The directors present their strategic report for Lemon Pepper Holdings Limited ("the Company") and its subsidiaries (together "the Group") for the period ended 28 December 2025. In preparing this strategic report, the directors have complied with s414C of the Companies Act 2006.

Introduction

Lemon Pepper Holdings Limited holds the master franchise for Wingstop in the United Kingdom and Republic of Ireland, with the Group’s principal activity being the operation of Wingstop restaurants.

In October 2018 the Company opened its first Wingstop store in Cambridge Circus, with a clear strategy of building an emotionally connected brand that is loved by youth, offering delicious high-quality chicken in locations across the UK and Ireland.

The Group has continued to open further stores, with 86 stores open at period end across the United Kingdom and Republic of Ireland (2024: 57). Since period end, the Group has opened a further 16 sites.

The Directors believe that there continues to be strong growth prospects in the premium fast casual chicken market and intend to continue the roll out of Wingstop at pace across the United Kingdom and Republic of Ireland.

The Company continued its expansion across the UK, opening 29 stores, and launched Wingstop in the Republic of Ireland with the opening of 2 stores in Dublin. In addition, the Company has continued to invest in Operations who are the heartbeat of the business, while further investing in our central support functions to drive the next stage of growth.

In January 2025, Sixth Street became majority shareholder of the Group, supporting Wingstop’s continued growth across the UK and Ireland.

The hospitality sector in the UK continues to face significant cost pressures, particularly in relation to labour where further increases in the National Minimum and National Living wage, together with higher employer national insurance contributions increased employment costs in the Company. Despite this the Company has been able to maintain and improve profitability across its estate. This was only possible because of the loyalty and dedication of our workforce and customers.

Revenue increased by 73% to £216.4m (2024: £125.0m), reflecting good underlying sales growth and the increase in store count. Operating profit in the period grew to £24.3m (2024: £13.7m), due to strong sales growth coupled with labour and broader cost efficiencies.

At Wingstop we are incredibly proud of our culture and people. We are committed to encouraging equality, diversity and inclusion within our teams, including the employment of disabled persons, and preventing unlawful discrimination. We are focused on making sure that our restaurants are a safe and happy place for all of our people to be themselves and to feel accepted. We carry out all recruitment, promotion and other types of selection procedures, on the basis of merit, using non-​discriminatory and as far as possible, objective criteria.

Section 414CZA(1) of the Companies Act 2006 requires the directors to explain how they considered the matters set out in section 172(1) (a) to (f) of the Companies Act 2006 (‘S172 (1)’) when performing their duty to promote the success of the Company. When making decisions, each director ensures that they act in the way that would most likely promote the Company’s success for the benefit of its members, and in doing so have regard (amongst other matters) to the following matters:

(a) The likely consequences of any decision in the long term

The directors understand the business and the evolving environment in which the Company operates, including the challenges of operating in the hospitality sector. There have been no major changes in the financial year. However, the long-term impacts of any decision are discussed in detail by the Board and directors, especially when considering the Company’s strategy.

(b) The interests of the Company’s employees

The directors recognise that the success of the business depends on attracting, retaining and motivating high quality employees. The directors consider the implications of decisions which may affect their perception as a responsible employer, on determining remuneration and benefits, and on providing a healthy and safe workplace environment, where relevant. The directors engage with their employees frequently. They conduct a biannual “GM Connect”, where members from each store come together for a workshop on best practice and can air their feelings about working for the group. Together with the operations team, The People Function of the business is accountable for what the business does for its employees. They conduct an Employee Survey annually. We aim to promote and maintain fairness and transparency across the whole business, with a now well-established culture of reward and recognition to attract and retain the best talent and we were proud to be recognised as one of the top workplaces for "Very Big" organizations in the 2025 edition of the Sunday Times Best Places to Work and was highly commended for its work with ethnic minorities.

(c) The need to foster the Company's business relationships with suppliers, customers and others

The directors seek to promote strong mutually beneficial relationships with suppliers, customers, regulators, and authorities. Such general principles are critical in the delivery of the Company’s strategy. The quality of our food is critical, and we maintain very close relationships with our key suppliers. In addition, the quality of our customer service is paramount; we utilised mystery shopper feedback as well as various internal KPIs to monitor this.

