The directors present the strategic report for the year ended 24 December 2025.

The primary objective of the Company is to act as a holding company and to provide funding to various subsidiaries, Gastronomy Foods, Gastronomy Restaurants, Fry Mill and What’s Klukkin LTD. All subsidiaries are engaged in the QSR industry and operate one brand, as KFC.

The management of the business is subject to a number of risks. While the Directors acknowledge their responsibility for the overall management of these risks, as a wholly owned subsidiary of the Group, they are centrally managed within the risk and control functions of the Group.

The Directors note that the key business risks and uncertainties affecting the Company stem from the market and credit risks associated with its investments and amounts owed by group undertakings. Management of any. Market and credit risks will involve undertaking transactions with the ultimate parent and fellow subsidiary undertakings of the Company.

The results of the Company for the year ended 24th December 2025 show a post-tax profit of £2.7 M (2024: £2.5 M).

As a holding company, the profit or loss is driven by events in relation to the Company's fixed assets. During the year, the Company received £5.7 M dividends, mainly from its shares in group undertakings.

The key performance indicators are below:

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

The outlook of the business is stable, and it is expected that the Company will maintain its current level of activity.

In accordance with Section 172 of the Companies Act 2006, the directors have had regard to the interests of the Company's stakeholders and the impact of decisions on the long-term success of the business. This statement explains how the directors have considered the interests of employees, customers, suppliers, business partners, the community and the environment when making decisions during the year.

The Board has established a clear governance framework and approval process to ensure that significant matters are identified, reviewed and approved at the appropriate level. Through defined authority matrices and regular engagement with management across the business, the directors are able to consider the wider implications of key decisions and the interests of relevant stakeholders as part of the decision-making process.

The directors maintain a detailed understanding of the business and the evolving environment in which it operates. The Company is committed to reducing its environmental impact through initiatives such as improving energy efficiency, investing in energy-saving equipment, incorporating solar energy solutions where practical and increasing the use of electric vehicles across the management team. The Company's policies and procedures are designed to ensure that environmental and community impacts are considered as part of its operations.

The directors recognise that employees are fundamental to the continued success of the business and the achievement of its strategic objectives. The Company has implemented long-term incentive arrangements at various management levels to encourage employee engagement, reward performance and enable employees to share in the success of the business as it grows. Employees also benefit from a comprehensive package of benefits, including healthcare support and other wellbeing initiatives. The directors are committed to maintaining a culture of fairness, integrity and high standards of business conduct, ensuring that all employees are treated fairly and consistently.

The Company recognises the importance of maintaining strong relationships with its customers, suppliers, government bodies and joint venture partners. These relationships are essential to the long-term success and sustainability of the business. The directors seek to foster collaborative and mutually beneficial relationships with stakeholders and regularly assess the needs and priorities of customers and business partners to ensure that the Company continues to deliver high standards of service and value while operating responsibly and ethically.

Overall, the directors believe that effective engagement with stakeholders and consideration of their interests contributes to the long-term success of the Company and promotes sustainable growth for the benefit of all stakeholders.

On behalf of the board

The directors present their annual report and financial statements for the year ended 24 December 2025.

The principal activity of the company continued to be that of a holding company.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,652,146. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

The directors are responsible for preparing the annual 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 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 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of LARS (GFUK) Holdings Limited (the 'company') for the year ended 24 December 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 24 December 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 Auditor's 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

• adequate accounting records have not been kept, 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.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

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

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

We obtained an understanding of the laws and regulations applicable to the Company, focusing on those that have a direct effect on the financial statements or are fundamental to its operations. Key laws and regulations identified included the UK Companies Act, taxation legislation and employment legislation.

We made enquiries of the directors, reviewed correspondence with HMRC and considered legal and regulatory matters for evidence of non-compliance with applicable laws and regulations. We also evaluated the controls implemented by the directors to ensure compliance with these requirements.

We gained an understanding of the controls established by the directors to prevent and detect fraud and made enquiries regarding any known or suspected instances of fraud during the financial year.

The risks of fraud and non-compliance with laws and regulations were discussed within the audit team, and audit procedures were planned and performed to address these risks. We identified the potential risk of fraud in the following areas: misappropriation of revenue during the cut-off period, understatement of costs and liabilities, management override of controls, and related party transactions.

We reviewed the disclosures in the financial statements and tested supporting documentation to assess compliance with the relevant laws and regulations identified above.

We enquired of the directors regarding any actual or potential litigation, claims and disputes affecting the Company.

We performed analytical procedures at the planning stage of the audit to identify any unusual or unexpected relationships that might indicate risks of material misstatement arising from fraud.

In addressing the risk of fraud arising from management override of controls, we tested the appropriateness of journal entries and other adjustments and assessed whether the judgements and assumptions applied in accounting estimates indicated potential management bias.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit has been properly planned and performed in accordance with International Standards on Auditing (UK). In particular, the risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, deliberate omissions, misrepresentations or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all instances of fraud or non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LARS (GFUK) Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, KFC, Earls Park, Arlington Way, Battlefield Road, Shrewsbury, Shropshire, England, SY1 4AB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

LARS (GFUK) Holdings Limited is a majority owned subsidiary of Yoda Worldwide Limited and the results of LARS (GFUK) Holdings Limited are included in the consolidated financial statements of Yoda Worldwide Limited which are available from its registered office, 1st Floor, KFC Earls Park, Alrington Way, Battlefield Road, Shrewsbury, SY1 4AB.

The company operates as part of a wider group structure and acts as a central funding vehicle for group companies. The company’s ability to meet its obligations is dependent on the performance of its subsidiary undertakings and the continued availability of its banking facilities.true

The directors have reviewed cash flow forecasts and considered the availability of funding within the group. Based on this assessment, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years on Fry Mill Limited and Gastronomy Restaurants Limited. Both businesses are a franchise of the KFC brand, however Gastronomy Restaurants Limited has a longer amortisation period due to the ongoing strategic growth plan for the business and that it holds numerous stores.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 loss is 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 only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Details of the company's subsidiaries at 24 December 2025 are as follows:

The loan facility of £36,650,000 is subject to a three-year agreement with HSBC, which matures in January 2027. As such, the balances are disclosed as falling due within five years. It is expected that the facility will be refinanced or replaced upon maturity; however, no formal agreement is currently in place beyond this date.

The bank loan is secured by a fixed and floating charge over the assets of the group and connected companies. The interest rate on the loan is 2.9% above SONIA.

Related parties include group undertakings and entities that are under common control or significant influence.

Transactions with related parties primarily comprise funding arrangements and dividend income.

Balances outstanding at the reporting date are unsecured, interest-free unless otherwise stated, and are repayable on demand.

The directors consider that all related party transactions are undertaken on terms equivalent to those that prevail in arm’s length transactions.

The following amounts were outstanding at the reporting end date:

During the financial year, the company utilised its HSBC loan facility to advance interest-free funding totalling £7m to a number of connected entities within the wider group structure. These advances were made to support the working capital and operational requirements of those related parties, and no interest was charged on the balances outstanding throughout the period.

The parent company is Yoda Worldwide Limited by virtue of its shareholding.

The ultimate controlling party is Mr A Khan.

The largest group in which the results of the company are consolidated is that headed by Yoda Worldwide Limited, incorporated in England and Wales. The consolidated accounts of the company are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. No other group accounts include the results of the company.