LESLIE Reynolds, the Dublin stainless steel company, posted a loss last year after writing down the value of properties.

The company made a pre-tax loss of almost €2.8m in the year ended 30 April 2009 compared to a profit of €715,995 a year earlier, according to accounts just filed at the Companies Registration Office. The accounts don't give a turnover figure.

The company blamed the move into the red on the write-down of leasehold property by €1.9m. The accounts were prepared on a going-concern basis as its directors and lenders were willing to continue supporting it.

Leslie Reynolds made one of the biggest settlements with the Revenue five years ago when it agreed to pay €9.5m; Reynolds himself made a €400,000 settlement. He was jailed for three months in 2005 after pleading guilty to dozens of charges of tax evasion.

The two directors, Keith and Emily Reynolds, were paid nearly €323,000, down from more than €350,000. The business employs 25 people and has sites in Dublin and Cork.

Shareholders' funds showed a deficit of €1.8m at the end of its financial year. Net debt at the year end was €12.5m, up from €11.8m.