The company that ran the Leas Cross nursing home lost €867,924 in the year to January 31st, 2006, according to the latest accounts filed.
The loss represented a major turnaround for the company, Sovereign Projects Ltd, which made a pretax profit of €619,839 the previous year.
The Leas Cross nursing home in Swords, Co Dublin, closed in August last year following an RTÉ Prime Time television programme on standards in the home.
Turnover fell to €1.8 million in the year ended January 31st, 2006, down from just under €4 million the previous year. At the end of January, the company had retained profits of €715,317 and a revaluation reserve of €1.4 million. The latter figure reflects increases in the value of the company's property. The company had tangible assets worth €2.9 million.
The company is owned by John and Genevieve Aherne of Lispopple, Swords, Co Dublin. The directors are John Aherne, John Kevin Aherne, Raymond Aherne and Siobhán Aherne, all of Lispopple, Swords, Co Dublin. Payments to directors during the year were zero.
Rent paid to John Aherne during the year was €600,000 plus VAT for the short-term lease of "Leas Cross Two", believed to be an extension. The accounts say the rent is comparable to the loan repayments on the property.
The directors had loans out to the firm of €139,497 at year's end.
During the year to the end of January, the company employed an average of 61 people, at a cost of €1.28 million.
Sovereign Engineering Ltd, a construction company based at Broombridge Road, Dublin, is a subsidiary of Sovereign Projects.
Mr Aherne is also a director of plumbing company AC Manufacturing Ltd on Broombridge Road, Dublin; metal products manufacturer Fireduct Ltd; and Blake's Cross Developments Ltd, a company involved in real estate.
