Post by Jon on Mar 29, 2018 23:27:33 GMT
No change to the format of TUFC accounts. We have the "Accounts for a small company" - full balance sheet but no profit and Loss account. This is the same format we have seen every year from 2007 on.
The loss for the year is usually the movement in the balance sheet, but for the second year running we have an added complication.
Last year an operating loss of £337,456 was turned into a £2,727,508 profit by Thea Bristow writing off £3,064,964 of debt.
This year an operating loss of £303,733 was turned into a £7,080 loss - presumably by a further £296,653 of debt being written off. The debt written off would appear to include the £120k put in by the previous board. I would guess that the rest would be a further Thea Bristow write-off but I could be wrong.
The debt owed to Riviera Stadium Ltd - and almost certainly indirectly to Toklon/GI - can be traced as being £120k at 30/6/16 (nearly six months before the takeover), £360k at 31/3/17 (RSL y/e) and £455k at 30/6/17.
So in cash terms, that is £240k pumped in in the nine months July 16-March 17 (probably all in the four months Dec 16 - March 17) and a further £95k in the three months April to June 17.
How much more in the nine months since? I would be very surprised if it was less than £250k.
I would like to think we have made progress in rationalising the business but from the outside it looks like we have ramped up the overheads and made little progress on the commercial front. I would love to be proved wrong.
The declaration on note 13 that the ultimate holding company is Toklon is incorrect. GI sold its interest in the club to Clarke Osborne who is not owned by Toklon. I assume that this is a genuine error rather than an attempt to mislead.
The statement that RSL holds 75.01% of the club's share capital is also untrue - although again I assume that this is a genuine error rather than an attempt to mislead. Note 11 refers to the transfer of the Crown's shares- interestingly to RSL and "other shareholders". This has been discussed on here at length and takes RSL's holding to 91% or more - depending on how these were allocated.
Note 13 would have been correct at the balance sheet date 30/6/17, but the note should refer to sign-off date - 22/3/18.
Of interest in note 11 is that TUFC paid RSL £6k in interest in the year. I would guess that is 5% p.a. on the pre-acquisition £120k loan and nothing on the working capital advanced since. Hardly a usurious interest rate.
We have also discussed here how, inspite of all the nonsense about a new stadium in 2020, a move would trigger a huge liability to repay grants. It is there in black and white in note 10b).
The "going concern" notes will surely come as no surprise to anybody and the "emphasis of matter" has been there for years.
Whether it is fatal or not is entirely up to Clarke Osborne and how he wants to play it from here. I was rather less nervous when our fate was in Thea Bristow's hands, but what will be will be.
Three years ago, there was a debt-free National League club up for sale for £1. Oh well.
The loss for the year is usually the movement in the balance sheet, but for the second year running we have an added complication.
Last year an operating loss of £337,456 was turned into a £2,727,508 profit by Thea Bristow writing off £3,064,964 of debt.
This year an operating loss of £303,733 was turned into a £7,080 loss - presumably by a further £296,653 of debt being written off. The debt written off would appear to include the £120k put in by the previous board. I would guess that the rest would be a further Thea Bristow write-off but I could be wrong.
The debt owed to Riviera Stadium Ltd - and almost certainly indirectly to Toklon/GI - can be traced as being £120k at 30/6/16 (nearly six months before the takeover), £360k at 31/3/17 (RSL y/e) and £455k at 30/6/17.
So in cash terms, that is £240k pumped in in the nine months July 16-March 17 (probably all in the four months Dec 16 - March 17) and a further £95k in the three months April to June 17.
How much more in the nine months since? I would be very surprised if it was less than £250k.
I would like to think we have made progress in rationalising the business but from the outside it looks like we have ramped up the overheads and made little progress on the commercial front. I would love to be proved wrong.
The declaration on note 13 that the ultimate holding company is Toklon is incorrect. GI sold its interest in the club to Clarke Osborne who is not owned by Toklon. I assume that this is a genuine error rather than an attempt to mislead.
The statement that RSL holds 75.01% of the club's share capital is also untrue - although again I assume that this is a genuine error rather than an attempt to mislead. Note 11 refers to the transfer of the Crown's shares- interestingly to RSL and "other shareholders". This has been discussed on here at length and takes RSL's holding to 91% or more - depending on how these were allocated.
Note 13 would have been correct at the balance sheet date 30/6/17, but the note should refer to sign-off date - 22/3/18.
Of interest in note 11 is that TUFC paid RSL £6k in interest in the year. I would guess that is 5% p.a. on the pre-acquisition £120k loan and nothing on the working capital advanced since. Hardly a usurious interest rate.
We have also discussed here how, inspite of all the nonsense about a new stadium in 2020, a move would trigger a huge liability to repay grants. It is there in black and white in note 10b).
The "going concern" notes will surely come as no surprise to anybody and the "emphasis of matter" has been there for years.
Whether it is fatal or not is entirely up to Clarke Osborne and how he wants to play it from here. I was rather less nervous when our fate was in Thea Bristow's hands, but what will be will be.
Three years ago, there was a debt-free National League club up for sale for £1. Oh well.
