Profits down to under €60k at Boyzone members' firm
Published 30/07/2014 | 02:30
Accumulated profits at the firm controlled by Boyzone band members last year dipped to €59,533.
New figures lodged by Boyzone's Lunaria Ltd show that the firm's accumulated profits dropped from €65,035 to €59,533 in the 12 months to the end of August 31 last.
During the period, the firm's cash pile decreased sharply from €117,383 to €14,568.
However, this was off-set by the money owed to the firm by debtors jumping from €3,748 to €259,424.
The amount owed by the firm to creditors last year increased from €56,220 to €214,483.
The amount owed to directors went up from €9,299 to €100,990.
The returns show that the estate of deceased band member, Stephen Gately retains a 20pc shareholding in the company - Mr Gately died of natural causes in 2009.
Boyzone are one of the most successful boy bands ever in Ireland and the UK with nine Irish number one singles and six number ones in the UK.
The band celebrated its 20th anniversary last year and performed a string of Irish and UK tour dates to mark the occasion.
The band also released BZ20 to celebrate their 20 years together - selling 200,000 copies in the UK alone. The revenues from the album release and tour dates will be seen in accounts to be published next year.
Indicating a much busier year than 2012, the firm owed €58,309 in PAYE/PRSI compared to none owed under that heading at the end of 2012.
The firm's accounts are overseen by Limerick-based accountants, Live Wire Business Management (LBM). The firm also counts One Direction and JLS amongst its clients.
Boyzone was formed in 1993 after Louis Walsh advertised for members of Ireland's own boy band.