Property company Mazarone records loss of over €380k

A property company from which developer Bernard McNamara resigned as a director last year recorded a loss of over €380,000 in 2011.

According to accounts just filed with the Companies Office, Mazarone Ltd recorded the loss of €384,618 in the 12 months to the end of May 31 last year. As a result, the company’s accumulated losses widened to €42m.

Mr McNamara resigned in February of last year. The other directors are listed as Mr McNamara’s business partner and hotelier Jerry O’Reilly, David Courtney, and Eamon Shields.

The figures show that at the end of last May, the company owed Mr McNamara €2.8m.

Mr O’Reilly and Mr Courtney each advanced a further €31,914 to the firm last year, bringing the amount owed by the company to them to €1.707m and €1.7m respectively. In total, the three were owed €6.2m by Mazarone.

The directors state that following a 2009 €39m writedown, they believe no further adjustment is required in this regard.

The directors state that they consider it appropriate to prepare the accounts on a going-concern basis.

The company’s bank loans totalled €47.8m last year and the total amount owed to creditors stood at €55m.

The firm’s auditors, Howarth Bastow Charleton, stated that the valuation of all property assets was subject to uncertainty due to the downturn in the property market.