The Welsh Sports Association Ltd - Accounts to registrar (filleted) - small 22.3

The Welsh Sports Association Ltd - Accounts to registrar (filleted) - small 22.3

THE WELSH SPORTS ASSOCIATION LTD - Company Information

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REGISTERED NUMBER: 05835990 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

THE WELSH SPORTS ASSOCIATION LTD
THE WELSH SPORTS ASSOCIATION LTD (REGISTERED NUMBER: 05835990)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE WELSH SPORTS ASSOCIATION LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: J P Ford
F G Feeney
M A Tweed
K Stokes-Davies
P A Whapham
D Phillips
L Pamment
A R Collins
K Lamakan
G John


REGISTERED OFFICE: Sport Wales National Centre
Sophia Gardens
Cardiff
CF11 9SW


REGISTERED NUMBER: 05835990 (England and Wales)


ACCOUNTANTS: Arthur Gait & Company
Chartered Accountants
18 Gold Tops
Newport
South Wales
NP20 5WJ


BANKERS: Lloyds Bank PLC.
1 Gwent Square
Cwmbran
NP44 1XN
Page 1
THE WELSH SPORTS ASSOCIATION LTD (REGISTERED NUMBER: 05835990)

BALANCE SHEET
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,096 -
Investments 5 - -
3,096 -

CURRENT ASSETS
Debtors 6 24,536 12,750
Cash at bank 136,408 176,720
160,944 189,470
CREDITORS
Amounts falling due within one year 7 67,064 97,293
NET CURRENT ASSETS 93,880 92,177
TOTAL ASSETS LESS CURRENT
LIABILITIES
96,976
92,177

RESERVES
Income and expenditure account 96,976 92,177
96,976 92,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 surplus or deficit 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 12 October 2022 and were signed on its behalf by:





M A Tweed - Director


The notes form part of these financial statements

Page 2
THE WELSH SPORTS ASSOCIATION LTD (REGISTERED NUMBER: 05835990)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

The Welsh Sports Association Ltd is a private company, limited by guarantee , 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. 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.

Going concern
The directors note the impacts of Covid-19 on the company and the sector throughout the financial year. The directors have taken appropriate actions to protect the financial position of the company and have adjusted forecasts accordingly. These forecasts have been subject to a number of scenario reviews, predominately focused on varying levels of revenue. As such the directors believe that the company is a going concern and present the accounts on that basis.

Turnover
Income is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. Income is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following criteria must also be met before income is recognised:

Grants receivable
Grants are not recognised in the Income Statement until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are measured at the fair value of the asset received or receivable.

Grants that do not impose specified future performance-related conditions on the company are recognised in income when the grant proceeds are received or receivable. Grants that imposes specified future performance-related conditions on the company are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Membership income
Membership income is recognised in the year to which it relates.The proportion of membership income received in the year that relates to a subsequent accounting period is deferred and carried forward to the following financial year.

Sponsorship
Income arising from sponsorship is normally recognised over the period of the sponsorship term. When the sponsorship is linked to a particular event or condition, income is recognised when the specific event has taken place or the condition has been met.

Provision of services
Income from a contract to provide services is recognised in the period in which the services are provided.

Page 3 continued...
THE WELSH SPORTS ASSOCIATION LTD (REGISTERED NUMBER: 05835990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income and Expenditure Account, 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.

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.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 5 ) .

Page 4 continued...
THE WELSH SPORTS ASSOCIATION LTD (REGISTERED NUMBER: 05835990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021 1,071
Additions 4,644
Disposals (1,071 )
At 31 March 2022 4,644
DEPRECIATION
At 1 April 2021 1,071
Charge for year 1,548
Eliminated on disposal (1,071 )
At 31 March 2022 1,548
NET BOOK VALUE
At 31 March 2022 3,096

5. FIXED ASSET INVESTMENTS

The company wholly controls Vibrant Nation Ltd, a private company, limited by shares, registered in England and Wales.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 16,726 10,057
Amounts owed by group undertakings 4 4
Other debtors 7,806 2,689
24,536 12,750

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors 30,800 39,010
Taxation and social security 6,264 80
Other creditors 30,000 58,203
67,064 97,293

8. SHARE CAPITAL

The company is limited by guarantee and has no share capital.

Page 5