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REGISTERED NUMBER: SC257059 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 January 2023

for

B & G S Landa Limited

B & G S Landa Limited (Registered number: SC257059)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Statement of Cash Flows 14

Notes to the Statement of Cash Flows 15

Notes to the Financial Statements 17


B & G S Landa Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: B Singh
G Singh Landa


REGISTERED OFFICE: 174 High Street
Edinburgh
Lothian
EH1 1QS


REGISTERED NUMBER: SC257059 (Scotland)


SENIOR STATUTORY
AUDITOR:
Alan Drummond BA CA FMAAT


AUDITORS: Douglas Home & Co (Audit) Limited
47-49 The Square
Kelso
Roxburghshire
TD5 7HW


BANKERS: Royal Bank of Scotland plc
31 North Bridge
Edinburgh
EH1 1SF


SOLICITORS: Lindsays
Caledonian Exchange
19a Canning Street
Edinburgh
EH3 8HE

B & G S Landa Limited (Registered number: SC257059)

Strategic Report
for the Year Ended 31 January 2023

The directors present their strategic report for the year ended 31 January 2023.

REVIEW OF BUSINESS
The company's principal activities are the retail and wholesale of gifts and souvenirs.

There have not been any significant changes in the company's principal activities during the year under review.

From February 2022 to June 2022 we traded with 85% of stores open, from July 2022 to date we are trading with all stores open. There have been challenges faced in both engaging and retaining retail store staff, Covid 19, its restrictions and Brexit have had a detrimental effect on the usual pool of candidates available to us and we are constantly recruiting as business improves. Our existing staff continue to adapt to work in a changed business, this has in turn allowed operations to continue to operate more efficiently.

We have the ability to constantly fine tune our product range to suit our post pandemic customer, there continues to be a much increased movement of smaller but more profitable lines. Costs have increased over utilities, business insurance, the annual increase of National Living wages rates. These are being offset by increasing our retail prices where the market can stand this and making full use of early payment terms to claim offers and discounts with suppliers.

Travel restrictions have in the main ceased and we are seeing an large increase in both EU customers and rest of world. Domestic tourism remains strong. Restrictions on travel both to and from China continued and we have not seen a return of Chinese custom in any numbers.

The business took leases on five new retail units, a further two units in Oban and additional unit in Aviemore and two further units in Edinburgh. The out of town stores continue to perform well.

We have continued to make best use of resources, any remaining funding and opportunities that have been available to us throughout our 2022-2023 financial year.

During the year under review turnover increased to £12,574,424 (2022: £3,936,540) (2019: £13,130,375) and this growth continues in to 2023-2024 financial year. The balance sheet shows an increase in the net asset position of the company by 19%. Long term debt has decreased by 16% as at the balance sheet date.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Further details of this assessment are provided in note 1 to the financial statements.

Key performance indicators are:



2023

2022
Gross profit percentage 54.00% 55.08%
Net profit/(loss) percentage 7.87% (10.67% )
Gearing 26.12% 39.92%
Liquidity (current assets: current liabilities) 154.79% 111.74%


PRINCIPAL RISKS AND UNCERTAINTIES
The company is still due to repay significant asset finance in connection with the substantial investment it made in new shops and refit costs in the current and prior years. Where interest is calculated on a variable rate basis any increase in interest rates will have a negative impact on the business. Bank base interest rates increased during the year and further increases in the bank base interest rate are expected. The directors believe that the company is in a strong position to continue to to service the asset finance.


B & G S Landa Limited (Registered number: SC257059)

Strategic Report
for the Year Ended 31 January 2023

EMPLOYEES
Details of the number of employees and related costs can be found in note 3 to the financial statements on page 17.

ON BEHALF OF THE BOARD:





B Singh - Director


31 August 2023

B & G S Landa Limited (Registered number: SC257059)

Report of the Directors
for the Year Ended 31 January 2023

The directors present their report with the financial statements of the company for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of retail and wholesale of gifts and souvenirs.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

DIRECTORS
B Singh has held office during the whole of the period from 1 February 2022 to the date of this report.

