REGISTERED NUMBER: 13780511 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Merlin Direct Supplies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P Melling

REGISTERED OFFICE:

c/o Wilson Partners Limited, TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

REGISTERED NUMBER:

13780511 (England and Wales)

ACCOUNTANTS:

Wilson Partners Limited

Chartered Accountants

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

FIXED ASSETS

Tangible assets

4

822

1,541

CURRENT ASSETS

Stocks

-

39,998

Debtors

5

3,458

22,320

Cash at bank and in hand

3,741

8,679

7,199

70,997

CREDITORS

Amounts falling due within one year

6

(14,748

)

(335,844

)

NET CURRENT LIABILITIES

(7,549

)

(264,847

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(6,727

)

(263,306

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(6,827

)

(263,406

)

(6,727

)

(263,306

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 September 2025 and were signed by:

Mr P Melling - Director

1.	STATUTORY INFORMATION

Merlin Direct Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director intends to wind up Merlin Direct Supplies Limited, with the stock and contracts being transferred to other group companies post year end. Although the intention is to wind up the company, there are no differences in the measurement and recognition of assets, liabilities, income and expenses between the going concern basis and a basis other than going concern.

Significant judgements and estimates

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company does not make significant estimates and assumptions concerning the future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, valueadded tax and other sales taxes. Majority of sales are completed on a payment-on-order basis and recognised at that point.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33.33% on cost

Fixtures and fittings

-

25% on cost

Tangible assets are included at cost less depreciation and impairment.

Stocks

The company does not operate a formal stock rotation process due to the limited volume held. 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.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with changes recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Employee cost

Employee cost for the period comprises of recharged salary costs. Employee cost is recognised in the Income Statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

2,255

DEPRECIATION

At 1 January 2024

714

Charge for year

719

At 31 December 2024

1,433

NET BOOK VALUE

At 31 December 2024

822

At 31 December 2023

1,541

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,030

6,980

Amounts owed by group undertakings

100

671

Other debtors

1,328

14,669

3,458

22,320

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

14,748

69,248

Amounts owed to group undertakings

-

266,596

14,748

335,844

7.	RELATED PARTY DISCLOSURES

Merlin Direct Supplies Limited owed Lode Products and Services Limited, of which Shearwater Group Holdings Limited is also the shareholder, £0 (2023: £266,596) at the year end.

Big Dog Maidenhead Limited, of which Shearwater Group Holdings Limited is also the shareholder, owed Merlin Direct Supplies Limited £0 (2023: £571) at year end.

Shearwater Group Holdings Limited, the shareholder, owed Merlin Direct Supplies Limited £100 (2023: £100) at year end.

In addition expenses totalling £3,479 (2023: £11,311) were paid to Lode Products and Services Limited during the year as well as sales from Lode Products and Services Limited of £1,417 (2023: £0) and from Big Dog Maidenhead Limited of £133 (2023: £0).

Merlin Direct Supplies Limited had a £6,860 (2023: £12,141) creditors balance owed to Lode Products and Services Limited at year end.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Shearwater Group Holdings Limited.