Merinwell Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 00587844

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS

CURRENT ASSETS
Stocks	4	18,622,344		18,095,052
Debtors	5	5,231,668		3,091,061
Cash at bank and in hand		1,205,570		483,774

		25,059,582		21,669,887
Creditors: Amounts Falling Due Within One Year	6	(6,238,634 )		(4,432,213 )

NET CURRENT ASSETS (LIABILITIES)			18,820,948		17,237,674

TOTAL ASSETS LESS CURRENT LIABILITIES			18,820,948		17,237,674

Creditors: Amounts Falling Due After More Than One Year	7		(1,500,000 )		(820,000 )

NET ASSETS			17,320,948		16,417,674

CAPITAL AND RESERVES
Called up share capital	8		100,000		100,000
Profit and Loss Account			17,220,948		16,317,674

SHAREHOLDERS' FUNDS			17,320,948		16,417,674

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Merinwell Limited

Balance Sheet (continued)

As At 31 March 2025

For the year ending 31 March 2025 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

Mrs Sorcha Chandler Director	Mrs Tara Powell Director
09/12/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Merinwell Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00587844 . The registered office is C/O Forty-Two Consulting Ltd Regus House, Fairbourne Drive,, Atterbury Lakes, Milton Keynes, Buckinghamshire, MK10 9RG.

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. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprises properties and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present condition.

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 the profit or loss.

2.3. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic Financial assets, which include debtors and cash and bank balances, are initially measured at transaction priceincluding transaction costs and subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future

receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised installing at transaction price

and subsequently measured at amortised costs using the effective interest method.

Equity instruments

Equity instruments issued by the company are recogised at the proceeds received, net of transactions costs. Dividends payable on equity instruments are regognised as liabilities once they are no longer at the discretion of the company.

Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to the fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedged relationship.

...CONTINUED

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Merinwell Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.3. Financial Instruments - continued

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

Changes in fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset of liability that are attributable to the hedged risk.

2.4. 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.

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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are 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: 2 (2024: 2)

4. Stocks

	2025	2024
	£	£
Finished goods	18,622,344	18,095,052

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	128,999	146,524
Amounts owed by group undertakings	2,773,570	256,200
Other debtors	2,329,099	2,688,337

	5,231,668	3,091,061

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Merinwell Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	57,692	709,802
Bank Loan 2 - 5 years	3,800,000	2,000,000
Amounts owed to participating interests	191,564	340,990
Other creditors	1,847,156	1,273,863
Taxation and social security	342,222	107,558

	6,238,634	4,432,213

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Revolving Credit Facility	1,500,000	820,000

8. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100,000	100,000

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