IRIS Accounts Productionv25.1.3.3308966428Board of Directors31.3.241.4.2331.3.2431.3.24truetruetruefalsetruetruefalsefalsefalsefalsefalsefalsefalsetruefalseOrdinary0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh089664282023-03-31089664282024-03-31089664282023-04-012024-03-31089664282022-03-31089664282022-04-012023-03-31089664282023-03-3108966428ns15:EnglandWales2023-04-012024-03-3108966428ns14:PoundSterling2023-04-012024-03-3108966428ns10:Director12023-04-012024-03-3108966428ns10:Consolidated2024-03-3108966428ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3108966428ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108966428ns10:Consolidatedns10:FRS1022023-04-012024-03-3108966428ns10:Consolidatedns10:Audited2023-04-012024-03-3108966428ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108966428ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3108966428ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-04-012024-03-3108966428ns10:FullAccounts2023-04-012024-03-3108966428ns5:Subsidiary12023-04-012024-03-3108966428ns5:Subsidiary22023-04-012024-03-3108966428ns5:Subsidiary32023-04-012024-03-3108966428ns5:Subsidiary42023-04-012024-03-310896642812023-04-012024-03-3108966428ns10:OrdinaryShareClass12023-04-012024-03-3108966428ns10:Consolidated2023-04-012024-03-3108966428ns10:Director22023-04-012024-03-3108966428ns10:RegisteredOffice2023-04-012024-03-3108966428ns10:Consolidated2022-04-012023-03-3108966428ns5:CurrentFinancialInstruments2024-03-3108966428ns5:CurrentFinancialInstruments2023-03-3108966428ns5:Non-currentFinancialInstruments2024-03-3108966428ns5:Non-currentFinancialInstruments2023-03-3108966428ns5:ShareCapital2024-03-3108966428ns5:ShareCapital2023-03-3108966428ns5:SharePremium2024-03-3108966428ns5:SharePremium2023-03-3108966428ns5:RetainedEarningsAccumulatedLosses2024-03-3108966428ns5:RetainedEarningsAccumulatedLosses2023-03-3108966428ns5:ShareCapital2022-03-3108966428ns5:RetainedEarningsAccumulatedLosses2022-03-3108966428ns5:SharePremium2022-03-3108966428ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3108966428ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3108966428ns5:NetGoodwill2023-04-012024-03-3108966428ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3108966428ns5:CostValuation2023-03-3108966428ns5:Subsidiary112023-04-012024-03-31089664283ns5:Subsidiary22023-04-012024-03-3108966428ns5:Subsidiary352023-04-012024-03-31089664287ns5:Subsidiary42023-04-012024-03-3108966428ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108966428ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108966428ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3108966428ns10:OrdinaryShareClass12024-03-31

REGISTERED NUMBER: 08966428 (England and Wales)




GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


FOR


GDSK LIMITED



GDSK LIMITED (REGISTERED NUMBER: 08966428)








CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024





Page




Company Information  

1




Group Strategic Report  

2




Report of the Directors  

5




Independent Auditors' Report  

8




Consolidated Statement of Comprehensive Income

12




Consolidated Statement of Financial Position  

13




Company Statement of Financial Position  

14




Consolidated Statement of Changes in Equity  

15




Company Statement of Changes in Equity  

16




Consolidated Statement of Cash Flows  

17




Notes to the Consolidated Statement of Cash Flows

18




Notes to the Consolidated Financial Statements

19





GDSK LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2024









DIRECTORS:

S S Kandola


G Dhaliwal







REGISTERED OFFICE:

Beckwith Barn


Warren Estate


Lordship Road


Writtle


Essex


CM1 3WT







REGISTERED NUMBER:

08966428 (England and Wales)







AUDITORS:

BDO LLP


55 Baker Street


London


W1U 7EU



GDSK LIMITED (REGISTERED NUMBER: 08966428)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report of the Company and the parent of the Group for the year ended 31 March 2024.


FAIR REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS


Results for the Financial Year:

The audited consolidated financial statements for the year ending 31 March 2024 present a profit before taxation of £4.6m (31 March 2023: loss of £3.3m). The consolidated statement of financial position reports net assets of £63.6m (31 March 2023: £62.4m).


Business review:

Key financial highlights are presented below:



Year ended



Year ended



31 March 2024



31 March 2023



£m



£m



Revenue


192.3



168.9


Operating profit/(loss)


4.6



(2.9)


Profit/(Loss) for the financial year


4.3



(3.3)



Revenue in the year increased by 13.8% to £192.3m principally due to the full year effect of prior year store openings and the part year impact of additional stores opened in the current financial year. The benefits of operating leverage as well as improved gross margins combined to improve operating profit to £4.6m in the year to 31 March 2024.


The Group continued to expand the number of operating sites. A further 23 sites were opened during the year, taking the total estate to 267 sites as at 31 March 2024.


PRINCIPAL RISKS AND UNCERTAINTIES

The Group faces a number of risks and uncertainties which may have an adverse impact on its operations, performance, future targets and the ability to deliver its targets.


The risks and uncertainties noted below represent those which the directors consider to be the most significant in achieving the group's business plan. These principal risks do not comprise all of the risks associated with the Group and are not set out in any order of priority.


