A company controlled by Paul Costelloe, one of Ireland’s best known fashion designers, made a loss for the year of €152,055 in 2023, down from a profit in 2022 of €511,410.
The loss trimmed accumulated profits at Paul Costelloe Design Management Limited from €2.2 million to just over €2 million, the most recent set of financial accounts show.
The latest accounts, which run to the end of August 2023, show that the company had assets worth €2.1 million, down from €2.4 million, while debtors owed it €321,124.
Its assets were partly made up of cash worth a little over €1 million, and €1 million worth of investments in quoted funds. As well as amounts owed by debtors, the full value of its assets was €2.4 million.
The company owed its creditors €370,789, down from €529,025 the year before. A large proportion of that reduction in the amount owed to creditors came from a drop in the value of sums owed to related companies, which fell €261,478 to €103,516.
The company paid its staff €534,062, which was made up of €42,725 in social welfare and pension contributions and €491,337 in salaries to staff and directors, which was up from €420,901 the year before.
Directors were also paid remuneration of €306,133, down from €330,55 the year before
The accounts recorded a sum of €16,000 payable to Mr Costelloe for the use of his premises for design work, and a sum of €153,300 payable to Gerald Mescal for financial, accounting, management and office services provided by his firm. Mescal is a director of the company, in which Mr Costelloe and his wife Anne each hold a share.
Mr Costelloe has been on one of the big figures in Irish fashion for decades. He began his career in the 1960s and opened a store in Knightsbridge in London in the early 1990s. He famously dressed Diana Spencer, the former princess of Wales and wife of the current King Charles.
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