REGISTERED NUMBER: 03160233 (Wales)

Menter Mon Cyf

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

Mr A D Billcliff

Mrs R L Colley

Mr O D Gruffydd

Dr I Gruffydd

Dr J I Jones

Dr G W Jones

Mr G Ll Jones

Dr G W Morgan

Ms C Owen

SECRETARIES:

Mr G W Owen

Ms B L Fraser-Williams

Ms S M Thomas

Ms M E Hughes

REGISTERED OFFICE:

Neuadd Y Dref

Bulkeley square

Llangefni

Anglesey

LL77 7LR

REGISTERED NUMBER:

03160233 (Wales)

AUDITORS:

Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

The group's principal activity is to promote and encourage growth in North Wales.

REVIEW OF BUSINESS

Introduction

The breadth and diversity of the activities delivered by Menter Môn was maintained in 2025. The short term and insecure nature of funding has continued, however we have successfully navigated the various challenges. Long term projects and contracts within the Energy and Economy portfolios have provided stability, while we have successfully attracted alternative funding for activities within the Community portfolio.

Despite job insecurity within several teams, very few people left the company during the year, and there were no redundancies. Overall staff have accepted that the funding landscape has changed since the end of EU funding and remain loyal to Menter Môn. This ability to retain experienced staff in key roles has been critical to continued success of the company.

We established the three portfolios in 2024, and these have continued to operate successfully. It has also helped communicate the breadth of our activities to stakeholders, funders and the public. I have detailed the activities within each portfolio below.

Energy Portfolio

Lead: Andy Billcliff, Energy Director and CEO of Menter Môn Morlais

Morlais remains the flagship project within the energy portfolio and made significant progress in 2025. Following the increase in CfDs secured by developers to 37MW in 2024, we continued to support bids into Allocation Round 7 in 2025. The results, announced in early 2026, increased the total CfD allocation to 56MW, providing greater certainty over future electricity generation and strengthening the commercial outlook for the project

Upgrading the grid capacity from 18MW to 240MW is critical for the long-term success of Morlais. The project to deliver this upgrade is called Cydnerth and this received Final Business Case approval from Ambition North Wales in February 2025. The first phase of the Cydnerth project has been completed.

Other energy initiatives have continued to progress steadily. After a period in abeyance, the Holyhead Hydrogen Hub regained momentum because of a shift in UK Government policy on Green Hydrogen. We received support from the Welsh Government to engage with the supply chain and have worked closely with EDF Hynamics and GeoPura to secure funding from Ambition North Wales. That work will continue into 2026, and we should have clarity on whether the project will proceed by the end of the year.

We also have continued efforts to acquire the Traffwll solar project. During 2025 we completed due diligence on the project and have secured in principle funding to bring the project into community ownership. Again, this work will continue into 2026 and with a clear determination expected by the end of 2026 on whether the project can be progressed to delivery

Community Portfolio

Lead: Elen Hughes

This diverse portfolio includes language, environment, community development, circular economy, and theatre. It continues to face funding challenges, with EU support only partially replaced by the UK Shared Prosperity Fund. Funds are also increasingly allocated on an annual basis, with delays in the approval process meaning that we often operate at risk.

Despite these challenges, the portfolio has continued to make a strong and visible impact at community level. Shared Prosperity Funding supported community work in Ynys Môn and Gwynedd, empowering them to develop enterprises and celebrate local identity. On Ynys Môn, this aligned with Menter Iaith activities, which seeks to promote the use of the Welsh language through theatre and music.

Environmental work remains central. Menai Rivers expanded its conservation of Water Vole habitats across the region and has now established a multi-agency partnership to support the work. We delivered the Welsh Government's Cronfa Her and Llwyddo'n Lleol contract until March 2025. We have since been successful with a bid to the Nuclear Decommissioning Authority to deliver Llwyddo'n Lleol until 2028, and we are confident that further support will be made available from Welsh Government.

Cylchol, a £2.5 million circular economy project launched in 2024 and made a significant impact across Ynys Môn and Gwynedd in 2025. It worked closely with both local authorities and delivered a program of repair and reuse activities in 'Ffiws' spaces. Funding ends in March 2026, however work on a National Lottery application is well progressed.

