REGISTERED NUMBER: SC257059 (Scotland)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 January 2025

for

B & G S Landa Limited

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

DIRECTORS:

B Singh

G Singh Landa

REGISTERED OFFICE:

174 High Street

Edinburgh

Lothian

EH1 1QS

REGISTERED NUMBER:

SC257059 (Scotland)

SENIOR STATUTORY AUDITOR:

Caroline Tice BA CA

AUDITORS:

Sumer Auditco 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

The directors present their strategic report for the year ended 31 January 2025.

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.

Staffing engagement and retention challenges remain with shift in desired working patterns in both new hires and existing employees, this is something we can absorb and have adapted to well.

Trade continues as last year with focus on volume lines and outerwear.

Costs continue to increase over rents, utilities, business insurance and payroll. Our retail prices continue to be reviewed and increased where the market can stand this. We make full use of early payment terms to claim offers and discounts with suppliers. Laying down orders in advance and purchasing in bulk ahead of season secures 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.

Our expansion continued with acquisition of leases and commencement of trading both outside and in Edinburgh.

We have rationalised in Edinburgh having disposed of two underperforming units with plans for further rationalisation. Rental increases are keenly negotiated.

During the year under review turnover has increased to £20,082,901 (2024: £17,648,651, 2023: £12,574,424, 2022: £3,936,540) and this growth continues in to 2025-2026 financial year. The balance sheet shows an increase in the net asset position of the company by 17%. Long term debt has decreased by 11% 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:

2025

2024

Gross profit percentage

55.08%

62.07%

Net profit/(loss) percentage

7.34%

14.29%

Gearing

25.94%

28.95%

Liquidity (current assets: current liabilities)

159.64%

146.99%

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.

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

30 September 2025

The directors present their report with the financial statements of the company for the year ended 31 January 2025.

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 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 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, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B Singh - Director

30 September 2025

Qualified Opinion

We have audited the financial statements of B & G S Landa Limited (the 'company') for the year ended 31 January 2025 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 2025 and of its profit for the year then ended;

-

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were unable to obtain sufficient appropriate audit evidence regarding the valuation and existence of inventories stated at £4,505,049 in the statement of financial position. The company operates several retail outlets but does not maintain a formal inventory system or detailed stock listings to support the quantities and cost of stock held. Management estimated cost using mark-ups applied to sales prices, but we were unable to verify the appropriateness of these mark-ups or confirm the physical existence of the inventory at year end. Consequently, we were unable to determine whether any adjustments might be necessary to the carrying amount of inventory, cost of sales, and related financial statement disclosures.

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.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements. Except for the matter described in the Basis for Qualified Opinion section, we have determined that there are no additional key audit matters to communicate in our report.

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 valuation of £4,505,049 held as at 31 January 2025. 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.

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

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 in relation to inventory.

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

-

certain disclosures of directors' renumeration specified by law are not made.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 4, 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.

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

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

The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with those laws and regulations deemed to have a direct effect on the determination of material amounts and disclosures in the financial statements, and to perform audit procedures to enable us to identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to any identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding these assessed risks through the design and implementation of audit procedures, and to respond appropriately to fraud or suspected fraud identified during the course of the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In order to identify risks of material misstatement, and appropriately address these risks through the design of audit procedures, in respect of irregularities, including fraud, the audit engagement team:

-

obtained an understanding of the nature of the sector in which B&GS Landa operates, including the legal and regulatory framework applicable to the entity, and how the entity complies with those laws and regulations which have a direct effect on the financial statements,

-

enquired of management, and those charged with governance, about their procedures to identify and assess risk, including any known, suspected or alleged instances of fraud,

-

enquired of management, and those charged with governance, about instances of non-compliance with laws and regulations, including how fraud might occur, and where the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations which have a direct effect on the financial statements to be FRS 102 and the Companies Act 2006. We designed and performed audit procedures to detect instances of non-compliance which may have a material impact on the financial statements. These procedures included enquiries of management, review of legal and professional fees, and comprehensive review of policies and financial statement disclosures.