Other changes in directors holding office are as follows:

G Singh Landa - appointed 27 July 2022

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

B & G S Landa Limited (Registered number: SC257059)

Report of the Directors
for the Year Ended 31 January 2023


AUDITORS
The auditors, Douglas Home & Co (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B Singh - Director


31 August 2023

Report of the Independent Auditors to the Members of
B & G S Landa Limited

Qualified Opinion
We have audited the financial statements of B & G S Landa Limited (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the company's affairs as at 31 January 2023 and of its loss for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified opinion
We did not observe the counting of physical inventories at the year-end due to deficiencies in stock system. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 January 2023, which are included in the balance sheet at £2,311,079 by using other audit procedures. Consequently we were unable to determine whether any adjustment to the inventory balance as at 31 January 2023 was necessary, or whether there was any consequential effect upon cost of sales for the year ended 31 January 2023. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.

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 qualified 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.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £2,311,079 held at 31 January 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Report of the Independent Auditors to the Members of
B & G S Landa Limited


Opinions on other matters prescribed by the Companies Act 2006
Except for the possible effect of the matter described in the basis for qualified opinion section of our report in our opinion, based on the work undertaken in the course of the 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 directors' report 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.

Except for the matter described in the basis for qualified opinion section of our report, in 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 of the directors' report.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

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:
- 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

- 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.

Responsibilities of directors
As explained more fully in the directors' responsibilities statement set out on page 6, 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.

Report of the Independent Auditors to the Members of
B & G S Landa Limited


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:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, FRS102, and local tax legislation. The engagement partner ensured the engagement team had the necessary competence, capabilities and skills to Identified laws and regulations and they remained alert to such matters throughout the audit.
Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulations and enquired to management whether they were aware of any instances of non-compliance. We corroborated these through review of legal and professional fees and reviewed any correspondence with HMRC. We performed a detailed review of the Corporation Tax Computation, reviewed repairs and fixed assets to ensure that revenue and capital items had been allocated appropriately and reviewed VAT returns.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context included, Employment Law, Data Protection Act 2018.
Based on the results of our risk assessments we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the relevant laws and regulations and enquired of management whether they were aware of any instances of non-compliance. We corroborated this through review of correspondence with any regulators, reviewed the legal expense accounts. We also carried out gross to net pay review of payroll reports and inspection of a sample of employment contracts.
We assessed the risks of material misstatement in respect of fraud via enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considered the internal controls in place to mitigate risks of fraud. Large capital expenditure this year is mostly on property for which we have seen approval by the director, which has been reviewed as part of fixed asset additions.
To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions, assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and investigated the rationale behind any significant or unusual transactions.
With regard to identification of material misstatements in relation to fraud, we considered income recognition in line with FRS102, reviewed the appropriateness of the accounting policies selected and reviewed disclosures for completeness and accuracy. We also identified related parties and reviewed related party transactions.
The main factors of the audit process which may affect the likelihood of detection of irregularities includes the element of inherent difficulty always present in detecting irregularities due to fraud, the increase in the inherent difficulty due to remote audit testing and that conclusions on the design and implementation of internal controls focus only on those we have assessed as key controls

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.

Report of the Independent Auditors to the Members of
B & G S Landa Limited


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.




