Company registration number 06553319 (England and Wales)
FAW GROUNDS IMPROVEMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
FAW GROUNDS IMPROVEMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
FAW GROUNDS IMPROVEMENTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
Period
Year
ended
ended
30 June
31 December
2022
2020
Notes
£
£
£
£
Current assets
Cash at bank and in hand
383,606
386,685
Creditors: amounts falling due within one year
3
(325,523)
(163,205)
Net current assets
58,083
223,480
Reserves
Income and expenditure account
58,083
223,480
Members' funds
58,083
223,480
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2023 and are signed on its behalf by:
Mr D R Griffiths
Director
Company Registration No. 06553319
FAW GROUNDS IMPROVEMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2022
- 2 -
Income and expenditure
£
Balance at 1 January 2020
22,868
Year ended 31 December 2020:
Profit and total comprehensive income for the year
200,612
Balance at 31 December 2020
223,480
Period ended 30 June 2022:
Loss and total comprehensive income for the period
(165,397)
Balance at 30 June 2022
58,083
FAW GROUNDS IMPROVEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
FAW Grounds Improvements Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Dragon Parc, National Football Development Centre, Newport International Sports Village, Newport, United Kingdom, NP19 4RA.
1.1
Reporting period
The company has extended their current reporting period to align with the Football Association of Wales Limited reporting period. The current period therefore is an 18 month period. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The directors are not aware of any reason why the company will not be able to meet liabilities as they fall due for the foreseeable future. As a result the directors have adopted the going concern basis of accounting.
true
1.4
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses
FAW GROUNDS IMPROVEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.8
The company is a not-for-profit grant making body and its activities are considered to be exempt from corporation tax. Full provision is made for corporation tax liabilities arising in respect of income deriving from the company's investments.
2
Employees
Period
Year
ended
ended
30 June
31 December
2022
2020
Number
Number
Total
3
Creditors: amounts falling due within one year
Period
Year
ended
ended
30 June
31 December
2022
2020
£
£
Trade creditors
304,759
138,624
Other creditors
20,764
24,581
325,523
163,205
4
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
FAW GROUNDS IMPROVEMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2022
- 5 -
5
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mr John Griffiths
Statutory Auditor:
UHY Hacker Young
6
Related party transactions
The company's members are the Football Association of Wales Limited and FAW Football in the Community Limited.
During the period, the company received grants amounting to £400,000 (
31 December
2020: £530,000) from the Football Association of Wales Limited.
During the period, the company paid FAW Football in the Community Limited for goods and services amounting to £4,840 (
31 December
2020: £9,180).
The company also paid the Football Association of Wales Limited for goods and services amounting to £12,000 (
31 December
2020: £nil) A
s at 30 June 2022
, the company owed £4,800
(
31 December
2020: £21,969) to FAW Football in the Community Limited and £12,000 to Football Association of Wales Limited. These amounts being included in other creditors due within one year.