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Registered number: 04416191 PJT RESTAURANTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PJT RESTAURANTS LIMITED COMPANY INFORMATION
Directors | P J Tassell
| K F Bartrip
Company secretary | K F Bartrip
Registered number | 04416191
Registered office | 4 Chester Court
| Chester Hall Lane
| Basildon
| Essex
| SS14 3WR
Independent auditors | MWS Accountants Limited
| Chartered Accountants & Statutory Auditor
| 4 Chester Court
| Chester Hall Lane
| Basildon
| Essex
| SS14 3WR
PJT RESTAURANTS LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditors' report | 4 - 7
Statement of income and retained earnings | 8
Balance sheet | 9 - 10
Notes to the financial statements | 11 - 25
PJT RESTAURANTS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Business review
Turnover in the year increased by 5.5% (2024 : 4.5% decrease) and gross profit in the year increased by 6.7% (2024 : 3.1% increase). The overhead cost has increased within expectations and led to a net profit for the year of £87,303 compared to £124,196 loss in 2024. At the year end the company had net assets of £3,006,457 (2024 : £3,015,964). Given the challenges faced during the previous years, the state of the business is more than satisfactory and the directors anticipate the business will continue to remain profitable. The company continues to invest in new drive through facilities and home deliveries to support it's customer base.
Principal risks and uncertainties
The company does not consider there to be any principle risks and uncertainties material to the accounts. This report was approved by the board on 25 June 2026 and signed on its behalf.
P J Tassell Director
Page 1
PJT RESTAURANTS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Directors' 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 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 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 for the Company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £33,493 (2024 - loss £132,394). A dividend of £445,000 (2023 : £180,000) has been provided for by the directors.
Directors
The directors who served during the year were:
P J Tassell
K F Bartrip
Disabled employees
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practical to provide continuing employment under normal terms and conditions and to provide training and career development and promotions to disabled employees wherever appropriate. Page 2
PJT RESTAURANTS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
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'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's auditors are aware of that information.
Auditors
The auditors, MWS Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 25 June 2026 and signed on its behalf.
P J Tassell Director
Page 3
PJT RESTAURANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PJT RESTAURANTS LIMITED
Opinion
We have audited the financial statements of PJT Restaurants Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of income and retained earnings, the Balance sheet 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 Company's affairs as at 31 December 2025 and of its profit for the year 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 Company 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 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 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. Page 4
PJT RESTAURANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PJT RESTAURANTS LIMITED (CONTINUED)
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 Strategic report and the Directors' report for the financial year 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.
Matters on which we are required to report by exception
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.
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 2, 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. Page 5
PJT RESTAURANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PJT RESTAURANTS 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 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: We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: Companies Act 2006/FRS 102, Employment Law, Waste, Health & Safety. We enquired of management to obtain an understanding of how the Company is complying with those legal and regulatory frameworks and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our discussions with the directors and management. We did not identify any matters relating to material non compliance with laws and regulation or matters in relation to fraud; • We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures; • In assessing the potential risks of material misstatement, we obtained an understanding of the Company’s operations, including its objectives and strategies to understand the expected financial statement disclosures and business risks that may result in risks of material misstatement; • In assessing the appropriateness of the collective competence and capabilities of the engagement team, the engagement partner considered the engagement team’s: – understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation – the specialist skills required and – knowledge of the industry in which the client operates. • We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: – assessing the design effectiveness of controls management has in place to prevent and detect fraud; – challenging assumptions and judgements made by management in its significant accounting estimates; – identifying and testing journal entries, in particular manual journal entries made at year end for financial statement preparation; and – assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item. 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.
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. Page 6
PJT RESTAURANTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PJT RESTAURANTS LIMITED (CONTINUED) Clive Smith FCA DipPFS (Senior statutory auditor) for and on behalf of MWS Accountants Limited Chartered Accountants Statutory Auditor 4 Chester Court Chester Hall Lane Basildon Essex SS14 3WR 7 August 2026 Page 7
PJT RESTAURANTS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 26,897,463 | 25,487,035
Cost of sales |  | (8,772,180) | (8,500,521)
Gross profit |  | 18,125,283 | 16,986,514
Administrative expenses |  | (18,013,037) | (17,153,074)
Operating profit/(loss) | 5 | 112,246 | (166,560)
Interest receivable and similar income | 9 | 33,042 | 48,163
Interest payable and similar expenses | 10 | (59,485) | (5,799)
Profit/(loss) before tax |  | 85,803 | (124,196)
Tax on profit/(loss) | 11 | (52,310) | (8,198)
Profit/(loss) after tax |  | 33,493 | (132,394)
Retained earnings at the beginning of the year |  | 2,705,964 | 3,283,358
Profit/(loss) for the year |  | 33,493 | (132,394)
Dividends declared and paid |  | (43,000) | (445,000)
Retained earnings at the end of the year |  | 2,696,457 | 2,705,964
The notes on pages 11 to 25 form part of these financial statements.
