Registered number
03247516
Merlinward Ltd
Filleted Accounts
30 September 2023
Merlinward Ltd
Registered number: 03247516
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 538,689 532,788
Current assets
Debtors 4 75,542 75,478
Cash at bank and in hand 24,098 13,381
99,640 88,859
Creditors: amounts falling due within one year 5 (103,258) (93,591)
Net current liabilities (3,618) (4,732)
Total assets less current liabilities 535,071 528,056
Creditors: amounts falling due after more than one year 6 (82,803) (123,168)
Net assets 452,268 404,888
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 451,268 403,888
Shareholder's funds 452,268 404,888
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Lake
Director
Approved by the board on 6 March 2024
Merlinward Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Additions to freehold buildings over 5 years
Plant and machinery over 3-10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 531,799 7,950 539,749
Additions 6,000 - 6,000
At 30 September 2023 537,799 7,950 545,749
Depreciation
At 1 October 2022 - 6,961 6,961
Charge for the year - 99 99
At 30 September 2023 - 7,060 7,060
Net book value
At 30 September 2023 537,799 890 538,689
At 30 September 2022 531,799 989 532,788
4 Debtors 2023 2022
£ £
Other debtors 75,542 75,478
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 31,859 21,543
Taxation and social security costs 13,068 5,912
Other creditors 58,331 66,136
103,258 93,591
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 79,544 120,466
Other creditors 3,259 2,702
82,803 123,168
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 34,294
Secured bank loans 111,403 142,009
The secured loans are a mortgage secured against the property bought with the funds.
8 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts 110,000 -
9 Controlling party
The company is controlled by N Lake the director.
10 Other information
Merlinward Ltd is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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