Alan Drummond BA CA FMAAT (Senior Statutory Auditor)
for and on behalf of Douglas Home & Co (Audit) Limited
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

31 August 2023

B & G S Landa Limited (Registered number: SC257059)

Income Statement
for the Year Ended 31 January 2023

31/1/23 31/1/22
Notes £    £    £    £   

REVENUE 12,574,424 3,936,540

Cost of sales 5,784,237 1,768,297
GROSS PROFIT 6,790,187 2,168,243

Distribution costs 1,787,854 943,285
Administrative expenses 4,594,491 2,819,020
6,382,345 3,762,305
407,842 (1,594,062 )

Other operating income 678,783 1,274,720
OPERATING PROFIT/(LOSS) 4 1,086,625 (319,342 )

Interest receivable and similar income 23,585 20,114
1,110,210 (299,228 )

Interest payable and similar expenses 5 120,670 120,729
PROFIT/(LOSS) BEFORE TAXATION 989,540 (419,957 )

Tax on profit/(loss) 6 219,362 (17,291 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

770,178

(402,666

)

B & G S Landa Limited (Registered number: SC257059)

Other Comprehensive Income
for the Year Ended 31 January 2023

31/1/23 31/1/22
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 770,178 (402,666 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

770,178

(402,666

)

B & G S Landa Limited (Registered number: SC257059)

Statement of Financial Position
31 January 2023

31/1/23 31/1/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 956,525 870,026
Property, plant and equipment 8 1,507,115 1,368,926
Investments 9 1 1
Investment property 10 2,912,500 4,037,500
5,376,141 6,276,453

CURRENT ASSETS
Inventories 11 2,311,079 1,262,039
Debtors 12 2,383,408 2,032,043
Cash at bank and in hand 31,648 21,504
4,726,135 3,315,586
CREDITORS
Amounts falling due within one year 13 3,053,341 2,967,209
NET CURRENT ASSETS 1,672,794 348,377
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,048,935

6,624,830

CREDITORS
Amounts falling due after more than one
year

14

(2,144,726

)

(2,518,299

)

PROVISIONS FOR LIABILITIES 18 (104,001 ) (76,501 )
NET ASSETS 4,800,208 4,030,030

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 4,800,108 4,029,930
SHAREHOLDERS' FUNDS 4,800,208 4,030,030

The financial statements were approved by the Board of Directors and authorised for issue on 31 August 2023 and were signed on its behalf by:





B Singh - Director


B & G S Landa Limited (Registered number: SC257059)

Statement of Changes in Equity
for the Year Ended 31 January 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 February 2021 100 4,428,657 3,939 4,432,696

Changes in equity
Total comprehensive income - (470,952 ) 68,286 (402,666 )
Investment property
revaluation - 72,225 (72,225 ) -
Balance at 31 January 2022 100 4,029,930 - 4,030,030

Changes in equity
Total comprehensive income - 770,178 - 770,178
Balance at 31 January 2023 100 4,800,108 - 4,800,208

B & G S Landa Limited (Registered number: SC257059)

Statement of Cash Flows
for the Year Ended 31 January 2023

31/1/23 31/1/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 804,644 38,008
Interest paid (120,670 ) (118,826 )
Finance costs paid - (1,903 )
Tax paid (13,427 ) (25,000 )
Taxation refund 58,014 -
Net cash from operating activities 728,561 (107,721 )

Cash flows from investing activities
Purchase of intangible fixed assets (168,824 ) (23,081 )
Purchase of tangible fixed assets (283,061 ) (72,898 )
Sale of intangible fixed assets - 13,911
Sale of tangible fixed assets - 11,375
Sale of investment property 1,125,000 -
Interest received 23,585 20,114
Net cash from investing activities 696,700 (50,579 )

Cash flows from financing activities
New loans in year 1,391,383 -
Loan repayments in year (2,691,401 ) (568,035 )
Associate loans - 115,606
Amount introduced by directors 554,633 158,594
Amount withdrawn by directors (663,653 ) (16,936 )
Net cash from financing activities (1,409,038 ) (310,771 )

Increase/(decrease) in cash and cash equivalents 16,223 (469,071 )
Cash and cash equivalents at beginning of
year

2

(109,868

)

359,203

Cash and cash equivalents at end of year 2 (93,645 ) (109,868 )

B & G S Landa Limited (Registered number: SC257059)