Page 8
PJT RESTAURANTS LIMITED REGISTERED NUMBER: 04416191 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 13 |  | 128,000 |  | 135,500
Tangible assets | 14 |  | 2,710,054 |  | 2,296,467
Investments | 15 |  | 6,250 |  | 6,250
|  |  | 2,844,304 |  | 2,438,217
Current assets |  |  |  |  |
Stocks | 16 | 103,299 |  | 125,162 |
Debtors | 17 | 278,271 |  | 438,219 |
Cash at bank and in hand | 18 | 3,340,015 |  | 3,752,498 |
|  | 3,721,585 |  | 4,315,879 |
Creditors: amounts falling due within one year | 19 | (2,253,018) |  | (2,764,013) |
Net current assets |  |  | 1,468,567 |  | 1,551,866
Total assets less current liabilities |  |  | 4,312,871 |  | 3,990,083
Creditors: amounts falling due after more than one year | 20 |  | (1,078,572) |  | (799,085)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (227,842) |  | (175,034) |
|  |  | (227,842) |  | (175,034)
Net assets |  |  | 3,006,457 |  | 3,015,964
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 310,000 |  | 310,000
Profit and loss account | 24 |  | 2,696,457 |  | 2,705,964
|  |  | 3,006,457 |  | 3,015,964
Page 9
PJT RESTAURANTS LIMITED REGISTERED NUMBER: 04416191 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2026.
P J Tassell | K F Bartrip
Director | Director
The notes on pages 11 to 25 form part of these financial statements. Page 10
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies
| 1.1 | 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 1.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of P&K Restaurants Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
| 1.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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.
| 1.4 | Operating leases: the Company 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.
| 1.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 11
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 1.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 1.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 1.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 12
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.10 | 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. The estimated useful lives range as follows:
|  |  |  | Goodwill | - |  | 20 years straight line
|  |  |  | Franchise fee | - |  | 20 years straight line
| 1.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | Over the length of the lease
|  |  |  | Plant and machinery | - | 1, 3, 5, 7 and 10 years straight line
|  |  |  | Fixtures and fittings | - | 3 and 4 years straight line
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.
| 1.12 | Valuation of investments
Investments in unlisted Company 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 Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 1.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. Page 13
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.14 | 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.
| 1.15 | 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.
| 1.16 | 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.
| 1.17 | 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.
| 1.18 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company'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 Page 14
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 1.Accounting policies (continued)
| 1.18 | Financial instruments (continued)
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. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.
| 1.19 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 15
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
2. | General information
PJT Restaurants Limited is a private limited company incorporated in England and Wales. The registered office is 4 Chester Court, Chester Hall Lane, Basildon, Essex, SS14 3WR.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The company does not consider there to be any material judgements or key sources of estimation uncertainty relating to these accounts.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Food | 26,364,026 | 25,017,980
| Delivery/non product | 533,437 | 469,055
|  | 26,897,463 | 25,487,035
| All turnover arose within the United Kingdom.
5. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 3,071,589 | 3,131,052
6. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 11,100 | 9,480
Page 16
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 7,757,451 | 7,349,647
| Social security costs | 414,343 | 263,563
| Cost of defined contribution scheme | 137,401 | 111,899
|  | 8,309,195 | 7,725,109
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production staff | 452 | 490
|  | Administrative staff | 10 | 10
|  | Management staff | 22 | 22
|  |  | 484 | 522
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 17,868 | 17,743
|  | 17,868 | 17,743
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 33,042 | 48,163
|  | 33,042 | 48,163
Page 17
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 59,485 | 5,301
| Other interest payable | - | 498
|  | 59,485 | 5,799
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | - | (173,835)
| Adjustments in respect of previous periods | (498) | -
|  | (498) | (173,835)
| Total current tax | (498) | (173,835)
| Deferred tax |  |
| Origination and reversal of timing differences | 52,808 | 182,033
| Total deferred tax | 52,808 | 182,033
| Profit/(loss) after tax | 52,310 | 8,198
Page 18
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 85,803 | (124,197)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 21,451 | (31,049)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,912 | 3,790
