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Company No: 04581741 (England and Wales)

MERLIN INTERNATIONAL TRADING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

MERLIN INTERNATIONAL TRADING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

MERLIN INTERNATIONAL TRADING LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
MERLIN INTERNATIONAL TRADING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Jonathan Mark Milner
Tracey Jayne Milner
SECRETARY Tracey Jayne Milner
REGISTERED OFFICE South Grange
Huggate
York
YO42 1YS
United Kingdom
COMPANY NUMBER 04581741 (England and Wales)
ACCOUNTANT Morrell Middleton Auditors Ltd
Chartered Certified Accountants
Wellington House
Aviator Court
York
YO30 4UZ
MERLIN INTERNATIONAL TRADING LIMITED

BALANCE SHEET

As at 31 March 2024
MERLIN INTERNATIONAL TRADING LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 565,677 546,981
565,677 546,981
Current assets
Stocks 4 6,000 36,000
Debtors 5 61,586 144,056
Cash at bank and in hand 6 113,539 54,032
181,125 234,088
Creditors: amounts falling due within one year 7 ( 355,633) ( 297,215)
Net current liabilities (174,508) (63,127)
Total assets less current liabilities 391,169 483,854
Creditors: amounts falling due after more than one year 8 ( 144,663) ( 241,768)
Provision for liabilities 9, 10 ( 12,107) ( 8,774)
Net assets 234,399 233,312
Capital and reserves
Called-up share capital 11 2 2
Profit and loss account 234,397 233,310
Total shareholder's funds 234,399 233,312

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 financial statements of Merlin International Trading Limited (registered number: 04581741) were approved and authorised for issue by the Board of Directors on 29 October 2024. They were signed on its behalf by:

Tracey Jayne Milner
Director
MERLIN INTERNATIONAL TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
MERLIN INTERNATIONAL TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Merlin International Trading 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 South Grange, Huggate, York, YO42 1YS, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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
Plant and machinery etc. 25 % reducing balance

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 11

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 615,582 385,650 1,001,232
Additions 30,000 20,326 50,326
Disposals 0 ( 850) ( 850)
At 31 March 2024 645,582 405,126 1,050,708
Accumulated depreciation
At 01 April 2023 126,274 327,977 454,251
Charge for the financial year 12,862 18,170 31,032
Disposals 0 ( 252) ( 252)
At 31 March 2024 139,136 345,895 485,031
Net book value
At 31 March 2024 506,446 59,231 565,677
At 31 March 2023 489,308 57,673 546,981

4. Stocks

2024 2023
£ £
Stocks 6,000 36,000

5. Debtors

2024 2023
£ £
Trade debtors 61,200 88,303
Other debtors 386 55,753
61,586 144,056

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 113,539 54,032

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 20,000) 90,043 68,671
Trade creditors 85,970 79,143
Amounts owed to Group undertakings 10,362 10,362
Taxation and social security 61,337 64,460
Obligations under finance leases and hire purchase contracts (secured) 7,062 6,441
Other creditors 100,859 68,138
355,633 297,215

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

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

2024 2023
£ £
Bank loans (secured £ 90,000) 144,663 234,706
Obligations under finance leases and hire purchase contracts 0 7,062
144,663 241,768

A bank loan is secured by fixed and floating charges on the Company’s assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 0 10,000

9. Provision for liabilities

2024 2023
£ £
Deferred tax 12,107 8,774

10. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 8,774) ( 11,640)
(Charged)/credited to the Statement of Income and Retained Earnings ( 3,333) 2,866
At the end of financial year ( 12,107) ( 8,774)

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2