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REGISTERED NUMBER: SC257059 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 January 2024

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 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 16


B & G S Landa Limited

Company Information
for the Year Ended 31 January 2024







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: Sumer Auditco Limited (Statutory Auditor)
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 2024

The directors present their strategic report for the year ended 31 January 2024.

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.

Business has improved considerably in 2023-2024 period.

Challenges remain in both engaging and retaining retail store staff, we are constantly recruiting. Our existing staff have adapted well to the changes in the business needs.

There continues to be a much increased movement of smaller but more profitable lines with outerwear and accessories performing well. Costs continue to increase over utilities, business insurance and the annual increases 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. There has been a shift to Pro Forma payments by the Directors to secure maximum discounts.

Domestic tourism remains strong. With EU and rest of the world tourism back to pre pandemic levels. Chinese tourists have not returned in any significant numbers.

The business took leases on four further retail units, Fort William, Aviemore and Pitlochry. Fort William branch has quickly risen to be our best performing store in B&GS Landa Ltd. There has been further expansion in Fort William and additional Oban stores have been acquired.

There are plans to rationalise Edinburgh operations with analysis of underperforming stores taking place with a view to advertising leases for sub let or assignation where we can.

During the year under review turnover increased to £17,648,651 (2023:£12,574,424) (2022: £3,936,540) (2019: £13,130,375) and this growth continues in to 2024-2025 financial year. The balance sheet shows an increase in the net asset position of the company by 38%. Long term debt has increased by 83% as at the balance sheet date largely as a consequence of property purchases.

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:



2024

2023
Gross profit percentage 62.07% 54.00%
Net profit/(loss) percentage 18.04% 7.87%
Gearing 28.95% 26.12%
Liquidity (current assets: current liabilities) 146.99% 154.79%


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 2024

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 October 2024

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

Report of the Directors
for the Year Ended 31 January 2024

The directors present their report with the financial statements of the company for the year ended 31 January 2024.

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 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report.

B Singh
G Singh Landa

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.

AUDITORS
The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





B Singh - Director


31 October 2024

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

Opinion
We have audited the financial statements of B & G S Landa Limited (the 'company') for the year ended 31 January 2024 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

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 assessment we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulations and enquired of management whether they were aware of any instances of non-compliance. We corroborated these through review of legal and professional fees, any correspondence with HMRC, and of board minutes.

In addition, we considered provisions of other laws and regulations that do not have a direct affect 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 UK Employment Law, Data Protection Act 2018, Health and Safety at Work Act 1974, and Consumer Rights.

Based on the results of this risk assessment we designed our audit procedures to identify non-compliance with such laws and regulation. We identified and evaluated the laws and regulation and enquired with management whether they were aware of any instances of non-compliance and what procedures were in place to ensure compliance. We corroborated this though review of correspondence with any regulators, reviewing company policy for health and safety procedures, and by carrying out gross to net pay checks.

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. The risk is mitigated mainly by the involvement of management in the day to day running of the business, including payroll and preparation of quarterly management and annual financial reports.

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 the level of subjectivity and estimation within the account balances 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 the completeness and accuracy of 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 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 Sumer Auditco Limited (Statutory Auditor)
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

31 October 2024

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

Income Statement
for the Year Ended 31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   

REVENUE 17,648,651 12,574,424

Cost of sales 6,693,839 5,784,237
GROSS PROFIT 10,954,812 6,790,187

Distribution costs 3,068,001 1,787,854
Administrative expenses 5,913,444 4,594,491
8,981,445 6,382,345
1,973,367 407,842

Other operating income 718,346 678,783
OPERATING PROFIT 4 2,691,713 1,086,625

Intercompany loan write off 5 30,430 -
2,722,143 1,086,625

Interest receivable and similar income 20,788 23,585
2,742,931 1,110,210

Interest payable and similar expenses 6 221,662 120,670
PROFIT BEFORE TAXATION 2,521,269 989,540

Tax on profit 7 857,571 219,362
PROFIT FOR THE FINANCIAL YEAR 1,663,698 770,178

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

Other Comprehensive Income
for the Year Ended 31 January 2024

31/1/24 31/1/23
Notes £    £   

PROFIT FOR THE YEAR 1,663,698 770,178


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,663,698

770,178

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

Statement of Financial Position
31 January 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 868,620 956,525
Property, plant and equipment 9 4,470,100 1,507,115
Investments 10 1 1
Investment property 11 2,912,500 2,912,500
8,251,221 5,376,141