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/1/23 31/1/22
£    £   
Profit/(loss) before taxation 989,540 (419,957 )
Depreciation charges 227,196 213,887
Loss on disposal of fixed assets - 1,358
Loss on revaluation of fixed assets - 73,539
Impairment of freehold property - 184,510
Finance costs 120,670 120,729
Finance income (23,585 ) (20,114 )
1,313,821 153,952
(Increase)/decrease in inventories (1,049,040 ) 263,090
Increase in trade and other debtors (145,054 ) (181,420 )
Increase/(decrease) in trade and other creditors 684,917 (197,614 )
Cash generated from operations 804,644 38,008

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 31,648 21,504
Bank overdrafts (125,293 ) (131,372 )
(93,645 ) (109,868 )
Year ended 31 January 2022
31/1/22 1/2/21
£    £   
Cash and cash equivalents 21,504 359,203
Bank overdrafts (131,372 ) -
(109,868 ) 359,203


B & G S Landa Limited (Registered number: SC257059)

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/22 Cash flow At 31/1/23
£    £    £   
Net cash
Cash at bank and in hand 21,504 10,144 31,648
Bank overdrafts (131,372 ) 6,079 (125,293 )
(109,868 ) 16,223 (93,645 )
Debt
Debts falling due within 1 year (1,179,554 ) 783,252 (396,302 )
Debts falling due after 1 year (2,518,299 ) 401,490 (2,116,809 )
(3,697,853 ) 1,184,742 (2,513,111 )
Total (3,807,721 ) 1,200,965 (2,606,756 )

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

B & G S Landa Limited is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Going Concern

The aftereffects of the COVID-19 coronavirus pandemic continued to have an impact on the historic customer base of Company but this has been offset by adaptions to product range. The Directors have continued to ensure costs remain reduced. The company has a strong balance sheet and the Directors continue to monitor expenditure and negotiate best price, taking advantage of bulk purchase discounts and offers from our suppliers.

The directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Turnover and revenue recognition
Turnover represents net sales of goods excluding value added tax. Revenue arising from the sale of goods is recognised at the point of sale.

Other operating income represents rental income. Revenue arising from rental income is recognised in accordance with the terms of lease agreements.

Goodwill
Goodwill, being the amounts paid in connection with the acquisitions of several businesses, is being amortised over an estimated useful life of ten years.

Lease premiums
Lease premiums are amortised over the term of the lease.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - Over the remaining life of the lease and Straight line over 15 years
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Equipment - 20% on cost

No depreciation is currently being charged on Freehold Property due to the high residual values in place.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Investment properties are shown at their fair value. The surplus or deficit arising from revaluation are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Stocks
Inventories are measured at the lower of cost and selling price less cost to complete and sell after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 the profit and loss account 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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. EMPLOYEES AND DIRECTORS
31/1/23 31/1/22
£    £   
Wages and salaries 2,093,365 1,062,285
Social security costs 137,281 69,947
Other pension costs 22,319 14,412
2,252,965 1,146,644

The average number of employees during the year was as follows:
31/1/23 31/1/22

Sales 112 56
Administration 6 6
118 62

31/1/23 31/1/22
£    £   
Directors' remuneration 319,397 56,217
Directors' pension contributions to money purchase schemes 770 59

Information regarding the highest paid director for the year ended 31 January 2023 is as follows:
31/1/23
£   
Emoluments etc 208,296

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

31/1/23 31/1/22
£    £   
Other operating leases 2,088,222 1,516,549
Depreciation - owned assets 144,872 137,390
Loss on disposal of fixed assets - 1,358
Goodwill amortisation 2,000 -
Lease premiums amortisation 80,325 76,496
Auditing of accounts 14,700 13,500
Annual accounts preparation 17,785 12,511
Management accounts preparation 7,575 11,661
Other non- audit services 3,565 4,667

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/1/23 31/1/22
£    £   
Bank interest 3,625 406
Bank loan interest 117,045 118,401
Other interest - 19
Other interest paid - 1,903
120,670 120,729

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31/1/23 31/1/22
£    £   
Current tax:
UK corporation tax 191,862 (8,978 )

