Home » Tag Archives: accounts

Tag Archives: accounts

‘Positive’ outlook at Shannon’s Atlantic Aviation

IN examinership a few years ago, new accounts filed for Atlantic Aviation show it had a very successful 2016. The director’s report for the year states, “Since its successful exit from an examinership process in April 2015, the directors have focused on stabilising the business by growing the revenue line, improving efficiencies and reducing the cost base and continue to do so throughout 2017. “The directors are satisfied with the profitable results for the year and the outlook is positive. A number of managerial changes have taken place and the team has been strengthened in operations, marketing and HR to provide a platform for ongoing profitable growth. The company continues to produce highly-skilled staff through its in-house training academy.” The company claims that retaining its staff is very important. “A key driver in the business is the retention of staff and the directors/management are endeavouring to make Atlantic Aviation Group a better place to work in the long-term. “A ‘focus …

Read More »

New governance structure to secure future of Bridge Complex

Plans are being made to set up a new governance structure to help secure the future of Sixmilebridge and District Community Complex, following a public meeting in the village earlier this week. A recent Clare Champion investigation revealed that the Registry of Friendly Societies (RFS) cancelled the centre’s registration on April 17, 2015 over its failure to submit annual audited accounts to the registrar. It also found that November 21, 2007 was the last time that annual audited accounts were lodged with the RFS for the year ending December 31, 2006. It has been decided that local resident Pat Hayes will operate as an independent facilitator to seek legal and accountancy professional advice, and to put this information to a group of special members, shareholders and members of the Bridge Kids interim management. Mr Hayes, who is a parent of children attending the crèche, said he would be prepared to link-in with the present interim board of management to form …

Read More »

Bridge Complex governance under scrutiny

THE Sixmilebridge and District Community Complex is facing an uncertain future following the revelation that the complex has not submitted audited accounts in compliance with regulations for 10 years. Growing dissatisfaction with the lack of proper governance of the centre has prompted calls for an extraordinary general meeting to facilitate the necessary changes to ensure its future survival. A Clare Champion investigation has revealed that the Registry of Friendly Societies (RFS) cancelled the centre’s registration on April 17, 2015 over its failure to submit annual audited accounts to the registrar. It also found that November 21, 2007 was the last time that annual audited accounts were lodged with the RFS for the year ending December 31, 2006. The Bridge Complex is the umbrella organisation for one of the biggest not-for-profit organisations in the county. Its childcare facility employs 30 people and looks after about 100 children five days a week. It also runs a daycare centre and a playground, which …

Read More »

Roche’s €27.5m on wages and pensions

WAGES, salaries, social insurance and pensions cost Roche €27.5 million last year, it emerged this week. According to company accounts filed for the financial year ended December 31, 2015, Roche Ireland Limited spent €20.7m on wages and salaries; €2.2m on social insurance; €3.5m on defined benefit pension service costs and €977,000 on other benefits. The total figure is up from €24.8m a year earlier. It has also emerged that a majority of employees have taken a generous redundancy package of six weeks wages from the company, plus two weeks statutory redundancy, depending on years of service as part of their exit compensation. All of this is capped at a maximum of 2.5 years wages. A small number of employees, believed to be in the region of 10%, have secured jobs in other pharmaceutical companies. SIPTU industrial organiser Paul dePuis believes all the redundancies will be on a voluntary basis. However, if the company does not secure the number of voluntary …

Read More »

Shannon Knights enters receivership

Established in 1972, the Shannon Knights, the iconic bar and bistro and one of the most prominent social venues in the town, has entered receivership. A member of management said employees are, as yet, unaffected and that the outgoing owners had been good to work for and are well regarded in the community. Shannon Knights embarked on a multi-million euro revamp some years ago and when it reopened in 2010, there was talk of expanding its clientele to Ennis and Limerick, but economic conditions proved very challenging thereafter. Annual accounts filed in 2015 and prepared by Curtin, O’Friel & Co Chartered Certified Accountants, showed that in the year to the end of August 2014, Shannon Knights had accumulated losses of €1,745,549. The accounts also showed that there were bank loans of over €3.4 million to be repaid. At the time there was uncertainty about the ability of the company to continue, as the submission stated there was “uncertainty which may cast …

Read More »

Crusade to avert 2020 closure

Clare Crusader’s Clinic is facing the threat of closure by 2020, unless major Government funding is provided on a annual basis. While neither of the co-founders, Councillor Ann Norton and Frank Cassidy, want to close the clinic, they have warned its current losses are unsustainable without Government funding. In the wake of the Console scandal, the co-founders have decided to open the accounts for the first time to dispel the perception that it has loads of spare cash. According to profit and loss accounts provided to The Clare Champion, the clinic has accumulated losses of €107,341. The charity made a slight profit of €1,495 in 2012, a profit of €14,615 in 2013 before sustaining a major loss of €48,523 in 2014. The clinic suffered further losses of €17,587 last year and €41,231 for the first six months of this year. Fundraising from 2005 to 2016 generated a gross return of €2,684,779, less €395,931 in costs, giving a net figure of …

Read More »

€7.3m profit for Shannon Group

SHANNON Group made a profit of just under €7.3 million last year. The Group encompasses Shannon Airport, Shannon Commercial Properties, Shannon Heritage and Shannon IASC. Its accounts show that it had total fixed and current assets of €147.5 million and total equity of €120.2 million. There were liabilities of €27.3 million. The accounts show that aeronautical and commercial activities were responsible for €37.76 million in revenue, commercial property rental, management and development for €14.22 million and tourism activities for €13.57 million. Shannon Group saw depreciation of just under €4 million in 2015. Wages and salaries for the year came to €28 million while there were social welfare costs of €2.46 million. On average Shannon Group employed 481 staff during the year. Four hundred and two were in operations and administration, 48 in commercial activities and 31 in property. Remuneration for the then Shannon Group Chief Executive Officer Neil Pakey came to €255,676 in 2015. Commenting on the Shannon Group results, …

Read More »

Shannon representatives grilled by Public Accounts Committee

Shannon representatives were before the Oireachtas Public Accounts Committee this afternoon where they were quizzed about the Shannon Development Accounts for 2013. Much of the session centred on a property transaction in Co Limerick as Deputy Joe Costello and Committee Chairman Deputy John McGuinness grilled them about Shannon Development’s sale of two units to Munster Packaging Ltd. Deputy Costello claimed that one of the conditions of sale was that the units be solely used for the purchaser’s business and not utilised for speculation. However he said that he understood that since the sale an individual had offered original tenants HL Commodity Foods a 13 year lease. He claimed that on the face of it, there seemed to have been “flagrant abuse” of the condition that the premises only be for Munster Packaging use. Ray O’Driscoll, Managing Director of Shannon Commercial Properties said that HL Commodity Foods had made enquiries about acquiring the premises in 2006 and 2008 but had opted …

Read More »