CURRENT ASSETS
Inventories 12 4,789,563 2,311,079
Debtors 13 2,379,515 2,383,408
Cash at bank and in hand 39,731 31,648
7,208,809 4,726,135
CREDITORS
Amounts falling due within one year 14 4,904,380 3,053,341
NET CURRENT ASSETS 2,304,429 1,672,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,555,650

7,048,935

CREDITORS
Amounts falling due after more than one
year

15

(3,922,244

)

(2,144,726

)

PROVISIONS FOR LIABILITIES 19 (169,500 ) (104,001 )
NET ASSETS 6,463,906 4,800,208

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 6,463,806 4,800,108
SHAREHOLDERS' FUNDS 6,463,906 4,800,208

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 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 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 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

Changes in equity
Total comprehensive income - 1,663,698 1,663,698
Balance at 31 January 2024 100 6,463,806 6,463,906

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

Statement of Cash Flows
for the Year Ended 31 January 2024

31/1/24 31/1/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,900,556 804,644
Interest paid (221,480 ) (120,670 )
Interest element of hire purchase payments
paid

(182

)

-
Tax paid (278,311 ) (13,427 )
Taxation refund - 58,014
Net cash from operating activities 1,400,583 728,561

Cash flows from investing activities
Purchase of intangible fixed assets - (168,824 )
Purchase of tangible fixed assets (3,742,650 ) (283,061 )
Sale of investment property - 1,125,000
Interest received 20,788 23,585
Net cash from investing activities (3,721,862 ) 696,700

Cash flows from financing activities
New loans in year 2,200,000 1,391,383
Loan repayments in year (417,055 ) (2,691,401 )
Hire purchase repayments (452 ) -
Amount introduced by directors 547,229 554,633
Amount withdrawn by directors (36,374 ) (663,653 )
Net cash from financing activities 2,293,348 (1,409,038 )

(Decrease)/increase in cash and cash equivalents (27,931 ) 16,223
Cash and cash equivalents at beginning of
year

2

(93,645

)

(109,868

)

Cash and cash equivalents at end of year 2 (121,576 ) (93,645 )

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

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31/1/24 31/1/23
£    £   
Profit before taxation 2,521,269 989,540
Depreciation charges 224,020 227,196
Loss on revaluation of fixed assets 662,840 -
Finance costs 221,662 120,670
Finance income (20,788 ) (23,585 )
3,609,003 1,313,821
Increase in inventories (2,478,484 ) (1,049,040 )
Increase in trade and other debtors (176,750 ) (145,054 )
Increase in trade and other creditors 946,787 684,917
Cash generated from operations 1,900,556 804,644

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 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 39,731 31,648
Bank overdrafts (161,307 ) (125,293 )
(121,576 ) (93,645 )
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 )


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

Notes to the Statement of Cash Flows
for the Year Ended 31 January 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/2/23 Cash flow changes At 31/1/24
£    £    £    £   
Net cash
Cash at bank
and in hand 31,648 8,083 39,731
Bank overdrafts (125,293 ) (36,014 ) (161,307 )
(93,645 ) (27,931 ) (121,576 )
Debt
Finance leases - 452 - (18,838 )
Debts falling due
within 1 year (396,302 ) (16,677 ) - (412,979 )
Debts falling due
after 1 year (2,116,809 ) (1,766,268 ) - (3,883,077 )
(2,513,111 ) (1,782,493 ) - (4,314,894 )
Total (2,606,756 ) (1,810,424 ) - (4,436,470 )

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

Notes to the Financial Statements
for the Year Ended 31 January 2024

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 changes made to the range of products that the business offers post pandemic ensures growth. The Directors have continued to ensure tight control of costs. The company has a strong balance sheet, and the Directors continue to monitor expenditure and negotiate best prices, taking advantage of bulk purchase discounts and offers from 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Property improvements - Over the remaining life of the lease and Straight line over 15 years
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 25% on cost
Equipment - Straight line over 5 years

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 2024

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.

