WALES RUGBY LEAGUE LTD 31/03/2018 iXBRL

WALES RUGBY LEAGUE LTD 31/03/2018 iXBRL

WALES RUGBY LEAGUE LTD - Company Information

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Company registration number: 09844494
WALES RUGBY LEAGUE LTD
Company limited by guarantee
Unaudited filleted financial statements
31 March 2018
WALES RUGBY LEAGUE LTD
Company limited by guarantee
Contents
Statement of financial position
Notes to the financial statements
WALES RUGBY LEAGUE LTD
Company limited by guarantee
Statement of financial position
31 March 2018
31/03/18 31/03/17
Note £ £ £ £
Fixed assets
Tangible assets 6 3,320 4,427
_______ _______
3,320 4,427
Current assets
Stocks 271 1,081
Debtors 7 11,269 28,496
Cash at bank and in hand 52,152 44,196
_______ _______
63,692 73,773
Creditors: amounts falling due
within one year 8 ( 350) ( 350)
_______ _______
Net current assets 63,342 73,423
_______ _______
Total assets less current liabilities 66,662 77,850
_______ _______
Net assets 66,662 77,850
_______ _______
Capital and reserves
Profit and loss account 66,662 77,850
_______ _______
Members funds 66,662 77,850
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The 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 Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 December 2018 , and are signed on behalf of the board by:
Mr Brian Juliff
Director
Company registration number: 09844494
WALES RUGBY LEAGUE LTD
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by guarantee, registered in Wales. The address of the registered office is Wales Rugby League Ltd, 177 Marine Drive, Rhos On Sea, Colwyn Bay, Conwy, LL28 4LA. The principal activity of the company during the year under review continued as the Governing Body for Rugby League within Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Grants
Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are recognised using the accrual model and the performance model. Under the accrual model, grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation. The number of these members as at the 31st March 2018 was 6.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
6. Tangible assets
Equipment Total
£ £
Cost
At 1 April 2017 and 31 March 2018 5,534 5,534
_______ _______
Depreciation
At 1 April 2017 1,107 1,107
Charge for the year 1,107 1,107
_______ _______
At 31 March 2018 2,214 2,214
_______ _______
Carrying amount
At 31 March 2018 3,320 3,320
_______ _______
At 31 March 2017 4,427 4,427
_______ _______
7. Debtors
31/03/18 31/03/17
£ £
Trade debtors 7,725 27,320
Other debtors 3,544 1,176
_______ _______
11,269 28,496
_______ _______
8. Creditors: amounts falling due within one year
31/03/18 31/03/17
£ £
Other creditors 350 350
_______ _______
9. Controlling party
The Directors consider that there is no ultimate controlling party.