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REGISTERED NUMBER: 06043726 (England and Wales)














AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

WELSH AMATEUR SWIMMING ASSOCIATION
LIMITED

WELSH AMATEUR SWIMMING ASSOCIATION
LIMITED (REGISTERED NUMBER: 06043726)






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 AMATEUR SWIMMING ASSOCIATION
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A Bewley
R J Eady
F G Feeney
E L Powell
H M Lewis





SECRETARY: C S Mathias





REGISTERED OFFICE: Wales National Pool Swansea
Sketty Lane
Swansea
SA2 8QG





REGISTERED NUMBER: 06043726 (England and Wales)





AUDITORS: Arthur Gait & Company
Chartered Accountants and Statutory Auditors
18 Gold Tops
Newport
South Wales
NP20 5WJ

WELSH AMATEUR SWIMMING ASSOCIATION
LIMITED (REGISTERED NUMBER: 06043726)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 450,000 450,000

CURRENT ASSETS
Cash at bank 20 51

CREDITORS
Amounts falling due within one year 5 2,313 3,652
NET CURRENT LIABILITIES (2,293 ) (3,601 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

447,707

446,399

CREDITORS
Amounts falling due after more than one
year

6

(171,882

)

(173,404

)

PROVISIONS FOR LIABILITIES (8,471 ) (8,471 )
NET ASSETS 267,354 264,524

RESERVES
Revaluation reserve 151,706 151,706
Fair value reserve 50,000 50,000
Income and expenditure account 65,648 62,818
267,354 264,524

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 24 November 2023 and were signed on its behalf by:





F G Feeney - Director


WELSH AMATEUR SWIMMING ASSOCIATION
LIMITED (REGISTERED NUMBER: 06043726)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Welsh Amateur Swimming Association 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit.

To ascertain the fair value at the balance sheet date, investment properties are valued using RICS open market valuation on a freehold basis conducted annually by an independent firm of chartered surveyors.

Financial instruments
The company only enters into basic financial instruments, transactions that result in the recognition of financial assets and liabilities including loans from related parties.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Other creditors
Other creditors including loans from related parties are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at 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 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 AMATEUR SWIMMING ASSOCIATION
LIMITED (REGISTERED NUMBER: 06043726)

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.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 450,000
NET BOOK VALUE
At 31 March 2023 450,000
At 31 March 2022 450,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2022 450,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Taxation and social security 663 1,542
Other creditors 1,650 2,110
2,313 3,652

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Amounts owed to group undertakings 171,882 173,404

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

The Report of the Auditors was unqualified.

Christine Pritchard FCA (Senior Statutory Auditor)
for and on behalf of Arthur Gait & Company

WELSH AMATEUR SWIMMING ASSOCIATION
LIMITED (REGISTERED NUMBER: 06043726)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. RELATED PARTY DISCLOSURES

During the year the company's parent undertaking, Swim Wales, continued to provide an interest free loan to the company. At 31st March 2023, the amount owed by the company to Swim Wales, that is included in 'creditors: amounts falling due after more than one year', was £171,882 (2021 £173,404).