Losses at TD’s glass firm widen to €340,000

Losses at a glass firm owned by Galway West Independent TD Noel Grealish widened to €339,791 last year, new figures show.

Accounts just filed by GCC Galway Glass Centre Ltd with the Companies Registration Office show that accumulated losses increased by €136,957 from €202,834 to €339,791 in the 12 months to the end of March last year.

Mr Grealish has a 100% shareholding in the firm and the only other director is his brother, Michael. At the end of March last, the company had a shareholders’ deficit of €339,691.

According to a note attached to the accounts “even though the company has sustained losses and has a deficiency in its current assets, we feel that it is appropriate to prepare the accounts on a going concern basis as we have secured contracts post year end and put cost-cutting measures in place to reduce overheads”.

It continues: “The directors have supported the company financially and we are confident of obtaining a significant contract which will help achieve a turnover level that ensures the company is in a position to fulfil its obligations.”

The figures — signed off by Mr Grealish on February 17 last — show that the company owed €91,757 to its directors at the end of last March. The firm also had a bank loan of €146,938 and trade creditors totalling €180,119.

Cash at the firm during the year declined from €12,430 to €605.

The filings confirm that Noel Grealish charges the company a rent for the premises. Included in monies owed to trade creditors is an amount due to Noel Grealish of €74,282 in respect of this rent.

Mr Grealish was first elected to the Dáil in 2002 and has been re-elected twice.

The current Oireachtas register of interests said that Mr Grealish receives occupational income from his role as a company director of GGC Galway Glass Centre and rental income.

The register confirms that Mr Grealish has a 100% share holding in GCC Galway Glass Centre, while it also records that he owns 15 acres of farmland at Carnmore, Oranmore; an apartment, which serves as holiday home at Canet, France, along with the 8,800 sq ft commercial unit at Briarhill Business Park and a house at Claregalway that is rented.

In last year’s general election, the former PD TD secured 10.3% of the vote with 6,229 first preferences to get re-elected.

The accounts are unaudited after the company in 2010 removed the necessity to have the accounts audited.

Mr Grealish was unavailable for comment yesterday.