Company Registration No. 04495036 (England and Wales)
THE COMMONWEALTH GAMES COUNCIL FOR WALES
(LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE COMMONWEALTH GAMES COUNCIL FOR WALES
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
THE COMMONWEALTH GAMES COUNCIL FOR WALES
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
1,520
2,250
Investments
5
647,731
624,084
649,251
626,334
Current assets
Trade and other receivables
7
4,425
41,682
Cash and cash equivalents
1,010,557
1,594,190
1,014,982
1,635,872
Current liabilities
8
(72,480)
(315,002)
Net current assets
942,502
1,320,870
Total assets less current liabilities
1,591,753
1,947,204
Provisions for liabilities
9
(20,463)
(31,069)
Net assets
1,571,290
1,916,135
Reserves
Called up share capital
10
Income and expenditure account
11
1,571,290
1,916,135
Members' funds
1,571,290
1,916,135
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
THE COMMONWEALTH GAMES COUNCIL FOR WALES
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
W Barbour
Director
Company Registration No. 04495036
THE COMMONWEALTH GAMES COUNCIL FOR WALES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
The Commonwealth Games Council for Wales is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Forest Grove, Treforest, Pontypridd, Mid Glamorgan, United Kingdom, CF37 1UB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciated and accumulated impairment losses. Cost includes the original purchase price, plus any costs directly attributable to bringing the asset to its working condition for its intended use,
(i) Depreciation and residual values
Depreciation is provided at the following annual rates in order to write off each asset over its useful economic useful life:
Computer equipment
25% Reducing Balance
At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
(ii) Subsequent additions
Subsequent costs are included in the assets' carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefit associated will flow to the company and the cost can be measured reliably.
(iii) Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE COMMONWEALTH GAMES COUNCIL FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial instruments
Basic financial instruments are accounted for in accordance with section 11 of FRS102 and comprise cash and cash equivalents.
Basic debt instruments are measured at amortised costs.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.4
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
Current tax is recognised at the moment of tax payable using the tax and laws that have been enacted or substantially 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 substantially 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 is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.5
Employees and Directors
The company operates a defined contribution pension scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and contributions actually paid are shown in either accruals or prepayments on the Statement of Financial Postion.
1.6
Government grants
A grant is not recognized until there is reasonable assurance that:
Grants are recognized using the accrual model.
1.7
Listed investments held as fixed assets are shown at the quoted market value at the balance sheet date. Fair value movements on listed investments are recognised through profit and loss.
THE COMMONWEALTH GAMES COUNCIL FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no key sources of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
2
4
Property, plant and equipment
Computer equipment
£
Cost
At 1 April 2022
8,282
Additions
412
Disposals
(5,562)
At 31 March 2023
3,132
Depreciation and impairment
At 1 April 2022
6,032
Depreciation charged in the year
516
Eliminated in respect of disposals
(4,936)
At 31 March 2023
1,612
Carrying amount
At 31 March 2023
1,520
At 31 March 2022
2,250
THE COMMONWEALTH GAMES COUNCIL FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Fixed asset investments
2023
2022
£
£
Investments
647,731
624,084
THE COMMONWEALTH GAMES COUNCIL FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 7 -
Other Investments
£
Cost or valuation
At 1 April 2022
624,084
Additions
123,021
Valuation changes
(60,233)
Disposals
(39,141)
At 31 March 2023
647,731
Carrying amount
At 31 March 2023
647,731
At 31 March 2022
624,084
6
Fixed assets investments included at fair value at the year end
2023
2022
£
£
Valuation at 31 March
74,792
141,701
Original cost
572,939
482,383
647,731
624,084
7
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Service charges due
383
23,660
Other receivables
4,042
18,022
4,425
41,682
8
Current liabilities
2023
2022
£
£
Trade payables
30,541
Corporation tax
3,326
1,358
Other taxation and social security
7,316
6,720
Accruals and deferred income
61,838
276,383
72,480
315,002
THE COMMONWEALTH GAMES COUNCIL FOR WALES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
20,463
31,069
10
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
11
Income and expenditure account
2023
2022
£
£
At the beginning of the year
1,916,135
1,555,507
(Deficit)/surplus for the year
(344,845)
360,628
At the end of the year
1,571,290
1,916,135
12
Company status
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.