Losses at Celtic Helicopters widen to €1.78m

Accumulated losses at Celtic Helicopters in 2010 widened to €1.78m, according to the latest accounts.

They show the company’s accumulated losses increased by €184,456 from €1.584m to €1.768m in the 21 months to the end of December 2010.

The firm is controlled by Ciarán Haughey, son of the late former taoiseach, Charles Haughey.

A note attached to the accounts states: “We draw your attention to the fact that the company is dependent, through Medeva Properties Ltd, which is a shareholder and which has common directors, on the continued support of the Irish Banking Resolution Corporation and the support of other creditors, to continue its business”.

The note states: “The directors are unable to determine if the company can continue if the IBRC support ceases. On this basis, the directors have decided to prepare the accounts on a going concern basis but to review the basis regularly.”

Both Mr Haughey and his business partner, John Barnicle are directors of Celtic Helicopters Ltd and Medeva Properties Ltd.

Separate accounts filed by Medeva Properties Ltd show that its accumulated profits decreased sharply from €460,150 to €14,326 in the 12 months to the end of last March. The filings show that the property firm had bank loans of €3.1m.

Celtic Helicopters has reorganised its operations by ceasing to provide maintenance services. In 2009, it returned its air operations certificate to aviation regulators while focusing on its hangar business with the construction of a 16,000sq ft hangar, which can house up to nine large or 20 smaller aircraft.