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Registered number: 05192827
Gerrys Offshore Incorporations Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 June 2023
KWSR & Co
Contents
Page
Strategic Report 1—4
Directors' Report 5—6
Independent Auditor's Report 7—9
Consolidated Profit and Loss Account 10
Consolidated Statement of Comprehensive Income 11
Consolidated Balance Sheet 12
Company Balance Sheet 13—14
Consolidated Statement of Changes in Equity 15
Company Statement of Changes in Equity 16
Consolidated Cash Flow Statement 17
Notes to the Consolidated Cash Flow Statement 18
Notes to the Financial Statements 19—26
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 June 2023.
Review of the Business
Introduction  
The directors present their strategic report on the group for the year ended 30 June 2023.
Gerry's Offshore Incorporations Limited a franchisee of Costa Coffee established in the United Kingdom in July 2004 operating 35 outlets (2022: 33 outlets) across the UK. The Company strives to uphold Costa Coffee brand standards and are the third largest Costa Coffee franchise in the UK as at 30th June 2023.
Through the Costa Coffee brand the Company has effectively established a strong positive image in the minds of the users of our business.
Business Review
The results of the group for the year, show a net loss on ordinary activities of £1,100,677 (2022: £1,367,218). The turnover for the year was £20,368,266 (2022: £19,239,174).
Taking into consideration the competitive market conditions and BREXIT, the directors are satisfied with the individual performance of the Company. The Company individually has shown a increase in the performance in comparison to the last year. Furthermore, the other two companies within the Group have also shown improved performance relative to last year, contributing positively to the overall Group results.
In light of the above economic impacts, the Company has restricted its growth in the year. Instead of opening new stores the focus has been on current operations. aiming to maximise its sales with minimum new employment opportunities due to a short-term halt in store acquisitions.
The Company will continue to review operations and invest to take advantage of growth opportunities, to build infrastructure to support long term growth and improve the customer offering to retain the market position.
The leasehold property portfolio is central to this strategy providing the business with competitively priced access to the best sites and the associated operational and cost advantages for our business.
In August 2020 the Company acquired 95% of the share capital of two UK private limited companies, Coffee Snobs Ltd and South West Coffee Ltd. The companies hold a combined total of 28 franchise branches of Costa Coffee. The companies were purchased from Kout Food Group Restaurants UK Limited for a consideration of £1.3 million. The results of these 2 companies i.e. Coffee Snobs Ltd and South West Coffee Ltd have been therefore consolidated in this set of Financial Statements.
Principal Risks and Uncertainties
The key risk for the business, as for other operators within the retail industry in the UK, is the current economic uncertainties following the vote for the UK to leave the European Union. 
The Group's operational risks include: 
•  Health and Safety factors at the retail stores, with the main risk coming from findings from external audits by local authorities and the Franchisor. This risk is managed by a combination of internal technical and HR staff who undertake training and implement procedures and controls to ensure legal compliance as well as compliance with the Franchisor's operational standards.
•  IT risks from power and equipment failures. This risk is managed by back-up procedures that are in place. 
•  Equipment failure at the stores. There are service contracts in place with various equipment maintenance companies to ensure that the functioning of critical equipment in the stores is maintained adequately.
Economic conditions  
The risk from wider macro-economic impacts as a result of the UK leaving the EU, including cost and inflationary impacts from foreign exchange and interest rate fluctuations is closely monitored by management who are comfortable that this can be effectively mitigated in the usual course of business.
A long-term decline in the customer perception in Costa as a brand would impact our ability to grow and achieve appropriate levels of return.
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Principal Risks and Uncertainties - continued
To ensure the Company maintains and improves the strength of Costa as a brand, we continually complete market research and monitor opinion with focus groups and customer feedback through Costa to ensure we maintain the right level of investment and innovation in our customer offerings. We also ensure investment in the timely refurbishments of our stores in order to improve our net promoter scores. In addition, the managing board approves and reviews the annual operating plan and quarterly forecasts. Key business indicators are reviewed and monitored on a regular basis. This ensures the Company maintains performance standards in respect of, but not limited to, financial results, beverage and food experience to customer, cleanliness of stores and health and safety issues.
