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REGISTERED NUMBER: 06179841 (England and Wales)















Welsh Athletics Limited

Financial Statements

for the Year Ended 31 March 2023






Welsh Athletics Limited (Registered number: 06179841)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Welsh Athletics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: D S Perks
H A Adams
T C Overton
J P Ford
L J Kerr
C M Gough
J D Clode
D Clements
L M Brier
N Everitt





SECRETARY: J Williams





REGISTERED OFFICE: Cardiff International Sports Stadium
Leckwith Road
Leckwith
Cardiff
CF11 8AZ





REGISTERED NUMBER: 06179841 (England and Wales)





AUDITORS: HSJ Audit Limited
Severn House
Hazell Drive
Newport
Gwent
NP10 8FY

Welsh Athletics Limited (Registered number: 06179841)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,920 8,470
Tangible assets 5 11,764 16,734
Investments 6 - 360,903
28,684 386,107

CURRENT ASSETS
Stocks 38,150 34,510
Debtors 7 52,319 114,244
Cash at bank and in hand 700,237 441,139
790,706 589,893
CREDITORS
Amounts falling due within one year 8 594,544 663,292
NET CURRENT ASSETS/(LIABILITIES) 196,162 (73,399 )
TOTAL ASSETS LESS CURRENT LIABILITIES 224,846 312,708

CREDITORS
Amounts falling due after more than one year 9 - 18,000
NET ASSETS 224,846 294,708

RESERVES
Income and expenditure account 224,846 294,708
224,846 294,708

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 18 September 2023 and were signed on its behalf by:





D S Perks - Director


Welsh Athletics Limited (Registered number: 06179841)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Welsh Athletics Limited 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.

Turnover
Turnover includes income received from Grants, Membership fees and Events.Turnover is recognised when:

1. Entitlement to the grant is confirmed;
2, Membership and services fees are accounted for in the year to which they relate.
3, An event has occurred in the financial year.

Unspent grants are shown in the balance sheet as deferred income which is included in other creditors.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The website is being amortised evenly over its estimated useful life of five years. Additional licencing requirements will start to be amortised in the year that the benefice handover occurs and will be amortised over 3 years.

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 - 25% - 33% on cost
Fixtures and fittings - 25% - 33.33% on cost

Investments
Investments in shares are included at fair value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


Welsh Athletics Limited (Registered number: 06179841)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 34 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1 April 2022 32,748
Additions 15,000
At 31 March 2023 47,748
AMORTISATION
At 1 April 2022 24,278
Amortisation for year 6,550
At 31 March 2023 30,828
NET BOOK VALUE
At 31 March 2023 16,920
At 31 March 2022 8,470

Welsh Athletics Limited (Registered number: 06179841)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2022 46,154 65,069 111,223
Additions - 1,778 1,778
At 31 March 2023 46,154 66,847 113,001
DEPRECIATION
At 1 April 2022 40,087 54,402 94,489
Charge for year 4,039 2,709 6,748
At 31 March 2023 44,126 57,111 101,237
NET BOOK VALUE
At 31 March 2023 2,028 9,736 11,764
At 31 March 2022 6,067 10,667 16,734

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2022 360,903
Disposals (360,903 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 360,903

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 10,497 76,340
Other debtors 41,822 37,904
52,319 114,244

Welsh Athletics Limited (Registered number: 06179841)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 32,349 110,797
Taxation and social security 2,819 10,750
Other creditors 559,376 541,745
594,544 663,292

Included within other creditors is an amount relating to deferred income of £490,824 (2022: £471,284). Deferred income includes the amount of £444,001 (2022: £343,926) relating to Sport Wales funding.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Other creditors - 18,000

Included within other creditors is an amount relating to deferred income of £nil (2022: £18,000).

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor)
for and on behalf of HSJ Audit Limited

11. LIMITED BY GUARANTEE

The company is limited by guarantee and accordingly does not have share capital.

Every member of the company undertakes to contribute such amounts as may be required not exceeding £1, to the assets of the company in the event of it being wound up while he or she is a member, or within one year after, he or she ceases to be a member.