(d) The impact of the Company’s operations on the community and the environment

The Company is committed to understanding the interests of these stakeholder groups. The directors receive information on these topics on a periodic basis to provide relevant information for specific board decisions. The Company is committed to reducing the environmental impact of our operations. We work closely with suppliers to minimise product movement and reduce our food miles. All our cooking oil is collected and recycled and turned into Biofuel. All our waste is split into recycling, food waste and general. Nearly all our packaging is paper based packaging, including paper straws. Our packaging supplier has also committed to global carbon efficiency and Net Zero commitments in line with climate science.

(e) The desirability of the Company maintaining a reputation for high standards of business conduct

The directors recognise the importance of acting in ways which promote high standards of business conduct. The board periodically reviews and approves clear operating frameworks with suppliers and employees to ensure that its high standards are maintained both within the businesses and the business relationships the Company has with stakeholders. We have a detailed, but clear employee handbook which each employee receives when they join which clearly set out our core principles and ways of working.

f) The need to act fairly as between members of the Company

The directors aim to act fairly between the Company’s members when delivering the Company's strategy. Communication with shareholders is given a high priority. There is regular dialogue and information flow to all shareholders covering, operations, strategy, and financial performance. This includes monthly management accounts with detailed commentary, as well as discussion regarding the long-term strategic objectives of the business.

On behalf of the board

The directors present their annual report and financial statements for the period ended 28 December 2025.

The principal activity of the company continued to be that of operating restaurants.

The results for the period are set out on page 11.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Subsequent to the year-end, the Group signed a development agreement for exclusive rights to expand the Wingstop brand in Poland.

The Board is committed to maintaining high standards of governance appropriate to the size, complexity and ownership structure of the Company, and has adopted certain elements of the UK Corporate Governance Code 2024 (the "Code"), published by the Financial Reporting Council ("FRC") in January 2024.

The Board

The Group's Board considers that it is of an appropriate size for the requirements of the business, and that it has the appropriate balance of skills, knowledge and experience.

The Group's Board comprises Non-Executive Directors who represent respective shareholder interests and two Executive Directors, who are responsible for the day-to-day running of the Company and Group.

The Board’s role is to provide leadership to, and to set the strategic direction of, the Group. The Board monitors operational performance and is responsible for establishing Group policies and internal controls to assess and manage risk. This is supported by a risk management process embedded within regular executive management meetings, where Executive Directors and senior management review the principal risks facing the business as part of routine executive meetings, considering financial, operational, regulatory and strategic risks relevant to the Company's activities.

The Board meets regularly throughout the year. There is a schedule of matters reserved for the Board and certain matters are delegated to the Executive Directors. The schedule of reserved matters includes approval of annual budgets, strategic plans, senior management appointments, capital structure and major capital expenditure. Items delegated to the Executive Directors include the approval of capital or other expenditure below the limits required for Board sign off, approval of contracts or less senior appointments.

The Company Secretary acts as secretary to the Board. He is responsible for ensuring that the Directors receive appropriate information prior to meetings, and for ensuring the governance requirements are considered and implemented.

The Board has established a clear division of responsibilities between Non-Executives Directors and Executive Directors.

The Executive Directors are responsible for:

• The day-to-day management of the Company's operations;

• The development and delivery of strategy as approved by the Board;

• Preparing annual budgets and medium-term projections for the Group and monitoring performance against plans and budgets;

• Managing the Group’s relationships and agreements with Wingstop Inc.

• Effective communication with shareholders; and

• Preparing the annual financial statements

They are accountable to the Board for the operational and financial performance of the business, for the management of risk within the operating structure, and for the accuracy and integrity of financial and management information provided to the Board.

The Non-Executive Directors are responsible for:

• Constructively challenging and helping develop proposals on strategy;

• Scrutinising the performance of management against agreed objectives;

The company has taken the exemption not to report on their greenhouse gas emissions, on the basis they are a subsidiary undertaking, and their results are incorporated within the group accounts of Rooster Topco Limited.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of arrangements made for the recruitment, continuing employment, training and career development of disabled persons, disclosure of the company’s policies on employee engagement, future developments, financial instrument risk management and details of engagement with suppliers and customers.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements 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; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Lemon Pepper Holdings Limited (the 'company') for the period ended 28 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 company's affairs as at 28 December 2025 and of its profit for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the 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.