Risk of staff shortages and heightened compliance requirements due to impacts on workers' rights to work in the UK associated with BREXIT 
The Company is aware of its responsibility to prevent illegal working in the UK by carrying out document checks on employees to make sure they are allowed to work in line with government guidance. Risk of staff shortages associated with BREXIT is being monitored by management and mitigated by continued investment in recruitment activities.
Failure to maintain staff engagement and retention in a lightening labour market  
The success of our business would not be possible without the passion and commitment of our team. Team engagement is fundamental. We monitor this closely through our monthly customer surveys, the results of which are reviewed and collated centrally by Costa and provided to the relevant store managers and management team. This is reviewed by the Board, with trends analysed and appropriate actions reviewed and agreed. Team turnover is also a key component of our WlNcard (performance scorecard) and Annual Bonus Scheme.
Failure to comply with applicable laws and regulations could harm our business and financial results  
There is a clearly defined organizational structure in operation with lines of authority and responsibility and control procedures for reporting decisions, actions and issues. This structure enables management to control activities and identify and resolve issues in a prompt and effective manner.
Insufficient leadership capability and succession in place to deliver growth ambitions  
Talent and succession planning takes place regularly to ensure top talent is identified and succession plans exist for key roles. Talent gaps are addressed through recruitment, training and development to grow our management capability. The Company offers key employee’s appropriate levels of reward and recognition in order to retain them.
Health and safety risk, death or serious injury as a result of Company negligence  
The safety of our guests & employees is of paramount importance. We have a programme of fire safety training for employee. Health & safety is a measure on the WlNcard and is one of a number of performance criteria used in determining incentive payments.
Financial risk management  
The directors consider the most relevant financial risks for the Company to be price risk and cash flow risks. Due to the nature of the Company's primary business as a retailer, the directors consider cash flow risk to be managed because of regular cash inflow from sales. Although coffee prices are subject to considerable volatility from global markets in the commodity, management closely monitor this, alongside Costa nationally, taking active steps as necessary to reduce the impact from pricing fluctuations.
Financial key performance indicators   
A summary of principal KPI's are as follows:
Particulars  
2023
2022
(A) Financial
Turnover
£20,368,266
£19,239,174
Gross Profit %
69.95%
72.96%
Operating Profit/(Loss)
(£792,011)
(£1,045,217)
Profit/(Loss) for the financial year
(£1,100,677)
(£1,367,218)
Current Ratio
0.40
0.69
EBITDA
(£473,366)
(£96,363)
EBITDA %
(2.32%)
(0.50%)
Shareholders’ Funds
£373,150
£1,473,827
(B) Non-Financial 
Average Headcount
544
591
i. Turnover - Turnover increased by 6% from £19.24m in 2022 to £20.37m in 2023. Despite challenging market conditions, including the lingering impacts of Brexit and heightened competition, the company achieved steady growth by focusing on maximizing sales through existing operations rather than expanding through new store openings. This strategic decision demonstrates resilience and adaptability to external economic pressures; however, sales volume was impacted by a shift in consumer behaviour towards online shopping, which resulted in reduced in-store footfall.
...CONTINUED
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Principal Risks and Uncertainties - continued
ii. Gross Profit Margin - The gross profit margin declined from 72.96% in 2022 to 69.95% in 2023. This reduction reflects higher input costs, likely driven by inflationary pressures, supply chain disruptions, increased competition, which constrained the ability to maintain prior-year margins. Management’s focus on operational efficiencies and cost control remains essential to mitigating these pressures.
iii. Operating and Net Profit - The company reported an operating loss of £792,011 in 2023, a decline from an operating loss of £1,045,217 in 2022. The loss was carried through to the bottom line, resulting in a net loss of £1,100,677 compared to a net loss of £1,367,218 in the prior year. This downturn reflects the impact of rising costs and limited expansion opportunities during the year. Despite this, The directors acknowledge the company's recent performance amidst a challenging macroeconomic environment. While the external factors have posed significant hurdles, the directors remain confident that these are temporary setbacks. They view the current phase as an opportunity for the company to consolidate its operations and strengthen its foundation for long-term stability and growth.
iv. Current Ratio - The company's current ratio declined from 0.69 in 2022 to 0.40 in 2023, indicating a reduction in liquidity. This suggests challenges in meeting short-term obligations, potentially due to cautious financial management and restrained spending during the year.
