REGISTERED NUMBER: 08430171 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

AKM SOUTH LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

A M Yasin

M Yasin

Mrs F Akhtar

Mrs R Kouser

REGISTERED OFFICE:

3 Doolittle Yard

Froghall Road

Ampthill

Bedfordshire

MK45 2NW

BUSINESS ADDRESS:

67A Kingsway

Luton

Bedfordshire

LU4 8EJ

REGISTERED NUMBER:

08430171 (England and Wales)

AUDITORS:

GKP (Ampthill) Limited

Statutory Auditor

3 Doolittle Yard

Froghall Road

Ampthill

Bedfordshire

MK45 2NW

The directors present their strategic report for the year ended 31 March 2025.

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties it faces.

REVIEW OF BUSINESS

The activities of the company consist of the following elements:

Producing pizzas and other associated food products under the Domino's brand name

Delivery of pizzas and associated food products

The company continues to be committed to offering reliable and efficient pizza delivery of the highest quality.

PRINCIPAL RISKS AND UNCERTAINTIES

The board of directors and management continually monitor the key risks facing the company together with assessing the controls used for managing these risks.

The principal risks and uncertainties facing the company are as follows:

Economic conditions

Interest rates

Health and safety of staff and customers

KEY PERFORMANCE INDICATORS

Our Key Performance Indicators are considered to be the following:

2025

2024

Gross profit percentage

31.03%

31.86%

Net profit percentage

3.66%

3.77%

The financial position of the company remains strong and the company is well placed to take advantage of business opportunities as they arise. The directors look forward to the future with confidence.

ON BEHALF OF THE BOARD:

A M Yasin - Director

31 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fast food outlets.

DIVIDENDS

An interim dividend of £600 per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 500,000 .

FUTURE DEVELOPMENTS

The company will be impacted by increases to the national minimum wages, national living wages and increases to employers national insurance contributions. However, the directors expect the company to remain profitable and are optimistic about the future.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

A M Yasin

M Yasin

Mrs F Akhtar

Mrs R Kouser

FINANCIAL INSTRUMENTS

The company holds or issues financial instruments in order to achieve three main objectives, being:

a) to finance its operations;

b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance;

c) for trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

Transactions in financial instruments result in the company assuming or transferring to another party one or more of the financial risks described below.

Interest rate risk

The company's financial instruments exposure to interest rate risk is very small due to the fact that most of the instruments are on a fixed term repayment basis.

Credit Risk

The company has no significant exposure to credit risk.

Liquidity risk

The company's policy in terms of its liquidity risk is to have good relations with its bankers.

Currency risk

The company is not exposed to currency risk.

POLITICAL DONATIONS AND EXPENDITURE

The company made no political donations in the current or previous year.

EQUAL OPPORTUNITIES POLICY

The aim of the policy is to ensure no job applicant, employee or worker is discriminated against either directly or indirectly on the grounds of race, colour, ethnic or national origin, religious belief, political opinion, or affiliation, sex, marital status, sexual orientation, gender reassignment, age, part time status, trade union membership or disability.

We will ensure that the policy is circulated to any agencies responsible for our recruitment and a copy of the policy will be made available for all employees and made known to all applicants for employment.

Training and promotion

Senior staff will receive training in the application of this policy to ensure that they are aware of its contents and provisions.

All employees will have full and equal access to training, re-training, promotion and career development opportunities, subject to company requirements, and based on their individual aptitudes and abilities.

All promotion will be in line with this policy.

Disability

The company is under a legal obligation not to discriminate against people with a disability by subjecting or allowing them to be subjected to less favourable treatment. In addition the company may be under a duty to take positive steps to ensure that people with a disability are not disadvantaged in the workplace. If an employee considers that they are disadvantaged as person with a disability or have any concerns then the employee should contact a manager. These concerns will be discussed and positive steps may be taken to remedy the problem. We will strive to accommodate any reasonable adjustment to positive participation in the workplace.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

A M Yasin - Director

31 December 2025

Opinion

We have audited the financial statements of AKM South Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Owing to the inherent limitations of an audit, there is unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). The more removed the laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment, forgery, collusion, omission or misrepresentation.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

A part of the audit planning process was to look at each area of the financial statements and ascertain the level of risk for each applicable audit assertion. Where an increased risk was identified, specific audit work was designed to ensure those risks were at the forefront of the audit work carried out.

-

During the audit planning process, important laws and regulations applying to the company were identified by making enquiries of management in addition to our own checks of the laws and regulations applying to a business of this nature.

-

The audit process has documented the systems and internal controls adopted by the company and considered their adequacy. Our audit work included testing journal entries due to an inherent risk of management override of controls.

-

An audit team planning meeting was held which communicated areas of identified risks and considered possible opportunities for fraud within the company.

-

The engagement partner assessed the experience and abilities of the engagement team to ensure they were collectively competent to identify irregularities.

-

All risks identified at the planning stage and the related audit work were reviewed and results considered to confirm that no irregularities had been identified.

-

Our audit has included a review of the disclosures in the financial statements and comparison of those disclosures with the results of our audit work to identify any disparities.

-

Analytical review of the financial statements has been undertaken at both the planning and completion stages of the audit to identify risks of irregularities and the results of the audit work carried out on those areas of risks.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition, the override of controls by management and through related party transactions.

To address the risk of fraud in relation to revenue recognition, we:

-

Performed detailed substantive testing to address completeness and accuracy of sales; and

-

Assessed the appropriateness and application of the accounting policy concerning income recognition.

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;

-

Assesses whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

-

Investigated the rationale behind significant or unusual transactions.

