REGISTERED NUMBER: 11807262 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

THE BEEFY BOYS HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Profit and Loss Account

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

D A Mayo-Evans

L J Symonds

C D Williams

A B Murphy

M Dale

L Zaayman

REGISTERED OFFICE:

Pavilion

3 Garrick Lane

Old Market Shopping Centre

Hereford

HR4 9HR

REGISTERED NUMBER:

11807262 (England and Wales)

AUDITORS:

Kingscott Dix (Cheltenham) Limited

Statutory Auditor

Chartered Accountants

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

REVIEW OF BUSINESS

The group delivered strong growth during the year, with turnover increasing by 38.5% to £17.05m (2025: £12.31m). This reflected continued demand across the existing restaurant portfolio and the contribution from the group’s expanding operational footprint.

Gross profit increased to £5.28m (2025: £3.55m), with the gross profit margin improving to 31.0% (2025: 28.8%). The improvement reflects the growth in revenue together with continued management of food, labour and other direct operating costs.

Administrative expenses increased to £4.06m (2025: £2.74m). The increase principally reflects the expansion of the group’s operations, including investment in new locations, additional employees and central infrastructure required to support the enlarged business.

Operating profit increased to £1.22m (2025: £816,000), while profit before taxation increased to £1.16m (2025: £795,000). Profit after taxation was £804,000 (2025: £447,000).

The group generated net cash from operating activities of £2.86m during the year (2025: £1.24m). Cash balances at 31 March 2026 were £919,000 (2025: £479,000).

The group continued to invest in its restaurant estate and supporting infrastructure. Additions to tangible fixed assets during the year were £2.53m, and the carrying value of tangible fixed assets increased to £3.98m at the year end (2025: £1.95m).

During the year, the group undertook a reorganisation under which the trades and assets of its operating subsidiaries were transferred to the parent company. Following the reorganisation, the group’s restaurants are operated directly by The Beefy Boys Holdings Limited. The subsidiaries remained within the group and were dormant at the year end.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board regularly reviews the principal risks and uncertainties affecting the group and implements measures intended to mitigate those risks where possible.

Inflationary pressures remain a challenge across the hospitality sector, particularly in relation to food costs, utilities, and payroll expenditure.

Consumer demand may be impacted by wider economic conditions and reductions in discretionary spending.

The continued expansion of the business increases operational complexity and places additional demands on recruitment, training, compliance, and management oversight.

The group also operates within a regulated environment and remains focused on compliance with food safety, health and safety, employment, and licensing requirements.

KEY PERFORMANCE INDICATORS

The directors monitor key financial and operational indicators in assessing the performance of the group. Performance is reviewed regularly against internal budgets and prior year comparatives.

Key indicators during the year included:

Turnover increased to £17.05m (2025 - £12.3m).

Gross profit margin improved to 31% (2025 - 29%).

Operating profit increased to £1.22m (2025 - £816k).

Cash at bank increased to £919k at the year end (2025 - £479k).

Average employee numbers increased reflecting the expansion of operations.

FUTURE DEVELOPMENTS AND STRATEGY

The directors remain focused on the long-term sustainable growth of the business and continued development of the group’s brand and operational footprint.

Key strategic objectives include:

1. Continuing the selective expansion of the restaurant estate in appropriate locations.

2. Investing in operational infrastructure and systems to support future growth.

3. Maintaining high standards of food quality, service, and customer experience across all sites.

4. Recruiting, developing, and retaining skilled employees to support the group’s continued growth.

The Board believes that the investment made during the year positions the group well for future growth opportunities and enhanced profitability.

CONCLUSION

The directors are pleased with the group’s performance during the year. Turnover, operating profit and cash generated from operations all increased, while the group continued to make significant investment in its restaurant estate and supporting infrastructure.

The Board remains confident in the group’s strategy and prospects for continued long-term growth.

ON BEHALF OF THE BOARD:

C D Williams - Director

14 October 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of running restaurants.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2026 will be £469,818.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

D A Mayo-Evans

L J Symonds

C D Williams

A B Murphy

M Dale

L Zaayman

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Kingscott Dix (Cheltenham) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C D Williams - Director

14 October 2026

Opinion

We have audited the financial statements of The Beefy Boys Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 affairs as at 31 March 2026 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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.

