Hipclash Services, one of a series of companies owned by singer Ronan Keating, recorded an implied loss of €6,150 in the year to the end of August 2005, the latest set of accounts for the group show.
The Limerick-registered company, of which Mr Keating and his wife Yvonne are the only listed shareholders, had accumulated profits of €110,074 on its balance sheet for the year to the end of August 2005, down from €116,224 in the previous year, implying the overall loss for the year.
According to the accounts, which were filed with the Companies Registration Office (CRO), Hipclash's income is derived from a variety of activities including merchandising and royalties, as well as live performance and broadcasting.
Dublin-born Mr Keating, who was formerly a singer with Boyzone before embarking on a solo career, is also the director of eight other companies, including Lowmill, which is registered as a subsidiary of Hipclash, and the Marie Keating Foundation, a charity set up in honour of his mother who died of breast cancer in 1998.
The newly-filed accounts for Hipclash, show that the group's net assets fell to €109,950, from €116,100. In addition it had as much as €1.17 million in cash at the end of August 2005, up from €888,962 in 2004.
According to separate accounts filed for Lowmill, the subsidiary fared slightly better, recording accumulated profits of €22,188 at the end of August 2005, up from €15,322 a year earlier, and implying a profit of €6,866. Net current assets at the group stood at €23,315, up from €15,449 a year earlier.
