Guest mkowl Posted February 26, 2015 Share Posted February 26, 2015 And if the £5.1m relates to the three charges that have been satisfied as of beginning of Feb, and the £11m due to UKFI has all been converted to shares, then our debt is our £1.6m overdraft? Or have a read that wrong? It is impossible to say as there is no reference to what has happened with the takeover. The accounts were signed and approved by MM on 29th November 2014 so reflect the world as on that date We do know the following a) The amount owed to UKFI was just over £11m. Of this £822k has been converted to shares. So not all the debt just £822k. It is presumed this was done to ensure compliance with FFP rules b) The total of the 3rd party loans was £5.1m. This is the ones we knew about from the charges registered at Companies House plus a further £1.6m that was obtained in April 14. The accounts refer to the fact that at end of November the repayment date had been re- scheduled to October 15 on the older loans. The newer loan was due to be paid at end of Jan 15 and a balance end of March. We do know the charges have now been cleared thus the 99% presumption is that those have been repaid or otherwise cleared c) There was a separate overdraft of £1.4m. The presumption is that Chansari will put their own facilities in place d) Don't be confused between creditors and debt. In a football club accounts this will include deferred income ie season ticket monies received for the 14/15 season banked before 31st May 14. There is also a technical amount in long term creditors in relation to a grant received years ago for the development of the stadiun So there are no clues as to the Chansari deal. This is mooted at 30m but how that is structured who knows. Link to comment Share on other sites More sharing options...
ReadingOwl Posted February 26, 2015 Share Posted February 26, 2015 * new owners have to initially subsidise newly taken over, unsustainable, football Club shocker. It might be true/it might not be true. I'll not sleep tonight. Link to comment Share on other sites More sharing options...
Guest Hamy33 Posted February 26, 2015 Share Posted February 26, 2015 I couldn't careless. But don't ever go into advocacy or journalism. Now, is there a point to this? What is it. If you don't like what you see move on and ignore instead of pathetically calling people pigs because you don't like what they post. The accounts are like the team under Gray, you may accept utter sh!te year after year but it doesn't mean eveyone should. Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 26, 2015 Share Posted February 26, 2015 Page 20. 11 + 12 shows 27 million owed, so what's the debt, 17, 25 or 27 million? No that is the figure for the total of creditors due less than one year and more than one year. The debt element is 11m due to Ukfi 5.1m due on other loans 1.4m due on bank overdraft Total debt = 17.5m We have no idea whether all this has repaid or not. Chansari could have bought UKFI for all we know and thus acquired the loan balance of 11m. Link to comment Share on other sites More sharing options...
bradowl Posted February 26, 2015 Share Posted February 26, 2015 If you don't like what you see move on and ignore instead of pathetically calling people pigs because you don't like what they post. The accounts are like the team under Gray, you may accept utter sh!te year after year but it doesn't mean eveyone should. You missed the R out. Link to comment Share on other sites More sharing options...
Guest Hamy33 Posted February 26, 2015 Share Posted February 26, 2015 No that is the figure for the total of creditors due less than one year and more than one year. The debt element is 11m due to Ukfi 5.1m due on other loans 1.4m due on bank overdraft Total debt = 17.5m We have no idea whether all this has repaid or not. Chansari could have bought UKFI for all we know and thus acquired the loan balance of 11m. Thanks Link to comment Share on other sites More sharing options...
Guest Hamy33 Posted February 26, 2015 Share Posted February 26, 2015 You missed the R out. Thats cause i'm dislecksick see. Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted February 26, 2015 Share Posted February 26, 2015 Thats cause i'm dicksick see. Link to comment Share on other sites More sharing options...
