BALLTRAP LTD, a property investment company owned by property developer Bernard McNamara and his business associate Jerry O’Reilly, has not reduced the carrying value of its property, a major office development in central Dublin, in its latest set of accounts.
Mr McNamara, who has debts estimated at €1.5 billion, had a €62.5 million judgment registered against him in the Commercial Court last week.
Balltrap is the owner of the Bishop’s Square building, a substantial development on Kevin Street, the tenants of which include three government departments which collectively pay €4.14 million annually in rent.
The latest accounts for the company, which the directors signed off on on January 14th, say the valuation of property is subject to uncertainty due to the downturn.
The property is given a value of €49.8 million in the accounts, which are for the period to the end of November 2008. The same valuation was given the previous year. Accumulated profits at year’s end were €6.2 million, a slight reduction on the 2007 figure.
The directors, in their report accompanying the accounts, say that of €55.27 million due to creditors at year’s end, €709,651 was due to creditors outside the group, of which 94 per cent was paid subsequent to year’s end.
