ACCOUNTS - Final Accounts

Operating profit/(loss)

The operating profit/(loss) is stated after charging:

Registered number: 06813917

P & K RESTAURANTS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

P & K RESTAURANTS LIMITED

COMPANY INFORMATION

Directors	P J Tassell
	K F Bartrip


Registered number	06813917


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

P & K RESTAURANTS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 7
Consolidated statement of income and retained earnings	8
Consolidated balance sheet	9
Company balance sheet	10
Consolidated statement of cash flows	11
Consolidated analysis of net debt	12
Notes to the financial statements	13 - 32

P & K RESTAURANTS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Business review

P&K Restaurants Limited’s strategy is to support the plans of its subsidiary, PJT Restaurants Limited, as detailed within its own Strategic Report.

With regards to the subsidiary (PJT Restaurants Limited) the financial statements for the year ended 31 December 2025 showed turnover in the year had 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 a £124,196 loss in 2024.

At the year end the company had net assets of £3,006,457 (2024 - £3,015,964).

The state of the business is satisfactory and the directors anticipate the business will continue to remain profitable.

Principal risks and uncertainties

The company does not consider there to be any principal risks and uncertainties material to the accounts.

For financial risk management objectives and policies please see note 24.

This report was approved by the board on 25 June 2026 and signed on its behalf.

P J Tassell

Director

Page 1

P & K 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 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 judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £4,960 (2024 - loss £170,848).

No dividends have been provided in the accounts other than those that have been paid.

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

P & K 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 and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditors, 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

P & K RESTAURANTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P & K RESTAURANTS LIMITED

Opinion

We have audited the financial statements of P & K RESTAURANTS LIMITED (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of income and retained earnings, the Consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Page 4

P & K RESTAURANTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P & K RESTAURANTS LIMITED (CONTINUED)

Other information

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Group 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 Group 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 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.

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

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

∙the Parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 5

P & K RESTAURANTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P & K 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 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:

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: the Companies Act 2006, FRS 102, Health and 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 out 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.
• In drawing an opinion on the group financial statements we reviewed the above documentation in respect of the group entities and assessed the impact on the group financial statements as a whole.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 6

P & K RESTAURANTS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P & K RESTAURANTS LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

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

13 September 2026

Page 7

P & K RESTAURANTS LIMITED

CONSOLIDATED 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		(18,051,490)	(17,191,528)
Operating profit/(loss)	5	73,793	(205,014)
Interest receivable and similar income	9	33,042	48,163
Interest payable and similar expenses	10	(59,485)	(5,799)
Profit/(loss) before tax		47,350	(162,650)
Tax on profit/(loss)	11	(52,310)	(8,198)
Loss after tax		(4,960)	(170,848)



Retained earnings at the beginning of the year	3,061,532	3,677,380
Loss for the year attributable to the owners of the Parent Company	(4,960)	(170,848)
Dividends declared and paid	(43,000)	(445,000)
Retained earnings at the end of the year	3,013,572	3,061,532

Non-controlling interest at the end of the year

The notes on pages 13 to 32 form part of these financial statements.

Page 8

P & K RESTAURANTS LIMITED

REGISTERED NUMBER: 06813917

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		658,648		704,051
Tangible assets	14		2,710,054		2,296,466
Investments	15		6,250		6,250
			3,374,952		3,006,767
Current assets
Stocks	16	103,299		125,162
Debtors: amounts falling due within one year	17	278,371		438,319
Cash at bank and in hand	18	3,340,127		3,752,610
		3,721,797		4,316,091
Creditors: amounts falling due within one year	19	(2,246,663)		(2,757,107)
Net current assets			1,475,134		1,558,984
Total assets less current liabilities			4,850,086		4,565,751
Creditors: amounts falling due after more than one year	20		(1,078,572)		(799,085)
Provisions for liabilities
Deferred taxation	23	(227,842)		(175,034)
			(227,842)		(175,034)
Net assets			3,543,672		3,591,632

Capital and reserves
Called up share capital	25	200	200
Share premium account	26	529,900	529,900
Profit and loss account	26	3,013,572	3,061,532
Equity attributable to owners of the Parent Company		3,543,672	3,591,632

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P J Tassell	K F Bartrip
Director	Director

Date: 25 June 2026

The notes on pages 13 to 32 form part of these financial statements.

