REGISTERED NUMBER: 10747114 (England and Wales)

Menter Mon Morlais Limited

Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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.

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

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.