Guest Posted February 26, 2015 Share Posted February 26, 2015 (edited) If you don't like what you see move on and ignore instead of pathetically calling people pigs because you don't like what they post. The accounts are like the team under Gray, you may accept utter sh!te year after year but it doesn't mean eveyone should. So you are a season ticket holder but you state you will not now accept 'utter poo ' in terms of the team under Gray and the accounts. 4 seasons ago we were in the bottom half of division 3 and had just been saved from the brink of administration after years of financial mis-mananagement but you think what we have now is totally unacceptable? Rather than continuing to post drivel and constant negatives why not read what the Wednesday fans who are accountants have stated in this thread. You point to our apparent lack of fans as an issue moving forward financially. It is not surprising that our support has dipped due to our home form this season but we still compare favourably against most teams in the Championship and we run on a smaller wage bill than most. Losses in any business are not good but in comparison with our division and football in general our losses are small and our fan base and potential is what has made us worth buying into. Edited February 26, 2015 by Guest Link to comment Share on other sites More sharing options...
barmyowl1212 Posted February 26, 2015 Share Posted February 26, 2015 It would be so much easier if the club made a statement saying we have made x- profit or x- Debt instead of a load of numbers not one fan on this thread understands. Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted February 26, 2015 Share Posted February 26, 2015 It would be so much easier if the club made a statement saying we have made x- profit or x- Debt instead of a load of numbers not one fan on this thread understands. At a guess, they have to report in a certain way due to accounting rules? Link to comment Share on other sites More sharing options...
Guest Hamy33 Posted February 26, 2015 Share Posted February 26, 2015 So you are a season ticket holder but you state you will not now accept 'utter poo ' in terms of the team under Gray and the accounts. 4 seasons ago we were in the bottom half of division 3 and had just been saved from the brink of administration after years of financial mis-mananagement but you think what we have now is totally unacceptable? Rather than continuing to post drivel and constant negatives why not read what the Wednesday fans who are accountants have stated in this thread. You point to our apparent lack of fans as an issue moving forward financially. It is not surprising that our support has dipped due to our home form this season but we still compare favourably against most teams in the Championship and we run on a smaller wage bill than most. Losses in any business are not good but in comparison with our division and football in general our losses are small and our fan base and potential is what has made us worth buying into. Let's hope we don't end up like Portsmouth Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 26, 2015 Share Posted February 26, 2015 Yes, I'm another accountant and agree with this, although the stadium revaluation doesn't impact the debt. Debt is around £17m. (overdraft + other loans+ due to UKFI). Please can everyone ignore Hamy. He's just on the wind up. Mind the gap Hamy! Nothing wrong with the stadium revaluation of course, should be done on a regularish basis. Uplifted the value by 3m or so but quite scary that the balance sheet is still technically insolvent at 31 May 14 Not quite smoke and mirrors but the fact the accounts showed net assets of 18m at May 11 and now that is all gone with debts incurred to cover the losses just shows what an awful business football is. If this was anything other than a football club you would be dismayed I suspect MM has just about broken even on the deal cash wise Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted February 26, 2015 Share Posted February 26, 2015 Let's hope we don't end up like Portsmouth Or, Heaven forbid, Leicester. Link to comment Share on other sites More sharing options...
Guest mkowl Posted February 26, 2015 Share Posted February 26, 2015 It would be so much easier if the club made a statement saying we have made x- profit or x- Debt instead of a load of numbers not one fan on this thread understands. I understand them ! Link to comment Share on other sites More sharing options...
RUMBELOWS91 Posted February 26, 2015 Share Posted February 26, 2015 What? We're losing money? A football club? NO WAY. Link to comment Share on other sites More sharing options...
Guest Posted February 26, 2015 Share Posted February 26, 2015 Let's hope we don't end up like Portsmouth There you go, stick to being positive. Link to comment Share on other sites More sharing options...
Guest Hamy33 Posted February 26, 2015 Share Posted February 26, 2015 Or, Heaven forbid, Leicester. Yeah must be ace being bottom of the table getting dicked every week Link to comment Share on other sites More sharing options...
Guest Posted February 26, 2015 Share Posted February 26, 2015 Yeah must be ace being bottom of the table getting dicked every week In which division, with how much extra income as a result of winning the Championship last season? You must be one of those blunts excited about being 'competitive' in division 3 every year. Link to comment Share on other sites More sharing options...
Last_Great_Hope Posted February 26, 2015 Share Posted February 26, 2015 Yeah must be ace being bottom of the table getting dicked every week Yeah mate proper shybo in the Prem. Lets just refuse promotion if we win it. Prefer being midtable in the Champ anyway. Link to comment Share on other sites More sharing options...
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