Music magazine enjoys third successive year of proft

The company that publishes Hot Press magazine recorded a profit for the third year running in 2013 after years of successive losses.

New filings lodged with the Companies Office show Osnovina Ltd recorded a profit of €17,773 in the 12 months to the end of December 2013, with accumulated profits increasing from €621,597 to €639,370.

The profit of €17,773 followed a profit of €13,739 in 2012 — an increase of 29%.

The accounts show that the company had shareholder funds totalling €663,178 in place at the end of December 2013.

During the period under review, Hot Press bucked the trend in the magazine publishing industry to record an albeit marginal increase in circulation in 2013.

The most recent Audited Bureau of Circulation figures show the magazine sold on average 17,239 copies — up 61 copies on the 17,178 average circulation in 2012

In 2013, the company’s directors loaned the firm an additional €44,502.

At year end, the amount owed by the firm to its directors totalled €645,503. What the firm owed in bank loans after one year reduced from €224,172 to €163,227. The company’s directors are listed as Niall Stokes and Mairin Sheedy.

The firm owed €34,881 in Vat and €63,249 in payroll taxes and social welfare costs at the end of December 2013.

The magazine was established by Niall Stokes in 1977. Past writers include Father Ted creators, Graham Linehan and Arthur Matthews, as well as Irish Examiner soccer correspondent Liam Mackey.