Registered number
03995246
Merlin Equipment Limited
Unaudited Filleted Accounts
31 December 2024
Merlin Equipment Limited
Registered number: 03995246
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 171,072 119,350
Current assets
Stocks 978,254 1,031,558
Debtors 5 669,018 988,148
Cash at bank and in hand 24,375 162,345
1,671,647 2,182,051
Creditors: amounts falling due within one year 6 (973,396) (934,356)
Net current assets 698,251 1,247,695
Total assets less current liabilities 869,323 1,367,045
Creditors: amounts falling due after more than one year 7 (158,711) (251,681)
Provisions for liabilities (17,926) (17,926)
Net assets 692,686 1,097,438
Capital and reserves
Called up share capital 25 25
Share premium 649,995 649,995
Profit and loss account 42,666 447,418
Shareholders' funds 692,686 1,097,438
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J. Hortop
Director
Approved by the board on 25 September 2025
Merlin Equipment Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 33% straightline
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 265,000
At 31 December 2024 265,000
Amortisation
At 1 January 2024 265,000
At 31 December 2024 265,000
Net book value
At 31 December 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 63,681 338,877 128,649 531,207
Additions 60,199 58,232 - 118,431
At 31 December 2024 123,880 397,109 128,649 649,638
Depreciation
At 1 January 2024 53,831 315,561 42,465 411,857
At 31 December 2024 78,607 335,948 64,011 478,566
Net book value
At 31 December 2024 45,273 61,161 64,638 171,072
At 31 December 2023 9,850 23,316 86,184 119,350
5 Debtors 2024 2023
£ £
Trade debtors 290,036 434,193
Amounts owed by group undertakings and undertakings in which the company has a participating interest 213,394 466,873
Other debtors 165,588 87,082
669,018 988,148
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 367,414 305,297
Obligations under finance lease and hire purchase contracts 14,189 18,331
Trade creditors 384,181 127,857
Taxation and social security costs 103,694 308,510
Other creditors 103,918 174,361
973,396 934,356
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 110,937 190,654
Obligations under finance lease and hire purchase contracts 47,774 61,027
Other creditors - -
158,711 251,681
8 Other information
Merlin Equipment Limited is a private company limited by shares and incorporated in England. Its registered office is:
Clyst Court Hill Barton Business Park
Clyst St. Mary
Exeter
Devon
EX5 1SA
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