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Registration number: 03350664

Merlin Lazer Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Merlin Lazer Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Merlin Lazer Ltd

Company Information

Directors

N Hamilton

S Hamilton

Registered office

C/O TN6 Ltd
Pine Grove Enterprise Centre
Pine Grove
Crowborough
East Sussex
TN6 1DH

 

Merlin Lazer Ltd

(Registration number: 03350664)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,120

-

Tangible assets

5

135,545

24,345

Other financial assets

301,703

268,155

 

446,368

292,500

Current assets

 

Stocks

6

342,821

354,339

Debtors

7

220,833

310,051

Cash at bank and in hand

 

1,357,317

1,383,340

 

1,920,971

2,047,730

Creditors: Amounts falling due within one year

8

(343,139)

(427,319)

Net current assets

 

1,577,832

1,620,411

Total assets less current liabilities

 

2,024,200

1,912,911

Provisions for liabilities

(82,633)

(35,300)

Net assets

 

1,941,567

1,877,611

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

152,956

137,481

Retained earnings

1,788,609

1,740,128

Shareholders' funds

 

1,941,567

1,877,611

 

Merlin Lazer Ltd

(Registration number: 03350664)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
S Hamilton
Director

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
C/O TN6 Ltd
Pine Grove Enterprise Centre
Pine Grove
Crowborough
East Sussex
TN6 1DH

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Value

Fixtures and Fittings

25% Reducing Value

Computer Equipment

25% Reducing Value

Motor Vehices

20% Reducing Value

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Asset class

Amortisation method and rate

Website

5 Year S/L

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

4

Intangible assets

Website
 £

Total
£

Cost

Additions acquired separately

11,400

11,400

At 31 March 2024

11,400

11,400

Amortisation

Amortisation charge

2,280

2,280

At 31 March 2024

2,280

2,280

Carrying amount

At 31 March 2024

9,120

9,120

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost

At 1 April 2023

59,792

68,074

-

77,442

205,308

Additions

-

4,613

134,594

12,156

151,363

Disposals

-

(22,274)

-

(68,804)

(91,078)

At 31 March 2024

59,792

50,413

134,594

20,794

265,593

Depreciation

At 1 April 2023

59,792

45,799

-

75,372

180,963

Charge for the year

-

5,913

26,919

3,368

36,200

Eliminated on disposal

-

(19,068)

-

(68,047)

(87,115)

At 31 March 2024

59,792

32,644

26,919

10,693

130,048

Carrying amount

At 31 March 2024

-

17,769

107,675

10,101

135,545

At 31 March 2023

-

22,275

-

2,070

24,345

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

342,821

354,339

7

Debtors

Current

2024
£

2023
£

Trade debtors

144,391

233,675

Prepayments

13,321

12,722

Other debtors

63,121

63,654

 

220,833

310,051

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

At the year end the company was owed £52,468 by the directors (2023: £53,001). This loan has been repaid in full after the year end.

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

45,484

141,835

Taxation and social security

22,758

46,654

Accruals and deferred income

5,119

5,432

Other creditors

269,778

233,398

343,139

427,319

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

(15,475)

(15,475)

Surplus/deficit on revaluation of other assets

15,475

-

15,475

15,475

(15,475)

-

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

(3,609)

(3,609)

Surplus/deficit on revaluation of other assets

3,609

-

3,609

3,609

(3,609)

-

 

Merlin Lazer Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

During the year, the company invoiced £209,080 (2023: £287,678) to Kootoo Limited, a company controlled by one of the directors. Included in trade debtors is a balance owed by Kootoo Limited of £Nil (2023: £44,168).