected to generate future economic benefits. Amortisation commences when the project is available for use and generating revenue. If a project is subsequently assessed as not viable, all related development costs are written off and an impairment charge is recognised in the profit and loss account.

Page 20

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.13

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.

Assets are depreciated from the date they are available for use, which is defined as the point at which the asset is in the location and condition for it to be capable of operating in the manner intended by management.

Where an asset has been acquired or constructed but is not yet brought into use, no depreciation is charged and the asset is held at cost. The carrying value of assets not yet in use is reviewed regularly to ensure it does not exceed the recoverable amount and any impairment is recognised in accordance with the relevant accounting standards.

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:

Leasehold Improvements	-	20%
Plant and machinery	-	20%
Fixtures and fittings	-	20%
Computer equipment	-	20%
Catering equipment	-	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.

2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 21

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 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.

2.16

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.

2.17

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

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.

2.18

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.

2.19

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.

2.20

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.

Basic financial assets

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

Page 22

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

2.Accounting policies (continued)

2.20

Financial instruments (continued)

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Page 23

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

Restaurant Sales	16,064,033	11,942,664
Franchise and Delivery Income	1,084,087	284,225
Wholesale Income	479,244	667,091
	17,627,364	12,893,980

Analysis of turnover by country of destination:

					29 December	31 December
					2024	2023
					£	£

United Kingdom	17,525,477	12,742,220
Japan	101,887	151,760
	17,627,364	12,893,980

Other operating income	759	38,123
	759	38,123

Page 24

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

Research & development charged as an expense	4,296	1,842
Exchange differences	12,784	12,010
Other operating lease rentals	1,447,269	799,551

Fees payable to the Company's auditors for the audit of the Group's financial statements

44,444

50,000

Page 25

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

7.	Employees
	Staff costs were as follows:

Group 29 December	Group 31 December	Company 29 December	Company 31 December
2024	2023	2024	2023
£	£	£	£


Wages and salaries	6,263,839	4,566,028	398,119	395,265
Social security costs	478,491	341,606	28,121	27,255
Cost of defined contribution scheme	105,313	74,546	7,674	5,782
	6,847,643	4,982,180	433,914	428,302

The average monthly number of employees, including the directors, during the period was as follows:

	Group	Group	Company	Company
	29 December	31 December	29 December	31 December
	2024	2023	2024	2023
	No.	No.	No.	No.

Director	4	4	4	4
Employees	274	259	17	24

	278	263	21	28

Bank interest payable	8,471	406
Other loan interest payable	128,030	81,000
Other interest payable	2,134	19,382
	138,635	100,788

Page 26

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024



Total current tax	-	-

Deferred tax
Accelerated capital allowances	61,548	(31,498)
Losses carried forward	-	14,342
Total deferred tax	61,548	(17,156)


	Tax on loss	61,548	(17,156)

Page 27

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

9.Taxation (continued)

Loss on ordinary activities before tax

(1,834,043)

(1,301,147)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	(458,511)	(325,287)
Effects of:
Timing differences on accelerated capital allowances	44,392	(31,498)
Depreciation	-	268,058
Capital allowances for period in excess of depreciation	19,644	25,197
Expense adjustments	3,707	2,485
Capital allowances	-	(127,186)
Losses utilised in the current year	(48,133)	360,413
Losses surrendered in the current year for group relief	(684,076)	(203,680)
Timing differences on losses carried forward	-	14,342
Other differences leading to an increase (decrease) in taxation	32,750	-
Unrelieved tax losses carried forward	1,151,775	-
Total tax charge for the period	61,548	(17,156)

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

	Exceptional items	614,347	437,281
		614,347	437,281

	Development expenditure	Website costs	Computer software	Total
	£	£	£	£
Cost
At 1 January 2024	900,491	630	-	901,121
Additions	48,578	-	20,660	69,238
At 29 December 2024	949,069	630	20,660	970,359
Amortisation
At 1 January 2024	113,733	168	-	113,901
Charge for the period on owned assets	34,397	116	362	34,875
At 29 December 2024	148,130	284	362	148,776
Net book value
At 29 December 2024	800,939	346	20,298	821,583
At 31 December 2023	786,758	462	-	787,220

Page 29

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

11.Intangible assets (continued)

	Company

		Development expenditure
		£
	Cost
	At 1 January 2024	864,496
	At 29 December 2024	864,496
	Amortisation
	At 1 January 2024	94,449
	Charge for the year	22,552
	At 29 December 2024	117,001
	Net book value
	At 29 December 2024	747,495
	At 31 December 2023	770,047

Page 30

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

12.	Tangible fixed assets
	Group

	Leasehold Improvements	Plant and machinery	Fixtures and fittings	Computer equipment	Catering equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2024	3,684,069	246,452	2,806,514	92,482	192,640	7,022,157
Additions	2,624,557	18,287	654,455	69,369	97,719	3,464,387
At 29 December 2024	6,308,626	264,739	3,460,969	161,851	290,359	10,486,544
Depreciation
At 1 January 2024	1,232,547	92,159	1,706,636	34,446	122,119	3,187,907
Charge for the period on owned assets	774,266	44,665	506,141	23,453	38,105	1,386,630
At 29 December 2024	2,006,813	136,824	2,212,777	57,899	160,224	4,574,537
Net book value
At 29 December 2024	4,301,813	127,915	1,248,192	103,952	130,135	5,912,007
At 31 December 2023	2,451,522	154,292	1,099,878	58,036	70,521	3,834,249

Page 31

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

12.Tangible fixed assets (continued)

	Company

	Leasehold Improvements	Fixtures and fittings	Computer equipment	Catering equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2024	663,172	136,004	9,746	42,931	851,853
Additions	-	12,936	2,458	1,554	16,948
At 29 December 2024	663,172	148,940	12,204	44,485	868,801
Depreciation
At 1 January 2024	527,386	44,374	5,011	25,764	602,535
Charge for the period on owned assets	31,649	24,514	1,780	4,618	62,561
At 29 December 2024	559,035	68,888	6,791	30,382	665,096
Net book value
At 29 December 2024	104,137	80,052	5,413	14,103	203,705
At 31 December 2023	135,787	91,630	4,735	17,167	249,319

13.	Fixed asset investments

Page 32

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	220
	Additions	1
	At 29 December 2024	221

14.	Stocks
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Wet and Dry stock	493,279	333,285	10,530	10,088
	493,279	333,285	10,530	10,088

The difference between purchase price or production cost of stocks and their replacement cost is not material.

