KINGRAM COMMUNICATIONS Group Ltd, a Dublin-based event management and printing business, had shareholders’ funds of €3.19 million at the end of 2008, according to accounts just filed.
The abridged accounts for the company, which has in the past conducted significant amounts of work for the now cancelled Fás Opportunities jobs fairs, as well as other Fás work, show that accumulated profits rose during the year to €1.15 million, from €1.05 million a year earlier. No profit figure is given.
The company, which is based on Bath Avenue, Dublin 4, had bank debt of €1.27 million at the end of the year, down from €1.34 million at the previous year’s end.
The accounts show that Bank of Scotland (Ireland) has various securities over the company.
The company’s directors, Garrett Byrne, Kieran Leonard and Martin Ryan, each had substantial interest-free advances to the company outstanding at year’s end, according to the accounts. The total involved was €175,004.
The three directors each have a one-quarter interest in the Kingram parent, Glenteen Ltd, with Anthony and Linda Corcoran, Green Road, Dalkey, Co Dublin, owning the remainder.
The Kingram accounts are audited by registered auditors OSK, East Point, Dublin 3.
OSK featured in an internal audit report in Fás, INV 137, which detailed breaches of procedure by the director of corporate affairs at Fás, Greg Craig.
It said the firm was “granted unusually generous conditions on their contracts with corporate affairs, through upfront payment of invoices. During 2003, the fee paid to OSK for the review of internal financial controls within corporate affairs was doubled without any reasonable explanation. The output from this work did not appear to match the cost.”
