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REGISTERED NUMBER: 04206741 (England and Wales)















ESPRIT UK LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 15


ESPRIT UK 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: 04206741 (England and Wales)





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

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
The directors were satisfied with the results declared for the year ended 29 February 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The company monitors costs and revenue on a constant basis to protect the financial stability of the company. The current market is stable with potential for growth.

The directors believe that they have taken all necessary and reasonable steps to protect the company. Although the company operates and trades outside of the UK, the majority of sales are within the UK and the directors do constantly review exchange rates, so any fluctuations should not have a major impact on the company's performance.

The directors do realise that events outside their control will affect the performance of the company.

KEY PERFORMANCE INDICATORS
The directors consider that the key financial performance indicators are turnover, gross profit and net profit.

The turnover for the company has increased from £13.7 million in 2023 to £18.6 million in 2024, which is an increase of 36%. The gross profit for the year has increased to £1.75 million with a gross profit margin of 9.4% (2023 - £1.66 million gross profit at a margin of 12.2%).

The net profit before tax has decreased from £0.52 million to £0.49 million.

ON BEHALF OF THE BOARD:





Mr T R Dubberley - Director


13 September 2024

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


The directors present their report with the financial statements of the company for the year ended 29 February 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of shop and store fitting contractors.

DIVIDENDS
An interim dividend of £565.71428 per share was paid on the Ordinary A £1 shares on 29 February 2024. No dividends were paid on the Ordinary B £1 shares.

The total distribution of dividends for the year ended 29 February 2024 will be £ 396,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report.

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

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations and expenditure during the year.

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.

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
The auditors, Folkes Worton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr T R Dubberley - Director


13 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ESPRIT UK LIMITED


Opinion
We have audited the financial statements of Esprit UK Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of 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 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 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
ESPRIT UK 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 three, 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
ESPRIT UK 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:

Based on our understanding of the group, the company and their industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgements. In response to the above identified risks audit procedures were designed to appropriately drawn conclusions. Audit procedures such as;

-Reviewing and challenging journal entries, in particular unusual account combinations;
-Challenging assumptions and judgements made by management in their significant accounting estimates; and
-Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remains a risk of not detecting irregularities, as these may include collusion, forgery, intentional omissions, misrepresentations or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
ESPRIT UK 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.




Nigel Meredith FCA (Senior Statutory Auditor)
for and on behalf of Folkes Worton LLP
Chartered Accountants and Statutory Auditor
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

13 September 2024

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   

TURNOVER 3 18,586,945 13,668,097

Cost of sales 16,835,836 12,004,261
GROSS PROFIT 1,751,109 1,663,836

Administrative expenses 1,334,508 1,149,770
OPERATING PROFIT 5 416,601 514,066

Interest receivable and similar income 101,143 29,583
517,744 543,649

Interest payable and similar expenses 6 26,367 24,255
PROFIT BEFORE TAXATION 491,377 519,394

Tax on profit 7 94,445 125,291
PROFIT FOR THE FINANCIAL YEAR 396,932 394,103

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

396,932

394,103

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 3,244 6,496
Tangible assets 10 628,963 531,179
632,207 537,675

CURRENT ASSETS
Stocks 11 68,166 171,124
Debtors 12 3,696,359 1,302,624
Cash at bank and in hand 5,768,703 5,366,318
9,533,228 6,840,066
CREDITORS
Amounts falling due within one year 13 8,092,825 5,045,263
NET CURRENT ASSETS 1,440,403 1,794,803
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,072,610

2,332,478

CREDITORS
Amounts falling due after more than one year 14 - (317,400 )

PROVISIONS FOR LIABILITIES 17 (147,000 ) (90,400 )
NET ASSETS 1,925,610 1,924,678

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 1,924,610 1,923,678
SHAREHOLDERS' FUNDS 1,925,610 1,924,678

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 UK LIMITED (REGISTERED NUMBER: 04206741)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 March 2022 1,000 1,908,075 1,909,075

