LAGAN DRAGONS LIMITED

Company limited by guarantee

Company Registration Number:
NI677470 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 March 2026

Period of accounts

Start date: 1 April 2025

End date: 31 March 2026

LAGAN DRAGONS LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2026

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

LAGAN DRAGONS LIMITED

Directors' report period ended 31 March 2026

The directors present their report with the financial statements of the company for the period ended 31 March 2026

Principal activities of the company

To provide facilities for, and to promote participation in the amateur sport of Dragon Boating in Belfast. To encourage women who have been diagnosed with breast cancer to lead full and active lives. To demonstrate the benefits of an active lifestyle through the sport of dragon boat-racing. To raise awareness of breast cancer. To provide support and friendship to team members. To promote an interest in dragon boat racing and maintain its traditions. To encourage a high standard of participation in the sport, through the formation of crews and by racing dragon boats. To organise social and competitive events for both members and non- members and to encourage the use of dragon boats for charity purposes. To support the objectives and aims of the Irish Dragon Boat-Racing Association (IDBA) as the sport’s governing body.

Additional information

Financial Review The Lagan Dragons were originally founded in March 2015 as Northern Ireland’s first Dragon Boat team. The Lagan Dragons club became Lagan Dragons Limited on 16 March 2021 (a Company Limited by Guarantee without share capital and registered in Northern Ireland). All assets of the Lagan Dragons transferred to Lagan Dragons Limited as at that date and were accounted for in the financial statements to 31 March 2022 as income. Club funding primarily comprises member subscriptions, grants and donations. Net surplus income for this period amounted to £21,832 (£7,341 in 2024-25). All income is used to achieve the aims and objectives of the company. In the period from 1 April 2025 to 31 March 2026, we continued to make improvements to our leased premises. Our priorities were to ensure that our members have safe access to our dragon boats, to allow the safe storage of our boats and to provide a social area for members. Plans for Future Periods The Company plans to continue with the activities outlined above in future periods. Structure, Governance and Management Governing Document The organisation is a Company Limited by Guarantee, incorporated on 16 March 2021. The Company is governed under its Articles of Association. These were reviewed and amended in February 2025. The new version is filed in Companies Registry. In the event of the Company being wound up, members are required to contribute an amount not exceeding £1. Recruitment and Appointment of Executive Committee The Directors are comprised of the Executive Committee members. One Director, Mrs Mabel Doherty, resigned on 18th March 2026. A replacement was not appointed until April 2026, after the Annual General Meeting which was held on 25th April 2026. Where a vacancy arises on the Executive Committee, new members are elected at the Annual General Meeting. All members of the Executive Committee give their time voluntarily and receive no benefits from the company. In an effort to maintain a broad skill mix, individual members may be approached to offer themselves for election to the Executive Committee. Risk Management The Executive Committee has conducted a review of the major risks to which the Company is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the Company faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions. Procedures are in place to ensure compliance with the regulations of the international governing body for the team water sport of dragon boat racing (the International Dragon Boat Federation and the Irish Dragon Boat Association (the recognised Governing Body in Ireland)). Organisational Structure The Executive Committee consists of the Directors of the company. The Executive Committee meets a minimum of 5 and a maximum of 12 times each year (unless club projects require additional meetings). All the business of the company is administered by the Executive Committee. The Executive Committee currently has six members (reduced to five on 18th March 2026); all are Directors of the Company. Related Parties The Company complies with the regulations of the international governing bodies for the team water sport of dragon boat racing (the International Dragon Boat Federation and the Irish Dragon Boat Association (the recognised Governing Body in Ireland)). Statement of Directors' responsibilities The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial period. Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles of FRS 102; make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



Directors

The directors shown below have held office during the whole of the period from
1 April 2025 to 31 March 2026

Maura Canavan
 Karen Dougan
 Estelle Leckey
 Brenda Mulligan
 Helen Hosick

The director shown below has held office during the period of
1 April 2025 to 18 March 2026

Mabel Doherty

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
16 September 2026

And signed on behalf of the board by:
Name: Maura Canavan
Status: Director

LAGAN DRAGONS LIMITED

Profit And Loss Account

for the Period Ended 31 March 2026

2026 2025


£
£
Turnover: 4,618 6,558
Cost of sales: ( 7,948 ) ( 4,661 )
Gross profit(or loss): (3,330) 1,897
Distribution costs: 0 0
Administrative expenses: ( 29,748 ) ( 29,531 )
Other operating income: 54,344 34,975
Operating profit(or loss): 21,266 7,341
Interest receivable and similar income: 566 0
Profit(or loss) before tax: 21,832 7,341
Profit(or loss) for the financial year: 21,832 7,341

