Bernard McNamara

The directors of one of developer Bernard McNamara's companies have been unable to verify the value of one of his midlands estates, according to its most recent accounts.

In accounts for 2007 lodged with the Companies Office last week, the directors of Balladroon Limited said the deteriorating property market severely curtailed their ability to establish the carrying value of the company's property assets. The company's main asset is a development at Water Lane in Tullamore which the directors valued at its 2006 price of €4.15m.

The company has bank loans of €2.87m and group debts of €1.8m. In addition, €489,684 is owned to Bernard McNamara who lent the company of €499,598. They are confident of the support of shareholders and the principal lending institution, they say.

However, auditors Horwath Bastow Charleton express concern that the financial statements were prepared on "a going concern basis, the validity of which depends upon continuing financial support from shareholders and the principal lender".