Changes in equity
Dividends - (378,500 ) (378,500 )
Total comprehensive income - 394,103 394,103
Balance at 28 February 2023 1,000 1,923,678 1,924,678

Changes in equity
Dividends - (396,000 ) (396,000 )
Total comprehensive income - 396,932 396,932
Balance at 29 February 2024 1,000 1,924,610 1,925,610

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 431,405 879,873
Interest paid (26,367 ) (19,782 )
Interest element of hire purchase or finance
lease rental payments paid

-

(4,473

)
Tax paid (62,999 ) (9,130 )
Net cash from operating activities 342,039 846,488

Cash flows from investing activities
Purchase of tangible fixed assets (357,655 ) (263,344 )
Sale of tangible fixed assets 165,000 23,469
Interest received 101,143 29,583
Net cash from investing activities (91,512 ) (210,292 )

Cash flows from financing activities
Loan repayments in year (105,800 ) (105,800 )
Capital repayments in year - (74,188 )
Amount introduced by directors 125,885 170,920
Amount withdrawn by directors - (232,905 )
Movement in group company loans 527,773 63,164
Equity dividends paid (396,000 ) (378,500 )
Net cash from financing activities 151,858 (557,309 )

Increase in cash and cash equivalents 402,385 78,887
Cash and cash equivalents at beginning of
year

2

5,366,318

5,287,431

Cash and cash equivalents at end of year 2 5,768,703 5,366,318

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 491,377 519,394
Depreciation charges 112,858 111,728
Profit on disposal of fixed assets (14,733 ) (8,025 )
Finance costs 26,367 24,255
Finance income (101,143 ) (29,583 )
514,726 617,769
Decrease/(increase) in stocks 102,958 (105,809 )
(Increase)/decrease in trade and other debtors (2,519,620 ) 432,675
Increase/(decrease) in trade and other creditors 2,333,341 (64,762 )
Cash generated from operations 431,405 879,873

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 29 February 2024
29/2/24 1/3/23
£    £   
Cash and cash equivalents 5,768,703 5,366,318
Year ended 28 February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 5,366,318 5,287,431


ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank and in hand 5,366,318 402,385 5,768,703
5,366,318 402,385 5,768,703
Debt
Debts falling due within 1 year (105,800 ) (211,600 ) (317,400 )
Debts falling due after 1 year (317,400 ) 317,400 -
(423,200 ) 105,800 (317,400 )
Total 4,943,118 508,185 5,451,303

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


1. STATUTORY INFORMATION

Esprit UK 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" 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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the life of the lease
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 Statement of Comprehensive Income, 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.


ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


2. ACCOUNTING POLICIES - continued
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
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. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 17,653,410 11,661,836
Europe 933,535 2,006,261
18,586,945 13,668,097

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,821,568 1,661,138
Social security costs 43,378 37,626
Other pension costs 48,838 36,751
1,913,784 1,735,515

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Production and administration 23 23
27 27

2024 2023
£    £   
Directors' remuneration 351,569 315,800

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 113,850 120,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 243,164 149,720
Other operating leases 235,700 234,920
Depreciation - owned assets 109,604 63,569
Depreciation - assets on hire purchase contracts or finance leases - 44,907
Profit on disposal of fixed assets (14,733 ) (8,025 )
Development costs amortisation 3,252 3,252
Auditors' remuneration 5,700 7,300

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 26,367 19,782
Hire purchase interest - 4,473
26,367 24,255

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 37,891 63,091
Prior year tax adjustment (46 ) -
Total current tax 37,845 63,091

Deferred tax 56,600 62,200
Tax on profit 94,445 125,291

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 491,377 519,394
Profit multiplied by the standard rate of corporation tax in the UK of
24.491% (2023 - 19%)

120,343

98,685

Effects of:
Expenses not deductible for tax purposes 1,569 1,612
Depreciation in excess of capital allowances 26,095 32,897
Group relief (53,562 ) (7,903 )

