The good old days seem like they might be behind him as three out of four of Louis Walsh’s existing companies are ruled as Fair Trade Risks, with credit scores dropping to under 70%.
One of them, Louis Walsh Management Limited, has had a warning written against it, with the last account update filed in 2014. The company earlier this month submitted a request to change the company’s NARD (Next Annual Return Date), something which is usually done when a company feels they won’t be able to submit their annual return on time for whatever reason.
Another of Walsh’s companies, Brill Management Limited, which he co-directs with Desmond Morris, has been rated a Low Trade Risk, with a credit score of 94 out of a possible 100. Morris is also a co-director with Walsh’s in two other companies, Ennabin Limited, and Louis Walsh Management Limited. His fourth company, Carol & Associates, is co-directed by Carol Hanna. These last three companies have all been rated as a Fair Trade Risk, with credit scores of 69 out of 100 for each of Brill and Carol & Associates, and a lower score, 67 out of 100, for Louis Walsh Management.
The total assets in Carol & Associates were reported as of 30 June this year as being €50,652, which is a loss of 50.22% on last year’s assets. Additionally, the cash held in the company was down by 62.28% on the previous year’s report.
Brill Management suffered a slightly smaller loss, with the last report from 29 February this year claiming assets of €1,569,563. This is a reduction of 9.10% on last year. Likewise, the cash in the company has also been reduced, down to €333,578, a total decrease of 31.93%. Brill’s working capital, which is calculated by subtracting the current liabilities from the current assets, has gone down by 10.93%, and the company’s profit and loss account reserve – the fully distributable balance of retained earnings to carry forward – has been reduced by 10.31%.
Louis Walsh has been a director of a total of eight companies over his working life, four of which have been dissolved. He is known to have given tax advice to others in the entertainment industry, including Cheryl, who says Walsh recommended an accountant she used to advise her on tax affairs.