Damage to the Brand:

The success of the Group is materially based on the operation of a franchisor's brand. If any significant external events were to occur that impacted the integrity of this brand, it could result in financial performance declining.


The directors believe that strong governance and controls operated internally help to both protect and strengthen the brand.


Competition:

The Group operates in a very competitive and fragmented market which is constantly bringing new concepts and products to market. Other fast-food restaurants and takeaway businesses are in direct competition with pizza chains.


As part of a larger brand the directors are able to leverage this resource and have been able to develop a strong online channel and excellent brand recognition to help mitigate this risk.




GDSK LIMITED (REGISTERED NUMBER: 08966428)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2024


PRINCIPAL RISKS AND UNCERTAINTIES - continued


Regulation:

The Group is required to comply with all relevant health and safety and food hygiene procedures and regulations. The directors have implemented rigorous site audits to ensure compliance and operating working practices are maintained to the highest standard.


Information Technology:

The business has a high dependency on core information technology systems that are administered by the franchisor. This risk is mitigated by the franchisor implementing robust recovery procedures and testing on a regular basis to ensure protection of hardware, software and data.


SECTION 172(1) STATEMENT

As required by section 172 of the UK's Companies Act, a director of a Company must act in the way they consider, in good faith, to be most likely to promote the success of the Company and Group for the benefit of its stakeholders.


Our stakeholders are integral to the long-term success of the business. To ensure we take their views into account we engage with each of our stakeholder groups throughout the year. These stakeholders include our shareholders, franchisor, employees, suppliers and the local community.


Shareholders:

The long-term company strategy naturally aligns with the shareholders' expectations and interests as the directors of  the Company are also the shareholders.


Employees:

Our employees are a vital asset to our business. The directors seek to promote employee welfare, ensure employees are engaged in the business and are empowered to perform their duties.


The rigorous recruitment process ensures employees have the right capabilities for the role. Investment into the design of in-store and e-learning training programmes enables our employees to perform their duties. The Group fosters a supportive, inclusive work environment, offering fair remuneration, opportunities for growth and prioritising health and safety.


The directors  regularly recognise and reward employees for their hard work during the year and hold events to keep managers informed of Group strategy for the year ahead. Senior management hold weekly meetings to evaluate current trading performance which is then fed back to the restaurant managers.


Franchisor & Suppliers:

As a franchisee of a larger Group, it is imperative to have a close working  relationship with the franchisor. The Directors participate in  regular communication forums with the franchisor throughout the year. As the Group holds the detailed knowledge of day to day operations, the Board seek to influence and inform strategic decisions of the franchisor for the benefit of all stakeholders.


The Group seeks to follow best industry practices for effectively managing our third party suppliers. Our teams seek transparent and mutually beneficial relationships, ensuring fair dealings and ethical practices. Suppliers are paid in line with agreed terms and conditions.


Customers:

The directors always strive to ensure the product quality and product delivery exceeds the expectations of our customers. Understanding the needs and experience of our customers is a key part of Group decision making. Regular menu development helps the Group adapt to changing consumer tastes. The directors seek and act on customer feedback from both trials of such initiatives and from ongoing customer reviews.


Community and Environment:

The directors recognise a responsibility to support the local community and to reduce the Group's carbon footprint.




GDSK LIMITED (REGISTERED NUMBER: 08966428)



GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2024


STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS

The directors' duties will always be paramount to operate responsibly and ensure that the management team operates the business in a responsible manner, operating within the standards of business conduct and good governance expected for a business such as ours.


GOING CONCERN ASSESSMENT

The directors have considered the cashflow requirements of the Group for a period of at least twelve (12) months from the date of approval of these financial statements and are satisfied that sufficient financial resources will continue to be made available and that the Group will be able to meet its debts and fund its growth as they fall due.


Historically, the Group has been highly cash generative and has been able to self-fund its growth plans. The group's financial forecasts do not highlight any requirement for additional capital. Indeed, additional cashflows could be generated in the short term by ceasing the new restaurant opening programme if so required.


Accordingly, these financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the Group.


ON BEHALF OF THE BOARD:






S S Kandola - Director



3 June 2025



GDSK LIMITED (REGISTERED NUMBER: 08966428)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2024.


PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was a holding Company.

The principal activity of the Group in the year under review continued to be that of providing goods and services in respect of a take-away and delivery food business and a restaurant, both under contracts with an operating Company.

DIVIDENDS

Dividends of £3,030,000 were distributed for the year ended 31 March 2024.


Dividends of £28,000,000 were distributed for the year ended 31 March 2023.


FUTURE DEVELOPMENTS

The quick service restaurant industry remains a highly competitive environment. The directors believe a growing consumer preference for convenience and affordability will continue to support the Group's trade, notably across the take-away food outlets.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.


S S Kandola

G Dhaliwal


CASHFLOW RISK

The Group has historically been cash generative. Nonetheless, to ensure all liquidity requirements are met, the Group regularly reviews any present obligations and prepares cash flow forecasts considering any changes and growth in operations.


