You may have thought Google sold ads, the market and analysts probably thought it sold ads - and many of them - but Google's accountants take quite a different and, yes, more creative view.

Despite its near total dominance of the search advertising market, Google does not make one red cent through advertising, according to its latest set of accounts.

Lovely Ireland. Google's Australian clients are billed by Google Ireland .

Instead Google Australia, which analysts estimates makes about $700 million a year from Australian advertisers, is a mere ''service provider'' that makes about a sixth of that collecting fees from its head office and a subsidiary in Ireland.

Documents filed with the corporate regulator show Google's revenues last year were $110 million - some way short of the real figure.