REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Golf Union of Wales Limited |
Trading as |
Wales Golf |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Golf Union of Wales Limited |
Trading as |
Wales Golf |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
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 |
Golf Union of Wales Limited |
Trading as Wales Golf |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants, Statutory Auditor |
2nd Floor Refuge House |
33-37 Watergate Row |
Chester |
CH1 2LE |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
ACCUMULATED FUND |
Income and expenditure account | 11 | 860,852 |
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 |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Golf Union of Wales Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income |
Income comprises revenue recognised by the company in respect of goods and services supplied during the year, excluding Value Added Tax. |
Subscription fees are accounted for in the period to which they relate. |
Grant, championships, and sponsorship income is recognised when the related expenditure is incurred in line with the grant / sponsorship criteria and when the events take place. Where relevant income is received and not spent in the period, it is included within other creditors as deferred income. |
All other income, including that from entrance fees charged for domestic events and competitions is recognised when the goods or services are supplied. |
Tangible fixed assets |
Fixed assets are stated at their cost prices, less accumulated depreciation and less amounts recognised in respect of impairment |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings - 2% on cost |
Fixtures, Fittings & Equipment - 25% on reducing balance and 20% on reducing balance. |
Stocks |
Stocks are valued at the lower of cost and net realiseable value, after making due allowance for obsolete and slow moving items. |
Inventories held for distribution at no or nominal cost are measured at the lower of cost and replacement cost. |
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. |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
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. |
Leasing commitments |
Rentals under operating leases are charged to the income and expenditure account as the payments fall due. |
Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to the profit or loss in the period with they relate. |
Grant income |
Grants received in respect of expenditure charged to the profit and loss account during the year are included in the profit and loss account. |
The remainder are deferred and will be included in the profit and loss account by instalments over the expected useful lives of the related assets or as the expenditure is incurred. |
Any deferments are included on the balance sheet as creditors due within or after one year. |
Investments |
These are held as fixed assets and are shown at their market value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
Land and | fittings |
buildings | & equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Office Deeds Transfer: further to a 'post balance sheet events' note in the March 2021 accounts, the directors are currently involved in facilitating the transfer of the title of the Wales Golf office from the Trustees of the Welsh Golfing Union to the Golf Union of Wales Limited. Having taken independent advice the directors do not believe that a capital gains tax liability will arise from this action. |
The freehold building is currently subject to a right of pre-emption in favour of the Celtic Manor Resort Limited which will continue in place, post transfer, in the event that the Golf Union of Wales Limited would seek to dispose of the property. |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2022 |
Disposals | ( |
) |
Dividend and interest received | (10 | ) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | STOCKS |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Stocks |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
The other creditor balances shown above consists of the following deferred receipts and creditors: |
2023 | 2022 |
£ | £ |
Sport Wales | 57,606 | 200,489 |
R&A grants | 55,591 | 61,505 |
Verses Arthritis | - | 1,830 |
John Powell legacy | 14,138 | 14,138 |
Championships - net advanced receipts | 15,627 | 34,095 |
Deferred subscriptions & Flexiclub | 310,578 | 285,367 |
Sponsorship & Sport Wales grant held on account | 46,571 | 4,627 |
Accruals | 8,065 | 6,690 |
508,176 | 608,741 |
During the year Golf Union of Wales received a grant of £85,000 from Sports Wales which it is administering on behalf of Pyle & Kenfig Golf Club. £42,000 of the grant was spent during the year, with the remaining £43,000 included in Other Creditors. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
as restated |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year |
Balance at 31 March 2023 |
11. | ACCUMULATED FUND |
Income |
and |
expenditure |
account |
£ |
At 1 April 2022 |
Prior year adjustment | ( |
) |
Deficit for the year | ( |
) |
At 31 March 2023 |
For further details on the Prior Year Adjustment, please see Note 7. |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | CONTINGENT LIABILITIES |
It was disclosed in the 2020/21 financial statements that the directors had become aware of a potential issue relating to VAT. Following further investigation, the directors believe that the company exceeded the VAT registration threshold for a period between March 2014 and January 2017 (at which time the company was not registered for VAT) and notified HMRC accordingly. |
The directors have received an assessment from HMRC and have accounted for a VAT liability of £32,808 plus estimated interest of £5,597 as a prior year adjustment. Potential penalties have yet to be assessed. As these cannot be estimated with reasonable accuracy, no provision has been made. |
Golf Union of Wales Limited (Registered number: 06027404) |
Trading as Wales Golf |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | RELATED PARTY DISCLOSURES |
The directors acknowledge their responsibilities with regard maintaining a register of related party transactions and having reviewed the register, they have identified the following transaction which requires disclosure: |
During the year the Golf Union of Wales made payment of £3,000 to British Golf Association (the BGA). The BGA selects and part funds Team GB's golf teams for the Olympic Games. Golf Union of Wales Limited is one of four members of the BGA. |
15. | ULTIMATE CONTROLLING PARTY |
The company is a private company limited by guarantee and consequently does not have any share capital. The ultimate control of the company therefore resides in its members who are liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. |