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Western Storm Limited

Annual Report and Financial Statements
Year Ended 31 December 2023

Registration number: 12374475

 

Western Storm Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Western Storm Limited

Balance Sheet

31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

11,717

546

Cash at bank and in hand

 

538,368

187,703

 

550,085

188,249

Creditors: Amounts falling due within one year

5

(285,951)

(89,355)

Net assets

 

264,134

98,894

Capital and reserves

 

Profit and loss account

264,134

98,894

Reserves

 

264,134

98,894

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 Board on 9 April 2024 and signed on its behalf by:
 

.........................................
Mr G M Hollins
Director

   
     

Company Registration Number: 12374475

 

Western Storm Limited

Notes to the Financial Statements

Year Ended 31 December 2023

1

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:
Somerset County Cricket Club
The County Ground
Taunton
Somerset
TA1 1JT
United Kingdom

These financial statements were authorised for issue by the Board on 9 April 2024.

2

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
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2022 - 19).

4

Debtors

2023
£

2022
£

Prepayments and accrued income

-

546

Other debtors

11,717

-

11,717

546

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Social security and other taxes

16,476

24,815

Corporation tax

51,201

3,572

Accruals and deferred income

218,274

60,968

285,951

89,355

 

Western Storm Limited

Notes to the Financial Statements

Year Ended 31 December 2023

6

Related party transactions

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

2,313

2022

Other related parties
£

Sale of goods

3,800

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

22,417

2022

Other related parties
£

Purchase of goods

41,493

7

Ultimate controlling party

There is no person with control over Western Storm Limited.

 

8

Audit report

The Independent Auditors' Report was unqualified. We draw attention to Note 2 to the financial statements which explains that the company is expected to cease operating within a period of 12 months from the date of approval of these financial statements and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter. The name of the Senior Statutory Auditor who signed the audit report was Robert Whitehead FCCA, who signed for and on behalf of PKF Francis Clark on 9 April 2024.