IE Domain Registry t/a .IE

Other financial liabilities Trade creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Impairment of financial assets At the end of each reporting period, the company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost, including unlisted investments, loans, trade debtors and cash. If there is objective evidence of impairment, impairment losses are recognised in the Statement of Income and Retained Earnings in that financial year. 2.10 Judgments and key sources of estimation uncertainty The directors consider the accounting estimates and assumptions below to be its critical accounting estimates and judgements: Going Concern The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the company’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. Useful Lives of Tangible and Intangible Fixed Assets Long-lived assets comprising primarily of property, plant and machinery and intangible assets do not represent a significant portion of total assets. The annual depreciation and amortisation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation and amortisation charge for the financial year. The net book value of tangible Fixed Assets subject to depreciation at the financial year end date was €132,770 (2019 – €77,230). The net book value of intangible assets subject to amortisation at the financial year end date was €140,442 (2019 – €Nil). 3. Turnover 2020 2019 € € Turnover 3,773,326 3,605,404 Analysis of turnover by country of destination: Republic of Ireland 3,401,687 3,146,642 Europe 164,981 223,351 North America 140,415 168,105 United Kingdom 52,884 50,933 Rest of the World 13,359 16,373 3,773,326 3,605,404 Financial Statements IE Domain Registry CLG t/a .IE / Annual Report & Review 2020 48 Notes to the Financial Statements (continued)