Acorah Software Products - Accounts Production 16.0.110 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 03064844 A E Barnett R A Sparkes M V Sparkes R A Sparkes R A Sparkes true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03064844 2023-03-31 03064844 2024-03-31 03064844 2023-04-01 2024-03-31 03064844 frs-core:CurrentFinancialInstruments 2024-03-31 03064844 frs-core:Non-currentFinancialInstruments 2024-03-31 03064844 frs-core:ComputerEquipment 2024-03-31 03064844 frs-core:ComputerEquipment 2023-04-01 2024-03-31 03064844 frs-core:ComputerEquipment 2023-03-31 03064844 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03064844 frs-core:MotorVehicles 2024-03-31 03064844 frs-core:MotorVehicles 2023-04-01 2024-03-31 03064844 frs-core:MotorVehicles 2023-03-31 03064844 frs-core:PlantMachinery 2024-03-31 03064844 frs-core:PlantMachinery 2023-04-01 2024-03-31 03064844 frs-core:PlantMachinery 2023-03-31 03064844 frs-core:OtherReservesSubtotal 2024-03-31 03064844 frs-core:ShareCapital 2024-03-31 03064844 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 03064844 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03064844 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 03064844 frs-bus:SmallEntities 2023-04-01 2024-03-31 03064844 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03064844 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03064844 1 2023-04-01 2024-03-31 03064844 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-04-01 2024-03-31 03064844 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 03064844 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 03064844 frs-bus:Director1 2023-04-01 2024-03-31 03064844 frs-bus:Director2 2023-04-01 2024-03-31 03064844 frs-bus:Director3 2023-04-01 2024-03-31 03064844 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 03064844 frs-countries:EnglandWales 2023-04-01 2024-03-31 03064844 2022-03-31 03064844 2023-03-31 03064844 2022-04-01 2023-03-31 03064844 frs-core:CurrentFinancialInstruments 2023-03-31 03064844 frs-core:Non-currentFinancialInstruments 2023-03-31 03064844 frs-core:OtherReservesSubtotal 2023-03-31 03064844 frs-core:ShareCapital 2023-03-31 03064844 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31 03064844 frs-core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31
Registered number: 03064844
Merlin Real Estate Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03064844
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 71,393 77,371
Investment Properties 5 14,468,286 16,976,522
14,539,679 17,053,893
CURRENT ASSETS
Stocks 6 5,518,987 5,509,123
Debtors 7 7,173,427 5,472,411
Cash at bank and in hand 460,644 486,786
13,153,058 11,468,320
Creditors: Amounts Falling Due Within One Year 8 (3,648,251 ) (2,220,468 )
NET CURRENT ASSETS (LIABILITIES) 9,504,807 9,247,852
TOTAL ASSETS LESS CURRENT LIABILITIES 24,044,486 26,301,745
Creditors: Amounts Falling Due After More Than One Year 9 (900,000 ) (3,811,645 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,412,454 ) (1,171,123 )
NET ASSETS 21,732,032 21,318,977
CAPITAL AND RESERVES
Called up share capital 10 100 100
Other reserves 25,500 25,500
Fair value reserve 11 4,207,747 4,975,793
Profit and Loss Account 17,498,685 16,317,584
SHAREHOLDERS' FUNDS 21,732,032 21,318,977
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R A Sparkes
Director
28th November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Merlin Real Estate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03064844 . The registered office is Champions Place, Kent Hatch Road, Limpsfield Chart, RH8 0TA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 25% on cost
Motor Vehicles 20% WDV
Computer Equipment 25% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable 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 company's liability for current tax is calculated using tax rates 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 generally recognised for all taxable timing differences. Deferred tax assets are generally 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 of 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 recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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 the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost or Valuation
As at 1 April 2023 555,060 26,779 6,290 588,129
Additions 41,115 - - 41,115
As at 31 March 2024 596,175 26,779 6,290 629,244
Depreciation
As at 1 April 2023 504,574 446 5,738 510,758
Provided during the period 41,555 5,267 271 47,093
As at 31 March 2024 546,129 5,713 6,009 557,851
Net Book Value
As at 31 March 2024 50,046 21,066 281 71,393
As at 1 April 2023 50,486 26,333 552 77,371
5. Investment Property
2024
£
Fair Value
As at 1 April 2023 16,976,522
Additions 4,041
Disposals (3,100,000 )
Revaluations 587,723
As at 31 March 2024 14,468,286
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost - 10,771,561
6. Stocks
2024 2023
£ £
Work in progress 5,518,987 5,509,123
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 134,850 148,366
Other debtors 7,038,577 5,324,045
7,173,427 5,472,411
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 106,525 6,621
Peter Sparkes loan (< 1 year) 660,000 -
Other creditors 2,468,434 2,164,861
Taxation and social security 413,292 48,986
3,648,251 2,220,468
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Hampdens bank loan 900,000 3,000,000
R & G Sparkes Ltd Pension Loan - 811,645
900,000 3,811,645
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Fair Value Reserve
£
As at 1 April 2023 4,975,793
Transfer to profit and loss (768,046 )
As at 31 March 2024 4,207,747
Page 5
Page 6
12. Related Party Transactions
R & G Sparkes Limited
R & G Sparkes is a company in which R A Sparkes is a director.
During the year the comapny paid R & G Sparkes Limited £4,000 (2023 - £6,000) for shared bookkeeping services and £75 (2023 - £Nil) for expenses paid by R & G Sparkes on behalf of Merlin Real Estate Limited. Merlin Real Estates Limited also received £500 (2023 - £500) from R & G Sparkes in respect of shared telephone expenses and £2,429 (2023 - £110) for expenses paid on behalf of R & G Sparkes Limited. Merlin Real Estates Limited also received loans from R & G Spakres Limited of £77,500 (2023 - £200,010) and repaid £60,000 (2023 - £Nil). The balance due to R & G Sparkes at the balance sheet date was £518,091 (2023 - £499,445). 
P Sparkes
During the year the company received a loan from Mr P Sparkes, the brother of Mr R Sparkes, a director, of £660,000. Interest is payable on the loan at 6% per annum and the balance is due to be repaid within one year. The balance of £660,000 is included within creditors due within one year.
13. Ultimate Controlling Party
The company's ultimate controlling party is R A Sparkes .
Page 6