| Capital allowances for year in excess of depreciation | (85,637) | (352,151)
| Adjustments to tax charge in respect of prior periods | (498) | -
| Other timing differences leading to an increase (decrease) in taxation | 52,808 | 182,033
| Unrelieved tax losses carried forward | 61,274 | 194,640
| Adjustment for change in tax rate | - | 10,935
| Total tax charge for the year | 52,310 | 8,198
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Ordinary shares |  |
| Dividends paid on equity shares | 43,000 | 445,000
|  | 43,000 | 445,000
Page 19
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Intangible assets
|  | Franchise | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 150,000 | 430,461 | 580,461
| At 31 December 2025 | 150,000 | 430,461 | 580,461
| Amortisation |  |  |
| At 1 January 2025 | 14,500 | 430,461 | 444,961
| Charge for the year on owned assets | 7,500 | - | 7,500
| At 31 December 2025 | 22,000 | 430,461 | 452,461
| Net book value |  |  |
| At 31 December 2025 | 128,000 | - | 128,000
| At 31 December 2024 | 135,500 | - | 135,500
14. | Tangible fixed assets
|  | Leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 1,418,701 | 7,637,061 | 34,826 | 9,090,588
| Additions | 123,071 | 711,300 | 2,572 | 836,943
| At 31 December 2025 | 1,541,772 | 8,348,361 | 37,398 | 9,927,531
| Depreciation |  |  |  |
| At 1 January 2025 | 889,999 | 5,873,659 | 30,465 | 6,794,123
| Charge for the year on owned assets | 113,781 | 307,213 | 2,360 | 423,354
| At 31 December 2025 | 1,003,780 | 6,180,872 | 32,825 | 7,217,477
| Net book value |  |  |  |
| At 31 December 2025 | 537,992 | 2,167,489 | 4,573 | 2,710,054
| At 31 December 2024 | 528,703 | 1,763,402 | 4,362 | 2,296,467
Page 20
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14.Tangible fixed assets (continued)
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short leasehold | 537,992 | 528,703
|  | 537,992 | 528,703
15. | Fixed asset investments
|  | Trade investments
|  | £
| Cost |
| At 1 January 2025 | 6,250
| At 31 December 2025 | 6,250
| Net book value |
| At 31 December 2025 | 6,250
| At 31 December 2024 | 6,250
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 103,299 | 125,162
|  | 103,299 | 125,162
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other debtors | 195,031 | 397,430
| Prepayments and accrued income | 83,240 | 40,789
|  | 278,271 | 438,219
Page 21
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,340,015 | 3,752,498
|  | 3,340,015 | 3,752,498
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 207,143 | 200,916
| Trade creditors | 1,137,641 | 2,266,837
| Amounts owed to group undertakings | 6,909 | 7,459
| Other taxation and social security | 643,486 | 61,566
| Other creditors | 1,213 | 1,153
| Accruals and deferred income | 256,626 | 226,082
|  | 2,253,018 | 2,764,013
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other taxation and social security |  |
| PAYE/NI control | 83,254 | 61,566
| VAT control | 560,232 | -
|  | 643,486 | 61,566
Page 22
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,078,572 | 799,085
|  | 1,078,572 | 799,085
| The following liabilities were secured:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,285,714 | 1,000,000
|  | 1,285,714 | 1,000,000
| Details of security provided:
The bank loans disclosed above under creditors of £1,285,714 (2024 : £1,000,000) are secured by the company. The bank loans are repayable by monthly instalments over 5 years. Interest on the loans is charged at 1.7% above Barclays Bank Plc base rate.
21. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 207,143 | 200,916
| Amounts falling due 1-2 years |  |
| Bank loans | 207,143 | 188,007
| Amounts falling due 2-5 years |  |
| Bank loans | 621,428 | 496,279
| Amounts falling due after more than 5 years |  |
| Bank loans | 250,000 | 114,798
|  | 1,285,714 | 1,000,000
Page 23
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
22. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (175,034)
| Charged to profit or loss | (52,808)
| At end of year | (227,842)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (483,757) | (369,674)
| Tax losses carried forward | 255,915 | 194,640
|  | (227,842) | (175,034)
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 155,000 (2024 - 155,000) Ordinary shares shares of £1.00 each | 155,000 | 155,000
|  | 155,000 (2024 - 155,000) Ordinary B shares shares of £1.00 each | 155,000 | 155,000
|  |  | 310,000 | 310,000
24. | Reserves
Profit and loss account The profit and loss account comprises the retained profits and losses of the company after dividends. There were no transfers to or from the profit and loss account during the year.
25. | Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £137,401 (2024 : £111,899) Contributions totalling £28,650 (2024 : £17,002) were payable to the fund at the balance sheet date and are included in creditors. Page 24
PJT RESTAURANTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
26. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 3,397,821 | 3,547,195
| Later than 1 year and not later than 5 years | 13,589,616 | 14,107,125
| Later than 5 years | 21,100,635 | 24,480,956
|  | 38,088,072 | 42,135,276
27. | Related party transactions
| The company was ultimately under the control of Mr P J Tassell, throughout the current and previous year. Mr P J Tassell is the managing director and majority shareholder of P&K Restaurants Limited.
28. | Controlling party
The ultimate controlling party was P&K Restaurants Limited, a company incorporated in England.
Page 25