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from: our commercial and sector experience; our accountancy and tax knowledge; inspection of the Group's relevant correspondence; a review of Companies House filings; and discussions with the Directors. We discussed laws and regulations throughout our team and remained alert to any indication of non-compliance throughout the audit. The potential effect of the law and regulations on the financial statements varies considerably.

Firstly, the Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation, distributable profits legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts disclosed in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: food safety, health and safety, employment laws and regulations, recognising the nature of the Group's activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiries of management, and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. As with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Robert Harris FCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix (Cheltenham) Limited

Statutory Auditor

Chartered Accountants

7 Rockfield Business Park

Old Station Drive

Leckhampton

Cheltenham

GL53 0AN

16 October 2026

TURNOVER

3

17,053,504

12,312,583

Cost of sales

(11,666,550

)

(8,761,135

)

GROSS PROFIT

5,386,954

3,551,448

Administrative expenses

(4,165,557

)

(2,736,325

)

1,221,397

815,123

Other operating income

-

433

OPERATING PROFIT

5

1,221,397

815,556

Interest receivable and similar income

-

5,241

1,221,397

820,797

Interest payable and similar expenses

6

(62,313

)

(25,963

)

PROFIT BEFORE TAXATION

1,159,084

794,834

Tax on profit

7

(354,803

)

(347,456

)

PROFIT FOR THE FINANCIAL YEAR

804,281

447,378

Profit attributable to:

Owners of the parent

804,281

447,378

PROFIT FOR THE YEAR

804,281

447,378

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

804,281

447,378

Total comprehensive income attributable to:

Owners of the parent

804,281

447,378

FIXED ASSETS

Tangible assets

10

3,982,721

1,952,917

Investments

11

-

-

3,982,721

1,952,917

CURRENT ASSETS

Stocks

12

133,960

119,138

Debtors

13

520,114

589,594

Cash at bank and in hand

919,121

478,545

1,573,195

1,187,277

CREDITORS

Amounts falling due within one year

14

(3,105,995

)

(2,292,100

)

NET CURRENT LIABILITIES

(1,532,800

)

(1,104,823

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,449,921

848,094

CREDITORS

Amounts falling due after more than one year

15

(1,340,000

)

(108,636

)

PROVISIONS FOR LIABILITIES

19

(310,790

)

(274,790

)

NET ASSETS

799,131

464,668

CAPITAL AND RESERVES

Called up share capital

20

4

4

Retained earnings

21

799,127

464,664

SHAREHOLDERS' FUNDS

799,131

464,668

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2026 and were signed on its behalf by:

C D Williams - Director

FIXED ASSETS

Tangible assets

10

3,982,720

1,145,099

Investments

11

28

28

3,982,748

1,145,127

CURRENT ASSETS

Stocks

12

133,960

22,751

Debtors

13

520,106

259,853

Cash at bank

806,365

277,624

1,460,431

560,228

CREDITORS

Amounts falling due within one year

14

(2,870,641

)

(1,484,193

)

NET CURRENT LIABILITIES

(1,410,210

)

(923,965

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,572,538

221,162

CREDITORS

Amounts falling due after more than one year

15

(1,340,000

)

(30,447

)

PROVISIONS FOR LIABILITIES

19

(310,790

)

(124,370

)

NET ASSETS

921,748

66,345

CAPITAL AND RESERVES

Called up share capital

20

4

4

Retained earnings

21

921,744

66,341

SHAREHOLDERS' FUNDS

921,748

66,345

Company's profit for the financial year

1,325,221

390,284

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2026 and were signed on its behalf by:

C D Williams - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

4

443,340

443,344

Changes in equity

Dividends

-

(426,054

)

(426,054

)

Total comprehensive income

-

447,378

447,378

Balance at 31 March 2025

4

464,664

464,668

Changes in equity

Dividends

-

(469,818

)

(469,818

)

Total comprehensive income

-

804,281

804,281

Balance at 31 March 2026

4

799,127

799,131

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

4

102,111

102,115

Changes in equity

Dividends

-

(426,054

)

(426,054

)

Total comprehensive income

-

390,284

390,284

Balance at 31 March 2025

4

66,341

66,345

Changes in equity

Dividends

-

(469,818

)

