|
Registered number:
FOR THE PERIOD ENDED 28 DECEMBER 2025
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONTENTS
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
COMPANY INFORMATION
Page 1
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors present their strategic report and the financial statements for Burger & Lobster Restaurant Group Limited for the period ended 28 December 2025.
The group operates eleven restaurants in the UK, trading as Burger & Lobster, with a menu focused on wild lobster, prime-cut burgers, chef collaborations and cocktails.
Despite a challenging economic environment, restaurant sales remained resilient at £31.1m compared with £32.3m in the prior year.
Wholesale supply sales are driven by different market dynamics, including fluctuations in lobster prices. Overall turnover for the period amounted to £33.7m. The overall gross margin reduced to 36.2% from 40.4% in the prior year, primarily due to increased labour costs following rises in the National Minimum Wage and costs associated with the opening of two new restaurants. Restaurant EBITDA margin reduced to 2.6%, while the group recorded an operating loss of £2.2m, partly due to one-off costs associated with the opening of two new restaurants and the partial impairment of an intercompany debt. The group maintained a positive net asset position of £2.1m and cash balances of £5.8m at the end of the period. Period ended Period ended 28 Dec 2025 29 Dec 2024 £ £ Turnover 33,692,182 34,097,105 EBITDA* 871,735 3,311,420 Operating (loss)/profit (2,185,585) 1,989,568 *EBITDA is calculated as profit before interest, tax, depreciation, amortisation, licence fees and foreign exchange differences on long term intra-group borrowings. Future developments The group remains focused on driving performance across its existing restaurants in London and remains committed to selectively opening new sites in the UK. Enhancin gcustomer experience continues to be a key objective through ongoing investment in the quality and relevance of the groups offering, its employees and the brand.
Page 2
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
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;
∙Adverse economic conditions in the UK retail and leisure markets; and
∙Attracting and retaining employees.
The group believes that its strong relationships with key suppliers help mitigate the risk of increases in raw ingredient prices.
Efforts to attract and retain employees are led by the HR department through a range of recruitment, retention, welfare and development initiatives. Despite continued challenges in the hospitality labour market, employee retention and recruitment have remained strong, as demonstrated by low staff turnover and an average employee tenure of 2.7 years.
There have been no significant post balance sheet events.
Page 3
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors of Burger & Lobster Restaurant Group Limited consider, both individually and collectively, that they have acted in good faith in the way most likely to promote the success of the group and the company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1)(a)-(f) of the Companies Act 2006, in the decisions taken during the period ended 28 December 2025.
A. The board delegates day-to-day management and decision-making responsibilities to the senior management team, while maintaining oversight of the group’s performance and reserving specific matters for approval, including significant strategic initiatives and major capital allocation decisions. Through regular reporting from senior management and assessment against long-term objectives, the board monitors management’s execution of the agreed strategy and consideration of the long-term interests of key stakeholders. B. The group places considerable value on employee engagement and continues to keep employees informed on matters affecting them and on the factors influencing the performance of the group.
Employees are consulted regularly on a wide range of matters affecting their current and future interests. The group also focuses on supporting employees and business partners in delivering high-quality products and services. Regular training programmes are conducted throughout the year to support employee development and operational performance.
C. The group’s strategy incorporates consideration of its impact on the community and environment, together with its broader social responsibilities. The group takes these responsibilities seriously and encourages employees to contribute positively to their local communities. D. The group is committed to operating responsibly and ensuring that management conducts business in accordance with high standards of business conduct and governance, with a view to protecting and enhancing the reputation of the group. E. The board intends to act fairly and responsibly towards shareholders and to ensure that shareholders benefit from the successful execution of the group’s long-term strategy. Management continues to review potential risks and respond appropriately to changing market conditions. The business remains appropriately financed and management remains confident in the group’s ability to manage economic challenges while identifying opportunities for future growth. Management considers the results for the year to reflect a resilient performance in a challenging macroeconomic environment and is grateful to employees for their continued commitment and dedication, and to customers for their continued support.
This report was approved by the board and signed on its behalf.
Page 4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP 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 £2,397,719 (2024 - profit of £934,987).
The directors do not recommend a dividend (29 December 2024: £nil).
The directors who served during the period were:
During the financial year the group's employees are kept appraised of relevant matters which concern employees via various mechanisms including company-wide communications from the HR team and local site management meetings that are held with all employees on a monthly basis. Similarly, these forums allow for employees to express their views which are then fed back to senior management to be factored into the decision making process. Changes that directly impact employees and make material changes to their terms and conditions of employment are subject to consultation processes which happen on an individual or collective basis depending on the scope of the change and number of employees affected.
Other electronic communication has been deployed via online conferencing software such as ‘Zoom’ to keep local site management appraised, which in turn is cascaded down to employees. Employees have been welcomed to submit any questions during this period to the senior management team, and these were responded to in a timely fashion. Directors of the company are kept appraised on relevant employee matters by senior management of the company, and these view points are factored into key decisions that impacted employees, or may have had the scope to impact employees.
Page 5
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
As required by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the company's energy use and greenhouse gas (GHG) emissions are set out below.
