The directors present the strategic report for the year ended 24 December 2025.
The Group's principal activities during the year continued to be the investment in subsidiaries operating as fast-food franchisees (KFC). Turnover increased during the year, driven by underlying growth across the Group. The Group operated 44 restaurants during the year. Margins have improved as inflationary pressures have eased. The Group is planning to open five new sites in 2026, with the first expected to open in May. The QSR sector continues to face pressure from increases in the National Minimum Wage and National Insurance, which are expected to have a material impact on margins.
The principal risks and uncertainties to which the business is exposed are market conditions and pricing. The Company has developed appropriate methods to identify, manage and mitigate these risks where it is possible to do so. Financial risk has been reduced by putting appropriate insurance cover in place for key individuals. The debt service ratio has improved year on year. Operational risks and the compensation policies associated with these activities are evaluated to discourage unnecessary or excessive risk-taking. The annual incentive target-setting process is closely linked to the annual financial planning process and supports the Company's overall strategic plan.
Gross margins across all subsidiaries have increased year on year, mainly as a result of food inflation easing, although increases in NMW continue to place pressure on margins. Inflationary pressures eased during 2025 and management is forecasting an improved performance in the year ahead. Management expects margins to return to pre-Covid levels towards the end of next year. The Group has continued to upgrade its restaurants to current brand standards in respect of design and the addition of equipment to accommodate a wider range of product lines. Self-service kiosks are also being introduced across the restaurants to improve customer convenience.
The key performance indicators of the subsidiaries are below:
In accordance with section 172 of the Companies Act 2006, the directors have regard to the interests of the Company's stakeholders and the impact that the Company's activities and decisions may have on its long-term success. This section 172 statement explains how the directors have engaged with employees, suppliers, customers and other stakeholders, and how they have had regard to employees' interests, the need to foster the Company's business relationships with suppliers, customers and others, and the effects of that regard, including in relation to decisions taken by the Company during the financial year.
We have developed a clear framework for determining matters requiring consideration and approval. An approval matrix has been established to engage management at all levels and identify matters requiring Board consideration and approval. This has been documented in a manual covering the broader scope of the business.
As directors, we understand the business and the evolving environment in which we operate. We make every effort to reduce carbon emissions through managing energy consumption, changing to more energy-efficient equipment, adding solar energy where possible and introducing more electric vehicles for field managers and directors. Our policies also consider the impact of our operations on the community and the environment.
The directors recognise that employees are fundamental to the business and are key to delivering our strategic ambitions. We have introduced long-term incentives at different management levels to engage and retain employees and enable them to share in the benefits as the business grows. Employees have the option to realise their long-term incentives at different stages of their careers. We also offer an extended benefits package, including health benefits. We maintain a reputation for high standards of business conduct through fair policies that support the directors in acting fairly between members of the Company.
We recognise the importance of business relationships with suppliers, customers, government bodies and joint venture partners. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships. The business continuously assesses the priorities and interests of its customers and other parties with whom it does business.
On behalf of the board
The directors present their annual report and financial statements for the year ended 24 December 2025.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £2,301,551. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
The parent company consumed less than 40,000 kWh of energy during the reporting period and is therefore treated as a low energy user for the purposes of the Streamlined Energy and Carbon Reporting requirements.
The group disclosure below includes the energy use and associated greenhouse gas emissions of the subsidiary undertaking required to report under the Streamlined Energy and Carbon Reporting framework. The directors have excluded from the disclosure any group undertakings that are not required to report individually and where inclusion is not required by the regulations.
Gastronomy Restaurants have reported all emission sources under the Companies Act 2006 (Strategic Report and Director’s Reports) Regulations 2013 as required. Reporting of calculated emissions is in line with the GHG Protocol Corporate Accounting and Reporting Standard and emission factors from the UK Government's GHG Conversion Factors for Company Reporting 2025.
The boundaries of the GHG inventory are defined using the operational control approach. In general, the emissions reported are the same as those which would be reported based on a financial control boundary.
Emissions from purchased electricity can be calculated in two ways:
Market based method allows companies to reduce the calculation of carbon emissions based on the electricity contract they have purchased. By committing to purchase renewable energy, they are supporting the renewable energy transition at a national level.
Location based method does not account for procurement decisions, it looks strictly at physical emissions from electricity delivered through a grid network.
Gastronomy Restaurants have chosen to calculate this year’s electricity using the location-based method.
