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Company No: 04707053 (England and Wales)

NORTHPOINT LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

NORTHPOINT LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

NORTHPOINT LIMITED

BALANCE SHEET

As at 28 February 2025
NORTHPOINT LIMITED

BALANCE SHEET (continued)

As at 28 February 2025
Note 2025 2024
£'000 £'000
Fixed assets
Tangible assets 4 1,054 650
1,054 650
Current assets
Stocks 5 385 363
Debtors 6 3,767 4,514
Cash at bank and in hand 39 29
4,191 4,906
Creditors: amounts falling due within one year 7 ( 2,386) ( 3,143)
Net current assets 1,805 1,763
Total assets less current liabilities 2,859 2,413
Creditors: amounts falling due after more than one year 8 ( 437) ( 270)
Provision for liabilities ( 211) ( 104)
Net assets 2,211 2,039
Capital and reserves
Called-up share capital 0 0
Profit and loss account 2,211 2,039
Total shareholder's funds 2,211 2,039

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Northpoint Limited (registered number: 04707053) were approved and authorised for issue by the Board of Directors on 07 August 2025. They were signed on its behalf by:

A Holt
Director
NORTHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
NORTHPOINT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

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.

General information and basis of accounting

Northpoint 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 Northpoint, Globe Lane, Dukinfield, SK16 4UY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

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.

Turnover

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 from coating services is recognised in line with the coating service being performed, which is when
the amount of revenue can be measured reliably and it is probable that the company will receive the
consideration due, and the associated costs incurred can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period where considered material, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 - 33 % reducing balance
Vehicles 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

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.

Research and development

Research and development costs are written off in the period in which they are incurred.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 92 89

3. Share-based payments

Equity-settled share-based payment schemes

On 18 October 2019, the parent company Northpoint Group Limited granted EMI share options in respect of 4,286 B Ordinary shares to key management personnel of Northpoint Limited.

The share options shall become capable of exercise on the earlier of an Exercise event, the repayment in full of Deferred Consideration associated with the change in ownership of the Group during 2019, and the the fifth anniversary of the date of grant at any time until the date of an exercise event, subject to the option holder having been in continuous employment with the Company.

The share options vested immediately on grant and may be exercised subject to the option holder having been in continuous employment with the Company until the date of an exercise event.

None of the options had been exercised at the balance sheet date.

Details of the share options outstanding during the financial year are as follows:

2025 2024
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 4,286 4.38 4,286 4.38
Outstanding at the end of the period 4,286 4.38 4,286 4.38
Exercisable at the end of the period 0 0 0 0

The fair value of the options has been estimated by management to be immaterial and therefore no equity-settled share-based payment expense has been accounted for in the Statement of Income and retained earnings.

4. Tangible assets

Plant and machinery Vehicles Total
£'000 £'000 £'000
Cost
At 01 March 2024 2,504 244 2,748
Additions 459 112 571
Disposals ( 40) 0 ( 40)
At 28 February 2025 2,923 356 3,279
Accumulated depreciation
At 01 March 2024 1,953 145 2,098
Charge for the financial year 99 68 167
Disposals ( 40) 0 ( 40)
At 28 February 2025 2,012 213 2,225
Net book value
At 28 February 2025 911 143 1,054
At 29 February 2024 551 99 650
Leased assets included above:
Net book value
At 28 February 2025 80 137 217
At 29 February 2024 99 68 167

5. Stocks

2025 2024
£'000 £'000
Stocks 354 310
Finished goods 31 53
385 363

6. Debtors

2025 2024
£'000 £'000
Trade debtors 1,560 1,520
Amounts owed by Group undertakings 2,033 2,813
Prepayments 131 180
Corporation tax 43 0
Other debtors 0 1
3,767 4,514

7. Creditors: amounts falling due within one year

2025 2024
£'000 £'000
Bank loans (secured) 53 96
Trade creditors 706 704
Amounts owed to Group undertakings 394 959
Other loans (secured) 689 633
Accruals 243 226
Corporation tax 1 204
Other taxation and social security 228 245
Obligations under finance leases and hire purchase contracts (secured) 56 63
Other creditors 16 13
2,386 3,143

The bank loan is secured is secured by way of fixed and floating charges on the property or undertaking of the company.

Other loans represents Invoice discounting balances which are secured by way of fixed and floating charges on the property or undertaking of the company.

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

8. Creditors: amounts falling due after more than one year

2025 2024
£'000 £'000
Bank loans (secured) 372 216
Obligations under finance leases and hire purchase contracts (secured) 65 54
437 270

The bank loan is secured is secured by way of fixed and floating charges on the property or undertaking of the company.

Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2025 2024
£'000 £'000
Bank loans (repayable by instalments) 25 0
Obligations under finance leases and hire purchase contracts (repayable by instalments) 0 3
25 3

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2025 2024
£'000 £'000
within one year 132 151
between one and five years 181 245
313 396

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2025 2024
£'000 £'000
Unpaid contributions due to the fund (inc. in other creditors) 16 13

10. Contingencies

Contingent liabilities

2025 2024
£'000 £'000
Total contingent liabilities 1,281 732

The company is party to a cross guarantee with HSBC to secure borrowings in respect of other companies in the group.

11. Capital commitments

2025 2024
£'000 £'000
Contracted for but not provided in these financial statements 0 171

12. Ultimate controlling party

The intermediate parent undertaking is Esprit Fini Limited, a company registered in England & Wales.

The ultimate parent company is Northpoint Group Limited, company number 06272179, incorporated in England & Wales.

The ultimate controlling party is the Northpoint Group Employee Ownership Trust.