CREDIT RISK

The Group's principal financial assets are cash and loans to related parties. The Group has minimal trade debtors. The directors therefore consider there to be little or no risk in respect of the balances with any third parties that would impact the availability of credit for the Group.


EMPLOYMENT POLICIES

The Group is committed to the principle of equal opportunity in employment. The Group recruits and selects applicants for employment based solely on a person's qualifications and suitability for the position, whilst bearing in mind equality and diversity. It is the Group's policy to recruit the most capable person available for each position.


The Group 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 Group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.


Employees are encouraged to participate in the success of the business through performance related remuneration. All management and staff are expected to communicate fully the ongoing performance of their own area of responsibility.


BUSINESS REVIEW

A review of the business and its principal risks and uncertainties is set out in the strategic report on pages 2 to 4 of these financial statements.




GDSK LIMITED (REGISTERED NUMBER: 08966428)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2024


ENGAGEMENT WITH EMPLOYEES

The directors have developed various modes of engagement with its employees. At the heart of this is a structured pathway for employees to learn and to progress their careers. An example of this is the online modules made available for continuous learning and development.


ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors of the business and other leadership staff within operations and finance have regular contact with employees, customers, suppliers, and other stakeholders. This ensures mutually beneficial business relationships are maintained. An example of such engagement with employees has been given in the paragraph above. Regular feedback is received from various parties and as operators of a global brand the directors always try to ensure as well as improve the product quality, consumer experience, delivery standards and perceived value for money.


STREAMLINED ENERGY AND CARBON REPORTING

As GDSK Limited is a large Group that meets the qualification criteria, the SECR framework requires the Group and   subsidiaries to report energy usage information and any energy efficiency action taken in the period under review.


The energy consumed by the Group and Company in the 2024 and 2023 accounting period is less than 40,000 kwh. Therefore the Group and Company qualify as low energy users and are exempt from reporting under these regulations.


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), 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 and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable 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 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.












GDSK LIMITED (REGISTERED NUMBER: 08966428)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 MARCH 2024



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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.


AUDITORS

The auditors,  BDO LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






S S Kandola - Director



3 June 2025


INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

GDSK LIMITED


Opinion on the financial statements

In our opinion the financial statements:


-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 March 2024 and of the Group's profit for the year then ended;

-the financial statements have been properly prepared in accordance with United Kingdom Generally
Accepted Accounting Practice; and

-the financial statements have been prepared in accordance with the requirements of the Companies
Act 2006.

We have audited the financial statements of GDSK LIMITED ("the Parent Company") and its subsidiaries ("the Group") for the year ended 31 March 2024 which comprise Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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).

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 Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Independence

We are independent of the Group and the Parent Company 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.


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 or 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 included in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, other than the financial statements and our auditor's report 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.


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.


INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

GDSK LIMITED


Other Companies Act 2006 reporting


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



-


the information given in the Strategic report and the Directors' report for the financial year for which

the financial statements are prepared is consistent with the financial statements; and



-


the Strategic report and the Directors' report have been prepared in accordance with applicable

legal requirements.



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 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 Statement of Directors' Responsibilities, 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.


Auditor's 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 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 financial statements.


Extent to which the audit was capable of detecting irregularities, including fraud

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:


Non-compliance with laws and regulations


Based on:


-


Our understanding of the Group and the industry in which it operates;



-


Discussion with management and those charged with governance ;



-


Obtaining an understanding of the Group's policies and procedures regarding compliance with laws

and regulations



We considered the significant laws and regulations to be the applicable accounting framework, Companies Act 2006 and UK tax legislation.



INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

GDSK LIMITED


The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be health and safety legislation and other employment related laws.


Our procedures in respect of the above included:


-


Review of minutes of meetings of those charged with governance for any instances of

non-compliance with laws and regulations;



-


Review of correspondence with tax authorities for any instances of non-compliance with laws and

regulations;



-


Review of financial statement disclosures and agreeing to supporting documentation;



-


Review of legal expenditure accounts to understand the nature of expenditure incurred; and



-


Enquiry with management and those charged with governance as to whether the Group is

compliant with laws and regulations that may have a material effect on the financial statements.



Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:


-


Enquiry with management and those charged with governance regarding any known or suspected

instances of fraud;



-


Obtaining an understanding of the Group's policies and procedures relating to:



-


Detecting and responding to the risks of fraud; and



-


Internal controls established to mitigate risks related to fraud.



-


Review of minutes of meetings of those charged with governance for any known or suspected

instances of fraud;



-


Discussion amongst the engagement team as to how and where fraud might occur in the financial

statements; and



-


Performing analytical procedures to identify any unusual or unexpected relationships that may

indicate risks of material misstatement due to fraud



Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue and management override of control.


Our procedures in respect of the above included:


-


Testing a sample of journal entries throughout the year, which met a defined risk criteria, by

agreeing to supporting documentation; and



-


Testing revenue recognition in total for the period using recalculations of royalties and the mark ups

applied on the provision of goods and services to stores.



We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.


A further description of our responsibilities is available on the Financial Reporting Council's website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.











INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

GDSK LIMITED


Use of our report


This report is made solely to the Parent 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 Parent 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 Parent Company and the Parent Company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Ed Green-Wilkinson (Senior Statutory Auditor)

for and on behalf of BDO LLP

London


4 June 2025



BDO LLP is a limited liability partnership registered in England and Wales (with

registered number OC305127).



GDSK LIMITED (REGISTERED NUMBER: 08966428)



CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 31 MARCH 2024



2024


2023


Notes

£   

£   



TURNOVER

4

192,329,642


168,944,433




Cost of sales

154,816,380


140,152,456



GROSS PROFIT

37,513,262


28,791,977




Administrative expenses

33,636,281


32,649,053



3,876,981


(3,857,076

)



Other operating income

5

674,458


906,807



OPERATING PROFIT/(LOSS)

7

4,551,439


(2,950,269

)



Interest receivable and similar income

193,506


12,563



4,744,945


(2,937,706

)



Interest payable and similar expenses

9

148,729


391,513



PROFIT/(LOSS) BEFORE TAXATION

4,596,216


(3,329,219

)



Tax on profit/(loss)

10

305,520


(77,687

)


PROFIT/(LOSS) FOR THE FINANCIAL

YEAR

4,290,696


(3,251,532

)



OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE

INCOME/(LOSS) FOR THE YEAR

4,290,696


(3,251,532

)



Profit/(loss) attributable to:

Owners of the parent

4,290,696


(3,251,532

)



Total comprehensive income/(loss) attributable to:

Owners of the parent

4,290,696


(3,251,532

)




GDSK LIMITED (REGISTERED NUMBER: 08966428)



CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 MARCH 2024



2024

2023



Notes

£   

£   

£   


FIXED ASSETS

Intangible assets

13

26,632,575


48,000,604



Tangible assets

14

27,435,978


20,662,139



Investments

15

-


-



54,068,553


68,662,743




CURRENT ASSETS

Debtors

16

16,129,208


7,656,976



Cash at bank and in hand

17

11,692,830


9,387,057



27,822,038


17,044,033



CREDITORS

Amounts falling due within one year

18

16,565,402


20,290,996



NET CURRENT ASSETS/(LIABILITIES)

11,256,636


(3,246,963

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

65,325,189


65,415,780




CREDITORS

Amounts falling due after more than one

year

19

1,705,231


3,056,518



NET ASSETS

63,619,958


62,359,262




CAPITAL AND RESERVES

Called up share capital

23

101,000


101,000



Share premium

24

132,107,634


132,107,634



Retained earnings

24

(68,588,676

)

(69,849,372

)


SHAREHOLDERS' FUNDS

63,619,958


62,359,262




The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025 and were signed on its behalf by:






S S Kandola - Director




GDSK LIMITED (REGISTERED NUMBER: 08966428)



COMPANY STATEMENT OF FINANCIAL POSITION

31 MARCH 2024



2024

2023



Notes

£   

£   

£   


FIXED ASSETS

Intangible assets

13

-


-



Tangible assets

14

-


-



Investments

15

129,703,000


129,703,000



129,703,000


129,703,000




CURRENT ASSETS

Debtors

16

3,673,419


3,681,019



Cash at bank

17

8,778


9,363



3,682,197


3,690,382



CREDITORS

Amounts falling due within one year

18

1,138,538


39,580



NET CURRENT ASSETS

2,543,659


3,650,802



TOTAL ASSETS LESS CURRENT

LIABILITIES

132,246,659


133,353,802




CREDITORS

Amounts falling due after more than one

year

19

-


1,066,010



NET ASSETS

132,246,659


132,287,792




CAPITAL AND RESERVES

Called up share capital

23

101,000


101,000



Share premium

132,107,634


132,107,634



Retained earnings

38,025


79,158



SHAREHOLDERS' FUNDS

132,246,659


132,287,792




Company's profit for the financial year

2,988,867


28,060,293




The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.  


The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2025  and were signed on its behalf by:






S S Kandola - Director




GDSK LIMITED (REGISTERED NUMBER: 08966428)



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1 April 2022

101,000


(38,597,840

)

132,107,634


93,610,794




Changes in equity

Deficit for the year

-


(3,251,532

)

-


(3,251,532

)


Total comprehensive loss

-


(3,251,532

)

-


(3,251,532

)


Dividends

-


(28,000,000

)

-


(28,000,000

)


Balance at 31 March 2023

101,000


(69,849,372

)

132,107,634


62,359,262




Changes in equity

Profit for the year

-


4,290,696


-


4,290,696



Total comprehensive income

-


4,290,696


-


4,290,696



Dividends

-


(3,030,000

)

-


(3,030,000

)


Balance at 31 March 2024

101,000


(68,588,676

)

132,107,634


63,619,958





GDSK LIMITED (REGISTERED NUMBER: 08966428)



COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2024



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1 April 2022

101,000


18,865


132,107,634


132,227,499




Changes in equity

Profit for the year

-


28,060,293


-


28,060,293



Total comprehensive income

-


28,060,293


-


28,060,293



Dividends

-


(28,000,000

)

-


(28,000,000

)


