REGISTERED NUMBER: 06500231 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

WELSH AMATEUR ROWING ASSOCIATION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J. A. D. Blackham

S. E. Davies

B. D. E. Pritchard

R. G. I. Watton

S. J. Reeves

G. P. J. Fackrell

K. S. O'Sullivan

A. Webb

L. M. Dance

SECRETARY:

E. Argall

REGISTERED OFFICE:

Welsh National Sports Centre

Sophia Gardens

Cardiff

CF11 9SW

REGISTERED NUMBER:

06500231 (England and Wales)

ACCOUNTANTS:

Arthur Gait & Company Limited

Chartered Certified Accountants

18 Gold Tops

Newport

NP20 5WJ

FIXED ASSETS

Tangible assets

4

36,285

74,196

CURRENT ASSETS

Debtors

5

3,162

8,386

Cash at bank

204,498

205,835

207,660

214,221

CREDITORS

Amounts falling due within one year

6

73,358

95,517

NET CURRENT ASSETS

134,302

118,704

TOTAL ASSETS LESS CURRENT LIABILITIES

170,587

192,900

CREDITORS

Amounts falling due after more than one year

7

-

(37,299

)

PROVISIONS FOR LIABILITIES

8

(39,750

)

(25,000

)

NET ASSETS

130,837

130,601

RESERVES

Income and expenditure account

130,837

130,601

130,837

130,601

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 16 December 2025 and were signed on its behalf by:

G. P. J. Fackrell - Director

1.	STATUTORY INFORMATION

Welsh Amateur Rowing Association 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.

There have been no material departures from the requirements of Financial Reporting Standard 102 Section 1 A other than noted in the provisions for liabilities policy below.

Going concern

The company has adequate resources to continue in operational existence for the foreseeable future. As there are no uncertainties about its ability to continue as a going concern, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover comprises income from grants, sponsorship, membership and events.

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 also 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 or receivable. Grants that imposes 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.

Where a grant has been received in respect of the purchase of specific equipment, the asset is capitalised and depreciated over its useful life and the associated grant income is credited to deferred income and released to the income and expenditure account so as to be matched with the associated depreciation charge.

Where 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.

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 etc

-

20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price of the asset and any costs directly attributable to bringing it to the location and condition necessary for it to be capable of operating in the manner intended by the company.

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

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Provisions for liabilities

Provisions are made in the financial statements for the estimated costs to be incurred by the company of hosting and attending future events. As these provisions relate to future, not present obligations, they do not comply with the accounting requirements of FRS102 Section 1 A.

FRS102 requires that a company shall recognise a provision only when it has an obligation at the reporting date as a result of a past event, it is probable (i,e. more likely than not) that it will be required to transfer economic benefits in settlement, and the amount of the obligation can be estimated reliably.

Obligations that will arise from the company’s future actions do not satisfy these conditions, no matter how likely they are to occur, but the directors consider that it is prudent to make such provision.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2024

and 31 March 2025

470,068

DEPRECIATION

At 1 April 2024

395,872

Charge for year

37,911

At 31 March 2025

433,783

NET BOOK VALUE

At 31 March 2025

36,285

At 31 March 2024

74,196

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,162

3,162

Other debtors

-

5,224

3,162

8,386

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

7,687

19,059

Taxation and social security

405

136

Other creditors

65,266

76,322

73,358

95,517

Other creditors includes income received from Sport Wales deferred to the following financial year totalling £37,388 (2024 £42,407).

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

-

37,299

Other creditors at 31 March 2024 includes income received from Sport Wales deferred to the following financial year totalling £37,299.

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Other provisions

39,750

25,000

The company is committed to holding and attending various events in the future and has made provision for the estimated costs related to these obligations.