Caseware UK (AP4) 2023.0.135 2023.0.135 falsetruetruetruetrue2023-03-01No description of principal activity44false 04082495 2023-03-01 2024-02-29 04082495 2022-03-01 2023-02-28 04082495 2024-02-29 04082495 2023-02-28 04082495 2022-03-01 04082495 c:Director1 2023-03-01 2024-02-29 04082495 c:Director1 2024-02-29 04082495 c:Director2 2023-03-01 2024-02-29 04082495 c:Director2 2024-02-29 04082495 c:Director5 2023-03-01 2024-02-29 04082495 c:Director6 2023-03-01 2024-02-29 04082495 c:Director7 2023-03-01 2024-02-29 04082495 c:Director7 2024-02-29 04082495 c:RegisteredOffice 2023-03-01 2024-02-29 04082495 c:Agent1 2023-03-01 2024-02-29 04082495 d:Buildings 2023-03-01 2024-02-29 04082495 d:Buildings 2024-02-29 04082495 d:Buildings 2023-02-28 04082495 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 04082495 d:CurrentFinancialInstruments 2024-02-29 04082495 d:CurrentFinancialInstruments 2023-02-28 04082495 d:Non-currentFinancialInstruments 2024-02-29 04082495 d:Non-currentFinancialInstruments 2023-02-28 04082495 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 04082495 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 04082495 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 04082495 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 04082495 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 04082495 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 04082495 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 04082495 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 04082495 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 04082495 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 04082495 d:UKTax 2023-03-01 2024-02-29 04082495 d:UKTax 2022-03-01 2023-02-28 04082495 d:ShareCapital 2023-03-01 2024-02-29 04082495 d:ShareCapital 2024-02-29 04082495 d:ShareCapital 2022-03-01 2023-02-28 04082495 d:ShareCapital 2023-02-28 04082495 d:ShareCapital 2022-03-01 04082495 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 04082495 d:RetainedEarningsAccumulatedLosses 2024-02-29 04082495 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 04082495 d:RetainedEarningsAccumulatedLosses 2023-02-28 04082495 d:RetainedEarningsAccumulatedLosses 2022-03-01 04082495 c:OrdinaryShareClass1 2023-03-01 2024-02-29 04082495 c:OrdinaryShareClass1 2024-02-29 04082495 c:OrdinaryShareClass1 2023-02-28 04082495 c:FRS102 2023-03-01 2024-02-29 04082495 c:Audited 2023-03-01 2024-02-29 04082495 c:FullAccounts 2023-03-01 2024-02-29 04082495 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04082495 6 2023-03-01 2024-02-29 04082495 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 04082495 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 04082495 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04082495









Esprit Fini Limited









Annual Report and Financial Statements

for the year ended 29 February 2024

 
Esprit Fini Limited
 
 
Company Information


Directors
P Butterworth 
A Holt 
P Dawson (appointed 27 March 2024)




Registered number
04082495



Registered office
1 Globe Lane
Dukinfield

Cheshire

SK16 4UY




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG




Bankers
HSBC Bank PLC
4 Hardman Square

Spinningfields

Manchester

M3 3EB





 
Esprit Fini Limited
 

Contents



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 21


 
Esprit Fini Limited
 
 
Strategic Report
for the year ended 29 February 2024

Business review
 
The principal activity of the Company during the year continued to be that of a property and investment holding company.  The Company owns property and during the year earned rental income totalling £86k from its trading subsidiary, Northpoint Limited.  
In the year ended 29 February 2020, the Company arranged a new bank loan facility totalling £980k, secured against the property of the Company. During the year, the Company made further loan repayments such that a balance of £732k is carried forward at 29 February 2024.
The Company is dependent on the trading activities of the subsidiary, Northpoint Limited.

Principal risks and uncertainties
 
The Company's trading subsidiary manages risk mainly through acquiring new customers.
We are constantly researching and developing new coating applications in order to best serve our existing and new customers. Each Director takes an active role in this respect.
We aim to protect the cashflows generated by payments made by our customers. This is done principally by reviewing up to date financial information applicable to each customer and in the majority of cases ensuring we have full credit insurance cover against the balances owed to Northpoint by them.
Over many years we have invested heavily in our Plant and Equipment. We aim to deliver coated material back to our customers on time, and it is therefore very important that we maintain our Plant and Equipment to a very high standard.

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company and the trading subsidiary as a whole, namely, turnover, operating profits and net assets.
The turnover achieved by the company is £86k, being rental income associated with the lease agreement made between the Company and its trading subsidiary, Northpoint Limited. Operating profit is £46k (2023: £46k) after depreciation charges totalling £40k.
Turnover achieved by the trading subsidiary, Northpoint Limited, has increased by £864k, from £7.642m to £8.506m. Operating profit has increased by £443k, from £343k to £736k. Profit before taxation has increased by £411k, from £266k to £677k.
The net assets of Esprit Fini Limited have decreased by £19k from £364k to £345k, and the net assets of Northpoint Ltd have increased by £204k, from £1.835m to £2.039m.