3. EMPLOYEES AND DIRECTORS
31/1/24 31/1/23
£    £   
Wages and salaries 3,230,406 2,093,365
Social security costs 235,425 137,281
Other pension costs 35,629 22,319
3,501,460 2,252,965

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/1/24 31/1/23

Sales 6 112
Administration 169 6
175 118

31/1/24 31/1/23
£    £   
Directors' remuneration 413,845 319,397
Directors' pension contributions to money purchase schemes 991 770

Information regarding the highest paid director is as follows:
31/1/24 31/1/23
£    £   
Emoluments etc 259,773 208,296

4. OPERATING PROFIT

The operating profit is stated after charging:

31/1/24 31/1/23
£    £   
Other operating leases 2,332,051 2,088,222
Depreciation - owned assets 134,888 144,872
Depreciation - assets on hire purchase contracts 1,227 -
Goodwill amortisation 2,000 2,000
Lease premiums amortisation 85,905 80,325
Auditing of accounts 15,700 14,700
Annual accounts preparation 13,433 17,785
Management accounts preparation 10,995 7,575
Other non- audit services 6,200 3,565

5. EXCEPTIONAL ITEMS
31/1/24 31/1/23
£    £   
Intercompany loan write off 30,430 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/1/24 31/1/23
£    £   
Bank interest 27,842 3,625
Bank loan interest 193,638 117,045
Hire purchase 182 -
221,662 120,670

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/1/24 31/1/23
£    £   
Current tax:
UK corporation tax 792,072 191,862

Deferred tax 65,499 27,500
Tax on profit 857,571 219,362

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/1/24 31/1/23
£    £   
Profit before tax 2,521,269 989,540
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

605,861

188,013

Effects of:
Expenses not deductible for tax purposes 29,673 13,882
Income not taxable for tax purposes (7,312 ) -
Capital allowances in excess of depreciation (6,930 ) (15,176 )
Adjustments to tax charge in respect of previous periods 22,033 13,472
Rounding adjustments - (1 )
Allowable lease premiums (10,533 ) (8,328 )
Movement on deferred tax 65,499 27,500
Unrealised loss on revaluation 159,280 -
Total tax charge 857,571 219,362

8. INTANGIBLE FIXED ASSETS
Lease
Goodwill premiums Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 1,514,185 1,773,848 3,288,033
AMORTISATION
At 1 February 2023 1,496,185 835,323 2,331,508
Amortisation for year 2,000 85,905 87,905
At 31 January 2024 1,498,185 921,228 2,419,413
NET BOOK VALUE
At 31 January 2024 16,000 852,620 868,620
At 31 January 2023 18,000 938,525 956,525

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Property and
property improvements fittings
£    £    £   
COST OR VALUATION
At 1 February 2023 737,579 1,279,672 152,101
Additions 3,332,840 399,962 -
Revaluations (662,840 ) - -
At 31 January 2024 3,407,579 1,679,634 152,101
DEPRECIATION
At 1 February 2023 - 546,320 143,983
Charge for year - 124,010 2,522
At 31 January 2024 - 670,330 146,505
NET BOOK VALUE
At 31 January 2024 3,407,579 1,009,304 5,596
At 31 January 2023 737,579 733,352 8,118

Motor
vehicles Equipment Totals
£    £    £   
COST OR VALUATION
At 1 February 2023 201,985 116,711 2,488,048
Additions 28,890 248 3,761,940
Revaluations - - (662,840 )
At 31 January 2024 230,875 116,959 5,587,148
DEPRECIATION
At 1 February 2023 186,992 103,638 980,933
Charge for year 6,225 3,358 136,115
At 31 January 2024 193,217 106,996 1,117,048
NET BOOK VALUE
At 31 January 2024 37,658 9,963 4,470,100
At 31 January 2023 14,993 13,073 1,507,115

Cost or valuation at 31 January 2024 is represented by:

Fixtures
Freehold Property and
property improvements fittings
£    £    £   
Valuation in 2023 (662,840 ) - -
Cost 4,070,419 1,679,634 152,101
3,407,579 1,679,634 152,101

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. PROPERTY, PLANT AND EQUIPMENT - continued

Motor
vehicles Equipment Totals
£    £    £   
Valuation in 2023 - - (662,840 )
Cost 230,875 116,959 6,249,988
230,875 116,959 5,587,148

Freehold property was valued at market value by Shepherd Chartered Surveyors in July and November 2023.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
Additions 28,890
At 31 January 2024 28,890
DEPRECIATION
Charge for year 1,227
At 31 January 2024 1,227
NET BOOK VALUE
At 31 January 2024 27,663

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 1
NET BOOK VALUE
At 31 January 2024 1
At 31 January 2023 1

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 2,912,500
NET BOOK VALUE
At 31 January 2024 2,912,500
At 31 January 2023 2,912,500

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

11. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 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:

31/1/24 31/1/23
£    £   
Cost 2,870,679 2,870,679

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 2024 is not significantly different to values per the valuations carried out as at in October 2021.