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per FTE, the recommended ratio for the sector.
Energy Efficiency Actions FY25
Monthly Bill Validation - We introduced a structured monthly invoice validation process to ensure accuracy, identify anomalies, and proactively address unusual consumption trends.
LED Lighting Rollout Across All Stores - During 2025, LED lighting has been implemented across all Gastronomy Restaurants stores, improving energy efficiency and reducing electricity consumption.
Half-Hourly Metering - Half-hourly meters are now installed in all Gastronomy Restaurants stores, except for one site. This allows for more detailed monitoring and improved consumption control.
Reduced Gas Consumption -Through improved operational controls and optimisation of cooking equipment usage, we successfully reduced overall gas consumption during 2025.
Transition to Electric Vehicles - Our company vehicle fleet remains fully electric, continuing to reduce fuel consumption and carbon emissions.
Objectives for FY26
Investment in Renewable Energy - We aim to progress renewable energy projects, including exploring solar farm investments and rooftop solar panel installations where feasible.
Further Gas Reduction Initiatives - Continued review and transition towards lower-carbon alternatives where practical.
Advanced Energy Management Systems - Expansion of smart energy management tools to further optimise consumption and improve real-time control across sites.
Ongoing Equipment Upgrades - Prioritising replacement of older equipment with higher energy-rated and more efficient alternatives.
Continuous Monitoring & Performance Improvement - Using half-hourly data and enhanced reporting to drive targeted, site-specific efficiency improvements.
We have audited the financial statements of Yoda Worldwide Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 24 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation and employment legislation.
We enquired of the directors, reviewed correspondence with HMRC and reviewed legal fees for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance.
We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any instances of fraud that had taken place during the accounting period.
The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following areas: misappropriation of sales during the cut off period, understatement of costs, potential for management override and related party transactions.
We reviewed financial statement disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations as discussed above.
We enquired of the directors about actual and potential litigation and claims.
We performed analytical procedures at the planning stage to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud.
In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional 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 fraud and non-compliance with laws and regulations.
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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,301,551 (2024 - £1,252,150 profit).
Yoda Worldwide Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1st Floor, KFC, Earls Park, Arlington Way, Battlefield Road, Shrewsbury, Shropshire, England, SY1 4AB.
The group consists of Yoda Worldwide Limited and all of its subsidiaries.
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.
The consolidated financial statements incorporate the financial statements of Yoda Worldwide Limited and all entities controlled by the company, made up to 24 December 2025.
Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are consolidated from the date on which control passes to the group and cease to be consolidated from the date on which control is lost.
Where the company controls an entity but does not own 100% of its equity share capital, the share of net assets and results attributable to other shareholders is presented as a non-controlling interest. Non-controlling interests are presented separately within equity in the consolidated balance sheet and separately in the consolidated statement of comprehensive income.
The group consolidates 100% of the assets, liabilities, income and expenses of controlled subsidiaries. The proportion of profit or loss and net assets attributable to shareholders outside the group is allocated to non-controlling interests.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The group includes entities controlled directly and indirectly by Yoda Worldwide Limited. Yoda Worldwide Limited owns 50.08% of LARS (GFUK) Holdings Limited and therefore controls that company. LARS (GFUK) Holdings Limited owns 100% of Gastronomy Restaurants Limited and 60% of What’s Klukkin Limited. Accordingly, Gastronomy Restaurants Limited and What’s Klukkin Limited are consolidated as subsidiaries of the group.
Although the group consolidates 100% of these subsidiaries, the economic interests not attributable to the owners of Yoda Worldwide Limited are presented as non-controlling interests.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
In making this assessment, the directors have considered detailed forecasts, expected operating cash flows, covenant compliance, capital expenditure requirements, available facilities and the expected refinancing or replacement of the group’s principal banking facility, which matures in January 2027.
Based on this assessment, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover represents the fair value of consideration received or receivable for goods supplied, excluding value added tax.
Revenue is recognised at the point in time when control of the goods passes to the customer, which is generally when products are supplied to, or collected by, the customer.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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 group 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 group 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 group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group 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 group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience, current trading performance, future expectations 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 key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are set out below.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The group carries goodwill with a net book value of £16,758,850 at the reporting date. Goodwill is amortised over its estimated useful economic life of 20 years.
