BALLYMORE LTD, a UK holding company that forms part of Seán Mulryan’s Ballymore Group, has reported a pretax loss of £99 million (€120 million) for the financial year to the end of March 2011.

The loss arises from provisions against financial assets (£94.6 million) and provisions against amounts due from group companies (£4.4 million).

This result compares with the previous year’s loss of £122.9 million.

The previous year’s loss arose from provisions against impairment of investments and debtors.

Ballymore Ltd is an investment holding company which, in turn, owns subsidiary companies involved in the property sector.

It had no employees during the year and paid nothing to its directors.

The filing of the latest accounts has been accompanied by the discontinuation of the striking off process against the company.

The company had net liabilities of £222.9 million at year’s end, an increase of £99 million on the previous year end.

It was dependent for its working capital on funds provided by the group and the group was, in turn, dependent on the continuing support of its lenders in order to continue as a going concern.

The balance sheet shows that the value of the company’s investments fell to £1,002, from £94,600,002, during the year.

Notes to the accounts explain how in 2010 a significant proportion of the group’s bank borrowings were transferred to the National Asset Management Agency (Nama).

Proceeds of a sale of property in London earlier this year by the group were to go to Nama.

It has also recently received planning permission for a major development in London, near the Battersea power station.

The accounts say the group had its business plan approved by Nama during 2011 and a memorandum of understanding has been signed.

The agreements involve certain conditions and performance indicators that have to be satisfied in order for Nama’s support to continue, according to the accounts.

The accounts note how the company’s directors carried out a detailed assessment of the group’s business plan.

“The key assumption underlying this assessment is that the group will meet the financial targets agreed with Nama and will formalise the arrangements set out in the memorandum of understanding by completing binding facility agreements.”

The directors note that these issues involve a material uncertainty over the group’s ability to continue as a going concern.