The company behind the global Irish Fairy Door brand has had a substantial portion of debt written off. Accounts for CEBL disclose that the write-off was achieved as a result of having successfully exited the Small Company Administrative Rescue Process last June.
The Irish Fairy Door company’s miniature fairy doors are enjoyed by children in around one million households worldwide, and have enjoyed an endorsement in the past from Kourtney Kardashian.
New 2021 accounts show it sustained post-tax losses of €105,174, down substantially on 2020 losses of €268,137. At the end of 2021 the firm had accumulated losses of €4 million and a shareholders’ deficit of €778,667. That deficit is after €1.5 million in called-up share capital and €1.73 million in a share premium account is taken into account and offset against the €4 million accumulated loss.
The accounts, signed off by directors Harry Largey and Patrick Joy this week, state the company incurred losses in the current financial year and has substantial losses carried forward.
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A note further states that on May 2nd, 2023, the company entered the Small Company Administrative Rescue Process after passing a resolution to appoint a process adviser. The company “successfully exited this process which resulted in a substantial proportion of the company debts being written off”, it said.
The accounts show that cash funds at the business in 2021 declined from €93,918 to €16,933.
The Small Company Administrative Rescue Process has been introduced to provide a quicker and more affordable restructuring option to small and micro-businesses here. Its rules show that process advisers have 42 days to form a rescue plan to propose to the company’s creditors and ultimately restructure the company’s debt. Companies continue to operate “business as usual” as the process takes place.
The Irish Fairy Door Company transitioned to a licensing model in 2019 and 2020. The loss in 2021 included non-cash amortisation costs of €63,913.
A spokeswoman for the company declined to comment on the financial impact of the Small Company Administrative Rescue Process on the business. “We are right in the middle of an incredible new development with the company. We are so excited and are looking forward to launching something brand new,” she said.
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