Finance at Airfield:

 

In the Irish Times in December 2003 and subsequently, the Trustees have said they are “asset rich and cash poor” and “eating into capital”.   This has been used as an excuse to propose the sale of Airfield land.  Examination of the accounts of Dromartin Estates Co. Ltd (see link to “Legal Structures at Airfield”) quickly disproves such statements.    

 

The Accounts lodged with the Companies Records Office consist of an Abridged Balance Sheet only (the Company is not obliged to lodge an Income & Expenditure Account or other details).  However, from the Balance Sheet, the following information can be gleaned:

 

Extract from the Abridged Balance Sheet of Dromartin Estates Co. Ltd.

As at 31 October, 2003.

     

 

2003                            2002                SaveAirfield  

Campaign Notes

 

Fixed Assets                                €                                   €

Tangle Assets                           2,635,764                    2,724,692        i.e. house & land,                                                                                                                                                 much undervalued

Investments                             12,155,641*                10,672.037       increased in value

                                                                                                                                                Since 2002 - €1.4m

                                                                __________                         __________

 

                                                                14,791,405                  13,396,729

 

Stocks                                              9,964                           8,527

Debtors                                          74,170                         54,307

Cash at Bank and in hand        1,377,496*                     1,955,233      Significant balances at                

                                                                                                            Bank

Creditors                                  (216,699)                       (233,064)

                                                _________                  _________

           

Total Net Assets                       16,036,336                  15,181,732

                                                ========                  ========                                         

Capital & Reserves

Called up share capital       502,181                      502,181

Capital Reserve                          8,636,572                    8,636,572

Revaluation Reserve                          7,316                           7,316

Profit & Loss Account    6,890,267                    6,035,663      P&L Account increase                                                                                                      was €854,604 for the

                                                                                                                                                Year:  in 2002 the

                                                                                                                                                Increase was €845,179

                                                                ___________                      ___________

                                   

                                                16,036,336                  15,181,732

                                                ========                  ========

 

*  With liquid assets in excess of €13.5 million, the Trust cannot be said to be “cash poor”.  Generating profits in the region of €850,000 annually, it cannot be said to be “eating into capital”.