Revenues up at Rochestown Park Hotel

The firm that operates the four-star Rochestown Park Hotel in Cork increased its earnings in 2013 by 4% to €1.37m.

Figures lodged with the Companies Office by Windsor Surprise Ltd show that the business increased its earnings after revenues went up 6% from €9m to €9.52m.

The figures show that the firm recorded a modest pre-tax loss of €87,779 following a pre-tax loss of €6.4m in 2012. However, the 2012 loss chiefly arose from a €6.18m writedown in assets.

The company’s land and buildings were independently valued by Dominic Daly in May 2013 at €26.5m —down from the value of €32.7m at the end of December 2012.

A note says the firm’s earnings before interest tax depreciation and amortisation was €1.37m compared to €1.32m for 2012 “and is meeting its repayment obligations under its present banking facilities”.

The note states that permanent five-year facilities are being discussed with the company’s bankers which provide more certainty on banking support.

The note continues: “The directors have prepared financial projections for the years to December 31 which demonstrate continued positive trading.

“These positive projections coupled with the continued banking support have led the directors to consider it appropriate to prepare the financial statements on a going concern basis.”

The filings show the business recorded a gross profit of €7.5m that followed a gross profit of €7.19m in 2012.

The firm has bank term loans of €20.8m and the amount owed to directors in 2013 stood at €520,000.