KGDK RESTAURANTS LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K N Jaffar

S W Haider

REGISTERED OFFICE:

3 Shirwell Crescent

Furzton Lake

Milton Keynes

Buckinghamshire

MK4 1GA

REGISTERED NUMBER:

07579089 (England and Wales)

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Intangible assets

4

-

18,166

Tangible assets

5

-

3,685,198

Investments

6

-

251,905

-

3,955,269

CURRENT ASSETS

Stocks

-

85,668

Debtors

7

14,306

317,786

Cash at bank and in hand

54,607

36,644

68,913

440,098

CREDITORS

Amounts falling due within one year

8

2,545,305

1,734,049

NET CURRENT LIABILITIES

(2,476,392

)

(1,293,951

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,476,392

)

2,661,318

CREDITORS

Amounts falling due after more than one year

9

-

(3,825,000

)

PROVISIONS FOR LIABILITIES

-

(410,369

)

NET LIABILITIES

(2,476,392

)

(1,574,051

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(2,476,492

)

(1,574,151

)

SHAREHOLDERS' FUNDS

(2,476,392

)

(1,574,051

)

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th July 2025 and were signed on its behalf by:

K N Jaffar - Director

1.	STATUTORY INFORMATION

KGDK Restaurants 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied to all years presented unless otherwise stated.

Turnover

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment losses recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or(c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

These accounts have been prepare on a going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less and bank overdrafts. Cash in transit is treated as cash and cash equivalent on transaction date.

Share capital

Ordinary shares are classified as equity

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 100 (2022 - 223 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2023

20,000

Disposals

(20,000

)

At 31st December 2023

-

AMORTISATION

At 1st January 2023

1,834

Eliminated on disposal

(1,834

)

At 31st December 2023

-

NET BOOK VALUE

At 31st December 2023

-

At 31st December 2022

18,166

During the year, the company disposed of its intangible fixed assets as part of the business sale agreement whereby its franchise business was acquired as going concern.

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st January 2023

1,597,889

1,377,376

1,514,179

Disposals

(1,597,889

)

(1,377,376

)

(1,514,179

)

At 31st December 2023

-

-

-

DEPRECIATION

At 1st January 2023

129,734

449,313

272,171

Eliminated on disposal

(129,734

)

(449,313

)

(272,171

)

At 31st December 2023

-

-

-

NET BOOK VALUE

At 31st December 2023

-

-

-

At 31st December 2022

1,468,155

928,063

1,242,008

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2023

46,753

2,772

4,538,969

Disposals

(46,753

)

(2,772

)

(4,538,969

)

At 31st December 2023

-

-

-

DEPRECIATION

At 1st January 2023

1,948

605

853,771

Eliminated on disposal

(1,948

)

(605

)

(853,771

)

At 31st December 2023

-

-

-

NET BOOK VALUE

At 31st December 2023

-

-

-

At 31st December 2022

44,805

2,167

3,685,198

During the year, the company disposed of its tangible fixed assets as part of the business sale agreement whereby its franchise business was acquired as going concern.

6.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£

COST

At 1st January 2023

251,905

Additions

48,543

Disposals

(300,448

)

At 31st December 2023

-

NET BOOK VALUE

At 31st December 2023

-

At 31st December 2022

251,905

During the year, the company disposed of its franchise interests as part of the business sale agreement whereby its franchise business was acquired as going concern.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/23

31/12/22

£

£

Trade debtors

523

139,934

Amounts owed by group undertakings

1,200

-

Other debtors

-

40,500

Prepayments and accrued income

12,583

137,352

14,306

317,786

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/23

31/12/22

£

£

Finance leases

-

396,034

Trade creditors

354,185

611,121

Amounts owed to group undertakings

1,898,043

-

Corporation tax

1,758

-

Social security and other taxes

8,599

155,140

VAT

253,576

359,276

Other creditors

144

8,088

Net wages outstanding

-

140,390

Accruals and deferred income

29,000

64,000

2,545,305

1,734,049

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/23

31/12/22

£

£

Bank loans - 1-2 years

-

3,825,000

During the year, the obligation to repay the bank loan was transferred to Kash Group Properties Limited, a related party of which K N Jaffer is a Director. This transfer formed part of a debt restructure following the sale of the franchise businesses.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

11.	RELATED PARTY DISCLOSURES

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.

At the balance sheet date, the Company is owed £1,200 (2022: £nil) by KGIP Restaurants Limited, a company in which KN Jaffar is a Director.

At the balance sheet date, the Company owes £1,179,115 (2022: £nil) to Kash Group Properties Limited, a company in which KN Jaffar is a Director.

At the balance sheet date, the Company owes £26,000 (2022: £nil) to Cats Eye Trading Limited, a company in which KN Jaffar is a Director.

During the year, amounts were recharged by Kash Group Office Limited, a company in which KN Jaffar is a Director, to the amount of £265 (2022:£nil)

During the year, amounts were recharged by Kash Group Office Limited, a company in which KN Jaffar is a Director, to the amount of £10,763 (2022:£nil)

12.	ULTIMATE CONTROLLING PARTY

The controlling party is K N Jaffar.