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REGISTERED NUMBER: 03378617 (England and Wales)








MEIBION MAESYCASTELL LIMITED
TRADING AS
MORGAN & MORGAN

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023






MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







Directors: M Morgan
S L Morgan



Secretary: S L Morgan



Registered office: Parc Morgan
Crosshands Business Park
Crosshands
Llanelli
Carmarthenshire
SA14 6RB



Registered number: 03378617 (England and Wales)



Accountants: Carr, Jenkins & Hood
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG



Bankers: Barclays Bank Plc
PO Box 42
Carmarthen
Carmarthenshire
SA31 1WS



Solicitors: CCW Law Solicitors
The Old Surgery
5 Church Street
Llandybie
Ammanford
SA18 3HZ

MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 10,070 8,500
Tangible assets 6 247,709 196,194
257,779 204,694

Current assets
Stocks 71,004 118,375
Debtors 7 450,249 388,323
Cash at bank and in hand 339,704 241,822
860,957 748,520
Creditors
Amounts falling due within one year 8 512,429 429,812
Net current assets 348,528 318,708
Total assets less current liabilities 606,307 523,402

Creditors
Amounts falling due after more than one
year

9

(219,857

)

(190,422

)

Provisions for liabilities (38,980 ) (27,581 )
Net assets 347,470 305,399

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 346,470 304,399
Shareholders' funds 347,470 305,399

MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

BALANCE SHEET - continued
30 NOVEMBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by:




M Morgan - Director



S L Morgan - Director


MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. Statutory information

Meibion Maesycastell 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. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts invoiced for the supply of office equipment, stationery, computer equipment, maintenance and support, net of VAT and trade discounts and is recognised when the goods or services are delivered to the customer.

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.

Computer software capitalised in the year consists of the development of software that is not complete at the balance sheet date. Completion is expected in 2023 at which point the useful life of the software will be determined and amortised appropriately.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:

Leasehold land and buildings- on a straight line basis over the term of the lease
Fixtures and fittings- 20% on cost and 10% on cost
Motor vehicles- 20% on cost

Stocks
Stock consists of office equipment, furniture, stationery and computer equipment held for resale and is valued at the lower of cost or net realisable value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and loans to related parties.


MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. Accounting policies - continued
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.

Leasing
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.

Principal activity
The principal activity of the company in the year under review was that of the retail and maintenance of office equipment, furniture, stationery and I.T. equipment.

4. Employees and directors

The average number of employees during the year was 24 (2022 - 20 ) .

MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. Intangible fixed assets
Other
intangible
assets
£   
Cost
At 1 December 2022 8,500
Additions 4,087
At 30 November 2023 12,587
Amortisation
Charge for year 2,517
At 30 November 2023 2,517
Net book value
At 30 November 2023 10,070
At 30 November 2022 8,500

6. Tangible fixed assets
Land & Fixtures
buildings and Motor
leasehold fittings vehicles Totals
£    £    £    £   
Cost
At 1 December 2022 101,794 169,068 188,305 459,167
Additions - 8,182 165,192 173,374
Disposals - - (103,605 ) (103,605 )
At 30 November 2023 101,794 177,250 249,892 528,936
Depreciation
At 1 December 2022 72,183 100,030 90,760 262,973
Charge for year 4,127 11,522 44,047 59,696
Eliminated on disposal - - (41,442 ) (41,442 )
At 30 November 2023 76,310 111,552 93,365 281,227
Net book value
At 30 November 2023 25,484 65,698 156,527 247,709
At 30 November 2022 29,611 69,038 97,545 196,194

Land and buildings leasehold are improvements to short term leased premises at 22a Heol Stanllyd, Cross Hands Business Park, Cross Hands. The term of the lease is 26 years ending 31 October 2029.

MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 447,568 375,554
Accrued income - 10,000
Prepayments 2,681 2,769
450,249 388,323

8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 40,794 41,427
Trade creditors 266,910 270,513
Tax 2,345 7,895
Social security and other taxes 10,032 7,967
VAT 68,949 29,665
Other creditors 105,282 54,817
Pension 2,032 1,593
Accruals 5,085 4,935
Deferred government grants 1,000 1,000
512,429 429,812

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 15,000 25,000
Hire purchase contracts 197,857 157,422
Deferred government grants 7,000 8,000
219,857 190,422

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 238,651 198,849

The bank overdraft is secured by a fixed and floating charge over the assets of the company, held by Barclays Bank plc. The debenture is dated 2 October 1997.

Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned.

MEIBION MAESYCASTELL LIMITED (REGISTERED NUMBER: 03378617)
TRADING AS MORGAN & MORGAN

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


11. Other financial commitments

The company had total other commitments at the balance sheet date of £198,450 (2022; £238,671).