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Social housing contractor Keepmoat recorded a 拢50m loss in 2011 when taking into account the interest paid on its debt.

The loss was shown in accounts filed at Companies House by Lakeside 1, Keepmoat鈥檚 ultimate holding company set up to hold its debt. Lakeside 1鈥檚 turnover rose 12% to 拢677m for the year to 31 March 2011 but it recorded the huge paper loss because of a 拢117m interest charge on its 拢706m debt mountain.

In addition Lakeside 1, which is negotiating a merger with rival Apollo, had to write off 拢30.3m in goodwill amortisation. The loss, however is still lower than last year鈥檚 拢194m loss, which included a 拢154m write-off of the value of the firm as the market declined.

Operating firm Keepmoat Ltd also filed consolidated accounts this week, reporting a 拢70m cash profit on the 拢677m revenue. The difference between Keepmoat鈥檚 profit and Lakeside 1鈥檚 loss is because the debt for the original purchase of the firm, and therefore the interest payments, is held in Lakeside 1.

Keepmoat was bought by the Bank of Scotland for 拢783m at the height of the market in 2007. The accounts cover the period during which Keepmoat was then sold to private equity group Cavendish Square, a joint venture between private equity firm Coller Capital and Lloyds Banking Group.

The accounts say Lakeside 1 stayed within its banking covenants at all times. These are based on generating enough cash to service the portion of its cash interest payments, which is less than half the total. It said it generated 拢46.6m, enough to cover the 拢41.2m of interest payments required in cash.

It was also forced to write off 拢3.2m over an aborted joint venture to manufacture its own off-site modular units.

None of the group鈥檚 debt is to be paid until 2013 at the earliest.

David Blunt, Keepmoat CEO, said: 鈥淲e have delivered an excellent trading performance [鈥�] which reflects on an outstanding effort by everyone at Keepmoat.鈥