The interest bill paid on overdue tax by the casino and arcade business owned by Dublin businessman Richard Quirke now stands at €2.19 million.
New accounts for Mr Quirkes’s Dublin Pool and Juke Box Ltd show that last year the bill mounted further to €2.19 million as interest on overdue tax totalled €602,051 following a combined bill of €1.59 million under the same heading over the previous four years.
In a note attached to the accounts it states that the company “is currently the subject of a Revenue investigation, the outcome of which is uncertain at present”.
The note states that the directors “have provided for additional liabilities and interest in the financial statements but have not provided for potential penalties that might arise”.
The long-established Dublin based business is owned by 76-year-old businessman and director, Richard Quirke who is Rosanna Davison’s father-in-law.
The new accounts show that the business continued its recovery from its Covid-19 enforced shutdown as revenues increased five-fold to €7.57 million.
The improved revenue performance contributed to pre-tax losses reducing from €14.06 million to €924,656 in the 12 months to the end of June last.
The pre-tax losses were inflated in the prior year due to a non-cash loss of €8.46 million concerning an investment property write down.
The firm re-opened for business in August 2021 following Covid-19 shutdowns and the directors state that “the company promotes responsible gambling”.
The business also continued to recover from an alleged €2.56 million fraud perpetrated on the business that was first uncovered by Mr Quirke and another director in December 2020.
In response to the alleged fraud, the firm hired external forensic consultants and previous accounts filed revealed that “this led to the identification of unpaid taxation and interest liabilities which have been fully accrued in the company’s accounts”.
As a result of the comprehensive investigation led by the external financial consultants, the company implemented an extensive wide-ranging programmes of governance and operational improvements at all levels within the organisation.
One of the new appointments was the appointment of Rosanna Davison’s husband, Wesley Quirke to the board of the family firm in November of last year.
The new accounts were signed off by directors, Wesley Quirke and Debbie Lawrence on April 28th.
Five directors served during the year to the end of June last and pay to directors increased sharply from €53,250 to €489,725.
The new accounts in reference to the potential impact of the Ukraine war on business state that “the company is in a strong financial position to withstand potential future challenges in this context”.
Last year, the company recorded an operating loss of €322,605 before the interest payments of €602,051 were taken into account.
At the end of last June, the business’s shareholder funds totalled €16.89 million that included accumulated profits of €14.67 million.
The business’s cash funds increased from €3.2 million to €4.22 million. The loss last year takes account of non-cash depreciation costs of €1.4 million.
Numbers employed by the business increased from 56 to 64 as staff costs increased sharply from €1.9 million to €4.34 million.