12. INVENTORIES
31/1/24 31/1/23
£    £   
Stocks 4,789,563 2,311,079

13. DEBTORS
31/1/24 31/1/23
£    £   
Amounts falling due within one year:
Trade debtors 141,125 155,890
Other debtors 568,430 545,329
Loan to Sukhbir Landa 1,043,108 980,417
Directors' loan accounts 91,771 291,178
Prepayments and accrued income 517,456 392,969
2,361,890 2,365,783

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

Aggregate amounts 2,379,515 2,383,408

Debtors of £1,043,108 (2023 - £980,417) 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 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Bank loans and overdrafts (see note 16) 574,286 521,595
Hire purchase contracts (see note 17) 5,773 -
Trade creditors 1,214,519 1,161,288
Amounts owed to associates 100,886 88,886
Corporation tax 800,605 268,080
Social security and other taxes 70,855 47,744
VAT 254,116 78,576
Other creditors 153,716 93,128
Loan from Whisky Trail 903,273 373,282
Pension 8,889 7,027
Directors' loan accounts 311,448 -
Accruals and deferred income 506,014 413,735
4,904,380 3,053,341

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/24 31/1/23
£    £   
Bank loans (see note 16) 3,883,077 2,116,809
Hire purchase contracts (see note 17) 13,065 -
Accruals and deferred income 26,102 27,917
3,922,244 2,144,726

16. LOANS

An analysis of the maturity of loans is given below:

31/1/24 31/1/23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 161,307 125,293
Bank loans 412,979 396,302
574,286 521,595

Amounts falling due between one and two years:
Bank loans - 1-2 years 420,825 351,501

Amounts falling due between two and five years:
Bank loans - 2-5 years 516,541 574,298

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,945,711 1,191,010

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/1/24 31/1/23
£    £   
Net obligations repayable:
Within one year 5,773 -
Between one and five years 13,065 -
18,838 -

Non-cancellable operating leases
31/1/24 31/1/23
£    £   
Within one year 2,266,351 2,090,685
Between one and five years 8,323,300 7,814,912
In more than five years 11,198,712 11,568,996
21,788,363 21,474,593

18. SECURED DEBTS

The following secured debts are included within creditors:

31/1/24 31/1/23
£    £   
Bank loans 4,296,056 2,513,111

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. The Royal Bank of Scotland also have additional security over these loans by guarantee secured against assets held by related parties.

19. PROVISIONS FOR LIABILITIES
31/1/24 31/1/23
£    £   
Deferred tax 169,500 104,001

Deferred
tax
£   
Balance at 1 February 2023 104,001
Provided during year 65,499
Balance at 31 January 2024 169,500

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
100 Ordinary 1 100 100

21. RESERVES
Retained
earnings
£   

At 1 February 2023 4,800,108
Profit for the year 1,663,698
At 31 January 2024 6,463,806

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2024 and 31 January 2023:

31/1/24 31/1/23
£    £   
B Singh
Balance outstanding at start of year 227,281 116,500
Amounts advanced - 493,024
Amounts repaid (538,729 ) (382,243 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (311,448 ) 227,281

G Singh Landa
Balance outstanding at start of year 63,897 -
Amounts advanced 36,374 236,287
Amounts repaid (8,500 ) (172,390 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 91,771 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.

23. RELATED PARTY DISCLOSURES

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

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

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

23. RELATED PARTY DISCLOSURES - continued

Entities over which the entity has control, joint control or significant influence
31/1/24 31/1/23
£    £   
Sales 60,337 52,291
Purchases (72,961 ) (74,057 )
Transfers (443,072 ) 55,464
Rental income 235,133 229,200
Rental expenditure (240,111 ) -
Amount due from related party - 408,980
Amount due to related party 950,971 -

Key management personnel of the entity or its parent (in the aggregate)
31/1/24 31/1/23
£    £   
Amount due from related party 91,771 291,179
Amount due to related party (311,448 ) -

Other related parties
31/1/24 31/1/23
£    £   
Amount due from related party 1,043,108 927,228
Amount due to related party (53,189 ) -

During the year, a total of key management personnel compensation of £ 467,300 (2023 - £ 320,167 ) was paid.

24. ULTIMATE CONTROLLING PARTY

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