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Company No: 04082495 (England and Wales)

ESPRIT FINI LIMITED

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

ESPRIT FINI LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

ESPRIT FINI LIMITED

BALANCE SHEET

As at 28 February 2025
ESPRIT FINI LIMITED

BALANCE SHEET (continued)

As at 28 February 2025
Note 2025 2024
£'000 £'000
Fixed assets
Tangible assets 3 0 907
Investment property 4 4,221 0
4,221 907
Current assets
Debtors 6 397 958
397 958
Creditors: amounts falling due within one year 7 ( 60) ( 848)
Net current assets 337 110
Total assets less current liabilities 4,558 1,017
Creditors: amounts falling due after more than one year 8 ( 1,221) ( 670)
Provision for liabilities ( 460) ( 1)
Net assets 2,877 346
Capital and reserves
Called-up share capital 10 10
Profit and loss account 2,867 336
Total shareholder's funds 2,877 346

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 Esprit Fini Limited (registered number: 04082495) 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
ESPRIT FINI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
ESPRIT FINI 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

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

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 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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

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:

Land and buildings 50 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.

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.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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.

2. Employees

2025 2024
Number Number
The Company has no employees other than the directors, who did not receive any remuneration. 0 0

3. Tangible assets

Land and buildings Total
£'000 £'000
Cost
At 01 March 2024 2,094 2,094
Additions 309 309
Transfers ( 2,403) ( 2,403)
At 28 February 2025 0 0
Accumulated depreciation
At 01 March 2024 1,187 1,187
Charge for the financial year 40 40
Adjustments on transfers ( 1,227) ( 1,227)
At 28 February 2025 0 0
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.

4. Investment property

Investment property
£'000
Valuation
As at 01 March 2024 0
Fair value movement 3,045
Transfers to and from property, plant and equipment 1,176
As at 28 February 2025 4,221

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.

5. Fixed asset investments

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
Northpoint Ltd Northpoint Ltd is Globe Lane, Dukinfield, Cheshire, SK16 4UY Powder coating Ordinary 100.00% 100.00% Direct

6. Debtors

2025 2024
£'000 £'000
Amounts owed by Group undertakings 393 958
Corporation tax 4 0
397 958

7. Creditors: amounts falling due within one year

2025 2024
£'000 £'000
Bank loans (secured) 60 62
Amounts owed to Group undertakings 0 781
Corporation tax 0 5
60 848

During the year the bank loan facility was refinanced with a new 15 year agreement. The bank loan is secured by fixed charge over the freehold property of Esprit Fini Limited.

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

2025 2024
£'000 £'000
Bank loans (secured) 1,221 670

During the year the bank loan facility was refinanced with a new 15 year agreement. The bank loan is secured by fixed charge over the freehold property of Esprit Fini Limited.

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) 933 396

9. Contingencies

Contingent liabilities

2025 2024
£'000 £'000
Total contingent liabilities 1,114 945

The company is party to a cross guarantee with HSBC to secure borrowings in respect of other companies in the group. At 28 February 2025, the potential liability was £1,114k (2024: £945k).

10. Ultimate 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.

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