A COMPANY through which solicitor and property investor Ivor Fitzpatrick owns a helicopter had a substantial deficit at the end of 2009 but continued as a going concern as it had commitments from related parties over amounts owed.

The amounts owed by Atlantic Helicopters Ltd included €505,816 due to group companies and €132,472 owed to director Nicholas Fitzpatrick, brother of Ivor.

Company filings show Anglo Irish Bank took out a mortgage on the Atlantic helicopter, a Eurocopter EC120B, in 2000. The company’s bank loans stood at €402,995 at year’s end.

The company had a shareholders’ deficit of €452,977 at the end of the period.

“The financial statements have been prepared . . . as assurances have been received from the directors and related parties that they will not seek repayment of amounts due of €505,816 and €132,472 respectively if this would in any way impair the trading operations of the company for the foreseeable future,” according to a note to the accounts. The notes state that Idyll Investments is the ultimate parent of Atlantic. Mr Fitzpatrick, Nicholas Fitzpatrick and Anne McHale are the directors of Atlantic but Ivor Fitzpatrick is the only director who holds shares in Idyll, according to the Atlantic accounts.

Idyll is listed for strike-off by the companies office. The latest annual return filed for Idyll shows its shares are held by two nominee companies and by Mr Fitzpatrick.

Atlantic’s debtors include Idyll and Atron Electronics, a firm owned by Nicholas and Lorraine Fitzpatrick.