Concurrently, the UK economy faced significant macroeconomic challenges. Persistent inflation, elevated interest rates, and subdued consumer confidence contributed to a challenging business environment. The Bank of England's recent rate cuts aim to stimulate economic activity; however, inflationary pressures persist, particularly in sectors like food and services. These conditions have led to reduced consumer spending, especially in discretionary sectors such as retail.
Despite these challenges, the company remains committed to navigating this period with strategic initiatives aimed at operational efficiency and market adaptation.
Environmental matters  
The Company and its group recognize the critical importance of environmental stewardship and are dedicated to providing a safe and sustainable environment within our stores. We are committed to minimizing our environmental impact through comprehensive, company-wide initiatives. These efforts include the safe and responsible destruction of waste, ensuring compliance with environmental regulations, and adopting sustainable practices across our operations.
Planned store refurbishments and development of Drive-Thru’s  
Under the existing franchise arrangements, the Company is required to refurbish stores every 5 years. At the end of January 2022, refurbishments are being planned for 40 stores within the Gerry's Costa UK, including certain stores acquired as part of the transaction with Coffee Snobs Limited and South West Coffee Limited. Of these stores, 12 have been scheduled to be refurbished in 2023 with the remainder expected to take place in 2024 and 2025. The average cost to refurbish a store is typically circa £100k.
To support the post-year-end store refurbishments and the development of Drive-Thru facilities, Mr. Anis Wali Mohammad, a director of the Company, has provided a loan totalling £5.2 million under a Directors loan agreement. The loan was disbursed in the installments of £2 million in January 2022, £1.86 million up to December 2024, and £1.33 million in between the period from January - March 2025. The loan carries an interest rate of 2% per annum and is repayable in January 2029. 
The Company has also obtained a secured credit facility in the amount of £5.9 million through HBL (Habib Bank Limited UK). The company has repaid £1.18 million of the loan as of June 2023, and as of March 2025 the entire loan amount has been settled with the bank.
Key performance indicators  
Key financial performance indicators used to monitor the performance of the business include a monthly review against budget and comparisons against last period's position. Financial indicators are reported in the financial highlights section of the Strategic Report.
The Company monitors non-financial key performance indicators of the business, including:
• Health and safety — accident rates;
• Staff turnover by operating unit; and
• Food service and customer service performance.
Future Developments
The Directors will continue to develop relationships with customers, licensors, vendors and landlords, generating new business and exploring new opportunities where possible. The Company is expecting to continue to grow the Costa business over the coming years, generating cash flow and improving profitability.
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Employees
Disabled persons
It is the group’s policy to give full and fair consideration to suitable applications for employment by disabled persons, having regard to aptitudes and abilities. Disabled employees are eligible to participate in all training, career development and promotion opportunities available to all staff. Opportunities also exist for employees of the Company who become disabled, to continue their employment or to be trained in other positions in the Company.
Employee Engagement Statement
The group is committed to treating colleagues in a fair, supportive and ethical manner. Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that views are taken into account when decisions are made that are likely to affect their interests. All employees are aware of the financial and economic performance of their business units and of the Company as a whole and are rewarded according to the results of both through quarterly bonus scheme and yearly incentives. Communication with all employees continues through the in-house newsletters.
Directors have engaged with local management and employees to obtain feedback and inform decision making in relation to operations.
