Carr's assets boosted by loans
Published 18/05/2011 | 05:00
CARR Communications is sitting on net assets of €6.2m according to accounts just filed with the Companies Office. However, the biggest assets are debts of €5.6m from other companies in the same group.
Carr Communications is one of the country's oldest PR firms. It has long been a favourite at providing media training to politicians.
The accounts showed that the company's biggest asset is an inter-company loan. Carr filed abridged financial accounts for the year to the end of June 2010 -- small companies are allowed to file abridged, or less detailed, accounts.
Carr had filed more detailed accounts in recent years. In the year to the end of June 2009 the company recorded a profit of just €13,000 from turnover of €1.8m.
The company has a bank loan of €753,743, according to the accounts. The loan is secured by a fixed and floating charge over Carr's assets and by key-man life cover valued at €1m on the life of director Donal Cronin.
The accounts showed that Carr Communication has guaranteed a further €3.1m of bank debt owed by parent company Wriston Holdings and MCH Comms.