(469,818

)

Total comprehensive income

-

1,325,221

1,325,221

Balance at 31 March 2026

4

921,744

921,748

Cash flows from operating activities

Cash generated from operations

1

3,061,406

1,433,693

Interest paid

(34,805

)

(19,689

)

Interest element of hire purchase payments paid

(27,508

)

(6,274

)

Tax paid

(134,248

)

(166,010

)

Net cash from operating activities

2,864,845

1,241,720

Cash flows from investing activities

Purchase of tangible fixed assets

(2,525,823

)

(1,304,787

)

Sale of tangible fixed assets

-

3,060

Interest received

-

5,241

Net cash from investing activities

(2,525,823

)

(1,296,486

)

Cash flows from financing activities

New loans in year

700,000

-

Capital repayments in year

(128,628

)

(74,958

)

Equity dividends paid

(469,818

)

(426,054

)

Net cash from financing activities

101,554

(501,012

)

Increase/(decrease) in cash and cash equivalents

440,576

(555,778

)

Cash and cash equivalents at beginning of year

2

478,545

1,034,323

Cash and cash equivalents at end of year

2

919,121

478,545

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit before taxation

1,159,084

794,834

Depreciation charges

496,019

197,386

Profit on disposal of fixed assets

-

(849

)

Finance costs

62,313

25,963

Finance income

-

(5,241

)

1,717,416

1,012,093

Increase in stocks

(14,822

)

(39,899

)

Decrease/(increase) in trade and other debtors

69,480

(303,102

)

Increase in trade and other creditors

1,289,332

764,601

Cash generated from operations

3,061,406

1,433,693

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

919,121

478,545

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

478,545

1,034,323

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank and in hand

478,545

440,576

919,121

478,545

440,576

919,121

Debt

Finance leases

(63,094

)

28,227

(34,867

)

Debts falling due within 1 year

(101,557

)

22,212

(79,345

)

Debts falling due after 1 year

(78,189

)

(621,811

)

(700,000

)

(242,840

)

(571,372

)

(814,212

)

Total

235,705

(130,796

)

104,909

1.	STATUTORY INFORMATION

The Beefy Boys Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Reorganisation

During the year, the group undertook a reorganisation whereby the trade and assets of all subsidiary companies were hived up to the parent entity. All restaurants operated by the group are now run directly through The Beefy Boys Holdings Limited. The financial statements include group results for both the current and comparative year that include the trade of all restaurants.

Going concern

The directors have reviewed group forecasts and projections for a multi-year period. Whilst the group had net current liabilities at the year end, the directors consider that the group continues to trade profitably and generate positive operating cash flows. As such the they are satisfied that the group has adequate resources to continue operating for the foreseeable future and, accordingly, continue to adopt the going concern basis in preparing the financial statements.

Basis of consolidation

All companies over which the Group has control are considered subsidiaries.

The assets, liabilities, costs and revenues of the individual consolidated companies are fully consolidated on a line-by-line basis, regardless of the percentage owned, while the carrying value of consolidated investments held by the Parent Company and other consolidated companies is eliminated against the related share of equity.

All intercompany balances and transactions, including unrealised profits deriving from transactions between consolidated companies, are eliminated.

The financial statements of the subsidiaries are all prepared in £ sterling to the 31 March each year.

Significant judgements and estimates

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenses. These judgements and estimates are based on historical experience and other factors considered reasonable in the circumstances.

The principal areas involving judgement or estimation are as follows:

Going concern - The directors have exercised judgement in assessing whether the group and company have adequate resources to continue in operational existence for the foreseeable future.

Useful economic lives of tangible fixed assets - Tangible fixed assets are depreciated over their estimated useful economic lives. The directors review the useful lives, residual values and depreciation methods applied to the assets and revise them where appropriate.

Deferred taxation - Deferred tax liabilities are measured using the tax rates expected to apply when the relevant timing differences reverse. Estimation is required in determining the timing and extent of the reversal of timing differences.

Ageing classification of creditors - Judgement is applied in determining whether liabilities and deferred income should be classified as falling due within or after more than one year, based on the underlying contractual terms and the expected timing of settlement or release.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on reducing balance and 10% on reducing balance

Plant and machinery

-

25% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.