Bum note...One Direction dispute could cost almost €29m to fix
Accumulated profits at the music firm owned by Mullingar's Niall Horan and the other members of pop group One Direction doubled to £70.1m (€81.07m) in 2015.
That is according to new accounts filed by 1D Media Ltd, which show that the firm recorded pre-tax profits of £39.86m in 2015 after recording revenues of £63.37m that year.
The accounts, lodged with Companies House in the UK, also show that at the end of 2015, the band members were sitting on a cash pile of £41.5m.
Giving One Directioners fresh hope that the band will reform someday, the directors' report states that the band members "have undertaken a hiatus from December 2015".
The accounts also show that the then directors of the firm - Niall Horan, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson - took out loans totalling £45m in 2015, making repayments of £11m during 2015.
Mr Malik left the band in March 2015 and at the end of the year, the directors owed the firm £28m.
The accounts also reveal that the firm is involved in a dispute that may be the matter of litigation.
The note states that if successful, the maximum to be paid out arising from the dispute will be around £24.7m.
The firm has indemnity against third parties in relation to such an event and £18.4m could be re-reimbursed to the company.
All of the band members resigned as directors from 1D Media Ltd on April 4 2016 and the only director on the board now is Limerick-based accountant to the stars, Alan McEvoy.