Economy Portfolio

Lead: Bethan Fraser Williams

Business Wales is the largest project by staff and financial value. 2025 was the second full delivery year, and we built on the working relationships with delivery partners M-SParc and Business in Focus. One of the main challenges is delivering outputs against a backdrop of a challenging economic environment, influenced by wider global factors. Despite this the contract is delivering in line with Welsh Government targets.

The Enterprise Hub has been supported via the Shared Prosperity Fund. Both Gwynedd and Ynys Môn Councils value its locally focused business support service, which add value to the services they offer. In 2025 the Enterprise Hub supported businesses to access grant support, and administered funds on behalf of the Councils.

Food sector activity continued to develop. We deliver the Ynys Môn and Gwynedd Food Partnership, strengthening local networks and resilience, through a range of direct interventions and grant support. A recently established project has been the North Wales Machinery Ring, which will lend equipment to farmers to grow more edible crops.

On a pan Wales basis, we have continued to work with producers, suppliers and local authorities to increase Welsh ingredients in public sector meals, especially in secondary schools. With growing interest in food quality and provenance, we expect continued growth in this area.

Key Performance Indicators (KPIs) - 2025

Output

Target

Achieved

% Achieved

Voluntary Hours on Wildlife Conservation

2,000

2,500

110%

Businesses Supported

1,500

1,800

120%

Inward Investment Attracted

£5million

£5million

100%

Young People Involved

700

800

115%

Events and Activities Supported

100

100

100%

Communities and Local Groups Supported

100

110

110%

Corporate and Finance

Leads: Sioned Thomas and Geraint Owen

The Corporate team provide essential support across all portfolios. Continued progress was made in strengthening policies and procedures to safeguard staff, clients and the organisation. A key appointment to the team has been Elin Rowlands to the post of Communication Manager. Given the diverse nature of our activities, it is an important role to ensure our messaging is consistent and to a high standard.

The Finance team maintained high standards, supporting diverse financial needs and enabling informed decision-making by senior management and the Board. Given that many projects now operate on tight budgets and short timescales, their work alongside project leads plays a key role in supporting efficient delivery.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties are discussed within the 'Review of Business' section above.

PLANNING FOR THE FUTURE

The portfolio structure is working well and has strengthened governance across the company. Funding remains uneven, with the Community portfolio particularly reliant on short-term funds. However, we have made significant efforts this year to diversify and apply for funding from new source.

For the third consecutive year, we initiated redundancy processes while awaiting funding confirmation. Despite discomfort, communication with staff and the Union has been transparent and constructive. Staff adaptability has been a strength, with seamless transitions between portfolios.

Long-term planning remains difficult due to short funding cycles and the unpredictable outcome of the 2026 Senedd election. Policy shifts are likely and will directly affect our activities.

GOALS FOR THE NEXT 12 MONTHS

1) Diversify funding sources: Reduce reliance on the Shared Prosperity Fund, especially within the Community portfolio.

2) Build on our strengths: Pursue projects that complement our energy work, such as community energy and supply chain development.

3) Enhance operational efficiency: Continue improving internal policies and procedures to support delivery.

4) Develop strategic alliances: Strengthen partnerships and engage with political parties ahead of the 2026 election.

5) Strengthen our brand: Communicate our vision and ensure stakeholders understand our objectives.

6) Build partnerships: With the announcement of the Anglesey Freeport and the new Wylfa Power Station we are well placed to add value and complement these activities. Work has already started.

LOOKING BACK OVER 30 YEARS OF MENTER MON

This year marked our 30th anniversary, giving us the opportunity to reflect on our journey and achievements. The highlight of the celebrations was an evening at the Town Hall, where friends, funders and stakeholders joined us to enjoy the Menter Môn 'Movie' and hear from current and former staff reflecting on their experiences

ON BEHALF OF THE BOARD:

Mr O D Gruffydd - Director

14 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr A D Billcliff

Mrs R L Colley

Mr O D Gruffydd

Dr I Gruffydd

Dr J I Jones

Dr G W Jones

Mr G Ll Jones

Dr G W Morgan

Ms C Owen

Other changes in directors holding office are as follows:

Mr B Jones - resigned 18 August 2025

Mr G Llwyd - resigned 29 April 2025

Ms H M Williams - resigned 1 July 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the surplus or deficit of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr O D Gruffydd - Director

14 July 2026

Opinion

We have audited the financial statements of Menter Mon Cyf (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's deficit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the group and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;

- Obtaining an understanding of the internal controls that management have in place to prevent and detect fraud;

- Challenging assumptions and judgements made by management in its significant accounting estimates;

- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;

- Identifying and testing journal entries, in particular manual or unusual entries;

- Obtaining third party confirmations of all the companies banking arrangements;

- Performing analytical procedures to identify any unusual or unexpected relationships;

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.

The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Aled Roberts (Senior Statutory Auditor)

for and on behalf of Salisbury & Company Business Solutions Limited

Statutory Auditors

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

17 August 2026

TURNOVER

7,761,770

10,749,403

Cost of sales

(7,022,613

)

(7,622,737

)

GROSS SURPLUS

739,157

3,126,666

Administrative expenses

(2,590,451

)

(3,916,384

)

(1,851,294

)

(789,718

)

Other operating income

70,358

65,021

OPERATING DEFICIT

5

(1,780,936

)

(724,697

)

Interest receivable and similar income

101,123

3,272

(1,679,813

)

(721,425

)

Interest payable and similar expenses

6

(191,739

)

(167,391

)

Other finance costs

(20,000

)

(311,000

)

DEFICIT BEFORE TAXATION

(1,891,552

)

(1,199,816

)

Tax on deficit

7

322,534

(121,093

)

DEFICIT FOR THE FINANCIAL YEAR

(1,569,018

)

(1,320,909

)

Deficit attributable to:

Owners of the parent

(1,396,234

)

(1,208,244

)

Non-controlling interests

(172,784

)

(112,665

)

(1,569,018

)

(1,320,909

)

DEFICIT FOR THE YEAR

(1,569,018

)

(1,320,909

)

OTHER COMPREHENSIVE INCOME

Remeasurement of pension obligation

20,000

311,000

Share Premium

-

7,999,863

Non Controlling Interest

-

(1,003,684

)

Revaluation reserve

54,692

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

74,692

7,307,179

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,494,326

)

Prior year adjustment

(304,468

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

5,681,802

Total comprehensive income attributable to:

Owners of the parent

(1,321,544

)

4,790,783

Non-controlling interests

(172,782

)

891,019

(1,494,326

)

5,681,802

FIXED ASSETS

Intangible assets

10

883,945

880,395

Tangible assets

11

35,042,264

30,027,265

Investment property

12

682,500

880,000

36,608,709

31,787,660

CURRENT ASSETS

Debtors

13

1,075,350

1,398,070

Cash at bank

8,238,076

6,766,136

9,313,426

8,164,206

CREDITORS

Amounts falling due within one year

14

2,673,055

2,282,652

NET CURRENT ASSETS

6,640,371

5,881,554

TOTAL ASSETS LESS CURRENT LIABILITIES

43,249,080

37,669,214

CREDITORS

Amounts falling due after more than one year

15

(37,164,885

)

(30,032,380

)

PROVISIONS FOR LIABILITIES

18

(5,357

)

(63,672

)

NET ASSETS

6,078,838

7,573,162

RESERVES

Revaluation reserve

19

54,692

-

Income and expenditure account

19

5,305,771

6,682,005

5,360,463

6,682,005

NON-CONTROLLING INTERESTS

20

718,375

891,157

TOTAL EQUITY

6,078,838

7,573,162

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

Mr O D Gruffydd - Director

FIXED ASSETS

Intangible assets

10

172,044

172,044

Tangible assets

11

556,241

556,705

Investment property

12

682,500

880,000

1,410,785

1,608,749

CURRENT ASSETS

Debtors

13

839,429

1,169,119

Cash at bank

433,918

183,312

1,273,347

1,352,431

CREDITORS

Amounts falling due within one year

14

2,267,665

2,361,290

NET CURRENT LIABILITIES

(994,318

)

(1,008,859

)

