Company registration number 09339026 (England and Wales)
MERLIN PROPERTIES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MERLIN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MERLIN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,905
14,524
Investment property
4
21,484,229
20,217,535
21,492,134
20,232,059
Current assets
Stocks
3,029,670
2,219,552
Debtors
818,708
608,165
Cash at bank and in hand
408,057
246,389
4,256,435
3,074,106
Creditors: amounts falling due within one year
(1,891,304)
(1,222,046)
Net current assets
2,365,131
1,852,060
Total assets less current liabilities
23,857,265
22,084,119
Provisions for liabilities
(1,762,361)
(1,444,782)
Net assets
22,094,904
20,639,337
Capital and reserves
Called up share capital
5
12,763,995
12,763,995
Revaluation reserve
6,156,781
5,206,637
Profit and loss reserves
3,174,128
2,668,705
Total equity
22,094,904
20,639,337
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MERLIN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 September 2024 and are signed on its behalf by:
RB Lynch
Director
Company registration number 09339026 (England and Wales)
MERLIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Merlin Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 633 Melton Road, Thurmaston, Leicester, LE4 8EB.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for the provision of rented property and associated services net of VAT. Rent is recognised as income, in the accounts, by reference to the tenants occupancy during the accounting period.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost less their residual values over their useful lives on the following bases:
Plant and machinery
10% per annum of cost
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Work in progress is valued on the basis of direct costs plus overheads at the stage of completion. Provision is made for foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress until this can be assessed as being probable.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
MERLIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
MERLIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Total
£
Cost
At 1 April 2023
67,807
Additions
180
At 31 March 2024
67,987
Depreciation and impairment
At 1 April 2023
53,283
Depreciation charged in the year
6,799
At 31 March 2024
60,082
Carrying amount
At 31 March 2024
7,905
At 31 March 2023
14,524
4
Investment property
2024
£
Fair value
At 1 April 2023
20,217,535
Revaluations
1,266,694
At 31 March 2024
21,484,229
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors as at 31 March 2024. The valuation was made on an open market value basis.
The historical cost equivalent of investment properties stated at fair value is £13,635,402 (2023 - £13,635,402).
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary B Shares of £1 each
3,565,407
3,565,407
3,565,407
3,565,407
Ordinary H Shares of £1 each
3,565,407
3,565,407
3,565,407
3,565,407
Ordinary J Shares of £1 each
3,565,407
3,565,407
3,565,407
3,565,407
Ordinary BT Shares of £1 each
689,256
689,256
689,256
689,256
Ordinary HT Shares of £1 each
689,256
689,256
689,256
689,256
Ordinary JT Shares of £1 each
689,256
689,256
689,256
689,256
Ordinary BG Shares of £1 each
2
2
2
2
Ordinary HG Shares of £1 each
2
2
2
2
Ordinary JG Shares of £1 each
2
2
2
2
12,763,995
12,763,995
12,763,995
12,763,995
MERLIN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Called up share capital
(Continued)
- 6 -
6
Directors' transactions
Dividends totalling £570,000 (2023 - £315,000) were paid in the year in respect of shares held by the company's directors.
The company has received loans from directors and at the year the directors were owed £87,000 (2023: £87,000).