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Company Reports - Finance 2006

Download the full Company Report Finance 2006, Microsoft Word file format - 226Kb

DIRECTORS' REPORT

for the year ended 31 December 2006

The Directors present herewith their report and audited financial statements for the year ended 31 December 2006.

 

LEGAL STATUS

Dún Laoghaire Harbour Company is a limited liability company established pursuant to the Harbour’s Act, 1996.

 

REVIEW OF THE DEVELOPMENT OF THE BUSINESS AND ITS PRINCIPAL ACTIVITIES

The company is engaged in the management, control, operation and development of Dún Laoghaire Harbour.  The review of activities is contained in the Chairman's report.

 

RESULTS FOR THE YEAR AND STATE OF AFFAIRS AT 31 DECEMBER 2006

The profit and loss account for the year ended 31 December 2006 and the balance sheet at that date are set out on pages 14 and 16.  A commentary on the results for the year and state of affairs is included in the Chairman’s Report.

 

DIVIDENDS

The Directors of the company do not propose the payment of a dividend for the year. The profit for the year of €2,102,617 has been carried forward to reserves.

 

DIRECTORS

A list of the current Directors is shown on Page 2. Patrick McMahon resigned as a director in December 2006, while Donal Marren and Jane Dillon Byrne both resigned as directors in March 2007. 

 

DIRECTORS' INTERESTS IN SHARES

None of the Directors or their immediate families holds shares in the company.

 

SHAREHOLDING

The Minister for Transport beneficially holds all the share capital of the company.

 

POLITICAL DONATIONS

The company did not make any political donations during the year.

 

PROMPT PAYMENTS OF ACCOUNTS ACT, 1997

Whilst Dun Laoghaire Harbour Company endeavours to be fully compliant at all times with applicable laws and regulations, it was brought to the Board’s attention during the year that an amendment had been made to the Prompt Payment of Accounts Act, 1997, which resulted in non compliance with a portion of the new legal provisions set out in S.I. 388/2002 EC (Late Payment in Commercial Transactions) Regulations 2002.

Once notified of the new legal provisions Dun Laoghaire Harbour Company immediately amended its procedures and systems to ensure that it is now and will going forward be fully compliant with the provisions of S.I. 388/2002 EC (Late Payment in Commercial Transactions) Regulations 2002.

 

TAXATION STATUS

The taxation status of the company is dealt with in the Chairman's report under "Company Operations and Profitability".

 

FUTURE DEVELOPMENTS OF THE BUSINESS

The significant development plans expected in the forthcoming years are set out in the chairman's report.

CORPORATE GOVERNANCE
The Directors are committed to maintaining the highest standards of corporate governance as set out in the Code of Practice for the Governance of State Bodies issued by the Department of Finance in October 2001. The main areas covered by this are as follows:

Directors' code of conduct

It is the company's aim to ensure that all Directors are aware of, and in compliance with, the code of conduct for Directors.

Reporting arrangements and requirements

It is the company's aim, at all times, to comply with the agreed reporting requirements of the Department of Transport and other government departments as required on a timely and accurate basis.

Audit committee

The audit committee is a sub committee of the main Board and comprises three members.  The main function of the audit committee is to review and monitor the financial reporting process, including audit activities, so as to give additional assurance regarding the reliability of the company’s financial information.
 

Procurement procedures, advertising and award of contracts

All material contracts entered into during the year comply with government guidelines regarding procurement procedures, advertising and award of contracts.

Chief Executive's remuneration

The Chief Executive's salary and benefits package is ratified by the Board of Directors and the Department of Transport.

Investment appraisal procedures

All investments of a material nature are ratified by the Board of Directors.

Procedure for the disposal of fixed assets

All asset disposals of a material nature are ratified by the Board of Directors.

 

Risk analysis

The directors consider that the following are the principal risk factors that could materially and adversely affect the Company’s future operating profits or financial position.  The Company has controls in place to limit each of these potential exposures and management and the board regularly review, reassess and proactively limit the associated risks:

  • Damage to, or loss of, the Company’s fixed assets.
  • Legal actions by third parties.
  • Loss of contract revenues from ferry operator.
  • Loss of other revenues.
  • Overruns on capital projects.

INFORMATION RELEVANT TO ENVIRONMENTAL MATTERS

The Company is committed to protecting the environment.  The Company have in place a Pollution Emergency Plan which is periodically tested and updated.

 

INFORMATION RELEVANT TO EMPLOYEE MATTERS

Employee numbers have remained the same as in the previous year.  The Company complies with employment legislation.  The Company also complies with health and safety legislation and has both accident investigation and staff safety training programmes in place.

 

ENERGY EFFICIENCY

The company is continually examining ways to improve energy efficiency.

 

BOOKS AND ACCOUNTING RECORDS

The Directors are responsible for ensuring that proper books and accounting records, as outlined in Section 202 of the Companies Act, 1990, are kept by the company.  To achieve this, the Directors have appointed appropriate accounting personnel including a professionally qualified accountant, in order to ensure compliance with these requirements.

The books and accounting records are maintained at 5 Adelaide Street, Dun Laoghaire, Co. Dublin.

 

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF

THE FINANCIAL STATEMENTS

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Accounting Standards Board and promulgated by the Institute of Chartered Accountants in Ireland.

Irish company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.  In preparing those financial statements, the directors are required to:

  • select suitable accounting policies for the Company Financial Statements and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with Irish statute comprising the Companies Acts, 1963 to 2006.  They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

AUDITORS

The auditors, Deloitte & Touche, Chartered Accountants, who were appointed during the period, continue in office in accordance with Section 160(2) of the Companies Act, 1963.

On behalf of the Directors

Sean Costello

Michael Hanahoe

2 April 2007

Download the full Company Report Finance 2006, Microsoft Word file format - 226Kb