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REGISTERED NUMBER: 04791100 (United Kingdom)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

WELSH AMATEUR BOXING ASSOCIATION LIMITED

WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 39,752 13,094

CURRENT ASSETS
Stocks 6 5,895 6,921
Debtors 7 53,728 18,636
Cash at bank and in hand 134,887 233,488
194,510 259,045
CREDITORS
Amounts falling due within one year 8 106,433 135,694
NET CURRENT ASSETS 88,077 123,351
TOTAL ASSETS LESS CURRENT LIABILITIES 127,829 136,445

RESERVES
Income and expenditure account 127,829 136,445
127,829 136,445

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





P J Thorogood - Director


WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Welsh Amateur Boxing Association Limited is a company limited by guarantee, incorporated in England and Wales, 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. 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 Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20%-25% Straight line
Office Equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Going concern
Welsh Amateur Boxing Association Limited is reliant on funding from Sports Wales. The board do not consider that there is any reason why funding from Sports Wales will not continue and as such consider the company to continue to operate as a going concern.

Therefore the board believes that financial statements have been prepared on a going concern basis.

Other grants
Other grant income is recognised in the income account in the same period as the related expenditure. Unexpended amounts are included in the balance sheet as deferred income.

Foreign currency transactions and balances
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken to into account in arriving at the operating result.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial Instruments

Classification
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 8 ) .

WELSH AMATEUR BOXING ASSOCIATION LIMITED (REGISTERED NUMBER: 04791100)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. TANGIBLE FIXED ASSETS
Plant and Office
machinery Equipment Totals
£    £    £   
COST
At 1 April 2023 26,619 5,847 32,466
Additions 42,005 - 42,005
At 31 March 2024 68,624 5,847 74,471
DEPRECIATION
At 1 April 2023 14,262 5,110 19,372
Charge for year 14,610 737 15,347
At 31 March 2024 28,872 5,847 34,719
NET BOOK VALUE
At 31 March 2024 39,752 - 39,752
At 31 March 2023 12,357 737 13,094

6. STOCKS
2024 2023
£    £   
Stocks 5,895 6,921

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 17,323 6,781
Prepayments and accrued income 36,405 11,855
53,728 18,636

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 21,750 -
Social security and other taxes - 6,800
Other creditors 2,167 1,500
Accruals and deferred income 82,516 127,394
106,433 135,694