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REGISTERED NUMBER: SC419217 (Scotland)














Financial Statements

for the Year Ended 31 December 2023

for

Merlin Network (Scotland) Limited

Merlin Network (Scotland) Limited (Registered number: SC419217)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Merlin Network (Scotland) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: A Gray





REGISTERED OFFICE: Merlin Way
Hillend Industrial Park
Dalgety Bay
Dunfermline
Fife
KY11 9JY





REGISTERED NUMBER: SC419217 (Scotland)





AUDITORS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Merlin Network (Scotland) Limited (Registered number: SC419217)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 282,894 345,639

CURRENT ASSETS
Stocks 282,346 260,126
Debtors 5 1,264,455 1,414,065
Cash at bank 664,245 1,190,802
2,211,046 2,864,993
CREDITORS
Amounts falling due within one year 6 583,994 1,024,675
NET CURRENT ASSETS 1,627,052 1,840,318
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,909,946

2,185,957

CREDITORS
Amounts falling due after more than one
year

7

(36,939

)

(93,230

)

PROVISIONS FOR LIABILITIES (67,176 ) (82,097 )
NET ASSETS 1,805,831 2,010,630

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 1,795,831 2,000,630
SHAREHOLDERS' FUNDS 1,805,831 2,010,630

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2024 and were signed by:





A Gray - Director


Merlin Network (Scotland) Limited (Registered number: SC419217)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Merlin Network (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over their expected useful lives as follows:

Freehold property - 10-25% straight-line
Plant and machinery - 15% straight-line and 25% reducing balance
Fixtures and fittings - 25-33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate or if there is an indication of significant change since the last reporting date.

Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amounts of any write downs to stock to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs.


Merlin Network (Scotland) Limited (Registered number: SC419217)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period 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 recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Hire purchase and leasing commitments
Assets held under finance lease and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Operating lease payments are recognised as an expense on a straightline basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expenses on a straight line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. The assets of the plan are held separately from the company in independently administered funds.

Merlin Network (Scotland) Limited (Registered number: SC419217)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 32 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 January 2023 74,525 1,150,225 47,828 1,272,578
Additions 12,708 - 1,634 14,342
At 31 December 2023 87,233 1,150,225 49,462 1,286,920
DEPRECIATION
At 1 January 2023 73,944 807,244 45,751 926,939
Charge for year 624 76,417 46 77,087
At 31 December 2023 74,568 883,661 45,797 1,004,026
NET BOOK VALUE
At 31 December 2023 12,665 266,564 3,665 282,894
At 31 December 2022 581 342,981 2,077 345,639

The net book value of other tangible fixed assets includes £223,868 (2022 - £321,887) in respect of assets held under hire purchase contracts. The depreciation charge in respect of such assets amounted to £33,606 (2022 - £54,433) for the year.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 441,685 664,238
Amounts owed by group undertakings 788,465 713,465
Other debtors 34,305 36,362
1,264,455 1,414,065

Merlin Network (Scotland) Limited (Registered number: SC419217)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 56,291 95,885
Trade creditors 350,706 526,989
Taxation and social security 105,472 307,112
Other creditors 71,525 94,689
583,994 1,024,675

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 36,939 93,230

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 56,291 95,885
Between one and five years 36,939 93,230
93,230 189,115

Non-cancellable operating leases
2023 2022
£    £   
Within one year 70,000 70,000
Between one and five years 64,163 134,163
134,163 204,163

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Henderson (Senior Statutory Auditor)
for and on behalf of Henderson & Company

10. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Saveheat Group Limited. Saveheat Group Limited does not have an ultimate controlling party.