Page 9

P & K RESTAURANTS LIMITED

REGISTERED NUMBER: 06813917

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	15		1,060,000		1,060,000
			1,060,000		1,060,000
Current assets
Debtors: amounts falling due within one year	17	7,009		7,559
Cash at bank and in hand	18	112		112
		7,121		7,671
Creditors: amounts falling due within one year	19	(554)		(554)
Net current assets			6,567		7,117
Total assets less current liabilities			1,066,567		1,067,117


Net assets			1,066,567		1,067,117

Capital and reserves
Called up share capital	25		200		200
Share premium account	26		529,900		529,900
Profit and loss account brought forward		537,017		537,567
Profit for the year		42,450		444,450
Other changes in the profit and loss account		(43,000)		(445,000)
Profit and loss account carried forward			536,467		537,017
			1,066,567		1,067,117

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

P J Tassell	K F Bartrip
Director	Director

Date: 25 June 2026

The notes on pages 13 to 32 form part of these financial statements.

Page 10

P & K RESTAURANTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(4,960)	(170,848)
Adjustments for:
Amortisation of intangible assets	45,403	43,903
Depreciation of tangible assets	423,355	310,894
Interest paid	59,485	5,800
Interest received	(33,042)	(48,163)
Taxation charge	52,808	8,198
Decrease/(increase) in stocks	21,863	(8,463)
Decrease/(increase) in debtors	167,740	(199,948)
(Decrease)/increase in creditors	(516,671)	491,601
Corporation tax (paid)	(7,792)	(173,835)
Net cash generated from operating activities	208,189	259,139

Cash flows from investing activities
Purchase of intangible fixed assets	-	(30,000)
Purchase of tangible fixed assets	(836,942)	(1,890,618)
Purchase of trade investments	-	(1,250)
Interest received	33,042	48,163
Net cash from investing activities	(803,900)	(1,873,705)
Cash flows from financing activities
New secured loans	285,713	1,000,001
Dividends paid	(43,000)	(445,000)
Interest paid	(59,485)	(5,800)
Net cash used in financing activities	183,228	549,201
Net (decrease) in cash and cash equivalents	(412,483)	(1,065,365)
Cash and cash equivalents at beginning of year	3,752,610	4,817,975
Cash and cash equivalents at the end of year	3,340,127	3,752,610

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	3,340,127	3,752,610
	3,340,127	3,752,610

Page 11

P & K RESTAURANTS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	3,752,610	(412,483)	3,340,127
Debt due after 1 year	(799,085)	(279,487)	(1,078,572)
Debt due within 1 year	(202,073)	(6,286)	(208,359)
	2,751,452	(698,256)	2,053,196

The notes on pages 13 to 32 form part of these financial statements.

Page 12

P & K 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 Group management to exercise judgment 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 income and retained earnings in these financial statements.

The following principal accounting policies have been applied:

1.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

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 income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

1.3

Revenue

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

Sale of goods

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

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

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

∙the amount of revenue can be measured reliably;

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

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

Page 13

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

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

1.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 14

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

1.10

Intangible assets

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 income and retained earnings over its useful economic life.

Other 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

Page 15

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

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 Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of 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.

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 16

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

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 Group 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 Group's Balance sheet when the Group 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

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

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.

Page 17

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.Accounting policies (continued)

1.18

Financial instruments (continued)

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

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.

2.	General information

P & K Restaurants Limited is a limited company incorporated in England and Wales. Its principal place of business is 4 Chester Court, Chester Hall Lane, Basildon, Essex, SS14 3WR. The registered number of the company is 06813917.

The principal activity of the company remained that of a holding company.

Page 18

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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, other than depreciation and as follows;

During the year ended 31 December 2024, the company identified new information relating to input VAT on historical expenditure which had not previously been claimed. Based on this updated information, the company recorded a VAT recovery of £148,804, which has been recognised as a reduction in administrative expenses in the current year’s financial statements.

This adjustment arises from the receipt of new information that was not available when the financial statements for prior periods were authorised for issue. Consequently, it has been treated as a change in accounting estimate and accounted for prospectively in accordance with FRS 102 Section 10.15.

Comparative information has not been restated.

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

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	26,897,463	25,487,035
	26,897,463	25,487,035

All turnover arose within the United Kingdom.

Other operating lease rentals

3,071,589

3,131,052

Page 19

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements

11,650

10,030

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		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:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Production staff	452	490	-	-
Administrative staff	10	10	-	-
Management staff	22	22	2	2

	484	522	2	2

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	868	743
	868	743

Page 20

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	33,042	48,163
		33,042	48,163

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	59,485	5,301
Other interest payable	-	498
	59,485	5,799

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


		52,310	8,198

Page 21

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Profit/(loss) on ordinary activities before tax

47,350

(162,651)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	11,838	(40,663)
Effects of:
Non-tax deductible amortisation of goodwill and impairment	9,476	9,476
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)
Unrelieved tax losses carried forward	61,413	194,778
Other differences leading to an increase (decrease) in the tax charge	52,308	182,033
Adjustment for change in tax rates during the year	-	10,935
Total tax charge for the year	52,310	8,198

