Livestock exporter Purcell Bros saw an an expansion of almost 20 per cent in its deficit in the year to the end of August 2004, according to accounts just filed at the Companies Office. The company's balance sheet shows a deficiency of €2.9 million at the end of the accounting year, up from €2.5 million 12 months earlier.

The firm's profit and loss account was in the red by €3 million, compared to €2.6 million at the same point in 2003.

The move further into loss came as the value of Purcell's fixed assets increased from €3,803 to €1.6 million over the year. The accounts do not specify the reason for the increase, aside from making reference to "additions" of €1.6 million.

Net current assets at the end of August 2004 amounted to €3,373 compared to €89,860 in 2003.

The accounts also refer to "other long-term loans" of €4.6 million in 2004, noting that this represented "amounts due to the directors". The company had two directors at this stage: Gerry Purcell and Patrick Purcell.

Gerry Purcell emerged this year as a financial backer, along with promoter Denis Desmond, of the €6 million revamped Laughter Lounge in Dublin.