Lowry company profits up €230k

Michael Lowry’s refrigeration business experienced a cool increase of almost €230,000 in accumulated profits last year, according to accounts filed to the Companies Registration Office (CRO).

Garuda Ltd, which trades as Streamline Enterprises, recorded accumulated profits of €1.3 million in 2013 — an increase of €229,515 in the 12 months to the end of December last.

Cash in the firm almost doubled from €393,139 to €766,205 during the accounting period, while debtors dropped from €985,948 to €874,582.

The company’s shareholders’ funds increased by 13% or €224,322 from €1.71m to €1.94m, according to the abridged accounts. No figure is provided for turnover of the firm.

Garuda was set up by Mr Lowry in 1988, a year after he was first elected as a Fine Gael TD for Tipperary North. He is listed as a director of the company along with his son, Jonathon Lowry.

In 2005, the firm reached a combined settlement with Revenue to pay around €1.4m in outstanding tax, interest and penalties.

The tangible assets of the company decreased in value in 2013 from €910,878 to €880,469.

Its creditors also declined from €10,333 to €5,393, and there was a modest drop of €5,193 in the company’s revaluation reserve.

The accounts also detail a number of related-party transactions. The company rented part of its premises to Michael Lowry for €14,400 during the relevant year. It also incurred consultancy fees of €19,760 from Abbeygreen Consulting Ltd, of which Michael Lowry is also a director.