Accounts 2007

[Deleted]

They are available for download forom www.companieshouse.co.uk

They make for interesting reading, although being small company accounts they are basic. However, the amount owed to creditors (debt) stands at £959,000 - although this looks to have been restructured a bit so probably got longer to pay on some of this i.e. when the ground sale takes place. The loss, i think, is the biggest in the history of the club - £86,000 on the year, and that can't include a huge amount of bank interest, as the deal is interest free on £800,000.

Whats most worrying though is the complete lack of liquidity in the company, no cash, no assets, and I would imagine no extension of the overdraft facility

[Deleted]

Not sure - the Bank overdraft of £775,000 in 2006 has been converted to a loan (interest free until end of 2009) of £800,000 - so there's £800,000 straight away. Then theres now £69,000 on the overdraft, so we owe the bank (just one creditor) £869,000. Then of course there are other creditors which make up the other £100,000.
If we've sold SGL for £7.3 million then 10.7% of that is £781,000. so the bank alone are into us for more than £1.6 million. Then there's the £250,000 the DB speaks of, which I believe is secured on SGL sale. Well that adds up to £1,850,000. Add another £100,000 for other creditors, and you're in spitting distance of £2 million.

[Tony is not to despondent now.]

Something doesn't add up does it?

The Chairman appears to be economical with the truth!!!

[prestonwcfc]

Does anyone know what the amendments to the articles of association made on 27/8/08 relate to ??

[Deleted]

Yes, it was the change to the volume of share capital to 300,000 shares.

This change was made in 2004, it took 4 years for the Company Secretary to advise Companies House.

Still the same 1% shareholding allowed.

[Deleted]

Were there really only the 5 named Directors during the period from May 2006 - May 2007? I think not.