One of the biggest home builders in Dublin, Albany Homes, says the downturn in the property market means it is unable to obtain appropriate valuations for its land and properties.
The company, which specialises in starter homes, has told its auditors that due to the downturn in the "macroeconomic environment'' they cannot provide sufficient information about the value of their stocks.
Albany's pre-tax profits have tumbled from €12.9m to €3.3m and it cites the "significant slowdown'' in the residential property market as a risk to its future business. Albany said it has put bank facilities in place to allow it to continue on sites already acquired.
Accounts for the company show sales dropping from €161m to €146m for the year ended 30 September, 2007. The company also cites a downturn in the UK as relevant to its business.
The directors of the company David Daly and Mary Daly state in the accounts: "The directors have taken all steps that they ought to have taken to make available any relevant audit information. They are aware that information regarding the value of the stocks is not sufficient, but this is as a result of the current macro economic environment and they themselves are unable to obtain appropriate valuations''.
The auditors also state they are unable to form an opinion as to whether Albany will be able to recover the value of its stock or work in progress.