The company behind plans for a controversial casino in Tipperary and Dr Quirkey's Good Time Emporium on O'Connell Street, Dublin, paid €803,486 in additional VAT following a Revenue investigation in 2012.
The additional liability arose from the “application of incorrect VAT rates to income earned in the year to June 2012 and previous years”, according to accounts just filed for Dublin Pool and Juke Box Co Ltd, which owns Dr Quirkey’s Good Time Emporium Ltd, and other subsidiaries.
Business down
The accounts note there was a 34 per cent sales decrease on business compared to the previous year and said this was due to the downturn. The principal business of the company is described as the provision of amusement facilities.
“The company incurred [an after tax] loss of €519,544 for the year after accounting for an additional revenue liability agreed with the Revenue.”
The shares in Dublin Pool and Juke Box Co Ltd are owned by Richard and Anne Quirke, with Paul Clinton holding non-voting shares in trust for Mr Quirke.
Notes to the accounts concerning events post the end of June last year say the company is continuing to purchase lands and property to develop a casino and leisure complex in Co Tipperary. The controversial plan to build an extensive casino development is being supported by Independent TD for North Tipperary, Michael Lowry, but has caused concern at Government level.
The accounts for Dublin Pool and Juke Box say there is “no concern regarding the company’s ability to continue as a g oing concern, as the company has adequate funds available through directors’ loans”.
The accounts show retained profit carried forward at the end of June 2012 was €18.5 million. Gross profit for the year was €3.59 million, and expenses were €4.1 million.
Tangible fixed assets at the end of the year were €25 million and cash in the bank was €1.2 million. Total capital and reserves were €27.3 million.
Slot machines
In the note covering stock, the accounts state that because of changes in technology, there has been a considerable reduction in the estimated useful life of amusement machines and what was previous recorded as equipment is now being recorded as current assets.
The cash flow statement shows inflow from operating activities of €962,612 and corporation tax payments of €401,136.
Directors’ remuneration, including pension contributions, was down to €208,168, from €413,003 the previous year. The directors were Mr and Mrs Quirke.
AIB O’Connell Street, Dublin, has a personal guarantee from Mr Quirke for €403,921, and the assignment of life policies in the amount of €1 million.
The company's subsidiaries were Planview Ltd, Baycross Developments Ltd and Dr Quirkey's Good Time Emporium Ltd.
