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REGISTERED NUMBER: 03179032 (England and Wales)















ESPRIT MIDLAND LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






ESPRIT MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ESPRIT MIDLAND LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







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





SECRETARY: Miss V A Beckett





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





REGISTERED NUMBER: 03179032 (England and Wales)





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

ESPRIT MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 93,393 17,790

CURRENT ASSETS
Stocks 290 375
Debtors 5 1,072,780 877,148
Cash at bank 247,928 514,338
1,320,998 1,391,861
CREDITORS
Amounts falling due within one year 6 551,722 547,847
NET CURRENT ASSETS 769,276 844,014
TOTAL ASSETS LESS CURRENT
LIABILITIES

862,669

861,804

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 862,569 861,704
SHAREHOLDERS' FUNDS 862,669 861,804

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 13 September 2024 and were signed on its behalf by:





Mr T R Dubberley - Director


ESPRIT MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Esprit Midland 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 represents net sales of goods/services, excluding value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, 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.

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.

ESPRIT MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 17,790
Additions 78,273
At 29 February 2024 96,063
DEPRECIATION
Charge for year 2,670
At 29 February 2024 2,670
NET BOOK VALUE
At 29 February 2024 93,393
At 28 February 2023 17,790

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 157,148
Amounts owed by group undertakings 1,069,000 720,000
Other debtors 3,780 -
1,072,780 877,148

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 236,635 102,504
Amounts owed to group undertakings 24,000 60,907
Taxation and social security 26,649 143,698
Other creditors 264,438 240,738
551,722 547,847

ESPRIT MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. 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 MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. RELATED PARTY DISCLOSURES

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



Sale of goods

Purchase of goods and
equipment hire
2024 2023 2024 2023
£ £ £ £

Esprit Group UK Limited - - 57,960 55,200
Esprit UK Limited 1,635,000 1,050,010 - -
Nason Foster Limited - - - -
Esprit Services Limited - - - -
1,635,000 1,050,010 57,960 55,200


Dividends paid
2024 2023
£ £

Esprit Group UK Limited 24,000 168,500
Esprit UK Limited - -
24,000 168,500

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 by related parties
2024 2023
£ £

Esprit Group UK Limited (24,000 ) (60,907 )
Esprit UK Limited 1,069,000 720,000
1,045,000 659,093

The company has given an intercompany cross guarantee in respects of the bank borrowings of Esprit Group UK Limited, Esprit UK Limited, Esprit Services Limited, Nason Foster Limited and Nason Foster Holdings Limited, all of which amounted to £nil (2023: £nil) at the balance sheet date.

ESPRIT MIDLAND LIMITED (REGISTERED NUMBER: 03179032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. 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.