Sweet sound of big profit for Sinead O'Connor's firm
Published 31/07/2014 | 02:30
A new entertainment firm owned by multi-award- winning artist Sinead O'Connor recorded profits of €131,636 last year.
Ms O'Connor's Psalm 91 Music Ltd was incorporated in December 2012 and new accounts show that the singer charged consultancy fees totalling €122,000 to the firm during the year.
At the end of 2013, the firm had cash of €46,183 and was owed €118,426 by debtors with the company owing creditors €32,873.
Underlining the profits recorded by the firm in 2013, corporation tax of €18,805 was owed at the end of December 2013.
The €131,636 profit recorded in 2013 was in contrast to losses mounting at Ms O'Connor's So Touring Ltd in 2013. At year end, that firm had accumulated losses of €204,218.
Accumulated losses increased by €17,653 during the year adding to losses of €186,565 in 2012.
The accounts show that O'Connor is propping up the firm by providing an additional €24,522 in loans bringing to €296,806 the total owed to the singer by the firm.
According to a note attached to the accounts, the director's loan is interest free, unsecured and repayable on demand. The note states: "The loan is payable to Sinead O'Connor."
The firm had cash of €2,842 and was owed €172,954 by debtors.
Last year, Ms O'Connor resumed touring to promote her first album in five years 'How About I Be Me (And You Be You)?'. It was released in 2012 to enthusiastic reviews.
The album peaked at number five in the Irish charts while it also achieved top 20 placings in the US alternative and Polish album charts.
The lodging of the accounts comes ahead of Ms O'Connor releasing a new album, 'I'm Not Bossy, I'm the Boss', next Monday.
The upcoming album will be the tenth full-length album by the Dubliner who first burst onto the music scene in 1987 with the release of 'The Lion and the Cobra'.
Her follow up album, "I Do Not Want What I Haven't Got', featured her international break through hit, 'Nothing Compares 2 U' - a song written by Prince.
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