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No description of principal activities is disclosed
2023-06-01
Sage Accounts Production 23.0 - FRS102_2023
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2024-05-31
Company registration number:
4224343
The South Wales Football Association Limited
Company limited by guarantee
Unaudited filleted financial statements
31 May 2024
The South Wales Football Association Limited
Company limited by guarantee
Contents
Directors responsibilities statement
Assurance report
Balance sheet
Notes to the financial statements
The South Wales Football Association Limited
Company limited by guarantee
Directors responsibilities statement
Year ended 31 May 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The South Wales Football Association Limited
Company limited by guarantee
Independent chartered accountants review report to the
directors, as a body, of The South Wales Football Association Limited
Year ended 31 May 2024
We have reviewed the financial statements of The South Wales Football Association Limited for the year ended 31 May 2024 which comprise Balance Sheet and the related notes on pages 5 to 7. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter . Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
-
so as to give a true and fair view of the state of the company's affairs as at 31 May 2024, and of its profit for the year then ended;
-
in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
in accordance with the Companies Act 2006.
CHP Accountants Limited
Chartered Accountants
Clifton House
Four Elms Road
Cardiff
CF24 1LE
Dated : 12 July 2024
The South Wales Football Association Limited
Company limited by guarantee
Balance sheet
31 May 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
|
- |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
- |
|
|
|
- |
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
67,067 |
|
|
|
32,374 |
|
|
Cash at bank and in hand |
|
|
171,722 |
|
|
|
133,201 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
238,789 |
|
|
|
165,575 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
9,129) |
|
|
|
(
2,444) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
229,660 |
|
|
|
163,131 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
229,660 |
|
|
|
163,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
9 |
|
|
(
27,200) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
202,460 |
|
|
|
163,131 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Other reserves |
|
10 |
|
|
44,619 |
|
|
|
44,619 |
Profit and loss account |
|
10 |
|
|
157,841 |
|
|
|
118,512 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Members funds |
|
|
|
|
202,460 |
|
|
|
163,131 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
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;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
05 August 2024
, and are signed on behalf of the board by:
G N Buckingham
M Adams
Director
Director
Company registration number:
4224343
The South Wales Football Association Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 May 2024
1.
General information
The company is a private company limited by guarantee, registered in Wales. The address of the registered office is Clifton House, Four Elms Road, Cardiff, CF24 1LE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Income from fines and administration charges are recognised in the accounts when it is received apart from amounts collected by Football Association of Wales Comet system which is recognised to the period stated on the remittance statement. Football Association of Wales Area Association and Referee Training grants are matched to the season they relate to. Affiliation income is matched to the relevant season.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provision of the instrument. All of the financial instruments applying to the company are basic as defined in the accounting standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
4.
Limited by guarantee
The company is limited by guarantee, and as such does not have a share capital. Each member's liability is limited to an amount not exceeding £1.
5.
Staff costs
10 individuals were in receipt of honoraria during the year (2023 : 10)
6.
Honoraria
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Honoraria to directors |
|
41,275 |
39,505 |
|
Honoraria to non-directors |
|
17,625 |
15,841 |
|
|
|
_______ |
_______ |
|
|
|
58,900 |
55,346 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The following directors were in receipt of honoraria, M Adams, Mrs E J Taylor,
G N Buckingham
, D G King. The following non-directors received an honoraria Mrs S D Berry, R Burgum, P Williams, G Kite, D Randall, Mrs L Shide.
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Prepayments and accrued income |
|
67,067 |
32,374 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
8,976 |
2,444 |
|
Corporation tax |
|
153 |
- |
|
|
|
_______ |
_______ |
|
|
|
9,129 |
2,444 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Provisions
|
|
League KPIs |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 June 2023 |
- |
- |
|
|
|
|
Additions |
27,200 |
27,200 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 May 2024 |
27,200 |
27,200 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
A provision has been recognised for the affiliated leagues achieving key performance indicators as set by
The South Wales Football Association Limited
for the 2023/24 season.
10.
Reserves
The amount in Other Reserves arose from the transfer of the undertaking of The South Wales Football Association to the company in 2001. The total net assets taken over at book value totalled £44,619.
11.
Related party transactions
The company is a members' association and receives membership fees from all clubs affiliated with The South Wales Football Association Limited. These fees are paid annually and recorded in the company's profit and loss account.
12.
Controlling party
The company is controlled by its members.