12.	Dividends
		2025	2024
		£	£

	Dividends paid on equity capital	43,000	445,000
		43,000	445,000

Page 22

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	Intangible assets
	Group and Company

	Franchise	Goodwill	Total
	£	£	£
Cost
At 1 January 2025	150,000	1,188,529	1,338,529
At 31 December 2025	150,000	1,188,529	1,338,529
Amortisation
At 1 January 2025	14,500	619,978	634,478
Charge for the year on owned assets	7,500	37,903	45,403
At 31 December 2025	22,000	657,881	679,881
Net book value
At 31 December 2025	128,000	530,648	658,648
At 31 December 2024	135,500	568,551	704,051

The individual intangible assets which are material to the financial statements are franchise fees. On average these fees have a remaining amortisation period of 16 years.

Page 23

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Tangible fixed assets
	Group

	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	4,361	2,296,466

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

Page 24

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Fixed asset investments
	Group

		Trade investments
		£

	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

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	1,060,000
	At 31 December 2025	1,060,000

	Net book value
	At 31 December 2025	1,060,000
	At 31 December 2024	1,060,000

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Principal activity	Class of shares	Holding

P.J.T. Restaurants Limited

4 Chester Court, Chester Hall Lane, Basildon, Essex, SS14 3WR

Fast food restaurants

Ordinary A & B

100%

Page 25

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertaking (continued)

	The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

P.J.T. Restaurants Limited

3,006,457

33,493

16.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	103,299	125,162
	103,299	125,162

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

17.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Amounts owed by group undertakings	-	-	6,909	7,459
Other debtors	195,131	397,530	100	100
Prepayments and accrued income	83,240	40,789	-	-
	278,371	438,319	7,009	7,559

18.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	3,340,127	3,752,610	112	112
	3,340,127	3,752,610	112	112

Page 26

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	207,143	200,916	-	-
Trade creditors	1,137,641	2,266,837	-	-
Other taxation and social security	643,486	61,566	-	-
Other creditors	1,217	1,157	4	4
Accruals and deferred income	257,176	226,631	550	550
	2,246,663	2,757,107	554	554

		Group	Group
		2025	2024
		£	£


PAYE/NI control	83,254	61,566
VAT control	560,232	-
	643,486	61,566

20.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	1,078,572	799,085
	1,078,572	799,085

The following liabilities were secured:
	Group	Group
	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.

Page 27

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		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
	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
	250,000	114,798
	1,285,714	1,000,000

22.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Financial assets
	Financial assets measured at fair value through profit or loss	3,340,127	3,340,127	112	112

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

Page 28

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(175,034)
	Charged to profit or loss	(52,808)
	At end of year	(227,842)

Company

		2025

	At end of year	-

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	(483,757)	(369,674)
Tax losses carried forward	255,915	194,640
	(227,842)	(175,034)

Page 29

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Financial risk management object and policies

interest rate risk
The company has bank loans at the Balance Sheet date which are exposed to interest rate risk. Interest rates are constantly monitored and renegotiated with the lending body as appropriate to minimise such risk.

Credit risk
The company monitors credit risk closely and considers that its current policy of credit checks meets its objectives of managing exposure to credit risk.

The company's main concentration of credit risk relates to the supplies from the Franchise. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments. The Directors manage the credit risk via constant communication and management information with the Franchise to maintain required debt to equity levels.

Liquidity risk
The Directors aim to minimise liquidity risk by maintaining cash balances and achieving the required debt to equity ratios to facilitate Franchise credit.

Currency risk
The company does not have any exposure to foreign currency risk.

Fair values of financial assets and liabilities
The company have no financial assets or liabilities carried at an amount other than their fair value.

Hedging activities
The company undertakes no hedging activities.

Page 30

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100
100 (2024 - 100) Ordinary B shares of £1.00 each	100	100

	200	200

26.

Reserves

Share premium account

The share premium account comprises of the excess paid above the nominal value of shares for PJT Restaurants Limited.

Profit and loss account

The profit and loss account comprises of the retained profits and losses of the company after dividends of £43,000 (2024 : £445,000).

There were no transfers to or from the profit and loss account during the year.

27.	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.

28.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		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

Page 31

P & K RESTAURANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

29.	Related party transactions
	The key management personnel are the directors and therefore the compensation due to them is the same as the directors' emoluments disclosed in note 8.

30.	Controlling party

The company was under the control of Mr P J Tassell throughout the current and previous year. Mr P J Tassell is the managing director and the majority shareholder.

Page 32