Company registration number: N1638734
Dromara Connect
Company limited by guarantee
Unaudited financial statements
30 June 2019

Dromara Connect
Company limited by guarantee
Contents
Page
Directors and other information
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
7-10

Dromara Connect
Company limited by guarantee
Directors and other information
Directors
Mr James Rankin
Mr Colin Corbett
Mrs Jacquline Cromie
Mr James Curran
Mr Kenneth Hanna
Mr Colin Taylor
Company number
N1638734
Registered office
66 GROVE ROAD
DROMARA
DOWN
BT25 2EL
Accountants
Heanen Stanfield & McKee
30 Bachelors Walk
Lisburn
BT28 1XN
Page 1

Dromara Connect
Company limited by guarantee
Directors report
Year ended 30 June 2019
The directors present their report and the unaudited financial statements of the company for the year ended
30 June 2019.
Directors
The directors who served the company during the year were as follows:
Mr James Rankin
Mr Colin Corbett
Mrs Jacquline Cromie
Mr James Curran
Mr Kenneth Hanna
Mr Colin Ta￿or
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small
companies exemption.
This report was approved by the board of directors on 11 October 2019 and signed on behalf of the board by:
Mr James Rankin
Director
Page 2

Dromara Connect
Company limited by guarantee
Statement of comprehensive income
Year ended 30 June 2019
2019
2018
Note
Turnover
Administrative expenses
67,084
(5,387)
29,335
(3,335)
Operating profit
61,697
26,000
Prof it before taxation
61,697
26,000
Tax on profit
Prof It for the financial year and total
comprehensive income
61,697
26,000
All the activities of the company are from continuing operations.
The notes on pages 7 to 10 form part of these financial statements.
Page 3

Dromara Connect
Company limited by guarantee
Statement of financial position
30 June 2019
2019
2018
Note
Fixed assets
Tangible assets
78,196
74,470
78,196
74,470
Current assets
Cash at bank and in hand
12,159
2,188
12,159
2,188
Credltors: amounts falling due
within one year
(1,100)
(49,100)
Net current assets/(Ilabllitles)
11,059
(46,912)
Total assets less current liabilities
89,255
27,558
Net assets
89,255
27,558
Capital and reserves
Profit and loss account
89,255
27,558
Members funds
89,255
27,558
For the year ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the
Companies Act 2006 relating to small companies.
Directors responsibilities:
The members have not required the company to obtain an audit of its financial statements for the year in
question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect
to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies
subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland,.
The notes on pages 7 to 10 form part of these financial statements.
Page 4

Dromara Connect
Company limited by guarantee
Statement of financial position (continued)
30 June 2019
These financial statements were approved by the board of directors and authorised for issue on 11 October
2019, and are signed on behalf of the board by:
Mr James Rankin
Director
Company registration number: N1638734
The notes on pages 7 to 10 form part of these financial statements.
Page 5

Dromara Connect
Company limited by guarantee
Statement of changes in equity
Year ended 30 June 2019
Profit and
loss
account
Total
At 1 July 2017
1,558
1,558
Profit for the year
26,000
26,000
Total comprehensive income for the year
26,000
26,000
At 30 June 2018 and 1 July 2018
27,558
27,558
Profit for the year
61,697
61,697
Total comprehensive income for the year
61,697
61,697
At 30 June 2019
89,255
89,255
Page 6

Dromara Connect
Company limited by guarantee
Notes to the financial statements
Year ended 30 June 2019
General information
The company is a private company limited by guarantee, registered in Northern Ireland. The address of
the registered office is 66 GROVE ROAD, DROMARA, DOWN, BT25 2EL.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section
1 A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation
of certain financial assets and liabilities and investment properties measured at fair value through profit
or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied
and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have
transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured
reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred
or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that
it relates to items recognised in other comprehensive income or directly in capital and reserves. In this
case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at
the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or
substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is
measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date that are expected to apply to the reversal of the timing difference.
Page 7

Dromara Connect
Company limited by guarantee
Notes to the financial statements (continued)
Year ended 30 June 2019
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated
depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation
less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other
comprehensive income and accumulated in capital and reserves, except to the extent it reverses a
revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the
carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to
the extent of any previously recognised revaluation increase accumulated in capital and reserves in
respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains
accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or
loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or
residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount
being estimated where such indicators exist. Where the carrying value exceeds the recoverable
amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at
each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made
of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating
unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that
are largely independent of the cash inflows from other assets or groups of assets.
Page 8

Dromara Connect
Company limited by guarantee
Notes to the financial statements (continued)
Year ended 30 June 2019
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing transaction, where it is recognised at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or
preference shares are publicly traded or their fair value can otherwise be measured reliably, the
investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment
for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a
market rate, in which case the asset is measured at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in
profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually
significant, these are assessed individually for impairment. Other financial assets or either assessed
individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal
does not result in a carrying amount of the financial asset that exceeds what the carrying amount would
have been had the impairment not previously been recognised.
Limited by guarantee
Tangible assets
Freehold
Fixtures,
property fittings and
equipment
Total
Cost
At 1 July 2018
Additions
67,181
1,333
7,289
2,393
74,470
3,726
At 30 June 2019
68,514
9,682
78,196
Depreciation
Al 1 July 2018 and 30 June 2019
Carrying amount
At 30 June 2019
68,514
9,682
78,196
At 30 June 2018
67,181
7,289
74,470
Page 9

Dromara Connect
Company limited by guarantee
Notes to the financial statements (continued)
Year ended 30 June 2019
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
1,100
49,100
During the year the company entered into the following guarantees on behalf of its directors:
Maximum liability
2019
Amount paid/liability
2019
2018
2018
Mr James Rankin
Mr Colin Corbett
Mrs Jacquline Cromie
Mr James Curran
Mr Kenneth Hanna
Mr Colin Taylor
)K(
Page 10