Deferred tax 27,500 (8,313 )
Tax on profit/(loss) 219,362 (17,291 )

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge/(credit) 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:

31/1/23 31/1/22
£    £   
Profit/(loss) before tax 989,540 (419,957 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

188,013

(79,792

)

Effects of:
Expenses not deductible for tax purposes 13,882 5,534
Capital allowances in excess of depreciation (15,176 ) -
Depreciation in excess of capital allowances - 58,769
Adjustments to tax charge in respect of previous periods 13,472 -
Rounding adjustments (1 ) -
Allowable lease premiums (8,328 ) (7,461 )
Movement on deferred tax 27,500 (8,313 )
Unrealised revaluation gain - 13,972
Total tax charge/(credit) 219,362 (17,291 )

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. INTANGIBLE FIXED ASSETS
Lease
Goodwill premiums Totals
£    £    £   
COST
At 1 February 2022 1,494,185 1,625,024 3,119,209
Additions 20,000 148,824 168,824
At 31 January 2023 1,514,185 1,773,848 3,288,033
AMORTISATION
At 1 February 2022 1,494,185 754,998 2,249,183
Amortisation for year 2,000 80,325 82,325
At 31 January 2023 1,496,185 835,323 2,331,508
NET BOOK VALUE
At 31 January 2023 18,000 938,525 956,525
At 31 January 2022 - 870,026 870,026

8. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Property and
property improvements fittings
£    £    £   
COST
At 1 February 2022 737,579 1,034,876 143,801
Additions - 244,796 8,300
At 31 January 2023 737,579 1,279,672 152,101
DEPRECIATION
At 1 February 2022 - 447,978 140,790
Charge for year - 98,342 3,193
At 31 January 2023 - 546,320 143,983
NET BOOK VALUE
At 31 January 2023 737,579 733,352 8,118
At 31 January 2022 737,579 586,898 3,011

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

8. PROPERTY, PLANT AND EQUIPMENT - continued

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 February 2022 181,995 106,736 2,204,987
Additions 19,990 9,975 283,061
At 31 January 2023 201,985 116,711 2,488,048
DEPRECIATION
At 1 February 2022 147,452 99,841 836,061
Charge for year 39,540 3,797 144,872
At 31 January 2023 186,992 103,638 980,933
NET BOOK VALUE
At 31 January 2023 14,993 13,073 1,507,115
At 31 January 2022 34,543 6,895 1,368,926

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 1
NET BOOK VALUE
At 31 January 2023 1
At 31 January 2022 1

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022 4,037,500
Disposals (1,125,000 )
At 31 January 2023 2,912,500
NET BOOK VALUE
At 31 January 2023 2,912,500
At 31 January 2022 4,037,500

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

10. INVESTMENT PROPERTY - continued

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2014 (46,846 )
Valuation in 2021 112,206
Valuation in 2022 (23,539 )
Cost 2,870,679
2,912,500

If Investment property had not been revalued they would have been included at the following historical cost:

31/1/23 31/1/22
£    £   
Cost 2,870,679 4,105,786

Investment property was valued on an open market value basis on 20 October 2021 by Shepherd Chartered Surveyors .

It is the opinion of the directors that the market value of the investment properties at the year end date of 31st January 2023 is not significantly different to values per the valuations carried out as at in October 2021.

11. INVENTORIES
31/1/23 31/1/22
£    £   
Stocks 2,311,079 1,262,039

12. DEBTORS
31/1/23 31/1/22
£    £   
Amounts falling due within one year:
Trade debtors 155,890 246,171
Other debtors 545,329 393,668
Loan to Sukhbir Landa 980,417 919,171
Directors' loan accounts 291,178 116,500
Corporation tax - 41,911
Prepayments and accrued income 392,969 296,997
2,365,783 2,014,418

Amounts falling due after more than one year:
Other debtors 17,625 17,625

Aggregate amounts 2,383,408 2,032,043

Debtors of £980,417 (2022 - £919,171) included above are due from related parties and are repayable on demand, however it is likely these will be repaid after 12 months. Remaining related party debtors are expected within one year.

