“The director of the company has complied fully with the requirements of accounting standards in respect of these properties and has valued the investment properties to the best of his ability, at open market value as required by SSAP 19. He has also revalued the units in the Unit Trusts taking into account the values of the properties held by the Unit Trusts. However, in the current market conditions, we were unable to make an assessment of the accuracy of these valuations. Owing (sic) the unstable nature of the current property environment we were unable to obtain sufficient appropriate audit evidence regarding the valuation of investment property in Unit Trusts by using other audit procedures” Qualification by auditors to the accounts of Killultagh Estates Limited for the year ended March 2011
The 2011 accounts for one of NAMA’s biggest developers in Northern Ireland, Frank Boyd’s Killultagh Estates Limited, were published on 30th October 2012 and are available here. The accounts of the company in which Frank is now the sole director show a total recognized loss for 2011 of GBP 80,312,288 (€98.9m) compared to GBP 51m in 2010. If that weren’t concerning enough, the auditors qualified the accounts in the manner shown above, which boils down to a concern that there is little evidence on which to value the property still held by the company.
The group balance sheet shows GBP 154m of fixed assets, mostly property and creditors falling due within one year of GBP 239m, mostly bank loans, and it is understood that NAMA remains a major lender to the company. The group is balance sheet insolvent to the tune of GBP 81m.
The company owns North Quay Developments Limited on this side of the Border, a company whose directors are recorded as Richard Steenson (43), Michael Allen (71), Michael Lamont (53) and John Brick (48) and also has a 52% stake in North Quay Property Company Limited. These companies appear to be associated with the Bridgewater Centre in Arklow. The BBC reports that amongst Killultagh’s property “are the Bowen Square shopping centre in Northamptonshire, the Pavilion shopping centre in Hertfordshire, the White Rose centre in Rhyl” and the Connswater shopping centre in east Belfast.
Frank, or to give him his full title, Alphonsos Edward Boyd (58) – pictured here alongside his wife Rose – is one of NAMA’s biggest developers resident in Northern Ireland, where he resides at the vast Rademon Estate in county Down. Rumour has it that the helicopter has gone and seems now to be registered in the Ukraine, though Frank still holds on to at least one racehorse. The accounts show directors’ remuneration of GBP 103,000 in 2011.