Balance at 31 March 2023

101,000


79,158


132,107,634


132,287,792




Changes in equity

Profit for the year

-


2,988,867


-


2,988,867



Total comprehensive income

-


2,988,867


-


2,988,867



Dividends

-


(3,030,000

)

-


(3,030,000

)


Balance at 31 March 2024

101,000


38,025


132,107,634


132,246,659





GDSK LIMITED (REGISTERED NUMBER: 08966428)



CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

21,607,666


27,219,453



Interest paid

(307,208

)

(221,812

)


Tax paid

(1,350,000

)

(5,782,780

)


Net cash from operating activities

19,950,458


21,214,861




Cash flows from investing activities

Purchases of tangible fixed assets

(10,976,425

)

(3,430,082

)


Sale of tangible fixed assets

-


6,667



Payment of deferred consideration

-


(2,177,544

)


Interest received

193,506


12,563



Net cash from investing activities

(10,782,919

)

(5,588,396

)



Cash flows from financing activities

Amount introduced/withdrawn by directors

168,234


(168,234

)


Related party loans (to)/from

(4,000,000

)

-



Equity dividends paid

(3,030,000

)

(28,000,000

)


Net cash from financing activities

(6,861,766

)

(28,168,234

)



Increase/(decrease) in cash and cash equivalents

2,305,773


(12,541,769

)


Cash and cash equivalents at

beginning of year

2

9,387,057


21,928,826




Cash and cash equivalents at end of

year

2

11,692,830


9,387,057





GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024


1.

RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS



2024


2023

£   

£   



Profit/(loss) before taxation

4,596,216


(3,329,219

)



Depreciation charges

4,058,934


3,138,136




Profit on disposal of fixed assets

-


(3,342

)



Amortisation of intangible fixed assets

21,368,029


21,368,030




Finance costs

148,729


391,513




Finance income

(193,506

)

(12,563

)


29,978,402


21,552,555




Increase in trade and other debtors

(3,595,987

)

(1,614,364

)



(Decrease)/increase in trade and other creditors

(4,774,749

)

7,281,262




Cash generated from operations

21,607,666


27,219,453




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31 March 2024


31/3/24


1/4/23

£   

£   



Cash and cash equivalents

11,692,830


9,387,057




Year ended 31 March 2023


31/3/23


1/4/22

£   

£   



Cash and cash equivalents

9,387,057


21,928,826





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1/4/23

Cash flow

At 31/3/24

£   

£   

£   



Net cash



Cash at bank and in hand

9,387,057


2,305,773


11,692,830



9,387,057


2,305,773


11,692,830




Debt


Debts falling due within 1 year

-


(2,187,050

)

(2,187,050

)



Debts falling due after 1 year

(2,187,050

)

2,187,050


-



(2,187,050

)

-


(2,187,050

)



Total

7,200,007


2,305,773


9,505,780





GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024


1.

STATUTORY INFORMATION



GDSK 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 functional and presentation currency of the financial statements is the Pound Sterling (£).



Monetary amounts in these financial statements are rounded to the nearest Pound Sterling (£).


2.

STATEMENT OF COMPLIANCE



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.


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



Financial Reporting Standard 102 - reduced disclosure exemptions


The Company and Group has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic or Ireland":



-



the requirements of Section 7 Statement of Cash Flows




-



the requirements of Section 11 Financial Instruments paragraphs 11.41(b), 11.41(c), 11.41(e),

11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).





Going concern


The directors have considered the cashflow requirements of the Group for a period of at least twelve (12) months from the date of approval of these financial statements and are satisfied that sufficient financial resources will continue to be made available and that the Group will be able to meet its debts and fund its growth as they fall due.



Historically, the Group has been highly cash generative and has been able to self-fund its growth plans. The group's financial forecasts do not highlight any requirement for additional capital. Indeed, additional cashflows could be generated in the short term by ceasing the new restaurant opening programme if so required.



Accordingly, these financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the Group.



Basis of consolidation


The financial statements consolidate the results of GDSK Limited and all of its subsidiary undertakings.



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


3.

ACCOUNTING POLICIES - continued



Significant judgements and estimates

In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying value of assets and liabilities. The directors' judgement, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that considered to be applicable. Due to the inherent sensitivity involved in making judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised prospectively.

Useful life of tangible fixed assets
The directors' have made key assumptions regarding the expected useful life of tangible fixed assets, these being depreciated at the rates documented in the accounting policies. The expected useful life for each asset class has been determined by the director's expectation for the store operating life and their experience of the industry. Stores are regularly maintained with store refits occurring when necessary to decrease ongoing maintenance costs and to refresh the store.

Store development costs
As the Group undertakes further growth of the sites it operates, professional costs are incurred. These costs where applicable to a new store opening are capitalised leasehold improvements, otherwise they are treated as abortive legal costs in the Statement of Comprehensive Income. The directors review any unassigned costs and make an assessment based on the information available concerning the stage of development.

Leasing commitments
Key assumptions have also been made in respect of the calculation of leasing agreements. The commitment disclosed in the notes has been calculated to the earliest break point in the agreement.

Impairment of non-financial assets
At each reporting date, the Group's and Company's tangible and intangible assets are reviewed for any indications or factors of impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the assets.