Determining the useful economic life of goodwill requires judgement. The directors have considered the long-term nature of the acquired restaurant businesses, the established trading performance of those businesses, the expected future cash flows, the group’s strategy to continue operating and expanding the acquired operations, and the absence of any current intention to dispose of the businesses.
The directors consider that a 20-year useful economic life represents a reliable estimate of the period over which the goodwill is expected to generate economic benefits for the group. The useful economic life is reviewed where indicators arise that the estimate may have changed.
The directors assess at each reporting date whether there are any indicators that goodwill, intangible assets, tangible fixed assets or investments may be impaired. Where indicators of impairment exist, the recoverable amount of the relevant asset or cash-generating unit is estimated.
The assessment of recoverable amount involves judgement and estimation, including assumptions over future trading performance, expected cash flows, discount rates, growth rates and the period over which the assets are expected to be used in the business.
The directors have considered current trading, forecast performance and available information at the date of approval of the financial statements and do not consider that an impairment charge is required.
The group has significant external bank borrowings and the principal bank facility matures in January 2027. The directors have prepared forecasts covering a period of at least twelve months from the date of approval of these financial statements. These forecasts include assumptions regarding future trading performance, operating cash flows, capital expenditure, financing costs, covenant compliance and the refinancing or replacement of existing banking facilities. The accounts disclose bank loans of £36,500,637 and note that the HSBC facility matures in January 2027.
The directors have exercised judgement in assessing the group’s ability to continue as a going concern. In making this assessment, they have considered the group’s historical trading performance, current trading, available facilities, expected cash generation, covenant headroom and ongoing discussions with finance providers.
Based on this assessment, the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
The group has material balances due from and due to related parties at the reporting date. The recoverability of amounts due from related parties requires judgement, including consideration of the financial position of the related parties, the expected timing of repayment and the nature of the relationship between the parties.
The directors have reviewed the amounts outstanding at the reporting date and, based on information available at the date of approval of the financial statements, consider the carrying value of amounts due from related parties to be recoverable.
The parent company carries investments in subsidiary undertakings at cost less impairment. The directors assess the carrying value of investments at each reporting date by reference to the underlying net assets, trading performance, future forecasts and expected future cash flows of the relevant subsidiaries.
Where indicators of impairment exist, the directors estimate the recoverable amount of the investment. This assessment requires judgement, particularly where the investment is supported by future trading forecasts and expected cash generation.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The directors are remunerated by other companies in the group. Details of their remuneration are set out in the financial statements of those companies.
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:
The group includes entities controlled directly and indirectly by Yoda Worldwide Limited. Yoda Worldwide Limited holds 50.08% of the ordinary share capital of LARS (GFUK) Holdings Limited and therefore controls that company.
LARS (GFUK) Holdings Limited is the immediate parent undertaking of Gastronomy Restaurants Limited, Gastronomy Foods UK Limited and Fry Mill Limited holding 100% of its ordinary share capital. LARS (GFUK) Holdings Limited is also the immediate parent undertaking of What’s Klukkin Limited and holds 60% of its ordinary share capital.
Accordingly, LARS (GFUK) Holdings Limited , Gastronomy Restaurants Limited, Gastronomy Foods UK Limited and Fry Mill Limited and What’s Klukkin Limited have been consolidated as subsidiary undertakings of the group.
Although the group consolidates 100% of the assets, liabilities, income and expenses of controlled subsidiary undertakings, the proportion of results and net assets attributable to shareholders outside the Yoda Worldwide Limited group is presented as a non-controlling interest.
Details of the company’s subsidiary undertakings at 24 December 2025 were as follows:
The long-term loans are secured by fixed charges over the assets of the company.
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% + SONIA.
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the group entered into the following transactions with related parties:
During the year, the group entered into transactions with entities under common control or significant influence of Mr A Khan, a director and ultimate controlling party of the company.
The group paid rent of £909,250 during the year to a non-group company over which Mr A Khan has significant influence. The directors consider that the rental payments were made on normal commercial terms.
During the year, the group also entered into loan account transactions with related parties. Net advances to related parties during the year amounted to £8,662,441.
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
At the reporting date, amounts due from related parties were £13,294,873 and amounts due to related parties were £3,653,788. The balances are unsecured, interest-free and repayable on demand unless otherwise agreed. No guarantees have been given or received in respect of these balances.
The directors have assessed the recoverability of amounts due from related parties and do not consider that any provision for impairment is required at the reporting date.
The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with wholly owned members of the group.
Interest free loans have been granted by the group to its directors as follows: