Swim Wales

	Page
Company Information	1
Balance Sheet	2—3
Notes to the Financial Statements	4—8

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Swim Wales

Balance Sheet

As At 31 March 2026

Balance Sheet

Registered number: 04692354

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		6,912		-
Tangible Assets	5		36,282		29,160
Investment Properties	6		430,000		420,000
Investments			1		1

			473,195		449,161
CURRENT ASSETS
Stocks	7	6,511		8,777
Debtors	8	270,837		216,994
Cash at bank and in hand		764,549		790,251

		1,041,897		1,016,022
Creditors: Amounts Falling Due Within One Year	9	(629,545 )		(629,313 )

NET CURRENT ASSETS (LIABILITIES)			412,352		386,709

TOTAL ASSETS LESS CURRENT LIABILITIES			885,547		835,870

Creditors: Amounts Falling Due After More Than One Year	10		-		(5,000 )

NET ASSETS			885,547		830,870

RESERVES
Revaluation reserve			147,207		137,207
Fair value reserve			35,000		35,000
Income and Expenditure Account			703,340		658,663

MEMBERS' FUNDS			885,547		830,870

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Swim Wales

Balance Sheet (continued)

As At 31 March 2026

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.

On behalf of the board

Mr I Jones

Director

3 September 2026

The notes on pages 4 to 8 form part of these financial statements.

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Swim Wales

Notes to the Financial Statements

For The Year Ended 31 March 2026

Notes to the Financial Statements

1. General Information

Swim Wales is a private company, limited by guarantee, incorporated in England & Wales, registered number 04692354 . The registered office is Wales National Pool Swansea, Sketty Lane, Swansea, West Glamorgan, SA2 8QG.

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

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.

2.3. Turnover

Turnover represents income from membership, grants, competitions and training, sponsorship and sundry income. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised in the Income Statement when the company has entitlement to the income, it is probable that the economic benefits will flow to the company and the amount of income receivable can be measured reliably.

The following criteria must also be met before income is recognised:

Membership income

Membership income is recognised in the year to which it relates.

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.

Provision of services

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

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are .... It is amortised to income and expenditure account over its estimated economic life of .... years.

2.5. 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 & Machinery	straight line over 5 years
Fixtures & Fittings	straight line over 5 years
Computer Equipment	straight line over 5 years

2.6. Investment Properties

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income and expenditure account.

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Swim Wales

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.7. Investments

Investments in subsidiary undertakings are recognised at cost less impairment.

2.8. Leasing and Hire Purchase Contracts

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

2.9. 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 items.

Net realisable value is based on the estimated selling price less any estimated selling costs.

2.10. 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, loans from banks, loans to related parties and investments in non-puttable ordinary shares.

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

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.Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value and subsequently at amortised cost, net of any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and 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.

Bank loans

Bank loans are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2.11. Foreign Currencies

Transactions in currencies other than the functional currency of the company, foreign currencies, are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period, foreign currency monetary items are translated at the exchange rate prevailing at the end of the reporting period. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are taken to the income statement.

2.12. 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.

2.13. Pensions

Short-term employee benefits are recognised as an expense in the period they are incurred.

The obligations for contributions to defined contribution schemes are recognised as an expense in the period they are incurred. The assets of the schemes are held separately from those of the company in independently administered funds.

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Swim Wales

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

3. Average Number of Employees

Average number of employees, including directors, during the year was: 28 (2025: 27)

4. Intangible Assets

	Other
	£
Cost
As at 1 April 2025	-
Additions	7,540

As at 31 March 2026	7,540

Amortisation
As at 1 April 2025	-
Provided during the period	628

As at 31 March 2026	628

Net Book Value
As at 31 March 2026	6,912

As at 1 April 2025	-

5. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 April 2025	21,650	21,913	38,507	82,070
Additions	11,004	525	6,987	18,516
Disposals	(358 )	(226 )	(4,561 )	(5,145 )

