It was 'a beautiful day' for members of U2 as a company controlled by the band repaid €8.6m to the four band members in 2019.

That is according to new accounts for U2 Ltd which show that the company recorded profits of €10.2m for 2019.

The company is engaged in the creation, protection and licensing of the band's intellectual property.

The new accounts show that the company was sitting on accumulated profits of €7m at the end of 2019.

This followed the firm having accumulated losses of €3.2m at the end of 2018 - a positive swing of €10.2m.

The Covid-19 pandemic ruled out U2 performing live before fans in 2020 and to date in 2021.

According to a note attached to the accounts, "the outbreak of Covid-19 was recognised as a worldwide pandemic post year end".

The note states: "While the pandemic has not had any notable impact on the activity of the company, the directors continue to monitor these developments and take mitigating actions where appropriate."

A separate note attached to the accounts stated that the company meets its day to day working capital requirements by way of employee current accounts and related party advances which are unsecured and interest free.

During the past decade, U2 gigs across the world have grossed more than $1 billion.

The box office revenues are usually shared between promoter, venue, ticket seller and performer after all expenses and taxes have been paid.

U2 Limited's cash funds last year reduced from €274,071 to €198,386.

The amount owed to the company by debtors increased to €11.6m.

U2 Ltd is controlled by Not Us Ltd, which has the four members of U2, Bono, The Edge, Adam Clayton and Larry Mullen as its directors.

Accounts for that company lodged show that its accumulated losses increased in 2019 from €13.7m to €16.6m.