Welsh Dragons Ltd

	Page
Balance Sheet	1
Notes to the Financial Statements	2—4

1. General Information

Welsh Dragons Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 15064698 . The registered office is Wales Netball, Sport Wales National Centre, Sophia Close, Cardiff, CF11 9SW.

The presentation currency of the financial statements is the Pound Sterling (£).

Monetary amounts in these financial statements are rounded to the nearest £.

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. Going Concern Disclosure

In considering the appropriate basis on which to prepare the financial statements, the directors are required to consider whether the company can continue in operational existence for the foreseeable future. The company is a wholly owned subsidiary of The Welsh Netball Association from which it receives financial support. The directors have made an assessment and satisfied themselves of the parent company's ability to provide continuing financial support to the company for the foreseeable future. They therefore adopt the going concern basis of accounting in preparing these financial statements.

2.3. Turnover

Turnover 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:

Sale of merchandise

The company recognises income from the sale of merchandise when all of the following conditions are satisfied:

- the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

2.4. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all purchase costs.

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Welsh Dragons Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

2.6. 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.

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit 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 profit. 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 profits 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 profits will be available to allow all or part of the asset to be recovered.

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 profit or loss 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 13 (2024: NIL)

4. Stocks

	31 August 2025	31 August 2024
	£	£
Goods for resale	5,892	-

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Welsh Dragons Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2025

5. Debtors

	31 August 2025	31 August 2024
	£	£
Due within one year
Trade debtors	660	2,280
Other debtors	18,542	-

	19,202	2,280

6. Creditors: Amounts Falling Due Within One Year

	31 August 2025	31 August 2024
	£	£
Trade creditors	40,337	212
Amounts owed to group undertakings	451,740	174,831
Other creditors	5,444	900
Taxation and social security	19,626	-

	517,147	175,943

7. Share Capital

	31 August 2025	31 August 2024
	£	£
Allotted, Called up and fully paid	1	1

8. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	31 August 2025	31 August 2024
	£	£
Not later than one year	19,500	2,151
Later than one year and not later than five years	13,384	-

	32,884	2,151

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		31 August 2025		31 August 2024
	Notes	£	£	£	£
CURRENT ASSETS
Stocks	4	5,892		-
Debtors	5	19,202		2,280
Cash at bank and in hand		28,692		8,531

		53,786		10,811
Creditors: Amounts Falling Due Within One Year	6	(517,147 )		(175,943 )

NET CURRENT ASSETS (LIABILITIES)			(463,361 )		(165,132 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(463,361 )		(165,132 )

NET LIABILITIES			(463,361 )		(165,132 )

CAPITAL AND RESERVES
Called up share capital	7		1		1
Profit and Loss Account			(463,362 )		(165,133 )

SHAREHOLDERS' FUNDS			(463,361)		(165,132)