To address the risk of fraud through related parties, we conducted the following procedures:

-

Identified related parties through enquiries with directors;

-

Reviewed entries into the nominal ledger to identify related party transactions;

-

Investigated the rationale behind significant or unusual transactions.

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

Use of our report

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

Tara Aldwin ACA (Senior Statutory Auditor)

for and on behalf of GKP (Ampthill) Limited

Statutory Auditor

3 Doolittle Yard

Froghall Road

Ampthill

Bedfordshire

MK45 2NW

31 December 2025

TURNOVER

13,730,681

13,732,497

Cost of sales

9,468,143

9,356,748

GROSS PROFIT

4,262,538

4,375,749

Administrative expenses

3,810,685

3,858,988

451,853

516,761

Other operating income

50,000

-

OPERATING PROFIT

4

501,853

516,761

Interest receivable and similar income

634

1,532

PROFIT BEFORE TAXATION

502,487

518,293

Tax on profit

5

133,830

136,760

PROFIT FOR THE FINANCIAL YEAR

368,657

381,533

PROFIT FOR THE YEAR

368,657

381,533

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

368,657

381,533

FIXED ASSETS

Tangible assets

7

324,549

406,349

CURRENT ASSETS

Stocks

8

81,498

77,185

Debtors

9

1,360,480

964,132

Cash at bank and in hand

626,386

801,326

2,068,364

1,842,643

CREDITORS

Amounts falling due within one year

10

(1,663,760

)

(1,379,538

)

NET CURRENT ASSETS

404,604

463,105

TOTAL ASSETS LESS CURRENT LIABILITIES

729,153

869,454

PROVISIONS FOR LIABILITIES

13

(30,625

)

(39,583

)

NET ASSETS

698,528

829,871

CAPITAL AND RESERVES

Called up share capital

14

1,000

1,000

Retained earnings

697,528

828,871

SHAREHOLDERS' FUNDS

698,528

829,871

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

A M Yasin - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

697,338

698,338

Changes in equity

Dividends

-

(250,000

)

(250,000

)

Total comprehensive income

-

381,533

381,533

Balance at 31 March 2024

1,000

828,871

829,871

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

368,657

368,657

Balance at 31 March 2025

1,000

697,528

698,528

1.	STATUTORY INFORMATION

AKM South Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

After reviewing the company forecasts and projections, the directors have a reasonable expectation that the company and group has adequate resources to continue to trade for a period of at least 12 months from the date of signing. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company 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 of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

In taking advantage of these exemptions as a subsidiary undertaking the company has provided details of its parent undertaking in Note: Ultimate Parent Company.

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.

Turnover

Turnover represents the value of goods provided to customers, net of value added tax and discounts.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

33.33% on cost

Tangible fixed assets under the cost model are capitalised at historical cost less accumulated depreciation and any accumulated impairment losses.

Stocks

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

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

Hire purchase and leasing commitments

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

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,718,911

4,525,486

Social security costs

351,412

308,128

Other pension costs

41,873

39,023

5,112,196

4,872,637

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

2025

2024

Production

140

151

Delivery

159

173

299

324

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

244,950

231,579

Depreciation - owned assets

83,285

85,706

Profit on disposal of fixed assets

(3,170

)

(69

)

Auditors' remuneration

8,628

15,000

Auditors' remuneration for non audit work

2,800

2,800

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

142,788

142,828

Deferred tax

(8,958

)

(6,068

)

Tax on profit

133,830

136,760

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

502,487

518,293

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

125,622

129,573

Effects of:

Expenses not deductible for tax purposes

990

-

Income not taxable for tax purposes

-

(17

)

Depreciation in excess of capital allowances

7,218

7,204

Total tax charge

133,830

136,760

6.

DIVIDENDS

2025

2024

£

£

Interim

500,000

250,000

7.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2024

247,853

406,152

41,605

54,403

750,013

Additions

-

-

3,125

8,023

11,148

Disposals

-

-

(13,455

)

-

(13,455

)

At 31 March 2025

247,853

406,152

31,275

62,426

747,706

DEPRECIATION

At 1 April 2024

94,955

203,796

10,490

34,423

343,664

Charge for year

33,684

30,353

4,335

14,913

83,285

Eliminated on disposal

-

-

(3,792

)

-

(3,792

)

At 31 March 2025

128,639

234,149

11,033

49,336

423,157

NET BOOK VALUE

At 31 March 2025

119,214

172,003

20,242

13,090

324,549

At 31 March 2024

152,898

202,356

31,115

19,980

406,349

8.

STOCKS

2025

2024

£

£

Stocks

81,498

77,185

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

10,254

24,866

Amounts owed by group undertakings

1,247,417

282,329

Other debtors

2,856

581,410

Prepayments

99,953

75,527

1,360,480

964,132

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

621,243

421,751

Amounts owed to group undertakings

-

16,316

Tax

142,788

142,828

Social security and other taxes

60,834

50,066

VAT

552,977

458,563

Accruals

285,918

290,014

1,663,760

1,379,538

Included in trade creditors is an amount owed to group undertakings of £Nil (2024 - £16,316).

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

234,022

234,870

Between one and five years

755,896

829,522

In more than five years

394,979

656,354

1,384,897

1,720,746

12.	SECURED DEBTS

HSBC Bank Plc hold security by way of a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures, plant and machinery.

A composite company unlimited multilateral guarantee has been given to the company's bankers by AKM UK Group Ltd, AKM South Ltd, AKM North Ltd, AFJ Group Ltd and MIE Group Ltd.

13.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

30,625

39,583