Company registration number 03378617 (England and Wales)
MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
PAGES FOR FILING WITH REGISTRAR
MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
BALANCE SHEET
AS AT
30 NOVEMBER 2025
30 November 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,035
7,553
Tangible assets
4
256,891
290,627
261,926
298,180
Current assets
Stocks
32,970
67,343
Debtors
5
818,209
762,325
Cash at bank and in hand
208,238
195,246
1,059,417
1,024,914
Creditors: amounts falling due within one year
6
(615,120)
(690,247)
Net current assets
444,297
334,667
Total assets less current liabilities
706,223
632,847
Creditors: amounts falling due after more than one year
7
(231,554)
(241,084)
Provisions for liabilities
(49,124)
(40,036)
Net assets
425,545
351,727
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
424,545
350,727
Total equity
425,545
351,727
MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2025
30 November 2025
- 2 -

For the financial year ended 30 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 August 2026 and are signed on its behalf by:
Mr M Morgan
Mrs S L Morgan
Director
Director
Company registration number 03378617 (England and Wales)
MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
1
Accounting policies
Company information

Meibion Maesycastell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Parc Morgan, Crosshands Business Park, Crosshands, Llanelli, UK, SA14 6RB.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

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 and services are delivered to the customer.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

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

MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 5 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11
Government grants

Grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
31
26
MEIBION MAESYCASTELL LIMITED
TRADING AS MORGAN & MORGAN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
3
Intangible fixed assets
Software
£
Cost
At 1 December 2024 and 30 November 2025
12,587
Amortisation and impairment
At 1 December 2024
5,035
Amortisation charged for the year
2,517
At 30 November 2025
7,552
Carrying amount
At 30 November 2025
5,035
At 30 November 2024
7,553
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2024
103,363
198,863
337,847
640,073
Additions
-
0
10,239
97,593
107,832
Disposals
-
0
-
0
(137,740)
(137,740)
At 30 November 2025
103,363
209,102
297,700
610,165
Depreciation and impairment
At 1 December 2024
80,463
127,347
141,636
349,446
Depreciation charged in the year
4,441
17,841
59,540
81,822
Eliminated in respect of disposals
-
0
-
0
(77,994)
(77,994)
At 30 November 2025
84,904
145,188
123,182
353,274
Carrying amount
At 30 November 2025
18,459
63,914
174,518
256,891
At 30 November 2024
22,899
71,516
196,212
290,627

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
TRADING AS MORGAN & MORGAN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
560,710
536,985
Other debtors
257,499
225,340
818,209
762,325
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,000
10,000
Trade creditors
364,852
400,837
Corporation tax
44,109
25,129
Other taxation and social security
84,440
105,355
Other creditors
116,719
148,926
615,120
690,247
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
5,000
Other creditors
231,554
236,084
231,554
241,084
8
Secured debts

The bank overdraft facility 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.

Hire purchase contracts totalling £281,264 (2024 - £293,956) are secured by fixed charges on the assets concerned.

9
Financial commitments, guarantees and contingent liabilities

The company had total other commitments at the balance sheet date of £159,455 (2024 - £208,535).

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