REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 January 2024 |
for |
B & G S Landa Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
BANKERS: |
31 North Bridge |
Edinburgh |
EH1 1SF |
SOLICITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
47-49 The Square |
Kelso |
Roxburghshire |
TD5 7HW |
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 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
8,981,445 | 6,382,345 |
1,973,367 | 407,842 |
Other operating income |
OPERATING PROFIT | 4 |
Intercompany loan write off | 5 |
2,722,143 | 1,086,625 |
Interest receivable and similar income |
2,742,931 | 1,110,210 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
Property, plant and equipment | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Inventories | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax paid | ( |
) | ( |
) |
Taxation refund |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of investment property |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Hire purchase repayments | ( |
) |
Amount introduced by directors | 547,229 | 554,633 |
Amount withdrawn by directors | (36,374 | ) | (663,653 | ) |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(93,645 |
) |
(109,868 |
) |
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
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 |
Depreciation charges |
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 | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
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 | ( |
) | ( |
) |
(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 | ( |
) | ( |
) |
(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 | ) | ( |
) | (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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Property improvements | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
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 |
Social security costs |
Other pension costs |
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 |
31/1/24 | 31/1/23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
31/1/24 | 31/1/23 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31/1/24 | 31/1/23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Goodwill amortisation |
Lease premiums amortisation |
Auditing of accounts |
Annual accounts preparation |
Management accounts preparation |
Other non- audit services |
5. | EXCEPTIONAL ITEMS |
31/1/24 | 31/1/23 |
£ | £ |
Intercompany loan write off |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/1/24 | 31/1/23 |
£ | £ |
Bank interest |
Bank loan interest |
Hire purchase |
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 |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
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 |
AMORTISATION |
At 1 February 2023 |
Amortisation for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Additions |
Revaluations | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Motor |
vehicles | Equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
Additions |
Revaluations | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
At 31 January 2024 |
DEPRECIATION |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
11. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
13. | DEBTORS |
31/1/24 | 31/1/23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Loan to Sukhbir Landa | 1,043,108 | 980,417 |
Directors' loan accounts | 91,771 | 291,178 |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors | 17,625 | 17,625 |
Aggregate amounts |
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) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to associates | 100,886 | 88,886 |
Corporation tax |
Social security and other taxes |
VAT | 254,116 | 78,576 |
Other creditors |
Loan from Whisky Trail | 903,273 | 373,282 |
Pension | 8,889 | 7,027 |
Directors' loan accounts | 311,448 | - |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/1/24 | 31/1/23 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
Accruals and deferred income |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Non-cancellable operating | leases |
31/1/24 | 31/1/23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
31/1/24 | 31/1/23 |
£ | £ |
Bank loans |
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 |
Provided during year |
Balance at 31 January 2024 |
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: | £ | £ |
Ordinary | 1 | 100 | 100 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
At 31 January 2024 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |
31/1/24 | 31/1/23 |
£ | £ |
Sales |
Purchases | ( |
) | ( |
) |
Transfers | (443,072 | ) | 55,464 |
Rental income | 235,133 | 229,200 |
Rental expenditure | (240,111 | ) | - |
Amount due from related party |
Amount due to related party |
31/1/24 | 31/1/23 |
£ | £ |
Amount due from related party |
Amount due to related party | ( |
) |
31/1/24 | 31/1/23 |
£ | £ |
Amount due from related party |
Amount due to related party | ( |
) |
During the year, a total of key management personnel compensation of £ |
24. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr B Singh and Mr G Landa, by virtue of their combined 65% shareholding. |