Directors' statement of compliance with duty to promote the success of the Group 
From the perspective of the Directors, the matters for consideration under section 172 of the Companies Act 2006(“s172”) have been considered to an appropriate extent by the company. Such consideration is included in the statements set out below, noting the Directors’ duty under s172 to act in good faith to promote the success of the Group for the benefit of its shareholders but having regard amongst other matters to the following:
• the likely consequences of any decision in the long term;
• the interests of the Group’s employees;
• the need to foster the Group’s business relationships with customers and others;
• the impact of the Group’s operations on the community and the environment;
• the desirability of the Group maintaining a reputation for high standards of business conduct; and- the need to act fairly as between members of the Group.
• For the Group, compliance is one of the cornerstone values and forms the basis for all decisions and activities. It is the key to integrity in conducting business. The Directors are committed to ensuring that all business is carried out in full accordance with the law as well as internal rules and principles.
The Board of Directors of the Group, both individually and together, confirmed that they have acted in the way they consider, in good faith, would be most likely to promote success of the Group for the benefit of its members (having regard to the stakeholders and matters set out in Section 172(1) (a-f) of the Act) in the decisions taken during the year ended 30 June 2022. The following paragraphs summarise how the directors fulfil their duties:
• As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner.
• As the Board of Directors, we are committed to openly engage with our shareholders. It is important to us that shareholders understand our strategy and objectives, so these must be clearly communicated, feedback heard and issues or questions raised properly considered.
• As our services provided grow, our risk environment also becomes more complex. It is therefore, important that we effectively identify, evaluate, manage and mitigate the risks the Group faces. For details of our principal risks and uncertainties, please see previous paragraphs of our company strategic report.
• Our employees are vital to the services provided by the Group. We aim to be a responsible employer in our approach to the pay and benefits for our employees. For our business to succeed, we need to manage our employees’ performance and develop talent while ensuring the company operates as efficiently as possible. The health and safety of our employees is very important to us. 
• In order to grow our business, we need to develop and maintain strong business relationships. We value all of our suppliers and customers.
This report was approved by the board and signed on its behalf.
On behalf of the board
Mr Anis Wali Mohammad
Director
24/06/2025
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Directors' Report
The directors present their report and the financial statements for the year ended 30 June 2023.
Principal Activity
The group's principal activity during the financial year was of Costa Coffee franchises.
Dividends
The value of dividends paid amounted to £NIL (2022: £NIL).
Directors
The directors who held office during the year were as follows:
Mr Anis Wali Mohammad
Mr Akram Wali Muhammad
Mr Arshad Wali Muhammad
Mr Afzal Wali Muhammad
Mr Amin Wali Muhammad
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group
Our strategy prioritizes the growth and expansion of our retail units, focusing on identifying new areas to establish additional locations and thereby expanding the group's footprint. This approach aims to enhance our market presence and accessibility to customers.
Matters covered in the Strategic Report
Under Schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008" the group has elected to disclose the following directors report information in the strategic report:
- Business review
- Principal activity
- Principal risks and uncertainties
- Financial key performance indicators; and
- S172
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and accounting estimates that are reasonable and prudent;
• state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 and 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Going Concern  
Risk assessments have taken place at a Global or relevant organizational unit level to identify the potential financial, strategic, operational, and regulatory impact. The directors have considered the applicability of these risks assessments to the company and based on these assessments there was no identified material impact for these financial statements. Further the directors have pledged to financially support the companies.
Branches in the United Kingdom
The Group has subsidiaries, Coffee Snobs Limited & South West Coffee Limited which operates in the United Kingdom. There are no branches outside the United Kingdom. 
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.
Independent Auditors
The auditor, KWSR & Co Chartered Accountants & Statutory Auditors, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 24 June 2025.
On behalf of the board
Mr Anis Wali Mohammad
Director
24/06/2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Gerrys Offshore Incorporations Limited (the "parent company") and its subsidiaries (the "group") for the year ended 30 June 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the group's and of the parent company's affairs as at 30 June 2023 and of the group's profit/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and 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. 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 director’s 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 director with respect to going concern are described in the relevant sections of this report.
