Blackrock Medical Partners, a company owned by James Sheehan and his son Josep, has reported a €78,000 rise in its profit and loss account in 2010.

Accounts for the company owned by the surgeon who part-owns the private Galway Clinic, shows the profit and loss account standing at €8.38 million at year end.

The company owns 50 of the 100 issued shares in Marpole Ltd, the ultimate parent company of the Galway Clinic. Larry Goodman owns 40 per cent of shares by way of Parma Investments BV. BMD Investments Ltd, which is controlled by Brendan McDonald, owns 10 shares in Marpole.

Accounts show Blackrock Medical Partners was owed €9 million by Marpole Ltd at the end of 2010, the same amount as was owed to it in 2009. The loan is interest free, unsecured and “subject to subordination with Anglo Irish Bank”. The accounts state risks and uncertainties identified by the directors mean they will “continue to place strong emphasis on cost control and the management of the company’s cashflow”.