Damien Rice's firm has cash pile of €500,000

The music company of singer-songwriter Damien Rice has reported a cash pile of almost €500,000, in accounts just filed to the Companies Registration Office.

The Kildare-born performer is the sole shareholder, and a director, of Damien Rice Music Limited. His sister, Fiona, 39, is also listed as a director.

The company’s directors were paid remuneration of €277,419 during the financial year ending June 30, 2015.

The firm also increased its cash pile by €76,699, during the same period, to €491,732.

It was owed €182,635 by debtors at the end of last June, while €779,790 remained payable to creditors — €117,639 of which related to taxation. Accumulated losses in the firm were marginally reduced, by €3,438, during the 12-month period, and stood at €33,785 at the end of the year.

Rice, 42, is also listed as a director and sole shareholder in two other active companies: Serendipity Touring Limited and The Wagging Tail Limited.

In its latest accounts, filed to the Companies Office last month, Serendipity Touring Limited reported a cash balance of €1,160,420 — an increase of €771,870 from the previous year.

The company paid wages and salaries of €1,138,485 in the year ending December 31, 2015, €967,309 of which was remuneration received by its directors: Damien Rice and Fiona Rice.

The Wagging Tail Limited also reported a healthy cash pile of €115,224, during the same period, while the firm’s accumulated losses were reduced, from €16,487 to €7,687.

Rice began his musical career in the 1990s, as a member of the rock band Juniper under the pseudonym Dodi Ma. He embarked on a solo career in 2001, while the other members of Juniper went on to form Bell X1.

He released his debut album, O, the following year. It reached number eight in the UK album charts and won the Shortlist Music Prize. Three of the tracks from the album entered the top-30 singles chart in the UK. His third studio album, My Favourite Faded Fantasy, was released in October, 2014. Several of his songs have featured in popular films and TV series.


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