Jon
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Post by Jon on Mar 31, 2022 23:33:31 GMT
Accounts to 31/03/21 now lodged at Companies House. Debt due to RSL from TUFC has risen from £3,039,000 at 31/3/20 and 30/6/20 to £3,427,000 at 31/3/21. £388,000 increase in twelve months (and in nine months too). TUFC's loan from Sport England was taken out on 1/4/21. Interestingly, the accounts state that Clarke Osborne is the sole director, whereas Companies House says Kawisara PHATHANACHAROEN was appointed on 17/11/20 and has not resigned. I wonder which is wrong and why. TUFC Ltd file their accounts bang on time. In the three months from 31/3/21 to 30/6/21, the debt due to RSL rose by a further £190k to £3,617,000. That makes an increase of £578,000 in the year to 30/6/21. The operating loss for the same period is £860,235. Bank loans and overdrafts falling due after more than one year rise from £50,000 to £332,448. I would be surprised if a bank would lend money like that, so expect this is a fairly loose description of the English Sports Council loan for which a charge was created on 1 April 2021. Worrying that we are building up debts beyond those owed directly to the club's owner - even if the terms are relatively benign for commercial debt. |
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Rags
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Post by Rags on Apr 1, 2022 9:35:54 GMT
In the three months from 31/3/21 to 30/6/21, the debt due to RSL rose by a further £190k to £3,617,000. That makes an increase of £578,000 in the year to 30/6/21. The operating loss for the same period is £860,235. Is it too simplistic to say that the club effectively lost £1.4m in the year up to June 2021? |
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Jon
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Post by Jon on Apr 1, 2022 23:02:04 GMT
In the three months from 31/3/21 to 30/6/21, the debt due to RSL rose by a further £190k to £3,617,000. That makes an increase of £578,000 in the year to 30/6/21. The operating loss for the same period is £860,235. Is it too simplistic to say that the club effectively lost £1.4m in the year up to June 2021? I think you’ve read that wrong, Rags. The loss on the profit and loss account for the year is £860k. If you adjust for non-cash items and changes in working capital, the cash loss is a similar figure. So that is the bill that needed paying if you like. RSL picked up £578k of that bill by increasing its loan. The balance was paid by someone else - very probably the English Sports Council. The last two owners ended up writing off monies owed to them. The English Sports Council will not write off their loan. So it is very unlikely that anyone will ever again acquire TUFC Ltd debt-free. |
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Deleted
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Post by Deleted on Apr 2, 2022 8:42:16 GMT
Still none the wiser what Sharkey actually paid into the club (again) in this financial year thingy, but imagine it would have been substantial.
Many questions still hang over the club: why is Sharkey actually continuing to pump money into the club, has he fallen in love with TUFC…or is there a darker reason?
Has Sharkey been extending his tendrils towards other clubs…does anyone know?
Has the leaking tap in the gents toilet on the Pop-Side been fixed…thereby forgoing the need to compete in the Grail next season 🚽
Indeed…there are more questions than answers.
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Rags
TFF member
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Post by Rags on Apr 3, 2022 17:00:07 GMT
I think you’ve read that wrong, Rags. The loss on the profit and loss account for the year is £860k. If you adjust for non-cash items and changes in working capital, the cash loss is a similar figure. So that is the bill that needed paying if you like. RSL picked up £578k of that bill by increasing its loan. The balance was paid by someone else - very probably the English Sports Council. The last two owners ended up writing off monies owed to them. The English Sports Council will not write off their loan. So it is very unlikely that anyone will ever again acquire TUFC Ltd debt-free. Thanks for the clarification. I was taking the loss and the increased loan and adding them together. I thought it was too simplistic... ...but I said it anyway!  |
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