Company No:
Contents
| Note | 2025 | 2024 | ||
| £'000 | £'000 | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 4,221 | 907 | |||
| Current assets | ||||
| Debtors | 6 |
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| 397 | 958 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 337 | 110 | ||
| Total assets less current liabilities | 4,558 | 1,017 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Esprit Fini Limited (registered number:
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A Holt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Esprit Fini Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Northpoint, Globe Lane Dukenfield, Cheshire, SK16 4UY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £'000.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
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.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Land and buildings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Where a property previously classified under tangible fixed assets is reclassified as an investment property due to a change in use, the asset is transferred at carrying value and subsequently measured at fair value. See Note 5 for further details.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Where a property previously classified under tangible fixed assets is reclassified as an investment property due to a change in use, the asset is transferred at carrying value and subsequently measured at fair value. See Note 5 for further details.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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.
| 2025 | 2024 | ||
| Number | Number | ||
| The Company has no employees other than the directors, who did not receive any remuneration. |
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| Land and buildings | Total | ||
| £'000 | £'000 | ||
| Cost | |||
| At 01 March 2024 |
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| Additions |
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| Transfers | (
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| At 28 February 2025 |
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| Accumulated depreciation | |||
| At 01 March 2024 |
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| Charge for the financial year |
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| At 28 February 2025 |
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| Net book value | |||
| At 28 February 2025 | 0 | 0 | |
| At 29 February 2024 | 907 | 907 |
Investment properties
During the year, the asset previously held as Freehold land and buildings was reclassified to investment property to reflect the standing of the asset within the company's standalone financial statements.
Investment property with a carrying amount of £4.2m (2024: Freehold land and buildings with a carrying value of £907k) have been pledged to secure borrowings of group companies. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
| Investment property | |
| £'000 | |
| Valuation | |
| As at 01 March 2024 |
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| Fair value movement | 3,045 |
| Transfers to and from property, plant and equipment | 1,176 |
| As at 28 February 2025 |
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During the year, the asset previously held as Freehold land and buildings was reclassified to investment property to reflect the standing of the asset within the company's standalone financial statements.
Valuation
On 17 January 2025, the property was professionally valued by Eddisons, an independent valuer at £4.221m, giving rise to a fair value gain on revaluation of £3.045m.
Investment property with a carrying amount of £4.2m (2024: Freehold land and buildings with a carrying value of £907k) have been pledged to secure borrowings of group companies. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
Investments in shares
The following is a subsidiary undertaking of the Company. The historical cost of this investment is £1 (2024: £1).
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 28.02.2025 |
Ownership 29.02.2024 |
Held |
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Northpoint Ltd is Globe Lane, Dukinfield, Cheshire, SK16 4UY | Powder coating |
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Direct |
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Amounts owed by Group undertakings |
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| Corporation tax |
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| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Bank loans (secured) |
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| Amounts owed to Group undertakings |
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| Corporation tax |
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| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Bank loans (secured) |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Bank loans (secured / repayable by instalments) |
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Contingent liabilities
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Total contingent liabilities |
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The ultimate controlling party is the Northpoint Group Employee Ownership Trust.