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Bank loans and overdrafts (see note 15) 521,595 1,310,926
Trade creditors 1,161,288 554,294
Amounts owed to associates 88,886 138,503
Corporation tax 268,080 -
Social security and other taxes 47,744 17,686
VAT 78,576 30,136
Other creditors 93,128 115,591
Loan from Whisky Trail 373,282 419,854
Pension 7,027 3,626
Accruals and deferred income 413,735 376,593
3,053,341 2,967,209

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/23 31/1/22
£    £   
Bank loans (see note 15) 2,116,809 2,518,299
Accruals and deferred income 27,917 -
2,144,726 2,518,299

15. LOANS

An analysis of the maturity of loans is given below:

31/1/23 31/1/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 125,293 131,372
Bank loans 396,302 1,179,554
521,595 1,310,926

Amounts falling due between one and two years:
Bank loans - 1-2 years 351,501 411,645

Amounts falling due between two and five years:
Bank loans - 2-5 years 574,298 902,619

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,191,010 1,204,035

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/1/23 31/1/22
£    £   
Within one year 2,090,685 1,712,608
Between one and five years 7,814,912 6,500,931
In more than five years 11,568,996 10,165,702
21,474,593 18,379,241

17. SECURED DEBTS

The following secured debts are included within creditors:

31/1/23 31/1/22
£    £   
Bank loans 2,513,111 3,697,853

Royal Bank of Scotland holds a bond and floating charge over the assets of the company along with standard security over some of the company's investment and freehold properties (see notes 8 & 10). The Royal Bank of Scotland also have additional security over these loans by guarantee secured against assets held by related parties (see note 22).

18. PROVISIONS FOR LIABILITIES
31/1/23 31/1/22
£    £   
Deferred tax 104,001 76,501

Deferred
tax
£   
Balance at 1 February 2022 76,501
Provided during year 27,500
Balance at 31 January 2023 104,001

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/23 31/1/22
value: £    £   
100 Ordinary 1 100 100

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

20. RESERVES
Retained
earnings
£   

At 1 February 2022 4,029,930
Profit for the year 770,178
At 31 January 2023 4,800,108

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2023 and 31 January 2022:

31/1/23 31/1/22
£    £   
B Singh
Balance outstanding at start of year 116,500 184,564
Amounts advanced 493,024 16,936
Amounts repaid (382,243 ) (85,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 227,281 116,500

G Singh Landa
Balance outstanding at start of year - 73,593
Amounts advanced 236,287 -
Amounts repaid (172,390 ) (73,593 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 63,897 -

The directors loan account is unsecured and has no fixed terms of repayment. Interest is charged on the overdrawn amount at the official HM Revenue & Customs rate.

22. RELATED PARTY DISCLOSURES

The director has provided personal guarantees to the Royal Bank of Scotland.

Entities over which the entity has control, joint control or significant influence
31/1/23 31/1/22
£    £   
Sales 52,291 118,187
Purchases 74,057 125,932
Transfers 55,464 (28,914 )
Rental income 229,200 265,700
Amount due from related party 408,980 442,751

B & G S Landa Limited (Registered number: SC257059)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

22. RELATED PARTY DISCLOSURES - continued

Key management personnel of the entity or its parent (in the aggregate)
31/1/23 31/1/22
£    £   
Amount due from related party 291,179 116,499

Other related parties
31/1/23 31/1/22
£    £   
Amount due from related party 927,228 855,724

During the year, a total of key management personnel compensation of £ 320,167 (2022 - £ 56,217 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr B Singh and Mr G Landa, by virtue of their combined 65% shareholding.

24. UPCOMING CAPITAL COMMITMENTS

Since the year end the company has entered into an agreement to purchase a property to the value of £2.15m, the company will contribute £820k