REGISTERED NUMBER: 02738434 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

MERLIN CIRCUIT TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M C Beadel

N J Martin

N J McLean

V M Jones

SECRETARY:

V M Jones

REGISTERED OFFICE:

162-164 High Street

Rayleigh

Essex

SS6 7BS

REGISTERED NUMBER:

02738434 (England and Wales)

AUDITORS:

ESW Limited

Chartered Accountants

& Registered Auditors

162-164 High Street

Rayleigh

Essex

SS6 7BS

BANKERS:

Bank of Scotland

33 Old Broad Street

London

EC2N 1HW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,437,910

2,415,460

2,437,910

2,415,460

CURRENT ASSETS

Stocks

457,235

421,158

Debtors

6

2,205,236

1,903,821

Cash at bank and in hand

129,454

258,489

2,791,925

2,583,468

CREDITORS

Amounts falling due within one year

7

(2,085,466

)

(2,410,959

)

NET CURRENT ASSETS

706,459

172,509

TOTAL ASSETS LESS CURRENT LIABILITIES

3,144,369

2,587,969

PROVISIONS FOR LIABILITIES

10

(265,814

)

(160,900

)

NET ASSETS

2,878,555

2,427,069

CAPITAL AND RESERVES

Called up share capital

11

5,000

5,000

Share premium

146,000

146,000

Revaluation reserve

370,546

411,717

Retained earnings

2,357,009

1,864,352

SHAREHOLDERS' FUNDS

2,878,555

2,427,069

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 Board of Directors and authorised for issue on 8th December 2025 and were signed on its behalf by:

N J Martin - Director

1.	STATUTORY INFORMATION

Merlin Circuit Technology 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.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when orders are complete and ready for dispatch.

Turnover is proportionally recognised on non-cancellable orders that are in the manufacturing process based on the percentage of completion.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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% on cost and 10% on reducing balance

Motor vehicles

-

25% on cost

Stocks

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

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 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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

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 assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at

transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

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

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the

exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date.

All translation differences are taken to profit or loss.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 69 (2024 - 69 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2024

and 31st March 2025

30,000

AMORTISATION

At 1st April 2024

and 31st March 2025

30,000

NET BOOK VALUE

At 31st March 2025

-

At 31st March 2024

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST OR VALUATION

At 1st April 2024

6,807,581

Additions

306,165

Disposals

(12,000

)

At 31st March 2025

7,101,746

DEPRECIATION

At 1st April 2024

4,392,121

Charge for year

283,715

Eliminated on disposal

(12,000

)

At 31st March 2025

4,663,836

NET BOOK VALUE

At 31st March 2025

2,437,910

At 31st March 2024

2,415,460

Cost or valuation at 31st March 2025 is represented by:

Plant and

machinery

etc

£

Valuation in 2014

1,214,532

Cost

5,887,214

7,101,746

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,496,591

1,279,047

Amounts owed by group undertakings

-

9,058

Other debtors

708,645

615,716

2,205,236

1,903,821

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 8)

-

5,616

Trade creditors

584,721

462,827

Amounts owed to group undertakings

1,298,352

1,729,477

Taxation and social security

114,373

126,019

Other creditors

88,020

87,020

2,085,466

2,410,959

8.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

233

Bank loans

-

5,383

-

5,616

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

-

5,383

The bank loans are secured by a debenture over the whole of the company's assets, and cross guarantees given by all of the group members.

The hire purchase liabilities are secured on the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

265,814

160,900

Deferred

tax

£

Balance at 1st April 2024

160,900

Accelerated capital allowances

104,914

Balance at 31st March 2025

265,814

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

5,000

Ordinary

£1

5,000

5,000

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Cracknell FCA (Senior Statutory Auditor)

for and on behalf of ESW Limited

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

During the year Hawarden Technology Centre Limited invoiced Merlin Circuit Technology Limited £108,000 (2024 - £99,000) for rent. Mr N Martin is a director of Hawarden Technology Centre Limited and a director and majority shareholder in Merlin PCB Group Limited which is the parent company of Merlin Circuit Technology Limited.

14.	PARENT COMPANY

The company's immediate and ultimate parent undertaking is Merlin PCB Group Limited, a company incorporated in England and Wales which is the smallest and largest group for which consolidated accounts including Merlin Circuit Technology Limited are prepared. The consolidated accounts of Merlin PCB Group Limited are available from its registered office 162-164 High Street, Rayleigh, Essex, United Kingdom, SS6 7BS.