The most significant laws and regulations which have an indirect impact on the financial statements are tax legislation and employment law. Guided by the risk assessment procedures noted above, we discussed these laws and regulations with management, and those charged with governance, and assessed whether they were aware of any instances of non-compliance. To corroborate management's assertions we reviewed legal and professional fees, and correspondence with solicitors.

The audit engagement team identified management override of internal controls, and fraud in revenue recognition as being the areas that the financial statements were most susceptible to material misstatement due to fraud. In order to address the risk of material misstatement due to fraud, testing was performed over manual journal entries, with a focus on specific risk criteria, large and unusual transactions, and entries outside of the normal course of business. Detection risk was lowered to increase testing of specific assertions in the above areas over manual journals in the year and after the year end.

With regard to addressing the risk of material misstatement due to fraud in revenue recognition, the engagement team designed and performed procedures including, but not limited to, testing income and receipts around post year end. The audit engagement team also reviewed all policies and disclosures for adherence to FRS 102.

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.

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.

Caroline Tice BA CA (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

1 October 2025

REVENUE

20,082,901

17,648,651

Cost of sales

9,020,468

6,693,839

GROSS PROFIT

11,062,433

10,954,812

Distribution costs

3,728,919

3,068,001

Administrative expenses

6,339,787

5,913,444

10,068,706

8,981,445

993,727

1,973,367

Other operating income

765,423

718,346

OPERATING PROFIT

4

1,759,150

2,691,713

Intercompany loan write off

5

-

30,430

1,759,150

2,722,143

Interest receivable and similar income

30,356

20,788

1,789,506

2,742,931

Interest payable and similar expenses

6

314,734

221,662

PROFIT BEFORE TAXATION

1,474,772

2,521,269

Tax on profit

7

346,336

857,571

PROFIT FOR THE FINANCIAL YEAR

1,128,436

1,663,698

PROFIT FOR THE YEAR

1,128,436

1,663,698

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,128,436

1,663,698

FIXED ASSETS

Intangible assets

8

715,310

868,620

Property, plant and equipment

9

4,698,025

4,470,100

Investments

10

1

1

Investment property

11

2,912,500

2,912,500

8,325,836

8,251,221

CURRENT ASSETS

Inventories

12

4,505,049

4,789,563

Debtors

13

3,219,129

2,379,515

Cash at bank and in hand

40,592

39,731

7,764,770

7,208,809

CREDITORS

Amounts falling due within one year

14

4,863,915

4,904,380

NET CURRENT ASSETS

2,900,855

2,304,429

TOTAL ASSETS LESS CURRENT LIABILITIES

11,226,691

10,555,650

CREDITORS

Amounts falling due after more than one year

15

(3,496,977

)

(3,922,244

)

PROVISIONS FOR LIABILITIES

19

(137,372

)

(169,500

)

NET ASSETS

7,592,342

6,463,906

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

7,592,242

6,463,806

SHAREHOLDERS' FUNDS

7,592,342

6,463,906

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

B Singh - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 February 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

Changes in equity

Total comprehensive income

-

1,128,436

1,128,436

Balance at 31 January 2025

100

7,592,242

7,592,342

Cash flows from operating activities

Cash generated from operations

1

2,673,412

1,900,556

Interest paid

(312,891

)

(221,480

)

Interest element of hire purchase payments paid

(1,843

)

(182

)

Tax paid

(800,606

)

(278,311

)

Net cash from operating activities

1,558,072

1,400,583

Cash flows from investing activities

Purchase of tangible fixed assets

(416,418

)

(3,742,650

)

Interest received

30,356

20,788

Net cash from investing activities

(386,062

)

(3,721,862

)

Cash flows from financing activities

New loans in year

-

2,200,000

Loan repayments in year

(452,746

)

(417,055

)

Hire purchase repayments

42,825

(452

)

