Keating’s entertainment firm turns small profit

AN entertainment company owned by singer Ronan Keating and his wife Yvonne recorded a profit last year to increase accumulated profits to €9,556.

The Keatings — through the Entourage Management Agency — derive income from live performances and related broadcasts.

The abridged accounts show that the company strengthened its balance sheet in the 12 months to the end of August 2010.

The figures show that the company increased its cash in hand and at bank from €206,931 to €224,362, with debtors increasing marginally from €113,085 to €116,015.

The figures show that creditors to Entourage Management Agency — formerly Hipclash Services — increased from €311,570 to €330,818.

As the accounts are abridged, the information provided is limited.

The accounts state that the live performance and related broadcast income, represents the value of services provided, not of tour promoter commission.

The accounts state: “Publishing income received represents advances, which are non-repayable and are accounted for on a receipts basis.”

The returns show that the company paid income tax, deducted under PAYE, at €89,572 last year, compared to €44,690 in 2009.

The company’s net current assets increased from €8,573 to €9,559.

The auditors for the company, Pricewater-houseCoopers, state that the financial statements give a true and fair view of the state of the company’s affairs at August 31, 2010, and of its profit for the year ended.

Mr Keating is a director of a number of other companies including the Marie Keating Foundation, a charity set up in honour of his mother who died of breast cancer in 1998.

Mr Keating is a member of Boyzone, who are set for a series of concerts in Britain and around Europe, including Denmark in August.

In September, Mr Keating will swim the 90km stretch from Dublin to Holyhead to raise money for cancer charities. He is set to create a new Guinness World Record for op-en water swimming when he takes part in the relay with a 10-member team.

They are hoping to raise over €1.5 million for Cancer Research Britain and the Marie Keating Foundation when they tackle the feat later this year.