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dw_sheffwed

SWFC end of year accounts

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So Hamy , endless posts stating we are £25m in debt, trading insults and slagging all and sundry off, refusing to be waived in acts we are £25m in the red. Then two accountants say no your wrong its £17m , and your response is      thank you ?  Knob!!!

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Jesus Christ... Hamy33 though

Good job he is not a Cardiff fan.

They have just declared debts of 174 mill

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Can't believe I missed this thread.  

 

All this mass debating  :duntmatter:

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So Hamy , endless posts stating we are £25m in debt, trading insults and slagging all and sundry off, refusing to be waived in acts we are £25m in the red. Then two accountants say no your wrong its £17m , and your response is thank you ? Knob!!!

I always just look out for Mkowl on threads like these.....so much poo it's unreal

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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.

I can't disagree with any of this. I'd seen the 25 February on Milan's statement and assumed the accounts were approved yesterday. As mkowl says the accounts were actually approved on 29th November so fon't disclose anything after this date so we don't know the deal was structured.

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What record do they have in football?

Better than yours in accountancy I'm betting

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Given we've been bought recently, we should probably discuss this in 12-months time

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If Hamy's right and Chansiri hasn't got the money to buy us will he get a loan from Ocean finance?

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Guest Johnbloodaxe

This is the reason there is non matchday corp revenue

http://www.hillsboroughstadium.com/

Seperate company. Anyone know who owns it?

Also if we got taken over wouldnt the debt currently stand at £0

The debt against the club will be £30million probably plus fees. So maybe £33-34 million.

The creditors will be the consortium that bought the club. They will park the cost of the purchase as a debt against the club. They will take management fees from the revenue of the club.

This is how under mm ownership the debt mounted. The mngtmnt fees taken by his family trust would have been part of running costs as would mm's own fees hence the book losses each year.

See the boardroom and the 6m loss thread to see an explanation of how it could have all played out. Standard practice. Nothing dodgy or unusual. Dont get confused between cash and debt etc.

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Jesus, it's no wonder so many on here want SG to get the boot with so many people who can't read or do maths.

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Yeah must be ace being bottom of the table getting dicked every week

You on about football or your Mrs here?

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The debt against the club will be £30million probably plus fees. So maybe £33-34 million.

The creditors will be the consortium that bought the club. They will park the cost of the purchase as a debt against the club. They will take management fees from the revenue of the club.

This is how under mm ownership the debt mounted. The mngtmnt fees taken by his family trust would have been part of running costs as would mm's own fees hence the book losses each year.

See the boardroom and the 6m loss thread to see an explanation of how it could have all played out. Standard practice. Nothing dodgy or unusual. Dont get confused between cash and debt etc.

At the moment we have no clue or seen any clues has to how the Chansari deal has been structured.

I suspect they have a new holding company that will have acquired the Swfc ltd shares held by Ukfi. We know no new shares have been issued in swfc itself otherthan the 822k share for debt swap in November

We know the secured loans have gone but no new security has yet been lodged if the new chaps are using debt

Interesting you say about management charges because the accounts should disclose this and the amount if true

The accounts have also been silent on ultimate control of ukfi for a couple of years now. But the accounts show the 3rd party loans in accruals which is an interesting choice of classification

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Guest Hamy33

You on about football or your Mrs here?

No as my partner has meat and two veg.

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At the moment we have no clue or seen any clues has to how the Chansari deal has been structured.

I suspect they have a new holding company that will have acquired the Swfc ltd shares held by Ukfi. We know no new shares have been issued in swfc itself otherthan the 822k share for debt swap in November

We know the secured loans have gone but no new security has yet been lodged if the new chaps are using debt

Interesting you say about management charges because the accounts should disclose this and the amount if true

The accounts have also been silent on ultimate control of ukfi for a couple of years now. But the accounts show the 3rd party loans in accruals which is an interesting choice of classification

So what you saying MK ?

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Guest Hamy33
Freshfish, on 27 Feb 2015 - 07:09 AM, said:

..Ham Shank?

 

Pork Sword is the favoured meat in our shack.

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