Year Ended
Registration number:
Western Storm Limited
Balance Sheet
31 December 2023
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2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Reserves |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 12374475
Western Storm Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company 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 address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The functional currency of the company is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates, and the financial statements are presented to the nearest round pound.
Western Storm Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Going concern
Women’s cricket continues to go from strength to strength and the funding received from the England and Wales Cricket Board (“ECB”) through the Regional Partnership Agreement, along with a rapidly growing supporter base, is resulting in positive financial momentum. Interest from sponsorship and other commercial partners is contributing to an outlook of optimism and ambition.
In January 2024, the ECB issued a formal Invitation to Tender to all 18 First Class Counties and Marylebone Cricket Club (“MCC”) for the purposes of selecting eight professional cricket clubs to be awarded “Tier 1” Women’s team status, with a requirement to participate in the ECB’s Women’s professional domestic competitions for the 2025-2028 seasons. This structure will replace the regional model of 8 professional teams that currently sits alongside the Men’s First Class County professional game structure. The new structure is expected to come into effect on 1st February 2025.
The Directors are awaiting confirmation from the ECB of the process that will be followed in advance of 1st February 2025 once the tenders are awarded, although understand that all personnel from the existing entities that act as vehicles for the current regional teams (including Western Storm Limited) will be transferred into the successful tender applicants. Up to and including the date of transfer, the directors are confident that, with the ongoing support of the ECB, the company will continue to operate as it does now. The ECB has confirmed that up to the date of the new structure, financial distributions under the draft Regional Partnership Agreement will continue as planned. Following the full settlement of liabilities, post-1st February 2025, the Directors expect to retain a positive cash balance and are awaiting guidance from the ECB as to how these cash balances should be distributed.
It is clear that the ECB’s proposed changes to women’s cricket are expected to result in Western Storm ceasing to operate within a period of 12 months from the date of approval of these financial statements. Consequently, these accounts have been prepared on a basis other than going concern. Future costs of terminating the business that were not committed to at the balance sheet date are not included. No material adjustments arose as a result of these changes.
Judgements
The main area that requires significant judgement is going concern as described in the going concern statement. |
Key sources of estimation uncertainty
There are no areas of significant estimation in the accounts.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable from the distribution from the ECB as well as income from sponsorship and ticket sales.
Turnover received from the ECB is recognised over the period of the contract. Turnover in relation to sponsorship income is recognised in the period to which the sponsorship relates. Turnover in relation to ticket sales is recognised at the point at which the sale is made.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Western Storm Limited
Notes to the Financial Statements
Year Ended 31 December 2023
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Western Storm Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Debtors |
2023 |
2022 |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Social security and other taxes |
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Corporation tax |
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Accruals and deferred income |
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Western Storm Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Related party transactions |
Income and receivables from related parties
2023 |
Other related parties |
Sale of goods |
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2022 |
Other related parties |
Sale of goods |
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Expenditure with and payables to related parties
2023 |
Other related parties |
Purchase of goods |
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2022 |
Other related parties |
Purchase of goods |
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Ultimate controlling party |
Audit report |