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