Ballymore Irish property subsidiary accumulates losses of €87m

An Irish subsidiary of property group Ballymore reported a loss of €1.8 million last year to bring its accumulated losses to €87 million at the end of March 2022, according to accounts just filed.

Turnover for Ballymore Properties Ireland Ltd rose to €11.8 million during the period from €8.6 million a year earlier but a near 47 per cent rise in administrative expenses to €13.1 million pushed the company into the red. This contributed to the property group being left with a loss for the year of €1.8 million compared with a deficit of €325,392 a year earlier.

This brought its accumulated losses to just under €87 million. The accounts show that some €96.5 million was owed to creditors and fell due within one year. The amounts were owed to related entities and are interest free, unsecured and payable on demand, according to the accounts.

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The main activity of the company, which has a registered address in Dublin 15, is listed as being the “provision of project management and administration services to related parties”. The company is controlled by property developer Sean Mulryan and is a wholly owned subsidiary of Ballymore Ireland Group Ltd, which is incorporated in the Isle of Man.

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A going concern note to the accounts states that the company was “dependent on funds provided to it by its parent” and fellow group companies. “The group has confirmed that it will continue to make available such funds as are needed by the company to fund its operations” and would “not seek repayment of any amounts owed to it for at least 12 months from the day of the approval of the financial statements”, which was in mid-September.

Wages and salaries

Ballymore Properties Ireland Ltd employed 82 staff last year, up from 71 in 2021. This included 59 in construction and planning roles.

Its wages and salaries bill rose to just more than €7 million from €5.2 million in 2021. Total payroll costs rose by 36 per cent to just under €7.9 million. On average staff were paid €86,100 in wages and salaries. Directors’ remuneration declined by €218,192 from €466,909 in 2021.

The accounts were lodged on December 23rd and went live in the companies office on Christmas Day.