herald

Tuesday 24 October 2017

Sinead in the black as firm posts €131k profit

A new entertainment firm owned by award-winning artist Sinead O'Connor recorded profits of €131,636 last year.

A note attached to the accounts for Psalm 91 Music Ltd confirms that consultancy fees totalling €122,000 were charged by Ms O'Connor to the firm during the period.

O'Connor's Psalm 91 Music Ltd was incorporated in December 2012 and the end of 2013, it had cash of €46,183 and was owed €118,426 by debtors with the firm owing creditors €32,873.

Underling the profit recorded by the firm in 2013, corporation tax of €18,805 was owed by the firm at the end of December 2013.

The €131,636 profits recorded by the Psalm 91 Music Ltd are in contrast to losses mounting at O'Connor's So Touring Ltd in 2013.

At year end, the firm had accumulated losses of €204,218 at the end of December last.

This followed the firm having accumulated profits of €186,565 in 2012 - showing that accumulated losses increased by €17,653 during 2013.

The accounts show that O'Connor is propping up the firm by providing an additional €24,522 in loans last year to bring to €296,806 owed to the singer by the firm.

hnews@herald.ie

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