The Welsh Netball Association

	Page
Balance Sheet	1
Notes to the Financial Statements	2—5

1. General Information

The Welsh Netball Association is a private company, limited by guarantee, incorporated in England & Wales, registered number 02679598 . The registered office is Sport Wales National Centre, Sophia Gardens, Cardiff, CF11 9SW.

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

The company is a public benefit entity.

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.

The financial statements contain information about The Welsh Netball Association as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

2.2. Turnover

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 becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

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.

Membership subscriptions

The company's membership year runs from September to August. Subscriptions received in the financial year ending 31 March therefore relate to the period before and after the year end date. The proportion of membership income received in the year that relates to the five months' membership, April to August, is carried forward to the following financial year.

Provision of services

Income from a contract to provide services is recognised in the period in which the services are provided.

2.3. 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:

Plant and machinery etc - 25% on cost, 20% on cost and 10% on reducing balance.

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 income and expenditure account as incurred.

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The Welsh Netball Association

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. 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.

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

The company is considered to be a mutual trading entity and any income arising from mutual trading activities is exempt from corporation tax.

2.8. Investments in subsidiaries

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Investments in subsidiary undertakings are initially recognised at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 14 (2025: 15)

4. Tangible Assets

	Plant & Machinery etc.
	£
Cost
As at 1 April 2025	113,036
Disposals	(88,150 )

As at 31 March 2026	24,886

Depreciation
As at 1 April 2025	113,036
Disposals	(88,150 )

As at 31 March 2026	24,886

Net Book Value
As at 31 March 2026	-

As at 1 April 2025	-

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The Welsh Netball Association

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2025	1

As at 31 March 2026	1

Provision
As at 1 April 2025	1

As at 31 March 2026	1

Net Book Value
As at 31 March 2026	-

As at 1 April 2025	-

6. Stocks

	2026	2025
	£	£
Stock	-	3,000

7. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	20,101	13,761
Other debtors	47,711	72,737

	67,812	86,498
Due after more than one year
Amounts owed by group undertakings	16,194	-

	84,006	86,498

8. CREDITORS: Amounts falling due within one year

	2026	2025
	£	£
Trade creditors	34,035	65,647
Other creditors	344,523	264,444
Taxation and social security	-	4,061

	378,558	334,152

Other creditors at 31 March 2026 includes income received from Sport Wales deferred to the following financial year totalling £0 (2025 £35,336).

9. Other Commitments

At 31 March 2026, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £0 (2025 £7,130).

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The Welsh Netball Association

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

10. Post Balance Sheet Events

Since the end of the financial year, £300,000 of an inter-company loan balance with the company's subsidiary, Welsh Dragons Ltd, has been converted to equity.

The company has committed to provide such financial support to Welsh Dragons Ltd, where agreed required, to enable it to meet its obligations as they fall due for the period covered by the going concern assessment.

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.

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		2026		2025
	Notes	£	£	£	£
FIXED ASSETS

CURRENT ASSETS
Stocks	6	-		3,000
Debtors	7	84,006		86,498
Cash at bank and in hand		654,239		467,308

		738,245		556,806
CREDITORS: Amounts falling due within one year	8	(378,558 )		(334,152 )

NET CURRENT ASSETS (LIABILITIES)			359,687		222,654

TOTAL ASSETS LESS CURRENT LIABILITIES			359,687		222,654

NET ASSETS			359,687		222,654

Income and Expenditure Account			359,687		222,654

MEMBERS' FUNDS			359,687		222,654