However, the accounts also reveal that the company raised �5.7m ( 8.5m) from the sale of the Sydenham Works site. Sister company Titanic Properties, which is developing other former shipbuilding sites nearby and owns the Channel Commercial Park where 25 companies are based, made a profit of �944,595 ( 1.4m) compared with �693,915 ( 1m) the previous year.

The accounts for parent firm Titanic Island reveal that billionaire financier Dermot Desmond is continuing to invest his own money into the development, providing �1m ( 1.49m) in a personal loan in 2006.

The company now owes him �11.3m ( 16.8m).

A director of Harcourt Developments, Robert Langdon, also made personal loans to the firm of �1.4m ( 2.1m) in 2005. He is now owed �12m ( 17.9m).

When completed, the �1bn ( 1.49bn) Titanic Quarter development will span 185 acres and will contain over 5,000 apartments, over 180,000sq m of business, education and office space, and around 41,000 square metres of recreational facilities.