dragon
First Teamer
Posts: 355
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Post by dragon on Sept 24, 2008 8:24:19 GMT
I see that the long overdue accounts for 2007 have been filed at Companies House and that the indebtedness of the club is shown as some way below the £1M mark-let alone £2M as frequently mentioned in these columns.Am I missing something-and why have those who follow these things far more assiduously than this poster had nothing to say on the matter?
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Post by birdfeeder on Sept 24, 2008 8:30:11 GMT
Open your eyes and look under the thread Accounts 2007.
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dragon
First Teamer
Posts: 355
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Post by dragon on Sept 24, 2008 8:42:06 GMT
Sorry about that,I`m new to this board and didn`t scoll down far enough. But what a friendly constructive bunch you are!
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Deleted
Deleted Member
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Post by Deleted on Sept 24, 2008 9:05:44 GMT
Dragon, you're missing a couple of things which are very important, which go alongside the debt within the accounts.
1. How much does the club "owe" the Bank?
£800,000 in loans, which were structured last year at 0% interest on £800,000 until December 2009
In return for this interest free loan arrangement, the club arranged for 10.7% of the equity in the company assets based on the sale proceeds of the property which at a sale price of £7 million represents a further £749,000
Overdraft at £69,000
So the club "owes" the bank in the region of £1.6 million
2. Other creditors
There are other creditors which probably amount to sums in or around £100,000
3. Further Equity deals - Mortgages
The business shows a mortgage taken out which allows St. Modwen to effectively levy all theri charges against the sale of the ground - so its a "services now, payment on sale" arrangement which the club has stated will be around £250,000. In fact its an open arrangement with no apparent capping. but lets say £250,000
So all in all - on the sale of the ground a total of approx. £2 million will be needed to pay creditors secured by the company asset (the ground)
Thats where the £2 million comes from. That why the concerns over the ground move. The figures don't add up
£7 million sale price - less £1.5 million infrastructure and land purchase costs leaves £5.5 million
Less the £2 million owed, leaves a figure of £3.5 million!! This is the figure provided by the Board at the open meeting at the Whitehouse Hotel.
Hope that helps.
By the way, you wonder whether you can even trust the accounts, even the company information is incorrect. Were the Directors at the company to 31st May 2007 really only Boddy, Partridge, Brown, Prescott, and the Doc? Oh well, Mr Boddy and Mr Brown signed the document as a statement of fact - so it must be true!
(boy, I feel like I'm turning into andy with these long, rambling, analytical but extremely boring posts!)
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dragon
First Teamer
Posts: 355
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Post by dragon on Sept 24, 2008 9:13:44 GMT
Thanks for that Jeremy.I`m a longstanding shareholder who is only just beginning to take an interest in the affairs of the Company as against what we see on the field. I will download the full accounts from Companies House and request a copy of the Company Articles for study before the AGM.
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Deleted
Deleted Member
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Post by Deleted on Sept 24, 2008 9:16:53 GMT
pm me your email address and I can send you the Articles (save you a £1) The club will send you a full copy of the company accounts prior to the AGM, including notes to the accounts.
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Deleted
Deleted Member
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Post by Deleted on Sept 24, 2008 10:17:07 GMT
"The club will send you a full copy of the company accounts prior to the AGM, including notes to the accounts." An AGM!! Sending us accounts etc! Brilliant.
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Deleted
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Post by Deleted on Sept 24, 2008 10:22:43 GMT
Unless your name is Ealing of course
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Post by georgethebassett on Sept 24, 2008 10:38:05 GMT
Apparently, to save money on postage, and to whip up some publicity, the chairman is hand delivering the AGM notices dressed in the Georgie Dragon costume (the other directors have placed orders at the fancy dress hire in Lowesmoor for 'Robin Hood', 'Kermit the Frog' and 'Dick Dastardly' so they can lend a hand).
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dragon
First Teamer
Posts: 355
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Post by dragon on Sept 24, 2008 15:13:01 GMT
Jeremy: Please send the Club`s Articles to me at rupertgbest@hotmail.com. Much obliged.
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