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REGISTERED NUMBER: 06027404 (Wales)















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: Mr A C Bradbury
Ms C E Lane
Ms H L McAllister
Ms K Sandow
Mr N J Heslop
Mr S D Hopkin
Mr I J Jones
Mr H Morris



SECRETARY: Ms H L McAllister



REGISTERED OFFICE: Catsash
Newport
Gwent
NP18 1JQ



REGISTERED NUMBER: 06027404 (Wales)



SENIOR STATUTORY AUDITOR: Susan Harris MA ACA



AUDITORS: Champion Accountants LLP
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 4 109,545 103,756
Investments 5 - 57
109,545 103,813

CURRENT ASSETS
Stocks 6 25,718 1,281
Debtors 7 261,665 221,565
Cash at bank 1,110,720 1,244,156
1,398,103 1,467,002
CREDITORS
Amounts falling due within one year 8 644,115 705,871
NET CURRENT ASSETS 753,988 761,131
TOTAL ASSETS LESS CURRENT
LIABILITIES

863,533

864,944

PROVISIONS FOR LIABILITIES 10 5,879 4,092
NET ASSETS 857,654 860,852

ACCUMULATED FUND
Income and expenditure account 11 857,654 860,852
857,654 860,852

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 September 2023 and were signed on its behalf by:





Mr A C Bradbury - Director


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 private company, limited by guarantee , registered in Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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 15 (2022 - 15 ) .

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 180,700 219,149 399,849
Additions - 18,413 18,413
Disposals - (15,306 ) (15,306 )
At 31 March 2023 180,700 222,256 402,956
DEPRECIATION
At 1 April 2022 98,482 197,611 296,093
Charge for year 3,614 9,010 12,624
Eliminated on disposal - (15,306 ) (15,306 )
At 31 March 2023 102,096 191,315 293,411
NET BOOK VALUE
At 31 March 2023 78,604 30,941 109,545
At 31 March 2022 82,218 21,538 103,756

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 57
Disposals (47 )
Dividend and interest received (10 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 57

6. STOCKS
31.3.23 31.3.22
as restated
£    £   
Stocks 25,718 1,281

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 215,948 160,483
Other debtors 45,717 61,082
261,665 221,565

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
as restated
£    £   
Trade creditors 84,116 58,710
Taxation and social security 51,823 38,420
Other creditors 508,176 608,741
644,115 705,871

The other creditor balances shown above consists of the following deferred receipts and creditors:

20232022
£   £   
Sport Wales57,606200,489
R&A grants55,59161,505
Verses Arthritis-1,830
John Powell legacy14,13814,138
Championships - net advanced receipts15,62734,095
Deferred subscriptions & Flexiclub310,578285,367
Sponsorship & Sport Wales grant held on
account

46,571

4,627
Accruals8,0656,690
508,176608,741


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 36,587 36,163
Between one and five years 26,000 46,329
62,587 82,492

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 5,879 4,092

Deferred
tax
£   
Balance at 1 April 2022 4,092
Provided during year 1,787
Balance at 31 March 2023 5,879

11. ACCUMULATED FUND
Income
and
expenditure
account
£   

At 1 April 2022 899,257
Prior year adjustment (38,405 )
860,852
Deficit for the year (3,198 )
At 31 March 2023 857,654

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.

Susan Harris MA ACA (Senior Statutory Auditor)
for and on behalf of Champion Accountants LLP

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.