1.
General Information
Golf Union of Wales Limited
is a private company, limited by guarantee, incorporated in England & Wales, registered number
06027404
. The registered office is Golf Union Of Wales Ltd, Catsash, Newport, Gwent, NP18 1JQ.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Turnover
Income comprises revenue recognised by the company in respect of goods and services supplied during the year, excluding Value Added Tax.
Subscription fees are accounted for in the period to which they relate.
Grant, championships, and sponsorship income is recognised when the related expenditure is incurred in line with the grant / sponsorship criteria and when the events take place. Where relevant income is received and not spent in the period, it is included within other creditors as deferred income.
All other income, including that from entrance fees charged for domestic events and competitions is recognised when the goods or services are supplied.
2.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets, notably website and IT development costs, are stated at their cost prices, less accumulated ammortisation and less amounts recognised in respect of impairment. It is amortised to income and expenditure account over its estimated economic life of 5 years.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Fixtures & Fittings |
|
2.5.
Investments
These are held as curent assets and are shown at their market value.
2.6.
Leasing and Hire Purchase Contracts
Rentals under operating leases are charged to the income and expenditure account as the payments fall due.
2.7.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.8.
Taxation
2.8.
Taxation - continued
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
...CONTINUED
Golf Union of Wales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in surplus or deficit for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.9.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the Income and Expenditure Account as they become payable in accordance with the rules of the scheme.
2.10.
Grant Income
Grants received in respect of expenditure charged to the profit and loss account during the year are included in the profit and loss account.
The remainder are deferred and will be included in the profit and loss account by instalments over the expected useful lives of the related assets or as the expenditure is incurred.
Any deferments are included on the balance sheet as creditors due within or after one year.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2024: 17)
4.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| As at 31 March 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 31 March 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
The freehold building is subject to a right of pre-emption in favour of the Celtic Manor Resort Limited in the event that the Golf Union of Wales Limited would seek to dispose of the property.
5.
Stocks
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Stock |
|
|
|
Golf Union of Wales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors | 24,041 | 20,495 | |
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other creditors | 1,433,865 | 590,617 | |
| Taxation and social security |
|
|
|
|
|
|
||
The accruals and deferred income balance includes the following deferred receipts and creditors as at 31 March 2025:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Sport Wales
|
1,000,000
|
103,753
|
|
|
R&A Grants
|
56,033
|
105,888
|
|
|
John Powell Legacy
|
5,000
|
14,138
|
|
|
Deferred Sponsorship Income
|
-
|
15,300
|
|
|
Deferred Championship Income
|
22,245
|
21,324
|
|
|
Deferred Subscriptions & FlexiClub
|
337,987
|
314,715
|
|
|
Accrued Expenses
|
12,601
|
14,596
|
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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</svg>){kind=small}
|
|
||
|
1,433,865
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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</svg>){kind=small}
|
590,615
|
The balance of £1,000,000 held in connection with Sport Wales as at 31 March 2025 represents Legacy Funding to be distributed to member clubs in the year ended 31 March 2026 and does not represent Golf Union of Wales Limited income to be recognised in future periods.
8.
Deferred Taxation
The provision for deferred tax is made up as follows:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Balance at 1 April
|
3,871
|
5,879
|
|
|
(Utilised) / Charged in year
|
934
|
(2,008)
|
|
|
|
|
||
|
Balance at 31 March
|
4,805
|
3,871
|
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 4,805 | 3,871 | |
Golf Union of Wales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2025
9.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
10.
Related Party Disclosures
The directors acknowledge their responsibilities with regards to maintaining a register of related party transactions and having reviewed the register, they have identified the following transaction which requires disclosure:
During the year Golf Union of Wales made payment of £3,000 to British Golf Association (the BGA). The BGA selects and part funds Team GB's golf teams for the Olympic Games. Golf Union of Wales Limited is one of four members of the BGA.
11.
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
12.
FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Audit Information
The auditor's report on the accounts of
Golf Union of Wales Limited
for the year ended 31 March 2025 was unqualified.
The auditor's report was signed by
Mr Andrew Hill FCCA FCA DChA BFP
(Senior Statutory Auditor)
for and on behalf of
HSJ Audit Limited
, Statutory Auditor.