Other Information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director 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 Director for the financial year for which the consolidated financial statements are prepared is consistent with the financial statements; and 
• the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.
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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 Director.
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 Director’s Responsibilities Statement set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
    • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
    • We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the business sector;
    • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation and legislation data protection, anti-bribery, employment and health and safety legislation;
    • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
    • Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
    • Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
    • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
    • Performed analytical procedures to identify any unusual or unexpected relationships;
    • Tested journal entries to identify unusual transactions;
    • Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
    • Investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
    • Agreeing financial statement disclosures to underlying supporting documentation; and
    • Enquiring of management and legal counsel about actual and potential litigation and claims.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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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.
Susan Rahman BSc FCA (Senior Statutory Auditor)
for and on behalf of KWSR & Co Limited , Statutory Auditor
24/06/2025
KWSR & Co Limited
136 Merton High Street
London
SW19 1BA
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Page 10
Consolidated Profit and Loss Account
2023 2022
as restated
Notes £ £
TURNOVER 3 20,368,266 19,239,174
Cost of sales (6,120,460 ) (5,201,470 )
GROSS PROFIT 14,247,806 14,037,704
Administrative expenses (15,039,817 ) (15,082,921 )
OPERATING LOSS 4 (792,011 ) (1,045,217 )
Interest payable and similar charges 9 (308,666 ) (322,001 )
LOSS BEFORE TAXATION (1,100,677 ) (1,367,218 )
Tax on Loss - -
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (1,100,677 ) (1,367,218 )
The notes on pages 18 to 26 form part of these financial statements.
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Consolidated Statement of Comprehensive Income
2023 2022
as restated
£ £
LOSS FOR THE FINANCIAL YEAR (1,100,677 ) (1,367,218 )
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT (1,100,677 ) (1,367,218 )
PROFIT / (LOSS) ATTRIBUTED TO:
Owners of the parent 
(1,045,643)
(1,298,857)
Non-controlling interest
(55,034)
image
(68,361)
image
(1,100,677)
image
(1,367,218)
image
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Page 12
Consolidated Balance Sheet
Registered number: 05192827
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 10 190,223 168,554
Tangible Assets 11 2,920,955 2,107,512
3,111,178 2,276,066
CURRENT ASSETS
Stocks 13 273,085 185,339
Debtors 14 4,008,593 1,423,185
Cash at bank and in hand 230,324 4,650,958
4,512,002 6,259,482
Creditors: Amounts Falling Due Within One Year 15 (10,444,053 ) (9,075,801 )
NET CURRENT ASSETS (LIABILITIES) (5,932,051 ) (2,816,319 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,820,873 ) (540,253 )
Creditors: Amounts Falling Due After More Than One Year 16 (5,326,570 ) (6,506,570 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (116,018 ) (115,961 )
NET LIABILITIES (8,263,461 ) (7,162,784 )
CAPITAL AND RESERVES
Called up share capital 18 200,000 200,000
Profit and Loss Account (8,463,461 ) (7,362,784 )
SHAREHOLDERS' FUNDS (8,263,461) (7,162,784)
The financial statements were approved by the board of directors on 24 June 2025 and were signed on its behalf by:
Mr Anis Wali Mohammad
Director
24/06/2025
The notes on pages 18 to 26 form part of these financial statements.
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Page 13
Company Balance Sheet
Registered number: 05192827
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 10 161,691 150,121
Tangible Assets 11 2,280,683 1,569,979
Investments 12 8,636,611 8,636,611
11,078,985 10,356,711
CURRENT ASSETS
Stocks 13 201,237 141,933
Debtors 14 2,675,627 594,258
Cash at bank and in hand 106,879 3,879,073
2,983,743 4,615,264
Creditors: Amounts Falling Due Within One Year 15 (7,792,264 ) (7,036,460 )
NET CURRENT ASSETS (LIABILITIES) (4,808,521 ) (2,421,196 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,270,464 7,935,515
Creditors: Amounts Falling Due After More Than One Year 16 (5,326,570 ) (6,506,570 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 17 (124,148 ) (124,091 )
NET ASSETS 819,746 1,304,854
CAPITAL AND RESERVES
Called up share capital 18 200,000 200,000
Profit and Loss Account 619,746 1,104,854
SHAREHOLDERS' FUNDS 819,746 1,304,854
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's loss for the year was £485,108 (2022: £523,836 loss).
