According to accounts recently returned by Osnovina Ltd to the Companies Office, the company’s accumulated profits dropped marginally from €603,076 to €592,305 in the 12 months to the end of December last year.
Auditors for the company, Kieran Ryan & Co, confirmed that Osnovina Ltd recorded a loss last year. The loss takes account of €15,636 in non- cash depreciation costs. A note attached to the abridged accounts states that “the company has incurred trading losses over the past few years”.
It states: “The company has implemented a cost saving strategy throughout all areas of the business. The management accounts in 2011 show the company returning to profitability.”
The note adds: “The company’s bankers continue to provide their support to the company. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.”
The drop in the firm’s accumulated profits narrowed dramatically last year compared to previous years.
The fortnightly magazine was established by Niall Stokes in 1977 and the accounts show that during 2010, company directors Mr Stokes and Mairin Sheehy loaned money to Osnovina Ltd and the company incurred expenses on their behalf.
The accounts state: “At December 31, 2010, the balance owing to Niall Stokes was €322,147 and the balance owing to Mairin Sheehy was €199,339.”
The other listed director is John Heyden.
The most recent Audited Bureau of Circulation (ABC) figures for the magazine, which concentrates on music and politics, show that for 2010, Hot Press sold on average 17,725 — a drop of 669 on the 2009 figure of 18,394.
The latest accounts also show that the company had bank loans totalling €338,933 and Bank of Ireland includes as security: a letter of guarantee from Steeple Investments Ltd in the amount of €700,000 over a property at 13 Trinity St, Dublin 2 and personal guarantees totalling €541,251 from the company’s directors.
Past writers for Hot Press include Father Ted creators Graham Linehan and Arthur Matthews, Irish Examiner soccer correspondent Liam Mackey, and columnists John Waters and Declan Lynch.