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REGISTERED NUMBER: 03391717 (England and Wales)















ESPRIT SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ESPRIT SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: Mr P I Burke
Mr T R Dubberley
Mr R R D Wheeler
Mr S Eden
Mr M P Nelson





SECRETARY: Miss V A Beckett





REGISTERED OFFICE: Esprit House
Spon Lane
West Bromwich
West Midlands
B70 6AA





REGISTERED NUMBER: 03391717 (England and Wales)





AUDITORS: Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,459 81,781

CURRENT ASSETS
Stocks 45,881 19,039
Debtors 5 25,997 70,062
Cash at bank and in hand 159,826 163,192
231,704 252,293
CREDITORS
Amounts falling due within one year 6 225,868 250,015
NET CURRENT ASSETS 5,836 2,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

67,295

84,059

CREDITORS
Amounts falling due after more than one year 7 (2,023 ) (16,871 )

PROVISIONS FOR LIABILITIES (4,300 ) (6,400 )
NET ASSETS 60,972 60,788

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 60,970 60,786
SHAREHOLDERS' FUNDS 60,972 60,788

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:





Mr T R Dubberley - Director


ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Esprit Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is nett of any sales adjustments such as payments on account and sales invoice reserves.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 135,695
DEPRECIATION
At 1 March 2022 53,914
Charge for year 20,322
At 28 February 2023 74,236
NET BOOK VALUE
At 28 February 2023 61,459
At 28 February 2022 81,781

ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 66,750
DEPRECIATION
At 1 March 2022 11,430
Charge for year 13,830
At 28 February 2023 25,260
NET BOOK VALUE
At 28 February 2023 41,490
At 28 February 2022 55,320

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,281 -
Amounts owed by group undertakings 13,716 70,062
25,997 70,062

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 16,174 16,174
Payments on account 20,000 -
Trade creditors 22,692 32,022
Amounts owed to group undertakings 22,000 70,000
Taxation and social security 45,535 82,834
Other creditors 99,467 48,985
225,868 250,015

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 2,023 16,871

ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nigel Meredith FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP

ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


9. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:

Sale of goods Equipment hire
2023 2022 2023 2022
£ £ £ £

Esprit Group UK Limited - - 33,600 31,680
Esprit UK Limited 939,668 1,222,119 - -
Nason Foster Limited - - - -
939,668 1,222,119 33,600 31,680

Materials, labour and
admin costs recharged from Dividends paid
2023 2022 2023 2022
£ £ £ £

Esprit Group UK Limited - - 22,000 70,000
Esprit UK Limited 120,000 120,000 - -
120,000 120,000 22,000 70,000

Esprit UK Limited is a fellow subsidiary of Esprit Group UK Limited, the ultimate parent company. Nason Foster Limited is a company in which all three directors are also directors of, as well as having an interest in the issued share capital.

The following amounts were outstanding at the reporting date:

Amounts owed to related parties
2023 2022
£ £

Esprit Group UK Limited 22,000 70,000
Esprit UK Limited (13,716 ) (70,062 )
8,284 (62 )


The company has given an intercompany cross guarantee in respects of the bank borrowings of Esprit Group UK Limited, Esprit UK Limited, Nason Foster Limited and Nason Foster Holdings Limited, all of which amounted to £nil (2022: £nil) at the balance sheet date.

ESPRIT SERVICES LIMITED (REGISTERED NUMBER: 03391717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


10. PARENT COMPANY

The ultimate parent company is Esprit Group UK Limited.

The ultimate controlling party is Mr T R Dubberley by virtue of his shareholdings in the ultimate parent company.

The company's accounts are consolidated into the group accounts of Esprit Group UK Limited, which are available from Companies House.