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REGISTERED NUMBER: 10747114 (England and Wales)

| Menter Mon Morlais Limited |

| Financial Statements |

| for the Year Ended 31 December 2025 |

| Menter Mon Morlais Limited (Registered number: 10747114) |

Contents of the Financial Statements

for the year ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Menter Mon Morlais Limited |

Company Information

for the year ended 31 December 2025

| DIRECTORS: | Mr P Beeby

| Mr A D Billcliff

| Mr O D Gruffydd

| Mr J R Jenkins

| Dr J I Jones

| Ms K Jones

| Mr G Ll Jones

| REGISTERED OFFICE: | Neuadd Y Dref

| Bulkeley Square

| Llangefni

| United Kingdom

| LL77 7LR

| REGISTERED NUMBER: | 10747114 (England and Wales)

| AUDITORS: | Salisbury & Company Business Solutions Limited

| Statutory Auditors

| Chartered Accountants

| Irish Square

| Upper Denbigh Road

| St Asaph

| Denbighshire

| LL17 0RN

| Menter Mon Morlais Limited (Registered number: 10747114) |

Balance Sheet

31 December 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 711,901 |  | 708,351 |  |

Tangible assets | 5 | 34,486,024 |  | 29,470,560 |  |

35,197,925 |  | 30,178,911 |  |

CURRENT ASSETS

Debtors | 6 | 143,224 |  | 193,520 |  |

Cash at bank | 7,897,354 |  | 6,175,343 |  |

8,040,578 |  | 6,368,863 |  |

CREDITORS

Amounts falling due within one year | 7 | 871,231 |  | 51,812 |  |

NET CURRENT ASSETS | 7,169,347 |  | 6,317,051 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 42,367,272 |  | 36,495,962 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 37,123,674 |  | 29,991,169 |  |

NET ASSETS | 5,243,598 |  | 6,504,793 |  |

CAPITAL AND RESERVES

Called up share capital | 1,000 |  | 1,000 |  |

Share premium | 7,999,863 |  | 7,999,863 |  |

Retained earnings | (2,757,265 | ) | (1,496,070 | ) |

5,243,598 |  | 6,504,793 |  |

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 23 July 2026 and were signed on its behalf by:

Mr A D Billcliff - Director

Mr G Ll Jones - Director

| Menter Mon Morlais Limited (Registered number: 10747114) |

Notes to the Financial Statements

for the year ended 31 December 2025

1. | STATUTORY INFORMATION

| Menter Mon Morlais 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.

| Turnover

| Turnover comprises grants and project income recognised by the Company, excluding value added tax.

| Grants received towards the purchase and development of project infrastructure are carried forward as deferred income and released to the Income and Expenditure account in line with the depreciation policy. Other grants and project income are matched against the related expenditure on an accruals basis, with any received in advance being carried forward as deferred income.

| Intangible assets

| Intangible assets will be amortised on a suitable basis following completion of their acquisition or development.

| Tangible fixed assets

| Tangible Fixed Assets held for the company's own use are stated at cost less impairment losses. Depreciation will be provided in order to write off each asset over its estimated useful life, once the assets are completed and operational.

| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

| 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.

| Project expenditure

| Project Expenditure is charged when it is incurred, either to the Profit and Loss acccount or recognised as a capital asset

| If the expenditure represents the purchase of or development of land or buildings with plant and equipment, the expenditure is capitalised as Project Infrastructure in Tangible Fixed Assets.

| If the expenditure represents the cost of development of another asset from which future economic benefits that are attributable to the asset are expected to flow to the group or the company, the expenditure is capitalised as an Intangible Asset.

| Menter Mon Morlais Limited (Registered number: 10747114) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Staff costs

| All project staff, including paid Directors, are employees of Menter Mon Cyf. The costs, including pension costs, are recharged to the company by Menter Mon Cyf.

3. | EMPLOYEES AND DIRECTORS

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

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2025 | 708,351 |  |

| Additions | 3,550 |  |

| At 31 December 2025 | 711,901 |  |

| NET BOOK VALUE

| At 31 December 2025 | 711,901 |  |

| At 31 December 2024 | 708,351 |  |

5. | TANGIBLE FIXED ASSETS

| Project

| Infrastructure

£ |

| COST

| At 1 January 2025 | 29,470,560 |  |

| Additions | 5,015,464 |  |

| At 31 December 2025 | 34,486,024 |  |

| NET BOOK VALUE

| At 31 December 2025 | 34,486,024 |  |

| At 31 December 2024 | 29,470,560 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 63,200 |  | 72,000 |  |

| Amounts owed by group undertakings | 17,615 |  | 104,056 |  |

| Other debtors | 62,409 |  | 17,464 |  |

143,224 |  | 193,520 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 60,792 |  | 43,296 |  |

| Amounts owed to group undertakings | 3,684 |  | 3,516 |  |

| Other creditors | 806,755 |  | 5,000 |  |

871,231 |  | 51,812 |  |

| Menter Mon Morlais Limited (Registered number: 10747114) |

Notes to the Financial Statements - continued

for the year ended 31 December 2025

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Other creditors | 37,123,674 |  | 29,991,169 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Other loans | 7,132,505 |  | - |  |

| The loan facility is secured by fixed and floating charge over the assets of the Company. The Welsh Government also have fixed and floating charges over the assets of the Company.

| The North Wales Corporate Joint Committee hold fixed and floating charges covering all the property and undertakings of Menter Mon Morlais Ltd and Menter Mon Morlais Holdings Ltd.

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

| The Report of the Auditors was unqualified.

| Aled Roberts (Senior Statutory Auditor)

| for and on behalf of Salisbury & Company Business Solutions Limited

11. | RELATED PARTY UNDERTAKINGS

| The Welsh Government acquired a 13.7% holding in Menter Mon Morlais Limited on the 20th September 2024 . The remainder of shares are held by Menter Mon Morlais Holdings Limited, which is a wholly owned subsidiary of Menter Mon Cyf.

| RELATED PARTY BALANCES

| As at 31st December 2025 Menter Mon Morlais Ltd was owed £710 to Annog (2024: £817), £13,780 (2024: 100,495) was owed from Menter Mon Cyf and £862 (2024: £862) from Menter Mon Morlais Holdings Ltd.