Celtic Helicopters, the helicopter hire business part-owned by Mr Ciaran Haughey, lost approximately €170,000 in the year to March 31st, 2003, the latest accounts for the company indicate.
The accounts also note that an appeal by the company against an assessment raised by the Revenue in the wake of the 1997 McCraken (Dunnes Payments) Tribunal, has yet to be ruled on.
The security on loans and overdrafts held by the company includes a guarantee from the former Taoiseach, Mr Charles Haughey.
The company's accounts show it had tangible assets of €955,899 at the end of March 2003. These included a helicopter worth €340,099 and land and a helicopter hangar worth €631,063. Loans were €732,548.
Accumulated losses were €157,949, in comparison with accumulated profits of €9,888 the year before. Debtors included "prepayments" of €55,448, believed to be prepayments by people who wish to use the company's services. The prepayments figure was down from €60,167 for the previous year.
The accounts note that transactions involving the company have been looked at by the McCraken and Moriarty (Payments to Politicians) tribunals, and that an authorised officer has also conducted an inquiry. An inquiry was initiated by the Revenue in February 1998. Assessments were raised and appealed by the company.
"As yet the financial implications, if any, of these matters cannot be ascertained with certainty. The directors believe that adequate provision has been made for all of the company's taxation liabilities," the accounts note.
"Ciaran Haughey and John Barnicle, directors of the company, have personally guaranteed, jointly and severally, all of the company's loans and overdrafts. One of the lenders to the company holds the joint and several guarantee of Charles Haughey, together with the guarantee of the company's subsidiary undertaking, Celtic Helicopters Maintenance and Services Ltd, supported by a specific chattel mortgage over that company's helicopter."
Celtic Helicopters Maintenance and Services Ltd made a loss of just under €10,000 in the year to end March 2003, its accounts indicate. Accumulated losses went from €116,730 to €126,224. The company's balance sheet shows an excess of liabilities over assets but it is being supported by its parent.
Medeva Properties Ltd, a company controlled by Mr Haughey and Mr Barnicle, charged €157,671 during the year for three helicopters leased to Celtic Helicopters, along with an administration fee of €19,000. At year's end, Medeva was owed €82,222.
The accounts for Medeva show it returned a profit of €35,373 in the year to March 31st, 2003, compared to a profit of €18,814 the previous year. The company had tangible assets of €355,553 and net assets of €108,760.