Financial Risk Management Objectives and Policies
 
The Company and trading subsidiary’s principal financial instruments continue to be invoice discounting, trade creditors, hire purchase and bank loans. The main purpose of these instruments is to raise funds for and to finance the Company and Group’s operations.
The Directors feel that the key financial risk management for the Company and Group is best served by the monthly review of management accounts encompassing the sales reports, cash flow, bank and debtor positions, and stock levels.

Page 1

 
Esprit Fini Limited
 

Strategic Report (continued)
for the year ended 29 February 2024


This report was approved by the board and signed on its behalf.


A Holt
Director

Date: 16 August 2024

Page 2

 
Esprit Fini Limited
 
 
 
Directors' Report
for the year ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £302 thousand (2023 - £188 thousand).

Dividends paid during the year amounted to £320 thousand (2023: £180 thousand).
The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

G P Marshall (resigned 27 March 2024)
S A Quiligotti (resigned 27 March 2024)
P Butterworth 
A Holt 
P Dawson (appointed 27 March 2024)

Page 3

 
Esprit Fini Limited
 
 
 
Directors' Report (continued)
for the year ended 29 February 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


A Holt
Director

Date: 16 August 2024

Page 4

 
Esprit Fini Limited
 
 
 
Independent Auditors' Report to the Members of Esprit Fini Limited
 

Opinion


We have audited the financial statements of Esprit Fini Limited (the 'company') for the year ended 29 February 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 29 February 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
Esprit Fini Limited
 
 
 
Independent Auditors' Report to the Members of Esprit Fini Limited (continued)


Opinion 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


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:


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 directors' responsibilities statement set out on page 3, 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.


Page 6

 
Esprit Fini Limited
 
 
 
Independent Auditors' Report to the Members of Esprit Fini Limited (continued)


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 auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the company operates; the control environment and business     performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of management, including whether management was aware of any instances of non-   compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged   fraud. 
• Supporting documentation relating to the Company's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Company operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or    which had a fundamental effect on the operations of the Company, including General Data Protection requirements,   and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with      
            laws and regulations and fraud.
• Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. 
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of    business.
 
Page 7

 
Esprit Fini Limited
 
 
 
Independent Auditors' Report to the Members of Esprit Fini Limited (continued)


We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


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 auditors' report.


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 2006Our 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 an auditors' report 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.


Anthony Woodings (senior statutory auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

16 August 2024
Page 8

 
Esprit Fini Limited
 
 
Statement of Comprehensive Income
for the year ended 29 February 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
86
86

Gross profit
  
86
86

Administrative expenses
  
(40)
(40)

Operating profit
 5 
46
46

  

Income from shares in group undertakings
  
320
180

Interest payable and similar expenses
 7 
(59)
(38)

Profit before tax
  
307
188

Tax on profit
 8 
(5)
-

Profit for the financial year
  
302
188

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 21 form part of these financial statements.

Page 9

 
Esprit Fini Limited
Registered number: 04082495

Balance Sheet
as at 29 February 2024

29 February
28 February
2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 10 
907
947

Current assets
  

Debtors: amounts falling due within one year
 12 
958
976

Creditors: amounts falling due within one year
 13 
(848)
(835)

Net current assets
  
 
 
110
 
 
141

Total assets less current liabilities
  
1,017
1,088

Creditors: amounts falling due after more than one year
 14 
(670)
(723)

Provisions for liabilities
  

Deferred tax
 16 
(1)
(1)

Net assets
  
346
364


Capital and reserves
  

Called up share capital 
 17 
10
10

Profit and loss account
 18 
336
354

  
346
364


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

A Holt
Director

Date: 16 August 2024

The notes on pages 12 to 21 form part of these financial statements.

Page 10

 
Esprit Fini Limited
 

Statement of Changes in Equity
for the year ended 29 February 2024


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 March 2023
10
354
364



Profit for the year
-
302
302
Total comprehensive income for the year
-
302
302

Dividends: Equity capital
-
(320)
(320)


Total transactions with owners
-
(320)
(320)


At 29 February 2024
10
336
346


The notes on pages 12 to 21 form part of these financial statements.


Statement of Changes in Equity
for the year ended 28 February 2023


Called up share capital
Profit and loss account
Total equity

£000
£000
£000

At 1 March 2022
10
346
356



Profit for the year
-
188
188
Total comprehensive income for the year
-
188
188

Dividends: Equity capital
-
(180)
(180)


Total transactions with owners
-
(180)
(180)


At 28 February 2023
10
354
364


The notes on pages 12 to 21 form part of these financial statements.

Page 11

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

1.