TOTAL ASSETS LESS CURRENT LIABILITIES

416,467

599,890

CREDITORS

Amounts falling due after more than one year

15

(41,211

)

(41,211

)

PROVISIONS FOR LIABILITIES

18

(5,357

)

(63,672

)

NET ASSETS

369,899

495,007

RESERVES

Revaluation reserve

54,693

-

Income and expenditure account

315,206

495,007

369,899

495,007

Company's (loss)/profit for the financial year

(197,201

)

2,252

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

Mr O D Gruffydd - Director

Retained

Revaluation

Non-controlling

Total

earnings

reserve

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2024

887,538

-

887,538

-

887,538

Prior year adjustment

(304,468

)

-

(304,468

)

-

(304,468

)

As restated

583,070

-

583,070

-

583,070

Changes in equity

Total comprehensive income

6,098,935

-

6,098,935

891,019

6,989,954

6,682,005

-

6,682,005

891,019

7,573,024

Non-controlling interest arising on business combination

-

-

-

138

138

Balance at 31 December 2024

6,682,005

-

6,682,005

891,157

7,573,162

Changes in equity

Total comprehensive income

(1,376,234

)

54,692

(1,321,542

)

(172,782

)

(1,494,324

)

Balance at 31 December 2025

5,305,771

54,692

5,360,463

718,375

6,078,838

Retained

Revaluation

Total

earnings

reserve

equity

£

£

£

Balance at 1 January 2024

529,763

-

529,763

Prior year adjustment

(304,468

)

-

(304,468

)

As restated

225,295

-

225,295

Changes in equity

Total comprehensive income

269,712

-

269,712

Balance at 31 December 2024

495,007

-

495,007

Changes in equity

Total comprehensive income

(179,801

)

54,693

(125,108

)

Balance at 31 December 2025

315,206

54,693

369,899

Cash flows from operating activities

Cash generated from operations

1

6,732,744

(1,866,375

)

Interest paid

(191,739

)

(167,391

)

Tax paid

(94,874

)

(32,259

)

Net cash from operating activities

6,446,131

(2,066,025

)

Cash flows from investing activities

Purchase of intangible fixed assets

(3,550

)

-

Purchase of tangible fixed assets

(5,015,464

)

(112,330

)

Purchase of investment property

(56,500

)

-

Sale of tangible fixed assets

200

-

Interest received

101,123

3,272

Net cash from investing activities

(4,974,191

)

(109,058

)

Cash flows from financing activities

Welsh Government investment i MMML

-

8,000,000

Net cash from financing activities

-

8,000,000

Increase in cash and cash equivalents

1,471,940

5,824,917

Cash and cash equivalents at beginning of year

2

6,766,136

941,219

Cash and cash equivalents at end of year

2

8,238,076

6,766,136

1.	RECONCILIATION OF DEFICIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

as restated

£

£

Deficit before taxation

(1,891,552

)

(1,199,816

)

Depreciation charges

55,158

136,376

Profit on disposal of fixed assets

(200

)

(304,468

)

Loss on revaluation of fixed assets

197,499

2,203,861

Increase/(Decrease) in deferred income

(435,175

)

(2,340,954

)

Increase/(Decrease) in loans

7,137,363

(900,000

)

Finance costs

211,739

478,391

Finance income

(101,123

)

(3,272

)

5,173,709

(1,929,882

)

Decrease in trade and other debtors

551,106

231,325

Increase/(decrease) in trade and other creditors

1,007,929

(167,818

)

Cash generated from operations

6,732,744

(1,866,375

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

8,238,076

6,766,136

Year ended 31 December 2024

31/12/24

1/1/24

as restated

£

£

Cash and cash equivalents

6,766,136

1,532,240

Bank overdrafts

-

(591,021

)

6,766,136

941,219

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

6,766,136

1,471,940

8,238,076

6,766,136

1,471,940

8,238,076

Debt

Debts falling due within 1 year

(9,823

)

(4,859

)

(14,682

)

Debts falling due after 1 year

-

(7,132,505

)

(7,132,505

)

(9,823

)

(7,137,364

)

(7,147,187

)

Total

6,756,313

(5,665,424

)

1,090,889