As explained more fully in the directors' responsibilities statement, 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 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 company or to cease operations, or have no realistic alternative but to do so.

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 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:

As part of our planning process:

• We enquired of management the systems and controls the company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: Food hygiene, health and safety, employment law, FRS 102 and Companies Act 2006.

• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Testing journal entries, in particular any that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations

• Testing key revenue lines for evidence of management bias.

• Obtaining third-party confirmation of bank balances.

• Documenting and verifying all significant related party balances and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the company.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Lemon Pepper Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36-40 Maple Street, London, United Kingdom, W1T 6HE.

The current reporting period is from 30 December 2024 to 28 December 2025. The prior reporting period was from 1 April 2024 to 29 December 2024. Therefore, the comparatives are not entirely comparable.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument;

• Section 33 'Related Party Disclosures': Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

Lemon Pepper Holdings Limited is a wholly owned subsidiary of Rooster Topco Limited and the results of Lemon Pepper Holdings Limited are included in the consolidated financial statements of Rooster Topco Limited which are available from Companies House.

The financial statements have been prepared on a going concern basis. The directors have assessed the company’s ability to continue as a going concern and are satisfied that it has truesufficient resources to do so for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements.

In making this assessment, the directors have considered the company’s profitability with reference to group forecasts, its strong cash flow position and a sustained level of significant growth in recent periods. Additionally, the company has access to further revolving credit facilities through the parent company if required.

Turnover represents amounts receivable for food and drink net of VAT.

Revenue from the sale of food and drink is recognised net of refunds and promotional discounts, when the significant risks and rewards of ownership of the goods have passed to the buyer (at the point of sale), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks consist of food and drinks purchased for resale along with packaging and is stated at the lower of cost and estimated selling price.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company after deducting all of its liabilities.

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not consider there to be any material judgements or key estimates.

Fees paid to the company’s auditor and its associates for services other than the statutory audit of the company are not disclosed in Lemon Pepper Holdings Limited's accounts since the consolidated accounts of Lemon Pepper Holdings Limited's ultimate parent, Rooster Topco Limited, are required to disclose non-audit fees on a consolidated basis.

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024: 2).

As at 28 December 2025, the amount owed by Directors to the company was £nil (2024: £33,966).

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 28 December 2025 are as follows:

Registered office key

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the period certain employees were granted B shares in Rooster Topco Limited. The directors, with reference to a third party valuation, consider the fair value of the shares to be immaterial to the financial statements.

At the reporting end date the company had outstanding commitments for future minimum lease payments under operating leases, which fall due as follows:

As at 28 December 2025, the company acts as guarantor to operating lease commitments for a subsidiary, for future minimum lease payments of £1,937,071 (2024: £Nil).

During the period, an entity acting as security agent for a shareholder in Rooster Topco Limited, has secured floating charges over the undertakings of the company to secure loan facilities. The contingent liability in this respect amounted to £107,500,000 (2024: £nil) as at 28 December 2025.

During the period, a former shareholder in Lemon Pepper Topco Limited acting as security agent, satisfied fixed and floating charges over the undertakings of the company to secure bond instruments of £nil (2024: £10,777,011).

Previously, the Group entered into a 30 year franchising agreement with a shareholder.

During the period, the company paid £13,644,427 (2024: £7,988,846) to a shareholder in respect to franchise fees. At 28 December 2025, £678,421 (2024: £1,429,722) of the balance was still payable.

Included in other borrowings is a shareholder loan of £nil (2024: £392,157). This had been lent to the group at a 0% interest rate and was repaid in full during the year.

Subsequent to the year-end, the Group signed a development agreement for exclusive rights to expand the Wingstop brand in Poland.

The immediate parent company is Lemon Pepper Midco Limited, a company incorporated in England and Wales with registered office at 36-40, Maple Street, London, United Kingdom, W1T 6HE.

The company's financials are included in the consolidated accounts of Rooster Topco Limited, whose registered office is 36-40, Maple Street, London, United Kingdom, W1T 6HE. These are available from Companies House.

The ultimate parent company is TAO Finance 3, LLC, a company incorporated in Delaware, USA, whose registered office is Suite 302, 4001 Kennet Pike, County of New Castle, Wilmington, Delaware 19807, USA.