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REGISTERED NUMBER: 04987692 (England and Wales)















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: J P Austin
C J Egan
D L Evans
R K Fisher
B C Garnham
P J Hybart
C Mccluskey
N A Ralph
J Reynolds





REGISTERED OFFICE: Sport Wales National Centre
Sophia Gardens
Cardiff
CF11 9SW





REGISTERED NUMBER: 04987692 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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 9,592 4,609
Cash at bank 239,645 274,978
249,237 279,587
CREDITORS
Amounts falling due within one year 6 88,549 128,604
NET CURRENT ASSETS 160,688 150,983
TOTAL ASSETS LESS CURRENT LIABILITIES 160,688 150,983

RESERVES
Income and expenditure account 160,688 150,983
160,688 150,983

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





P J Hybart - Director


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 private company, limited by guarantee , registered in England and Wales. 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 the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15 - 25% on cost

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 8 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 11,762
DEPRECIATION
At 1 April 2023
and 31 March 2024 11,762
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 2,144 2,402
Other debtors 7,448 2,207
9,592 4,609

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 10,166 23,081
Taxation and social security 411 2,314
Other creditors 77,972 103,209
88,549 128,604

Deferred Income

Included within other creditors is the following deferred income in relation to Sports Wales income:


20242023
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.

Gareth Francis (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited

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.