For the Group and Company undertakings to assess if the carrying amount exceeds the recoverable amount, an impairment review to calculate the value in use has been performed. The value in use review has been undertaken by calculating the present value of the future cash flows expected to be derived from the assets. The calculations of the returns expected alongside any known capital investment and working capital requirements for the undertakings has been prepared using forecasted revenue data from the management team. Since this has been prepared based on past performance and operating expectations of the trading entities. Due to the inherent sensitivity involved in making these calculations, the actual results may differ.

The directors have made key assumptions to determine whether there are any indicators of impairment of the amounts due from group undertakings. Factors taken into consideration in reaching such a decision include a review of the net assets and cash position of each company and also making appropriate enquiry of the directors of that entity.


GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


3.

ACCOUNTING POLICIES - continued



Turnover


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



Turnover is recognised when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.



Turnover represents amounts receivable for the provision of the Group's principal activity wholly undertaken in the United Kingdom.



Sale of goods


Revenue from sales to the service operators is recognised on delivery to the store and restaurants.



Sale of services


Revenue arising for store and restaurant services is recognised over the period the service relates to.



Royalties


Royalty income is based on store and restaurant sales made by the service operators, these are recognised as the income is earned.



Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the Group's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business in 2014 and further acquisitions in 2015, 2016, 2017 and 2022.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful life of 10 years.

Goodwill amortisation is included in administrative expenses in the Statement of Comprehensive Income.


Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Franchise fees are being amortised evenly over their estimate useful life of 10 years.

Intangible asset amortisation is included in administrative expenses in the Statement of Comprehensive Income.


Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation of a tangible fixed assets begins when it is in the location and condition necessary available for the use intended.

Tangible fixed asset depreciation is included in administrative expenses in the Statement of Comprehensive Income.

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

Long leasehold-10% on cost
Leasehold improvements-10% on reducing balance
Plant and machinery-25% on reducing balance and 20% on reducing balance
Motor vehicles-25% on reducing balance


GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


3.

ACCOUNTING POLICIES - continued



Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Pension costs and other post-retirement benefits

The Group operates a defined contribution pension scheme. Company contributions payable to the company's pension scheme are charged to the Statement of Comprehensive Income in the period to which they relate.


Leasing commitments and lease premiums


Rentals payable under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the term of the lease.



Lease premiums incurred are carried forward and released to the Statement of Comprehensive Income on a straight line basis over the term of lease.



Impairment of non-financial assets


At each reporting date non-financial assets not carried at fair value, like intangible assets and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.



If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.



GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


3.

ACCOUNTING POLICIES - continued



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 shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.



Provisions


Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.



Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.


4.

TURNOVER



The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the Group.



An analysis of turnover by class of business is given below:



2024


2023

£   

£   



Sale of goods

85,955,214


80,946,760




Sale of services

53,134,318


45,004,268




Royalties

53,240,110


42,993,405



192,329,642


168,944,433





The turnover and loss before taxation are attributable to the principal activity wholly undertaken in the United Kingdom.


5.

OTHER OPERATING INCOME


2024


2023

£   

£   



Rents received

56,700


72,725




Sundry receipts

-


28,400




Management charges

617,758


805,682



674,458


906,807




6.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

23,861,714


20,721,668




Social security costs

3,095,983


1,907,839




Other pension costs

288,056


259,740



27,245,753


22,889,247





GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


6.

EMPLOYEES AND DIRECTORS - continued



The average number of employees during the year was as follows:


2024


2023



Directors

2


2




Administration

2


2




Operational

678


536



682


540





2024


2023

£   

£   



Directors' remuneration

2,953,340


3,864,981




Directors' pension contributions to money purchase schemes  

23,191


-





The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

2


2





Information regarding the highest paid director is as follows:


2024


2023

£   

£   



Emoluments etc

2,461,834


3,439,904




7.

OPERATING PROFIT/(LOSS)



The operating profit (2023 - operating loss) is stated after charging/(crediting):



2024


2023

£   

£   



Depreciation - owned assets

4,058,934


3,138,136




Profit on disposal of fixed assets

-


(3,342

)



Goodwill amortisation

21,335,383


21,335,383




Patents and licences amortisation

32,646


32,647




Operating lease rentals  

7,421,630


6,249,320




Other operating leases  

114,455


101,685




8.

AUDITORS' REMUNERATION




2024



2023





£



£





Fees payable to company's auditors and their associates for:




- Audit of the Group's financial statements


59,400



53,100




- Audit of the Company's financial statements


6,600



5,900





GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


9.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Other interest payable

11,743


247,388




Loan interest

136,986


144,125



148,729


391,513




10.

TAXATION



Analysis of the tax charge/(credit)


The tax charge/(credit) on the profit for the year was as follows:


2024


2023

£   

£   



Current tax:


UK corporation tax

305,520


-




Tax over provision

-


(77,687

)




Tax on profit/(loss)

305,520


(77,687

)




UK corporation tax has been charged at 25 % (2023 - 19 %).