The financial statements were approved by the board of directors on 24 June 2025 and were signed on its behalf by:
Mr Anis Wali Mohammad
Director
24/06/2025
The notes on pages 18 to 26 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Share Premium Profit and Loss Account Total
£ £ £ £
As at 1 July 2021 200,000 - (5,995,566 ) (5,795,566)
Loss for the year and total comprehensive income - - (1,367,218 ) (1,367,218)
As at 30 June 2022 and 1 July 2022 as restated 200,000 - (7,362,784 ) (7,162,784)
Loss for the year and total comprehensive income - - (1,100,677 ) (1,100,677)
As at 30 June 2023 200,000 - (8,463,461 ) (8,263,461)
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 July 2021 200,000 1,628,690 1,828,690
Loss for the year and total comprehensive income - (523,836 ) (523,836)
As at 30 June 2022 and 1 July 2022 as restated 200,000 1,104,854 1,304,854
Loss for the year and total comprehensive income - (485,108 ) (485,108)
As at 30 June 2023 200,000 619,746 819,746
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Consolidated Cash Flow Statement
2023 2022
as restated
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (1,778,212 ) (903,377 )
Net cash used in operating activities (1,778,212 ) (903,377 )
Cash flows from investing activities
Purchase of intangible assets (75,000 ) (85,000 )
Purchase of tangible assets (1,376,535 ) (175,544 )
Fixed Asset Depreciation adjustment due to IFRS to FRS (10,887) -
Net cash used in investing activities (1,462,422 ) (260,544 )
Cash flows from financing activities
Proceeds from new bank borrowings - 5,900,000
Repayment of bank borrowings (1,180,000 ) (2,000,000 )
Net cash (used in)/generated from financing activities (1,180,000 ) 3,900,000
(Decrease)/increase in cash and cash equivalents (4,420,634 ) 2,736,079
Cash and cash equivalents at beginning of year 2 4,650,958 1,914,879
Cash and cash equivalents at end of year 2 230,324 4,650,958
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Notes to the Consolidated Cash Flow Statement
1. Reconciliation of loss for the financial year to cash used in operations
2023 2022
as restated
£ £
Loss for the financial year (1,100,677 ) (1,367,218 )
Adjustments for:
Amortisation of intangible assets 53,331 55,493
Depreciation of tangible assets 573,980 1,215,362
Movements in working capital:
Increase in stocks (87,746 ) (6,454 )
Increase in trade and other debtors (2,585,408 ) (85,159 )
Increase/(decrease) in trade and other creditors 1,368,308 (715,401 )
Net cash used in operations (1,778,212 ) (903,377 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2023 2022
as restated
£ £
Cash at bank and in hand 230,324 4,650,958
3. Analysis of changes in net debt
As at 1 July 2022 Cash flows As at 30 June 2023
£ £ £
Cash at bank and in hand 4,650,958 (4,420,634) 230,324
Debts falling due after more than one year (5,900,000) 1,180,000 (4,720,000)
(1,249,042) (3,240,634) (4,489,676)
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Notes to the Financial Statements
1. General Information
Gerrys Offshore Incorporations Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05192827 . The registered office is Gerrys Offshore Inc Ltd Costa, 86 High Street, Maidenhead, Berks, SL6 1PT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
FRS102 allows certain disclosure exemptions, and the company has taken advantage of the following exemptions for the company financial statements:
- From the financial instrument’s disclosures required under FRS102 paragraphs 11.39 to 11.48A and paragraphs 12.26 – 12.29, as the information is provided in the consolidated statement disclosures; and
- From disclosing the company key management personnel compensation, as required by FRS102 paragraph 33.7, as the information is included within the consolidated statement disclosures.