15.	Debtors
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Due after more than one year
Other debtors	84,633	80,000	-	-
	84,633	80,000	-	-

Group 29 December	Group 31 December	Company 29 December	Company 31 December
2024	2023	2024	2023
£	£	£	£

Due within one year

Page 33

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

15.Debtors (continued)

Trade debtors	57,448	45,547	1,696	2,660
Amounts owed by group undertakings	159,343	2,993	13,521,262	8,456,131
Other debtors	1,862,619	1,387,914	106,906	88,127
Prepayments and accrued income	376,184	209,806	7,291	13,767
Deferred taxation	-	17,156	-	-
	2,455,594	1,663,416	13,637,155	8,560,685

16.	Cash and cash equivalents
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	2,248,190	33,142	1,110,743	1,164
Less: bank overdrafts	(10)	(10,731)	-	(10,731)
	2,248,180	22,411	1,110,743	(9,567)

17.	Creditors: Amounts falling due within one year
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	10	10,731	-	10,731
Bank loans	640,397	365,218	640,397	365,218
Other loans	85,000	85,000	-	-
Trade creditors	1,999,301	1,591,281	421,276	313,385
Amounts owed to group undertakings	2,158,251	1,528,031	3,819,028	2,561,608
Other taxation and social security	1,112,117	1,160,065	-	135,781
Other creditors	2,058,913	983,476	576,676	504,071
Accruals and deferred income	1,617,540	1,155,571	11,094	1,497
	9,671,529	6,879,373	5,468,471	3,892,291

Page 34

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

18.	Creditors: Amounts falling due after more than one year
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Bank loans	1,277,232	1,142,180	1,277,232	1,142,180
Other creditors	7,321,767	2,906,768	7,116,350	2,616,350
	8,598,999	4,048,948	8,393,582	3,758,530

19.	Loans
	Analysis of the maturity of loans is given below:
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Amounts falling due within one year
Bank loans	640,397	365,218	640,397	365,218
Other loans	85,000	85,000	-	-
	725,397	450,218	640,397	365,218
Amounts falling due 1-2 years
Bank loans	814,526	1,142,180	814,526	1,142,180
	814,526	1,142,180	814,526	1,142,180
Amounts falling due 2-5 years
Bank loans	462,706	-	462,706	-

	2,002,629	1,592,398	1,917,629	1,507,398

Page 35

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

20.	Financial instruments
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	2,248,190	33,142	1,110,743	1,164

Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.

Page 36

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

21.	Deferred taxation
	Group

		2024
		£

	At beginning of year	17,156
	Charged to profit or loss	(61,548)
	At end of year	(44,392)

Company

The deferred taxation balance is made up as follows:
	Group 29 December	Group 31 December
	2024	2023
	£	£

Accelerated capital allowances	(44,391)	31,498
Tax losses carried forward	-	(14,342)
	(44,391)	17,156

22.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £7,674 (2023: £5,782). Contributions payable to the fund at the balance sheet date amounted to £1,453 (2023: £4,411).

Page 37

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

23.	Commitments under operating leases
	At 29 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group 29 December	Group 31 December	Company 29 December	Company 31 December
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	1,552,250	771,712	120,000	120,000
Later than 1 year and not later than 5 years	5,118,750	2,557,378	360,000	360,000
Later than 5 years	7,005,448	2,866,191	312,740	432,740
	13,676,448	6,195,281	792,740	912,740

24.	Controlling party

The intermediate controlling party is WRP Holdco Limited, a limited company incorporated in England and Wales (registered number: 14264912). The registered office address is 12-14 Denman Street, W1D 7HJ.The ultimate controlling party is C Miller.

Page 38

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Lina Stores KX Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores BA Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores ML Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores CC Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores ER Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores SH Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores CR Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores QS Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores BC Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores 1944 Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores Online Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Cucina Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Centro Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%
Lina Stores WRI Limited	12-14 Denman Street, London W1D 7HJ	Ordinary	100%

Page 39

LINA STORES WR LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 DECEMBER 2024

Subsidiary undertakings (continued)

The aggregate of the share capital and reserves as at 29 December 2024 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	£	£

Lina Stores KX Limited	60,324	422,255
Lina Stores BA Limited	1,060,827	525,442
Lina Stores ML Limited	1,211,752	657,307
Lina Stores CC Limited	(23,493)	141,333
Lina Stores ER Limited	19,219	19,218
Lina Stores SH Limited	(454,147)	(454,148)
Lina Stores CR Limited	(474)	(475)
Lina Stores QS Limited	(196,626)	(196,627)
Lina Stores BC Limited	-	-
Lina Stores 1944 Limited	(30,050)	(19,776)
Lina Stores Online Limited	(649,837)	83,482
Lina Cucina Limited	(5,329,616)	(1,664,522)
Lina Centro Limited	(3,802,637)	(1,478,843)
Lina Stores WRI Limited	93,823	93,628

Page 40