2025 2024 Total energy consumption 4,988,083 kWh 3,465,966kWh Emissions from combustion of gas and fuel 192.03 tCO2e 99.50 tCO2e for transport purposes (scope 1) Emissions from purchased electricity (scope 2) - market based 844.10 tCO2e 592.12 tCO2e Emissions from purchased electricity (scope 2) - location based 702.71 tCO2e 592.12 tCO2e Total gross emissions - market based 1,036.14 tCO2e 691.62 tCO2e Total gross emissions - location based 894.74 tCO2e 691.62 tCO2e Intensity ratio (tCO2e/£m turnover) - market based 28.62 21.39 There were no emissions from business travel in rental cars or employee owned vehicles the company is responsible for purchasing fuel (scope 3) in the current or prior period.
Methodology
Burger & Lobster Restaurant Group Limited has changed reporting methodology in FY2025. It has expanded to include their entire portfolio (including their landlord sites at Leicester Square and Knightsbridge). This change has contributed to the overall increase in emissions to Burger & Lobster’s utilities.
The methodology used to calculate the CO2e emissions is the Operational Control approach on reporting boundaries as well as utilising the carbon emissions methodology as defined by the World Resources Institute/World Business Council for Sustainable Development (WRI/WBCSD) Greenhouse Gas Protocol (GHG): A Corporate Accounting and Reporting Standard, Revised Edition. Emissions factor data source: BEIS 2024 conversion factors https://www.gov.uk/government /publications /greenhouse-gasreporting -conversion -factors-2024. Reporting covers electricity, gas and transport fuel consumption within the UK as required by Environmental Reporting Guidelines for non-quoted companies as defined in The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
Primary energy efficiency measures implemented
Burger & Lobster is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years. Measures Undertaken In FY2025 LED Upgrades In FY2025 Burger & Lobster upgraded the lighting in their restaurants to LED lighting. As LED lighting is more energy efficient than halogen bulbs, this measure will ensure that Burger & Lobster will save energy through their lighting in restaurants in the future. Measures To Be Addressed In FY2026 Development of Additional Carbon Reduction Initiatives Burger & Lobster plan to develop further carbon reduction initiatives along with energy saving opportunities across all their sites in conjunction with their Net Zero Strategy in FY2026.
Page 6
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 7
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 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.
Page 8
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 DECEMBER 2025
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make 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;
∙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.
Page 9
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER RESTAURANT GROUP LIMITED
FOR THE PERIOD ENDED 28 DECEMBER 2025
We have audited the financial statements of Burger & Lobster Restaurant Group Limited (the 'parent company') and its subsidiaries (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 balance sheet, the company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 10
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER RESTAURANT GROUP 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.
Page 11
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER RESTAURANT GROUP 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 and experience 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.
Page 12
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BURGER & LOBSTER RESTAURANT GROUP 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:
Page 13
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 14
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 15
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 28 DECEMBER 2025
Page 16
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONSOLIDATED BALANCE SHEET (CONTINUED)
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 23 to 43 form part of these financial statements.
Page 17
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 28 DECEMBER 2025
Page 18
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
COMPANY BALANCE SHEET (CONTINUED)
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 23 to 43 form part of these financial statements.
Page 19
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 20
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 21
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 22
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Burger & Lobster Restaurant Group Limited operates a group of restaurants, selling mainly lobsters, burgers and beverages throughout the UK.
The company is a private company limited by shares and incorporated in England and Wales. The address of its registered office 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 are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements are prepared on a 52-week basis, with the current period covering 30 December 2024 to 28 December 2025, and the prior period covering 1 January 2024 to 29 December 2024.
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. Where business combinations met the conditions, results have been incorporated using merger accounting. Merger accounting gives rise to a merger reserve in the consolidated statement of financial position, being the difference between the book value of the net assets brought in, and the cost of the shares held by the company.
Page 23
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
After making enquiries, the directors 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 directors have reviewed forecasted performance and cash position to cover the period of assessment. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
Transactions and balances
Revenue represents amounts receivable for the sale of food and drink and sale of lobster and lobster meat.
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.
Page 24
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Page 25
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life. Where the finite life of goodwill is unknown, it shall not exceed ten years.
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.
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.
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 26
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
2.Accounting policies (continued)
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, 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.
Page 27
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP 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.
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.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Page 28
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP 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 asset's 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:
Page 29
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 30
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 31
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 32
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
12.Taxation (continued)
There were no factors that may affect future tax charges.
Page 33
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 34
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 35
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
14.Tangible fixed assets (continued)
Page 36
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 37
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 38
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Shareholder loans are unsecured and are due to Project Ocean Limited, the immediate parent company. The loan is carried at the net present value of future outflows, discounted at a deemed interest rate of 5.5% p.a. Interest is charged to the consolidated statement of comprehensive income. The loan is repayable by July 2034.
Page 39
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Page 40
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
Other reserves
Merger Reserve
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses.
Page 41
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2025
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £131,910 (2024 - £162,420). Contributions totalling £38,777 (2024 - £37,582) were payable to the fund at the balance sheet date and are included in creditors.
Page 42
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
BURGER & LOBSTER RESTAURANT GROUP 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.
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the period ended 28 December 2025. The undertakings listed below are directly owned by Burger & Lobster Restaurant Group Limited.
Name: Lobster Roll Binney Street Limited Registered address: 37-41 Bedford Row, London, WC1R 4JH Company number: 08546570 Name: Burger & Lobster Threadneedle Limited Registered address: 37-41 Bedford Row, London, England, WC1R 4JH Company number: 09125007
Page 43
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||