The financial statements are presented in Sterling (£). The financial statements are rounded to nearest pound.
The following principal accounting policies have been applied:
2.2. Basis Of Consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Functional and presentation currency  
The Company's functional and presentational currency is GBP.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.4. Turnover
Turnover is measured at the fair value of consideration received or receivable, net of returns, trade discounts, VAT and volume rebates. Revenue from the sale of goods is recognised in the statement of comprehensive income when the significant risks and rewards of ownership have been transferred to the buyer. Transfers of risks and rewards are consistent across all third-party revenue. Transfer occurs upon receipt by the customer at any location. All revenue is derived from within the UK.
2.5. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of years.
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2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Leasehold 10% Straight Line
Plant & Machinery 25% Straight Line
Motor Vehicles 25% Straight Line
Fixtures & Fittings 10% Straight Line
Computer Equipment 25% Straight Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
2.7. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
2.8. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
2.9. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
2.10. Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
•  The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
•  Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
•  Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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2.11. Pensions
Defined contribution pension plan  
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
2.12. Government Assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of comprehensive income in the same period as the related expenditure.
2.13. Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
3. Turnover
Analysis of turnover by geographical market is as follows:
2023 2022
as restated
£ £
United Kingdom 20,368,266 19,239,174
20,368,266 19,239,174
4. Operating Loss
The operating loss is stated after charging:
2023 2022
as restated
£ £
Operating lease rentals 2,041,148 2,041,651
Depreciation of tangible fixed assets 573,980 1,215,362
Amortisation of intangible fixed assets 53,331 55,493
5. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
as restated
£ £
Audit Services
Audit of the group and company's financial statements 24,000 24,000
Other Services
Other non-audit services 1,587 1,587
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6. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Wages and salaries 6,958,481 6,457,877 4,116,162 3,944,396
Social security costs 396,021 355,070 225,265 205,866
Other pension costs 210,232 183,376 118,232 106,188
7,564,734 6,996,323 4,459,659 4,256,450
7. Average Number of Employees
Average number of employees during the year was as follows:
Group Company
2023 2022 2023 2022
Office and administration 544 591 339 335
544 591 339 335
8. Directors' remuneration
There are no Directors and Key Management Personnel's emoluments in the current or prior period. The Directors are excluded from staff numbers above.
9. Interest Payable and Similar Charges
2023 2022
as restated
£ £
Financial Cost 308,666 322,001
10. Intangible Assets
Group
Other
£
Cost
As at 1 July 2022 639,386
Additions 75,000
Revaluations -
As at 30 June 2023 714,386
Amortisation
As at 1 July 2022 470,832
Provided during the period 53,331
As at 30 June 2023 524,163
Net Book Value
As at 30 June 2023 190,223
As at 1 July 2022 168,554
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Company
Other
£
Cost
As at 1 July 2022 472,031
Additions 50,000
As at 30 June 2023 522,031
Amortisation
As at 1 July 2022 321,910
Provided during the period 38,430
As at 30 June 2023 360,340
Net Book Value
As at 30 June 2023 161,691
As at 1 July 2022 150,121
11. Tangible Assets
Group
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2022 5,310,778 4,737,321 276,554 3,283,199 13,607,852
Additions 221,329 404,143 - 751,063 1,376,535
As at 30 June 2023 5,532,107 5,141,464 276,554 4,034,262 14,984,387
Depreciation
As at 1 July 2022 4,684,469 4,455,549 190,147 2,170,175 11,500,340
Provided during the period 111,866 156,986 12,169 282,071 563,092
As at 30 June 2023 4,796,335 4,612,535 202,316 2,452,246 12,063,432
