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Tax bill pushes U2 firm into the red


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Tax bill pushes U2 firm into the red

Irish Examiner,December 07, 2010

By: Gordon Deegan


A TAX bill of (EU)143,558 paid by a company controlled by the four members of U2 last year pushed the company into the red.


Inaccounts just filed by U2 Ltd, they show that the company recorded anoperating profit of (EU)575,500 to the end of December last aftersustaining an operating loss of (EU)870,667 in 2008.


The companyrecorded the operating profit after it increased its gross profit morethan threefold from (EU)618,415 to (EU)2.2 million last year. No figurefor turnover is provided.


The company achieved a break-even position after it provided for (EU)576,990 against an amount due from a related party.


The company recorded the modest (EU)135 pre-tax loss after sustaining pre-tax losses of (EU)65,042 in 2008.


However,the company paid a corporation tax bill of (EU)143,558 resulting in anafter-tax loss of (EU)143,693. This followed the company recording posttax losses of (EU)160,298 in 2008.


The loss last year reducedthe company's accumulated profits to (EU)2.9m. The company had(EU)822,912 in cash at the end of the year — more than a doubling ofthe (EU)467,999 in cash at the end of 2008.


The principle activity of the company is the creation, protection and licensing of intellectual property.


Nomembers of U2 are directors of the company. Instead, the directors arelisted as Dutch national, Jan Favie described as being a managingdirector, a second Dutch national and company director, Gerrit Spenkeand Dublin-based chartered accountant, Gaby Smyth.


The companyis controlled by Not Us Ltd, which has the four members of U2; Bono,The Edge, Adam Clayton and Larry Mullen as its directors.


Accordingto the directors' report of U2 Ltd, they "are satisfied with theperformance of the company for the year and the state of affairs at theyear end date".


Separate accounts lodged by Not Us Ltd show itreduced its accumulated losses last year from (EU)3.69m to (EU)2.1mwith its cash increasing from (EU)464,528 to (EU)2.1m during the year.


Theaccounts show that the number of people employed by U2 Ltd last yearwas nine and the staff costs came to (EU)211,910 compared to staffcosts of (EU)671,458 in 2008.


The filings show that the companylost (EU)600,464 on foreign exchange losses last year compared to aforeign exchange gain of (EU)10,297 in 2008.


The accounts show the company has a shareholders' loan account that had a balance of (EU)838,368 at the end of December 2009.

© Irish Examiner, 2010.

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Taxes suck!  Consider this...


Then the Pharisees went out and laid plans to trap him in his words. They sent their disciples to him along with the Herodians. “Teacher,†they said, “we know that you are a man of integrity and that you teach the way of God in accordance with the truth. You aren’t swayed by others, because you pay no attention to who they are. Tell us then, what is your opinion? Is it right to pay the imperial tax to Caesar or not?†But Jesus, knowing their evil intent, said, “You hypocrites, why are you trying to trap me? Show me the coin used for paying the tax.†They brought him a denarius, and he asked them, “Whose image is this? And whose inscription?†“Caesar’s,†they replied. Then he said to them, “So give back to Caesar what is Caesar’s, and to God what is God’s.†- Matthew 22:15-21


Genesis 1:27 says, "God created man in his own image."  Like the coin, we have the image of God imprinted on us!  We got to give ourselves to God.

"Oh Lord, if I had anything / Anything at all / I'd give it to you" - Gloria

"You got to give it away." - Last Night on Earth

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