Total tax charge 94,445 125,291

8. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 396,000 378,500

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


9. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 March 2023
and 29 February 2024 16,250
AMORTISATION
At 1 March 2023 9,754
Amortisation for year 3,252
At 29 February 2024 13,006
NET BOOK VALUE
At 29 February 2024 3,244
At 28 February 2023 6,496

10. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 10,419 1,950 920,636 49,225 982,230
Additions - 13,163 341,922 2,570 357,655
Disposals - - (315,084 ) - (315,084 )
At 29 February 2024 10,419 15,113 947,474 51,795 1,024,801
DEPRECIATION
At 1 March 2023 2,417 533 398,876 49,225 451,051
Charge for year 2,002 871 106,624 107 109,604
Eliminated on disposal - - (164,817 ) - (164,817 )
At 29 February 2024 4,419 1,404 340,683 49,332 395,838
NET BOOK VALUE
At 29 February 2024 6,000 13,709 606,791 2,463 628,963
At 28 February 2023 8,002 1,417 521,760 - 531,179

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


11. STOCKS
2024 2023
£    £   
Work-in-progress 1,571,245 633,980
Payments on account (1,503,079 ) (462,856 )
68,166 171,124

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,613,031 1,127,361
Other debtors 7,438 500
Directors' loan accounts - 125,885
Prepayments 75,890 48,878
3,696,359 1,302,624

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 317,400 105,800
Payments on account 990,998 346,018
Trade creditors 2,465,268 1,403,626
Amounts owed to group undertakings 1,634,891 1,107,116
Tax 37,891 63,045
Social security and other taxes 121,913 83,422
VAT 677,397 168,577
Other creditors 52,206 21,478
Connected company 108,047 108,000
Accruals 1,686,814 1,638,181
8,092,825 5,045,263

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) - 317,400

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 317,400 105,800

Amounts falling due between one and two years:
Bank loans - 1-2 years - 105,800

Amounts falling due between two and five years:
Bank loans - 2-5 years - 211,600

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 220,000 220,000
Between one and five years 440,000 660,000
660,000 880,000

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 147,000 90,400

Deferred
tax
£   
Balance at 1 March 2023 90,400
Provided during year 56,600
Balance at 29 February 2024 147,000

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
700 Ordinary A £1 700 700
300 Ordinary B £1 300 300
1,000 1,000

19. RESERVES
Retained
earnings
£   

At 1 March 2023 1,923,678
Profit for the year 396,932
Dividends (396,000 )
At 29 February 2024 1,924,610

20. 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.

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr T R Dubberley
Balance outstanding at start of year 125,884 63,900
Amounts advanced - 232,904
Amounts repaid (125,884 ) (170,920 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 125,884

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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


22. RELATED PARTY DISCLOSURES

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


Dividends paid

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

Esprit Group UK Limited 396,000 378,500 50,400 48,000
Esprit Midland Limited - - 1,635,000 1,050,010
Esprit Services Limited - - 1,376,608 939,668
Nason Foster Limited - - 411,199 531,505
396,000 378,500 3,473,207 2,569,183

Materials, labour and
admin costs recharged to
2024 2023
£ £

Esprit Services Limited 120,000 120,000
Nason Foster Limited - -
120,000 120,000
Esprit Midland Limited and Esprit Services Limited are fellow subsidiaries 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
2024 2023
£ £

Esprit Group UK Limited 390,900 373,400
Esprit Midland Limited 1,069,000 720,000
Esprit Services Limited 174,991 13,716
Nason Foster Limited 108,047 108,000
1,742,938 1,215,116

Amounts owed by related parties
2024 2023
£ £

Esprit Services Limited - -
- -

ESPRIT UK LIMITED (REGISTERED NUMBER: 04206741)

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

The company party to an unlimited multilateral guarantee in respect of the bank borrowings of Esprit Group UK Limited, Esprit Midland Limited, Nason Foster Limited and Nason Foster Holdings Limited, all of which amounted to £nil (2023: £nil) at the balance sheet date.