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Registration number: 07627991

Merlin Environmental Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Merlin Environmental Solutions Limited

Contents

Company Information

1

Statement of Income and Retained Earnings

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Merlin Environmental Solutions Limited

Company Information

Directors

CJ Juson

AME Juson

A L R Juson

Registered office

19 Salatin House
Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Merlin Environmental Solutions Limited

Statement of Income and Retained Earnings
for the Year Ended 31 May 2024

Note

2024
£

2023
£

Revenue

 

2,315,473

1,299,007

Cost of sales

 

(350,696)

(172,170)

Gross profit

 

1,964,777

1,126,837

Administrative expenses

 

(1,401,380)

(744,765)

Operating profit

 

563,397

382,072

Other interest receivable and similar income

 

1,781

108

Interest payable and similar charges

 

(533)

(2,829)

 

1,248

(2,721)

Profit before tax

564,645

379,351

Taxation

 

(142,994)

(73,132)

Profit for the financial year

 

421,651

306,219

Retained earnings brought forward

 

307,821

86,102

Dividends paid

 

(80,700)

(84,500)

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
£

Non-current assets

 

Property, plant and equipment

4

210,820

52,378

Current assets

 

Receivables

5

419,922

324,652

Cash at bank and in hand

 

379,978

209,649

 

799,900

534,301

Payables: Amounts falling due within one year

6

(285,729)

(232,124)

Net current assets

 

514,171

302,177

Total assets less current liabilities

 

724,991

354,555

Payables: Amounts falling due after more than one year

6

(11,469)

(21,939)

Provisions for liabilities

(39,955)

-

Net assets

 

673,567

332,616

Equity

 

Called up share capital

9

100

100

Share premium reserve

24,695

24,695

Retained earnings

648,772

307,821

Shareholders' funds

 

673,567

332,616

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:

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 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 Board on 11 February 2025 and signed on its behalf by:
 

 

Merlin Environmental Solutions Limited

(Registration number: 07627991)
Statement of Financial Position as at 31 May 2024 (continued)

.........................................

A L R Juson
Director

 

Merlin Environmental Solutions Limited

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

1

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.

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

 

Merlin Environmental Solutions Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)

4

Property, plant and equipment

Plant and machinery
 £

Motor vehicles
 £

Computer equipment
£

Total
£

Cost

At 1 June 2023

38,795

101,690

6,891

147,376

Additions

-

234,535

-

234,535

At 31 May 2024

38,795

336,225

6,891

381,911

Depreciation

At 1 June 2023

38,795

51,221

4,982

94,998

Charge for the year

-

75,457

636

76,093

At 31 May 2024

38,795

126,678

5,618

171,091

Carrying amount

At 31 May 2024

-

209,547

1,273

210,820

At 31 May 2023

-

50,469

1,909

52,378

5

Receivables

2024
£

2023
£

Trade receivables

411,901

286,268

Other receivables

3,000

4,377

Prepayments

5,021

34,007

419,922

324,652

 

Merlin Environmental Solutions Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)

6

Payables

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21,672

39,458

Trade payables

 

34,831

25,788

Social security and other taxes

 

115,265

102,072

Other payables

 

1,273

-

Accruals

 

10,118

2,170

Income tax liability

102,570

62,636

 

285,729

232,124

Due after one year

 

Loans and borrowings

11,469

21,939

7

Provisions for liabilities

Deferred tax
£

Total
£

Additional provisions

39,955

39,955

At 31 May 2024

39,955

39,955

8

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

8,251

7,938

Later than one year and not later than five years

2,750

-

11,001

7,938

The amount of non-cancellable operating lease payments recognised as an expense during the year was £26,511 (2023 - £41,009).

 

Merlin Environmental Solutions Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 May 2024 (continued)

9

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

25

25

25

25

B Ordinary shares of £1 each

25

25

25

25

C Ordinary shares of £1 each

25

25

25

25

D Ordinary shares of £1 each

25

25

25

25

100

100

100

100

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.