Registration number:
Merlin Environmental Solutions Limited
for the Year Ended 31 May 2024
Merlin Environmental Solutions Limited
Contents
Company Information |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Merlin Environmental Solutions Limited
Company Information
Directors |
CJ Juson AME Juson A L R Juson |
Registered office |
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Accountants |
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Merlin Environmental Solutions Limited
Statement of Income and Retained Earnings
for the Year Ended 31 May 2024
Note |
2024 |
2023 |
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Revenue |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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1,248 |
(2,721) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
307,821 |
86,102 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
648,772 |
307,821 |
Continuing operations
The above results were derived wholly from continuing operations.
Merlin Environmental Solutions Limited
(Registration number: 07627991)
Statement of Financial Position as at 31 May 2024
Note |
2024 |
2023 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Payables: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Equity |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and in accordance with the provisions of FRS 102 Section 1A- small entities.
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 Income statement.
The financial statements of Merlin Environmental Solutions Limited were approved and authorised for issue by the
Merlin Environmental Solutions Limited
(Registration number: 07627991)
Statement of Financial Position as at 31 May 2024 (continued)
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Director
Merlin Environmental Solutions Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024
General information |
Merlin Environmental Solutions Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.
Accounting policies |
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt teh going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery etc. |
25% on cost |
Merlin Environmental Solutions Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Motor vehicles |
25% on cost |
Computer equipment |
25% on cost |
Taxation
The tax expense for the period comprises current and 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 that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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.
Merlin Environmental Solutions Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Receivables
Receivables 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 receivables 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.
Payables
Payables 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.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Merlin Environmental Solutions Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
Property, plant and equipment |
Plant and machinery |
Motor vehicles |
Computer equipment |
Total |
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Cost |
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At 1 June 2023 |
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Additions |
- |
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- |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
- |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
- |
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At 31 May 2023 |
- |
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Receivables |
2024 |
2023 |
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Trade receivables |
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Other receivables |
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Prepayments |
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Merlin Environmental Solutions Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
Payables |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade payables |
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Social security and other taxes |
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Other payables |
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- |
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Accruals |
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Income tax liability |
102,570 |
62,636 |
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Due after one year |
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Loans and borrowings |
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Provisions for liabilities |
Deferred tax |
Total |
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Additional provisions |
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At 31 May 2024 |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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- |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Merlin Environmental Solutions Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)
Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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25 |
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The company has four classes of share capital which rank pari passu.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.