Reconciliation of total tax charge/(credit) included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2024


2023

£   

£   



Profit/(loss) before tax

4,596,216


(3,329,219

)



Profit/(loss) multiplied by the standard rate of corporation tax in the

UK of 25 % (2023 - 19 %)  

1,149,054


(632,552

)




Effects of:


Expenses not deductible for tax purposes

63,963


29,607




Capital allowances in excess of depreciation

(1,168,351

)

(482,776

)



Utilisation of tax losses

(938,542

)

(105,555

)



Adjustments to tax charge in respect of previous periods

-


(77,687

)



Amortisation of Goodwill  

1,288,381


979,170




Remediation relief  

(40,943

)

(12,405

)



Timing of accruals tax treatment  

26,910


38,800




Structural buildings allowance  

(26,623

)

(13,299

)



Adjustment of capital expenditure  

(50,617

)

(34,946

)



Losses carried forward  

2,288


233,956




Total tax charge/(credit)

305,520


(77,687

)




The Group has tax losses of approximately £0.82m (2023: £4.6m) to carry forward subject to the approval of HMRC.



Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Due to uncertainty concerning the recoverability of the tax losses carried forward, no deferred tax asset has been recognised.



GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


11.

INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME



As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.



12.

DIVIDENDS


2024


2023

£   

£   



Ordinary shares of £1 each


Interim

3,030,000


28,000,000




13.

INTANGIBLE FIXED ASSETS



Group


Patents



and



Goodwill


licences


Totals

£   

£   

£   



COST


At 1 April 2023


and 31 March 2024

213,353,843


326,462


213,680,305




AMORTISATION


At 1 April 2023

165,456,052


223,649


165,679,701




Amortisation for year

21,335,383


32,646


21,368,029




At 31 March 2024

186,791,435


256,295


187,047,730




NET BOOK VALUE


At 31 March 2024

26,562,408


70,167


26,632,575




At 31 March 2023

47,897,791


102,813


48,000,604





Goodwill relates to the acquisition of the trade and assets within the subsidiaries.



GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


14.

TANGIBLE FIXED ASSETS



Group


Improvements



Long


to


Plant and


Motor



leasehold


property


machinery


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 April 2023

8,500


23,131,094


24,560,511


94,775


47,794,880




Additions

-


6,229,516


4,586,507


16,750


10,832,773




At 31 March 2024

8,500


29,360,610


29,147,018


111,525


58,627,653




DEPRECIATION


At 1 April 2023

5,879


9,048,497


18,054,671


23,694


27,132,741




Charge for year

850


1,784,636


2,251,489


21,959


4,058,934




At 31 March 2024

6,729


10,833,133


20,306,160


45,653


31,191,675




NET BOOK VALUE


At 31 March 2024

1,771


18,527,477


8,840,858


65,872


27,435,978




At 31 March 2023

2,621


14,082,597


6,505,840


71,081


20,662,139




15.

FIXED ASSET INVESTMENTS



Company


Other


investments

£   



COST


At 1 April 2023


and 31 March 2024

129,703,000




NET BOOK VALUE


At 31 March 2024

129,703,000




At 31 March 2023

129,703,000





The Group or the Company's investments at the Statement of Financial Position date in the share capital of companies include the following:



Subsidiaries



DPSK Limited


Registered office: Fortune House, Crabtree Office Village, Eversley Way, Egham, Surrey, TW20 8RY


Nature of business: Take-away food outlets


%


Class of shares:

holding



Ordinary

100.00




Za Za Bazaar Limited


Registered office: Westwood, 27 Oaken Lanes, Codsall, Wolverhampton, Wv8 2AH


Nature of business: Operation of restaurants


%


Class of shares:

holding



Ordinary

100.00




GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


15.

FIXED ASSET INVESTMENTS - continued



DPJD Limited


Registered office: Kingfisher House, No.11, Hoffmanns Way, Chelmsford, Essex, CM1 1GU


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00




KDL Pizza Limited (Held indirectly)


Registered office: Fortune House, Crabtree Office Village, Eversley Way, Egham, Surrey, TW20 8RY


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00




16.

DEBTORS



Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Amounts falling due within one year:



Trade debtors

29,948


12,471


-


-




Amounts owed by group undertakings

-


-


3,627,619


3,637,619




Amounts owed by related parties

11,193,408


5,501,264


-


-




Other debtors

1,342,148


676,037


45,800


43,400




Directors' current accounts

-


168,234


-


-




Tax

1,044,480


-


-


-




Accrued income

190,500


-


-


-




Prepayments

358,572


410,464


-


-



14,159,056


6,768,470


3,673,419


3,681,019





Amounts falling due after more than one

year:



Other debtors

71,250


71,250


-


-




Prepayments

1,898,902


817,256


-


-



1,970,152


888,506


-


-





Aggregate amounts

16,129,208


7,656,976


3,673,419


3,681,019




17.

