Company registration number 08291896 (England and Wales)
PARC Y DDRAIG LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
PARC Y DDRAIG LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PARC Y DDRAIG LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
90,766
Current assets
Debtors
5
154,992
22,344
Cash at bank and in hand
6,851
118,856
161,843
141,200
Creditors: amounts falling due within one year
6
(135,991)
(182,274)
Net current assets/(liabilities)
25,852
(41,074)
Total assets less current liabilities
25,852
49,692
Deferred income
7
-
0
(49,607)
Net assets
25,852
85
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
25,851
84
Total equity
25,852
85

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Year ended 30 June 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 financial statements were approved by the board of directors and authorised for issue on 4 March 2024 and are signed on its behalf by:
Mr N  Mooney
Director
Company Registration No. 08291896
PARC Y DDRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information

Parc Y Ddraig Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dragon Park, National Football Development Centre, Newport International Sports Village, Newport, United Kingdom, NP19 4RA.

1.1
Reporting period

The prior period was extended by three months to 30 June 2022 in line with its parent company, Cymru Football Foundation Limited (formerly FAW Football in the Community Limited), therefore the prior year results represent a 15 month period.

1.2
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. The principal accounting policies adopted are set out below.

1.3
Going concern

Post year end the company plan to cease operations and transfer its trade to Football Association of Wales Limited. Therefore at the time of approving the financial statements, given their intention to cease trading, these financial statements have been prepared on a basis other than going concern. No significant adjustments were required as a result of ceasing to adopt the going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10-20% Reducing Balance
Fixtures and fittings
10% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PARC Y DDRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Other operating income
2023
2022
£
£
Capital grants released (see note 7)
49,607
7,961
PARC Y DDRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the Year was:

2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2022
189,485
57,989
247,474
Additions
1,460
-
0
1,460
Disposals
(190,945)
(57,989)
(248,934)
At 30 June 2023
-
0
-
0
-
0
Depreciation and impairment
At 1 July 2022
142,653
14,055
156,708
Depreciation charged in the Year
7,754
5,799
13,553
Eliminated in respect of disposals
(150,407)
(19,854)
(170,261)
At 30 June 2023
-
0
-
0
-
0
Carrying amount
At 30 June 2023
-
0
-
0
-
0
At 30 June 2022
46,832
43,934
90,766

On 30th June 2023 the assets were sold to Football Association of Wales Limited.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
154,992
16,812
Other debtors
-
0
5,532
154,992
22,344
PARC Y DDRAIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,338
36,068
Amounts owed to group undertakings
84,547
127,506
Taxation and social security
22,943
-
0
Other creditors
26,163
18,700
135,991
182,274
7
Deferred income
Deferred income relates to grants as follows:
Capital grants
£
Balance at 1st July 2022
49,607
Released in the period
(49,607)
Balance at 30th June 2023
-

The remainder of the un-amortised portion of the capital grant has been released as the assets were unencumbered on the basis that the original grant was received from Football Association of Wales Limited on the assets which are being transferred to FAW as part of the restructuring of the company.

8
Related party transactions

During the year an amount of £117,500 (2022: £197,500) was received from Cymru Football Foundation Ltd (formerly FAW Football In The Community Limited), its parent company, to cover maintenance costs. At the year end, an amount of £84,547 was due to Cymru Football Foundation Ltd (2022: £127,506), this amount was held in amounts owed to group undertakings less than one year.

9
Parent company

The company's ultimate parent company and ultimate controlling party is FAW Football in the Community Limited.

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