REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SWIM WALES |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
SWIM WALES |
SWIM WALES (REGISTERED NUMBER: 04692354) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SWIM WALES |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
18 Gold Tops |
Newport |
South Wales |
NP20 5WJ |
SWIM WALES (REGISTERED NUMBER: 04692354) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Revaluation reserve |
Fair value reserve |
Income and expenditure account |
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 |
SWIM WALES (REGISTERED NUMBER: 04692354) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Swim Wales is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company is a public benefit entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less impairment. |
SWIM WALES (REGISTERED NUMBER: 04692354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit. |
To ascertain the fair value at the balance sheet date, investment properties are valued using RICS open market valuation on a freehold basis conducted annually by an independent firm of chartered surveyors. |
Stocks |
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. |
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. |
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. |
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. |
SWIM WALES (REGISTERED NUMBER: 04692354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Leasing commitments |
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
SWIM WALES (REGISTERED NUMBER: 04692354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2022 | 410,000 |
7. | DEBTORS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Amounts owed by group undertaking |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan |
Trade creditors |
Taxation and social security |
Other creditors |
Other creditors includes grants received from Sport Wales amounting to £124,752 (2022 £169,193) deferred to future accounting periods. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan |
SWIM WALES (REGISTERED NUMBER: 04692354) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | 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 2023, 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 £171,882 (2022 £173,404). |
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 £20,280 (2022 £20,175). At 31st March 2023, 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 £3,582 (2022 £10,920). |