Michael Lowry’s refrigeration business recorded an increase over €250,000 in accumulated profits last year, according to accounts filed to the Companies Registration Office (CRO).

Garuda Ltd, which trades as Streamline Enterprises, recorded accumulated profits of €1,551,201 million in 2014 - representing an increase of €250,817 in the 12 months to the end of December last.

The firm also reported a cash balance of €542,244, while money owed to the company by debtors increased by €752,218 during the same period - standing at €1,626,800 at the end of the financial year.

The company’s shareholders’ funds increased by almost 19 per cent or €245,624 from €1.94 million to €2.19 million, according to the abridged accounts. No figure is provided for the turnover of the firm.

Garuda was set up by Mr Lowry in 1988, a year after he was first elected as a Fine Gael TD for Tipperary North. He is listed as a director of the company along with his son, Jonathon Lowry.

In 2005, the firm reached a combined settlement with Revenue to pay around €1.4 million in outstanding tax, interest and penalties.