Business Irish

Wednesday 26 April 2017

Cash pile at O'Connor's firm soars to more than €100,000

Psalm 91 Music’s finances suffered when Ms O’Connor was forced to cancel some shows due to exhaustion. Photo: PA
Psalm 91 Music’s finances suffered when Ms O’Connor was forced to cancel some shows due to exhaustion. Photo: PA

Gordon Deegan

The cash pile at the music firm operated by singer-songwriter Sinead O'Connor more than doubled to over €104,000 in 2015.

New accounts filed by the singer's Psalm 91 Music Ltd show that - while the firm's cash pile soared from €46,767 to €104,742 - the company overall went into the red during 2015.

This followed the business having a shareholders' deficit of €16,786 at the end of December 2015, compared to shareholder funds of €31,814 - a negative swing of €48,600.

This arose chiefly from the money it owed to creditors within one year increasing from €46,428 to €126,143.

Its performance was hit by the 'Nothing Compares to U' singer having to cancel tour dates during the summer of 2015 due to Ms O'Connor suffering from exhaustion as a result of a not-resolved medical situation at the time.

The firm was incorporated in December 2012 and separate documents show that a district court judge signed a court order last month extending the period in which the accounts could be filed to the Companies Office to February 28.

This was based on an affidavit of Ms O'Connor that grounded the court application.

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