General information

The principal activity of the company is acting as a property rental company. The company is dependent on the trading activities of the subsidiary, Northpoint Limited.
Esprit Fini Limited is a private company limited by share capital and incorporated in England. The address of the registered office and principal place of business is Globe Lane, Dukinfield, Cheshire, SK16 4UY. The company's registered number is 04082495.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
 
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Northpoint Group Limited as at 29 February 2024 and these financial statements may be obtained from Globe Lane, Dukinfield, Cheshire, SK16 4UY.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue represents income from property rental and is recognised on an accruals basis. It is recognised when the amount of revenue can be measured reliably and it is probable that the company will receive the consideration due under the transaction.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 13

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.10

Creditors

Short-term creditors are measured at the transaction price. 

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s)
Page 14

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. 
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.


4.


Analysis of turnover

The whole of the turnover is attributable to the principal activity of the company.

All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets
40
40

Page 15

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

6.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4

During the year, no director received any emoluments (2023 - £Nil).


7.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
59
38


8.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
5
-


Total current tax
5
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
5
-
Page 16

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024
 
8.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.5% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
307
188


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 - 19%)
75
36

Effects of:


Short term timing difference leading to an increase (decrease) in taxation
8
7

Dividends from UK companies
(78)
(34)

Group relief
-
(9)

Total tax charge for the year
5
-

From 1 April 2023 the main rate of corporation tax increased to 25%. The 24.5% rate used above reflects 11 months of the new rate and 1 month of the previous rate of 19%. 


9.


Dividends

29 February
28 February
2024
2023
£000
£000


Dividends paid on equity capital
320
180

Page 17

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

10.


Tangible fixed assets







Freehold property

£000



Cost or valuation


At 1 March 2023
2,094



At 29 February 2024

2,094



Depreciation


At 1 March 2023
1,147


Charge for the year on owned assets
40



At 29 February 2024

1,187



Net book value



At 29 February 2024
907



At 28 February 2023
947


11.


Fixed asset investments

The following is a subsidiary undertaking of the Company:


Name
 
Class of shares
Holding
Principal activity

Northpoint Ltd
Ordinary
100%
Powder coating





The registered office of Northpoint Ltd is Globe Lane, Dukinfield, Cheshire, SK16 4UY.


12.


Debtors

29 February
28 February
2024
2023
£000
£000


Amounts owed by group undertakings
958
976


Page 18

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

13.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£000
£000

Bank loans
62
54

Amounts owed to group undertakings
781
781

Corporation tax
5
-

848
835


The bank loan is secured by way of First Legal Mortgage over the freehold property of Esprit Fini Limited known as Globe Lane, Dukinfield, SK16 4UY. 
Post year-end the bank loan facility was refinanced and replaced with a new 15 year agreement, secured over the freehold property of Esprit Fini Limited.


14.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£000
£000

Bank loans
670
723


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

29 February
28 February
2024
2023
£000
£000


Repayable by instalments
408
498

The bank loan is secured by way of First Legal Mortgage over the freehold property of Esprit Fini Limited known as Globe Lane, Dukinfield, SK16 4UY. 
Post year-end the ban loan facility was refinanced and replaced with a new 15 year agreement, secured over the freehold property of Esprit Fini Limited.

Page 19

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

15.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
62
54

Amounts falling due 1-2 years

Bank loans
62
58

Amounts falling due 2-5 years

Bank loans
211
196

Amounts falling due after more than 5 years

Bank loans
396
468

731
776


A bank loan totalling £980,000 was drawn down in April 2019 for the purpose of assisting with the funding of the Northpoint Group Employee Ownership Trust ('EOT') share purchase. The bank loan is repayable by 180 monthly instalments and an interest rate of 2.95% per annum above Base Rate is applicable.The monthly repayments have increased incrementally in line with the increases to the Base Rate. The monthly repayments during the period have been £8,395.
Post year-end the ban loan facility was refinanced and replaced with a new 15 year agreement, secured over the freehold property of Esprit Fini Limited.


16.


Deferred taxation






2024


£000






At beginning of year
1



At end of year
1

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£000
£000


Accelerated capital allowances
1
1

Page 20

 
Esprit Fini Limited
 
 
 
Notes to the Financial Statements
for the year ended 29 February 2024

17.


Share capital

29 February
28 February
2024
2023
£000
£000
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary Shares shares of £1.00 each
10
10



18.


Reserves

Profit and loss account

Profit and loss account - includes all current period retained profits, net of dividends.


19.


Contingent liabilities

The company is party to a cross guarantee with HSBC to secure borrowings in respect of other companies in the group. At 29 February 2024, the potential liability was £945,000 (2023: £1,397,000).


20.


Related party transactions

Transactions entered into with companies wholly owned within the group have not been disclosed as permitted under FRS 102 paragraph 33.1A. 


21.


Controlling party

The Company's parent undertaking is Northpoint Group Limited, company number 06272179, registered in England & Wales. Northpoint Group Limited produces consolidated financial statements and these are available from Companies House.
At 29 February 2024, the ultimate controlling party is the Northpoint Group Employee Ownership Trust.

 
Page 21