REGISTERED NUMBER: |
The Welsh Badminton Union Limited |
Financial Statements |
for the Year Ended 31 March 2024 |
REGISTERED NUMBER: |
The Welsh Badminton Union Limited |
Financial Statements |
for the Year Ended 31 March 2024 |
The Welsh Badminton Union Limited (Registered number: 04987692) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
The Welsh Badminton Union Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
Highdale House |
7 Centre Court |
Treforest Industrial Estate |
Pontypridd |
Rhondda Cynon Taff |
CF37 5YR |
The Welsh Badminton Union Limited (Registered number: 04987692) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The Welsh Badminton Union Limited (Registered number: 04987692) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Welsh Badminton Union Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises income from grants, sponsorship and membership. |
Income is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. Income is measured as the fair value of the consideration received or receivable, excluding discounts rebates, value added tax and other sales taxes. |
The following criteria must be met before income is recognised: |
Grants Receivable |
Grants are not recognised in the income statement until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Grants are measured at the fair value of the asset received or receivable. |
Grants that do not impose specified future performance related conditions on the company are recognised in income when the grant proceeds are received and receivable. Grants that impose specified future performance related conditions on the company are recognised in income only when the performance related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability. |
Whee a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability. |
Any grant aid in kind is not included in turnover. |
Membership Income |
Membership income is recognised in the year to which it relates. The proportion of membership income received in the year that relates to a subsequent accounting period is deferred and carried forward to the following financial year. |
Sponsorship |
Income arising from sponsorship is normally recognised over the period of the sponsorship term. When the sponsorship is linked to a particular event or condition, income is recognised when the specific event has taken place or the condition has been met. |
Provision of Services |
Income from a contract to provide services is recognised in the period in which the services are provided. |
Tangible fixed assets |
Plant and machinery | - |
The Welsh Badminton Union Limited (Registered number: 04987692) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments, transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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. |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. |
Cash and cash equivalents comprise cash at bank and in hand. |
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Taxation |
The company is considered to be a mutual trading entity and any income arising from mutual trading activities is exempt from corporation tax. |
Pension costs |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income and expenditure account in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
The Welsh Badminton Union Limited (Registered number: 04987692) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Deferred Income |
Included within other creditors is the following deferred income in relation to Sports Wales income: |
2024 | 2023 |
Opening | £99,000 | £60,000 |
Movement in year | (£49,000 | ) | £39,000 |
Closing | £50,000 | £99,000 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | LIMITED BY GUARANTEE |
The company is limited by guarantee and does not have share capital. Each member of the company is liable to a maximum of £1 in the event of the winding up of the company. |