Company registration number 06553319 (England and Wales)
FAW GROUNDS IMPROVEMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FAW GROUNDS IMPROVEMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 4
FAW GROUNDS IMPROVEMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
341,744
451,087
Cash at bank and in hand
87,239
74,917
428,983
526,004
Creditors: amounts falling due within one year
4
(428,983)
(526,004)
Net current assets
-
0
-
0
Reserves
5
-
-

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 10 February 2025 and are signed on its behalf by:
Mr D R Griffiths
Director
Company registration number 06553319 (England and Wales)
FAW GROUNDS IMPROVEMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Income and expenditure
£
Balance at 1 July 2022
58,083
Year ended 30 June 2023:
Deficit and total comprehensive income
(58,083)
Balance at 30 June 2023
-
0
Year ended 30 June 2024:
Surplus and total comprehensive income
-
0
Balance at 30 June 2024
-
0
FAW GROUNDS IMPROVEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

FAW Grounds Improvements Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Dragon Parc, National Football Development Centre, Newport International Sports Village, Newport, United Kingdom, NP19 4RA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any reason why the company will not be able to meet liabilities as they fall due for the foreseeable future. As a result the directors have adopted the going concern basis of accounting.true

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

1.5

Taxation

The company is a not-for-profit grant making body and its activities are considered to be exempt from corporation tax. Full provision is made for corporation tax liabilities arising in respect of income deriving from the company's investments.

2
Employees
No formal employees are employed by FAW Grounds Improvements Limited.
The company is run by the board of directors, who are detailed in the Directors Report on page 1.
FAW GROUNDS IMPROVEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
200,000
451,087
Prepayments and accrued income
141,744
-
0
0
341,744
451,087
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
400,019
509,810
Other creditors
28,964
16,194
428,983
526,004
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
Date of audit report:
10 February 2025
7
Related party transactions

The company's members are the Football Association of Wales Limited and FAW Football in the Community Limited.

 

During the period, the company were awarded grants amounting to £391,979 (2023: £451,087) from the Football Association of Wales Limited. As at 30 June 2024, the company was owed £341,744 from Football Association of Wales Limited. These amounts being included in trade debtors due within one year.

 

During the period, the company paid the Football Association of Wales Limited for goods and services amounting to £12,000 (2023: £12,000) As at 30 June 2024, the company owed £24,000 to Football Association of Wales Limited. These amounts being included in other creditors due within one year.

 

 

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