Net Book Value
As at 30 June 2023 735,772 528,929 74,238 1,582,016 2,920,955
As at 1 July 2022 626,309 281,772 86,407 1,113,024 2,107,512
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12. Investments
Company
Unlisted
£
Cost
As at 1 July 2022 8,636,611
As at 30 June 2023 8,636,611
Provision
As at 1 July 2022 -
As at 30 June 2023 -
Net Book Value
As at 30 June 2023 8,636,611
As at 1 July 2022 8,636,611
13. Stocks
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Stock 273,085 185,339 201,237 141,933
14. Debtors
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Due within one year
Trade debtors 31,587 55,812 - -
Prepayments and accrued income 1,293,225 1,367,373 546,912 594,258
Other debtors 2,131,074 - 1,576,008 -
Amounts owed from group undertakings 552,707 - 552,707 -
4,008,593 1,423,185 2,675,627 594,258
15. Creditors: Amounts Falling Due Within One Year
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Trade creditors 2,098,390 2,133,751 1,113,952 1,062,196
Amounts owed to participating interests 595,226 - 595,226 -
Other creditors 5,943,408 5,723,082 5,214,936 5,317,889
Taxation and social security 984,949 556,741 780,295 457,470
Accruals and deferred income 822,080 662,227 87,855 198,905
10,444,053 9,075,801 7,792,264 7,036,460
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16. Creditors: Amounts Falling Due After More Than One Year
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Bank loans 4,720,000 5,900,000 4,720,000 5,900,000
Other creditors 606,570 606,570 606,570 606,570
5,326,570 6,506,570 5,326,570 6,506,570
17. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Other timing differences 116,018 115,961 124,148 124,091
18. Share Capital
2023 2022
as restated
Allotted, called up and fully paid £ £
200,000 Ordinary Shares of £ 1.00 each 200,000 200,000
19. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
Group Company
2023 2022
as restated
2023 2022
as restated
£ £ £ £
Not later than one year 1,480,980 2,142,060 797,647 1,196,560
Later than one year and not later than five years 4,287,315 8,568,240 2,342,982 4,786,240
Later than five years 1,493,583 1,449,430 471,416 830,930
7,261,878 12,159,730 3,612,045 6,813,730
20. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £210,232 (2022: £183,376).
At the balance sheet date contributions of £NIL (2022: £NIL) were due to the fund and are included in creditors.
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21. Related Party Disclosures
The subsidiaries are 95% owned not 100% therefore the section 33 exemption of non-disclosure of RPTs with wholly owned subsidiaries doesn’t apply.
Included within other creditors at the year-end is £4,894,825 (2022: £4,894,825) due to directors who are also shareholders of the Company. These loans are interest free and repayable on demand.
At the year end, the following amounts were due to / from companies in which the directors of the Company have a controlling interest or significant influence over:
Other creditors £606,570 (2022: £606,570).
At the year end, Amounts owed to/from group undertakings are as follows :
Amounts owed to group undertakings (South West Coffee Ltd ) £595,226 ( 2022: £NIL)
Amounts owed from group undertakings (Coffee Snobs Ltd ) £552,707 ( 2022: £NIL)
Other debtors £2,131,074 (2022: £NIL).
All debtor balances are interest free and repayable on demand. Other creditors totalling £874,484 at the balance sheet date represent accrued yet unpaid management service fees. No interest is being charged on the balance. The Company made significant repayments against the loan during the year totalling £1,180,000. 
During the year, the Company was charged management services of £NIL (2022: £NIL) by a company over which the directors have significant influence. During the year, the Company recharged expenses to companies owned by directors of the Company. 
22. Controlling Parties
The ultimate parent company is Gerry’s Offshore Incorporations Ltd owning 95% of the shares. The balance of the shares of 5% are owned by the directors.
23. Details of Subsidiaries
Company 
Name 

Company 
Activity 

Group Interest 
in allotted capital 

Number and 
Class of  
Shares 

Address 
South West Coffee Ltd
Costa Coffee Franchises
95%
101
Ordinary 
Shares

86 High Street,
Maidenhead, Berkshire,
England, SL6 1PT


Coffee Snobs Ltd
Costa Coffee Franchises
95%
101
Ordinary 
Shares

86 High Street,
Maidenhead, Berkshire,
England, SL6 1PT


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