Saturday 21 January 2017

Ladies clothing wholesaler CF posts profit of €55,000 for year

Published 24/08/2011 | 05:00

CF Classic Fashions, a Dublin-based women's clothing firm that made a €1.1m settlement with the Revenue Commissioners in 2007, posted a €55,000 profit in its financial year to the end of October 2010, according to accounts just filed for the business.

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Controlled by John and Carol Ann Connaughton, the company operates as a clothing wholesaler. Mr Connaughton's father, Jack Connaughton, who was a former director of CF Classic Fashions, made a €6.07m settlement with the taxman in 2007.

The payment included tax, interest and penalties as a result of under-declaration of income tax and VAT as well as a single premium insurance products case.

CF Classic Fashions was also forced to pay €1.1m to the Revenue Commissioners arising from under-declaration of PAYE and PRSI.

The latest set of accounts for CF Classic Fashions show that the company had net assets of just over €2m at the end of last October, including almost €1.3m in cash. Its retained profit amounted to nearly €1.9m at the time.

The company also paid rent totalling €65,000 during the financial year to Jack Connaughton, for the use of premises at Green Street in Dublin.

Irish Independent

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