COMPANY ACCOUNTS for Ireland’s national circus Fossett Brothers show the company was reliant on overdraft facilities to stay in business at the end of April 2008.
According to the abridged accounts filed by the company with the Companies Registration Office, the circus was meeting its day-to-day working capital requirements through overdraft facilities and prepared its financial statements for the year ending April 30th, 2008, on a “going concern” basis.
The company recorded net liabilities of €184,514 according to the abridged accounts. The accounts also showed that the circus had seen accelerated losses from a year previously; its profit a loss account showed a deficit of €101,774 for its 2007 accounts, while in 2008 those losses grew to €197,214.
In the auditor’s report accompanying the abridged accounts, attention is drawn to the company’s net liabilities and its reliance on the availability of funds from overdraft facilities.
The auditors noted that these conditions indicated “the existence of an uncertainty which may cast doubt about the company’s ability to continue as a going concern”.
Edward and Robert Fossett, directors of the company, are sons of Teddy Fossett, who, along with his brothers, established the circus under the name Fossett Bros Circus in the 1960s, although the circus traces its history back to 1888.
The directors of the company could not be contacted yesterday. However, a message on the Fossetts website says that the circus has completed its 2009 season and will recommence its shows in March 2010.
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