CASH AT BANK AND IN HAND


Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Bank account

11,667,830


9,365,557


8,778


9,363




Cash in hand

25,000


21,500


-


-



11,692,830


9,387,057


8,778


9,363





GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


18.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Other loans (see note 20)

2,187,050


-


1,066,010


-




Trade creditors

6,271,922


5,075,920


-


-




Amounts owed to related parties

1,942,193


9,080,197


63,961


-




Social security and other taxes

1,229,648


414,054


-


-




Net wages payable

1,460,109


-


-


-




VAT

2,205,946


623,782


-


-




Other creditors

609,738


415,890


-


-




Accrued expenses

658,796


4,681,153


8,567


39,580



16,565,402


20,290,996


1,138,538


39,580




19.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Other loans (see note 20)

-


2,187,050


-


1,066,010




Other creditors

1,036,640


707,832


-


-




Other creditors

668,591


161,636


-


-



1,705,231


3,056,518


-


1,066,010




20.

LOANS



An analysis of the maturity of loans is given below:



Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Amounts falling due within one year or on

demand:



Other loans

2,187,050


-


1,066,010


-




Amounts falling due between one and

two years:



Other loans - 1-2 years

-


2,187,050


-


1,066,010





Other loans bear interest at 8% above the bank of England base rate, and are repayable in full, 10 years from the date of the advance. The repayment date being September 2024. Amounts due as other loans are payable to related parties as detailed within note 28.



Other loans are unsecured.









GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


21.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Non-cancellable

operating leases


2024

2023


£   

£   



Within one year

5,873,497


4,812,516




Between one and five years

18,641,889


14,998,151




In more than five years

15,061,112


11,388,514



39,576,498


31,199,181




22.

SECURED DEBTS



A debenture dated 27 June 2018 was held by Lloyds Bank PLC. The security includes a fixed and floating charge over all freehold, leasehold or immovable property of the Group.


23.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2024

2023



value:

£   

£   



101,000

Ordinary

£1

101,000


101,000




Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends and each share is entitled to participate in a distribution arising from a wind up of the company.

24.

RESERVES



Group


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 April 2023

(69,849,372

)

132,107,634


62,258,262




Profit for the year

4,290,696


-


4,290,696




Dividends

(3,030,000

)

-


(3,030,000

)



At 31 March 2024

(68,588,676

)

132,107,634


63,518,958





Called up share capital - represents the nominal value of shares that have been issued.



Retained earnings - includes all current retained profits and losses.



Share premium - includes any premiums received on issue of share capital.



GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024


25.

PENSION COMMITMENTS



The Group operates a defined contribution pension scheme. The assets of the scheme are held separate from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. Contributions payable to the fund at the year end by the Group and included in other creditors are £124,274 (2023: £37,801).




2024



2023





£



£





Contributions payable by the Group for the year


288,057



259,559




26.

OTHER FINANCIAL COMMITMENTS



At the balance sheet date, the group had in place commercial indemnity and trade guarantees in total of £4,735,987 (2023: £5,457,787).


27.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



Included within other debtors at the balance sheet date is an amount of £nil (2023: £168,234) due from the directors of the Group.


28.

RELATED PARTY DISCLOSURES



Companies with common directors




Group



Company




2024



2023



2024



2023




£



£



£



£



Sales to a related party


192,329,643



168,944,433



-



-



Management charge to a related party


617,758



805,682



-



-



Costs recharges to a related party


672,663



783,445



-



-



Administrative costs from a related

party


101,229



-



-



-




Amounts owed by related parties


7,193,407



5,501,263



-



-



Amounts owed to related parties


(1,720,912)



(9,080,197)



-



-




The amounts shown above concern transactions with other companies in which Mr S Kandola and Mr G Dhaliwal are directors with a controlling interest.




GDSK LIMITED (REGISTERED NUMBER: 08966428)



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2024



RELATED PARTY DISCLOSURES - continued



Spinnaker Investment Management Limited




Group



Company




2024



2023



2024



2023




£



£



£



£



Rent charged by a related party


100,000



100,000



-



-



Loan interest from a related party


92,302



92,301



29,701



29,700




Loans owed to related party


(1,953,285)



(1,953,285)



(990,016

)


(990,016

)


Amount owed to related party


(214,603)



(122,301)



(59,401

)


(29,700

)


Total amount owed to related party


(2,167,888)



(2,075,586)



(1,049,417

)


(1,019,716

)



Spinnaker Investment Management Limited is a company in which S Kandola is a director. The Group and Company incurs interest payable under a loan finance arrangement. In addition the Group rents property from Spinnaker Investment Management Limited.



Wentworth Investment Management Limited




Group



Company




2024



2023



2024



2023




£



£



£



£



Loan interest from a related party


3,340



3,340



2,279



2,280




Loans owed to related party


(233,765)



(233,765)



(75,994

)


(75,994

)


Amount owed to related party


(6,680)



(3,340)



(4,559

)


(2,280

)


Total amount owed to related party


(240,445)



(237,105)



(80,553

)


(78,274

)



The Group and Company incurs interest payable under a loan finance arrangement. Wentworth Investment Management Limited is a company in which G Dhaliwal is a director.



Other related parties



During the year the subsidiary DPSK Limited paid an amount of £4,000,000 on behalf of various related party companies in which Mr S Kandola and Mr G Dhaliwal are directors with a controlling interest.



At the balance sheet date an amount of £4,000,000 is included within amounts owed by related parties.


29.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is S S Kandola.