Amount introduced by directors

821,929

547,229

Amount withdrawn by directors

(1,690,482

)

(36,374

)

Net cash from financing activities

(1,278,474

)

2,293,348

Decrease in cash and cash equivalents

(106,464

)

(27,931

)

Cash and cash equivalents at beginning of year

2

(121,576

)

(93,645

)

Cash and cash equivalents at end of year

2

(228,040

)

(121,576

)

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

31/1/25

31/1/24

£

£

Profit before taxation

1,474,772

2,521,269

Depreciation charges

271,937

224,020

Loss on disposal of fixed assets

69,866

-

Loss on revaluation of fixed assets

-

662,840

Finance costs

314,734

221,662

Finance income

(30,356

)

(20,788

)

2,100,953

3,609,003

Decrease/(increase) in inventories

284,514

(2,478,484

)

Increase in trade and other debtors

(142,292

)

(176,750

)

Increase in trade and other creditors

430,237

946,787

Cash generated from operations

2,673,412

1,900,556

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 2025

31/1/25

1/2/24

£

£

Cash and cash equivalents

40,592

39,731

Bank overdrafts

(268,632

)

(161,307

)

(228,040

)

(121,576

)

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

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/2/24

Cash flow

At 31/1/25

£

£

£

Net cash

Cash at bank and in hand

39,731

861

40,592

Bank overdrafts

(161,307

)

(107,325

)

(268,632

)

(121,576

)

(106,464

)

(228,040

)

Debt

Finance leases

(18,838

)

(42,825

)

(61,663

)

Debts falling due within 1 year

(412,979

)

1,811

(411,168

)

Debts falling due after 1 year

(3,883,077

)

450,935

(3,432,142

)

(4,314,894

)

409,921

(3,904,973

)

Total

(4,436,470

)

303,457

(4,133,013

)

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, except for investment properties which are measured at fair value

Going Concern

The Directors have continued to maintain tight control over costs and monitor financial performance closely. The company benefits from a strong balance sheet and maintains active oversight of cash flow, purchasing, and supplier terms, including negotiating discounts through bulk buying arrangements.

In assessing the company's ability to continue as a going concern, the directors have considered available financial resources, expected future trading performance, and access to funding facilities. Based on these assessments, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of approval of these financial statements.

Accordingly, the financial statements have been prepared on a going concern basis

Turnover and revenue recognition

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, which is typically at the point of sale in-store.

Revenue is measured at the fair value of the consideration received or receivable, net of returns, discounts and value added tax.

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

Freehold property that is owner-occupied is stated at cost less accumulated depreciation and any impairment losses. However, where the estimated residual value of a property equals or exceeds its cost, and the useful economic life is considered to be indefinite, no depreciation is charged.

The residual value and expected useful life are reviewed at each reporting date to ensure that the non-depreciation policy remains appropriate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are measured at fair value at each reporting date, with changes in fair value recognised in the profit or loss. No depreciation is charged on investment properties. Fair value is determined by independent external valuations or directors' assessments where appropriate.

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 using the retail method. This method estimates the cost of closing inventory by applying a cost to retail ratio to the ending inventory at retail prices.

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.

Deferred tax is recognised on investment property fair value gains only to the extent that it is probable the gain will be realised through sale.

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, including trade debtors and creditors, bank loans, and intercompany balances, which are initially recognised at transaction price and subsequently measured at amortised cost..

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

31/1/25

31/1/24

£

£

Wages and salaries

4,017,514

3,230,406

Social security costs

312,375

235,425

Other pension costs

44,763

35,629

4,374,652

3,501,460

The average number of employees during the year was as follows:

31/1/25

31/1/24

Sales

182

169

Administration

7

6

189

175

31/1/25

31/1/24

£

£

Directors' remuneration

527,969

413,845

Directors' pension contributions to money purchase schemes

1,321

991

Information regarding the highest paid director is as follows:

31/1/25

31/1/24

£

£

Emoluments etc

315,127

259,773