LAGAN DRAGONS LIMITED

Balance sheet

As at 31 March 2026

Notes 2026 2025


£
£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 22,839 28,097
Investments:   0 0
Total fixed assets: 22,839 28,097
Current assets
Stocks:   0 0
Debtors:   0 0
Cash at bank and in hand: 81,300 54,731
Investments:   0 0
Total current assets: 81,300 54,731
Prepayments and accrued income: 990 469
Creditors: amounts falling due within one year:   0 0
Net current assets (liabilities): 82,290 55,200
Total assets less current liabilities: 105,129 83,297
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 105,129 83,297
Members' funds
Profit and loss account: 105,129 83,297
Total members' funds: 105,129 83,297

The notes form part of these financial statements

LAGAN DRAGONS LIMITED

Balance sheet statements

For the year ending 31 March 2026 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 16 September 2026
and signed on behalf of the board by:

Name: Maura Canavan
Status: Director

The notes form part of these financial statements

LAGAN DRAGONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2026

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. The threshold for capitalisation of items is £2,500. There were no new additions to fixed assets during the year. Depreciation is charged on a straight-line basis to allocate the cost of assets over their estimated useful lives. The assets’ residual values, useful lives and depreciation methods will be reviewed in each reporting period and adjusted should there be an indication of a significant change. Gains and losses on disposals will be determined by comparing the proceeds with the carrying amount and will be recognised in the club’s profit or loss.

    Other accounting policies

    2.1 Basis of accounting These financial statements have been prepared in accordance with Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in Sterling (£). The level of rounding is £1. 2.2 Income Income is recognised once: a. the club has entitlement to the income; b. it is probable that the income will be received; and c. the amount of income receivable can be measured reliably. 2.3 Expenditure Expenditure is recognised once: a. there is a legal or constructive obligation to transfer economic benefit to a third party; b. it is probable that a transfer of economic benefits will be required in settlement; and c. the amount of the obligation can be measured reliably. All expenditure is inclusive of irrecoverable Value Added Taxation (VAT). 2.4 Grants Grants (government and others) are accounted under the accruals model as permitted by FRS 102. During the period, no grants were received in relation to tangible fixed assets. In future years, where grants are received for tangible fixed assets, the amount relating to the period will be credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates while the deferred element of the element will be included in creditors as deferred income. Grants of a revenue nature are included in the profit and loss account in the same period as they become receivable, the same period in which the costs were incurred. 2.5 Rent The Company acquired a 50 year lease for its current registered address at 10 Lockview Road, Belfast, BT9 5FJ. Rent for the period to 31 March 2026 has been charged as an expense in the profit and loss account. At 31 March 2026 the Company had future minimum lease payments of £45,000 due under non-cancellable operating leases. 2.7 Cash at Bank Cash is represented by deposits with financial institutions repayable without penalty on notice or not more than 24 hours. A savings account was opened during the year, interest of £566 was earned and is recognised in the accounts. 2.8 Liabilities and provisions Liabilities are recognised when: a. there is an obligation at the Balance Sheet date as a result of a past event; b. it is probable that a transfer of economic benefit will be required in settlement; and c. the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payment for goods and services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. The provision is based on the present value of the liability. 2.9 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Company Directors in furtherance of the general objectives of the Company and which have not been designated for other purposes. 2.11 Taxation On 16 March 2021 the Company was registered with HM Revenue & Customs as a Community Amateur Sports Club (CASC) (under Part 13, Chapter 9 of the Corporation Tax Act 2010) and operates on a not-for-profit basis. All income and surpluses are for the promotion of dragon boating in Northern Ireland. On this basis, no provision for Corporation Tax has been included in these financial statements. 2.12 Cash flow statement The Company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows as it is classified as a small company.

LAGAN DRAGONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2026

  • 2. Employees

    2026 2025
    Average number of employees during the period 0 0

LAGAN DRAGONS LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2026

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 April 2025 54,849 2,235 57,084
Additions 0 0
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 31 March 2026 54,849 2,235 57,084
Depreciation
At 1 April 2025 26,752 2,235 28,987
Charge for year 5,258 5,258
On disposals
Other adjustments
At 31 March 2026 32,010 2,235 34,245
Net book value
At 31 March 2026 22,839 0 22,839
At 31 March 2025 28,097 0 28,097