As at 31 March 2026	32,296	22,212	40,933	95,441

Depreciation
As at 1 April 2025	11,892	20,856	20,162	52,910
Provided during the period	2,527	441	8,426	11,394
Disposals	(358 )	(226 )	(4,561 )	(5,145 )

As at 31 March 2026	14,061	21,071	24,027	59,159

Net Book Value
As at 31 March 2026	18,235	1,141	16,906	36,282

As at 1 April 2025	9,758	1,057	18,345	29,160

6. Investment Property

	2026
	£
Fair Value
As at 1 April 2025	420,000
Revaluations	10,000

As at 31 March 2026	430,000

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Swim Wales

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

7. Stocks

	2026	2025
	£	£
Stock	6,511	8,777

8. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	61,623	35,710
Amounts owed by group undertakings	20,307	18,818
Other debtors	36,716	5,728

	118,646	60,256
Due after more than one year
Amounts owed by group undertakings	152,191	156,738

	270,837	216,994

9. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	83,691	50,693
Bank loans and overdrafts	5,000	10,000
Other creditors	495,319	505,097
Taxation and social security	45,535	63,523

	629,545	629,313

10. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
Bank loans	-	5,000

11. Loans

An analysis of the maturity of loans is given below:

	2026	2025
	£	£
Amounts falling due within one year or on demand:
Bank loans	5,000	10,000

	2026	2025
	£	£
Amounts falling due between one and five years:
Bank loans	-	5,000

The Lloyds Bank Bounce Back Loan is denominated in £ sterling and interest is charged at a rate of 2.5% per annum. The final installment falls due on 30 September 2026.

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Swim Wales

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

12. Other Commitments

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

	2026	2025
	£	£
Not later than one year	5,187	8,116
Later than one year and not later than five years	2,063	7,249

	7,250	15,365

13. Related Party Disclosures

The company continues to provide an interest free loan to its subsidiary company, Welsh Amateur Swimming Association Limited and at 31st March 2025, the amount owed to the company by Welsh Amateur Swimming Association Limited, which is included within 'debtors: amounts falling due after more than one year', was £151,350 (2025: £156,738).

The company holds 100% of the ordinary share capital of Aqua Passport Limited and also has certain directors in common. During the year, the company provided Aqua Passport Limited with labour and administrative services and incurred various expenses on its behalf for which it received charges amounting to £3,503 (2025 £2,642). At 31st March 2026, the amount owed to the company by Aqua Passport Limited in respect of such transactions, which is included within 'debtors: amounts falling due within one year', was £6,145 (2024: £2,642).

The company holds 100% of the ordinary share capital of Sport Passport Limited and also has certain directors in common. During the year, the company provided Sport Passport Limited with labour and administrative services and incurred various expenses on its behalf for which it received charges amounting to £76,011 (2025 £91,393). At 31st March 2026, the amount owed to the company by Sport Passport Limited in respect of such transactions, which is included within 'debtors: amounts falling due within one year', was £14,159 (2025: £16,175).

14. 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.

15. 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.

16. Audit Information

The auditor's report on the accounts of Swim Wales for the year ended 31 March 2026 was unqualified.

The auditor's report was signed by Mr Andrew Hill FCCA ACA DChA BFP (Senior Statutory Auditor) for and on behalf of HSJ Audit Limited , Statutory Auditor.

HSJ Audit Limited

Severn House

Hazell Drive

Newport

NP10 8FY

Page 8

Directors	Mr I Jones
	Mr J F Southerland
	Mr F G Feeney
	Mr H M Lewis
	Mr P Murphy
	Ms T Ogbekhiulu
	Ms S Joseph
	Mr J H Askey
	Ms S E Prigg
	Mr V Hale
	Mr N Bernard

Secretary	Mr P Murphy

Company Number	04692354

Registered Office	Wales National Pool Swansea
	Sketty Lane
	Swansea
	West Glamorgan
	SA2 8QG

Accountants	HSJ Accountants Ltd
	Severn House
	Hazell Drive
	Newport
	NP10 8FY

Auditors	HSJ Audit Limited
	Severn House
	Hazell Drive
	Newport
	NP10 8FY