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Registered number:
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
CONTENTS
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BURGER & LOBSTER (US) LIMITED
COMPANY INFORMATION
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BURGER & LOBSTER (US) LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors present their strategic report and the financial statements for Burger & Lobster (US) Limited for the period ended 28 December 2025.
The principal activity of the company continued to be that of a holding company for the Burger & Lobster trading entities based in New York, USA.
Future developments
The business remains focused on driving performance in our existing restaurant in New York and elevating the experience of the customers.
Sales have decreased to £4.9m (2024: £5.9m). Gross profit margin in 2025 improved to 36.6% compared to 32.6% the prior year.
Period ended Period ended
28 Dec 2025 29 Dec 2024
£ £
Turnover 4,898,379 5,856,110
EBITDA* 14,909 77,787
Operating loss (299,445) (2,575,419)
*EBITDA is calculated as profit before interest, tax, depreciation, amortisation, licence fees and foreign exchange differences on long term intra-group borrowings.
The group continues to be exposed to a number of risks in its operations, including price risk, liquidity risk and exchange rate risk. The directors continually identify, evaluate and manage material risks and uncertainties faced by the group, which could adversely affect the group's business, operating results and financial conditions.
The directors consider the principal risks and uncertainties facing the business to comprise the following: - Increase in prices of key raw ingredients; - Increased competition in the markets in which the company operates; - Adverse economic conditions in the US retail / leisure markets; and - Attracting and retaining staff. We believe that our strong relationships with key suppliers of raw ingredients can mitigate the risk of increase in prices. Efforts to attract and retain our staff is led by our senior management and include various schemes both to aid recruitment and retention, and also place a great emphasis on the welfare and development of all of our staff.
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BURGER & LOBSTER (US) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors consider that the following groups are the group’s key stakeholders:
- Employees - Customers - Shareholders - Suppliers The directors seek to understand the respective interest of such stakeholder groups so that they can be properly considered in their decisions. Employees The company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group. Employees are consulted regularly on a wide range of matters affecting their current and future interests. Customers Our customers are key to continued existence of our business. The directors regularly review the quality of food and service and customer experience management platform scores, the monitoring systems used by the business and the training provided to our teams to ensure the business is delivering the best food and service possible to our customers. Shareholders The group’s shareholders rely on the directors to manage their investment in a responsible and sustainable way to generate value. The directors are in regular contact with the shareholders to keep them informed on all company’s operations and development. Suppliers The company regularly engages with its suppliers to maintain these important relationships as we rely on them to provide us with high quality products in order to maintain our reputation as a high-quality smart casual restaurant group. The directors confirm that throughout the year they have acted in the way that they consider, in good faith, to be most likely to promote the success of the group for the benefit of its members as a whole.
This report was approved by the board and signed on its behalf.
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BURGER & LOBSTER (US) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors present their report and the financial statements for the period ended 28 December 2025.
The loss for the period, after taxation, amounted to £426,027 (2024 - loss of £2,695,892).
The directors do not recommend a dividend (2024: £nil).
The directors who served during the period were:
G Bukhov (resigned 20 February 2025)
As permitted by s414c (11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.
This report was approved by the board and signed on its behalf.
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BURGER & LOBSTER (US) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors are responsible for preparing the group strategic report, the director's 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 judgements 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.
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BURGER & LOBSTER (US) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER (US) LIMITED
FOR THE PERIOD ENDED 28 DECEMBER 2025
We have audited the financial statements of Burger & Lobster (US) Limited (the 'parent company') and its subsidiaries (collectively the 'group') for the period ended 28 December 2025, which comprise the consolidated profit and loss account, the consolidated statement of comprehensive income, the consolidated and company balance sheets, the consolidated and company statement of changes in equity, the consolidated statement of cash flows and the related notes, 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 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.
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BURGER & LOBSTER (US) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER (US) LIMITED (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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BURGER & LOBSTER (US) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER (US) LIMITED (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the hospitality sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested a sample of journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and other regulatory bodies.
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BURGER & LOBSTER (US) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER (US) LIMITED (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
Date:
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BURGER & LOBSTER (US) LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 28 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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BURGER & LOBSTER (US) LIMITED
COMPANY BALANCE SHEET
AS AT 28 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 32 form part of these financial statements.
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BURGER & LOBSTER (US) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Burger & Lobster (US) Limited holds investments in US companies which operate restaurants, selling mainly lobsters, burgers and beverages in the USA.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 37 - 41 Bedford Row, London, WC1R 4JH. Its principal place of business is 2nd Floor, Ingestre Court, Ingestre Pl, London W1F 0JL. The financial statements have been prepared on a 52-week basis. The current financial year comprises the 52-week period from 30 December 2024 to 28 December 2025. The comparative period comprises the 52-week period from 1 January 2024 to 29 December 2024. The financial statements are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).
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 company has taken advantage of the following disclosure exemptions in relation to the parent company information presented within these consolidated financial statements, as permitted by FRS 102:
∙Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
After making enquiries, the director's have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. In determining this expectation, the director's have reviewed forecasted performance and cash position to cover the period of assessment. Additionally, the company has received a letter of financial support from its parent company. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue represents amounts receivable for the sale of food and drink.
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.
Functional and presentation currency
The results of overseas operations are translated into Sterling (£) at rates approximating to those ruling when the transactions took place. All assets and liabilities 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.
Transactions and balances
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the consolidated profit and loss account in the same period as the related expenditure.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
The tax expense for period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The group has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the group becomes party to the contractual provisions of the instrument. 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 deducting all of its liabilities. The group’s policies for its major classes of financial assets and financial liabilities are set out below. Financial assets Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing, are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 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. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Ordinary shares are classified as equity.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Useful life of fixed assets The company depreciates its tangible fixed assets over the assets' useful life. The useful life is a significant judgement made by the directors as it impacts the rate of depreciation of assets, and consequently, profit or loss and net assets. The directors do not necessarily consider this a key source of estimation uncertainty (but accept depreciation is a material figure) as the majority of the company's fixed assets are leasehold improvements, whereby the useful life is closely linked to the lease term.
Analysis of turnover by country of destination:
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
At the period end, other loans are made up of loans from group undertakings relating to a loan payable to a related entity. It attracts interest at 5% per annum and is repayable in 2035.
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Profit and loss account
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BURGER & LOBSTER (US) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
The company's immediate and ultimate parent company is
The largest and smallest group for which group accounts are drawn up, and of which the company is a member, is Project Ocean Limited. The consolidated financial statements of Project Ocean Limited are not publicly available.
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