The various Merlin engine marks of the Mk Vs (Merlin 45/46/47/50/55) were rated at different levels over the course of the aircraft's service life.
The Merlin 45 that the Mk V started life with was initially rated at +9 lbs, then uprated to +12 lbs, then to +15 lbs and finally +16lbs. This happened over the course of about 2 years.
The difference in horsepower is quite impressive. From ~1,135 hp at 18,000-19,000 ft to ~1,480 hp at about 14,000 ft.
The later ‘M’ Merlin 40/50 engines, with a cropped (smaller diameter) supercharger impeller, put out up to 1,585 hp at +18 lbs boost, but at very low altitude, around 5-6000 ft for full throttle height (the highest altitude that maximum boost could be sustained).
EDIT: Its important to note that a later, higher boost rated Spitfire Mk V would not have a higher top speed. As the additional power is all produced below the +9lbs full throttle height, all the gains in speed would happen below that altitude. Top speed is not just about total power, but power delivered at altitude.
A +16 lbs rated Spitfire Mk V would still only do about 370 mph at best altitude, but it would be about 25 mph (40 kph) faster at lower altitudes and perhaps 500 ft/min better in a climb.