@owlstalk Posted April 26, 2018 Share Posted April 26, 2018 Just now, southportdc said: We need to win one more game to be definitely safe with our impending 10 point admin deduction. That can't be true either can it? Thought the point deductions only took place next year or summat? Owlstalk Shop Link to comment Share on other sites More sharing options...
southportdc Posted April 26, 2018 Share Posted April 26, 2018 2 minutes ago, @owlstalk said: That can't be true either can it? Thought the point deductions only took place next year or summat? There was something like that when Leeds took the hit once already relegated. But Palace had the points deducted in the same year. Link to comment Share on other sites More sharing options...
Ronnie Starling Posted April 26, 2018 Share Posted April 26, 2018 We might be waiting for the money from Hirst or Clare to pay off the charge. Link to comment Share on other sites More sharing options...
RichieB Posted April 26, 2018 Share Posted April 26, 2018 14 minutes ago, southportdc said: Why has John Redgate signed it for us? Thought he was gone? Edit - he's signed it as a witness, actually. But still. Weird. John Redgate is the finance director and hasn't left the club. https://www.swfc.co.uk/news/2018/february/club-statement/ 1 Link to comment Share on other sites More sharing options...
spike1867 Posted April 26, 2018 Share Posted April 26, 2018 In no way qualified but is it not just the registration of a charge against a mortgage? Similar to the way a building society/mortgage lender would register a charge against your own mortgage/property so that legally they can recoup their money if you get into difficulty/sell up? These things can take forever to appear and file. I wouldn't panic, my first thought is that the financing company who financed works at the training ground have correctly registered their charge/vested interest in the buildings that they financed. Link to comment Share on other sites More sharing options...
Morepork Posted April 26, 2018 Share Posted April 26, 2018 I believe @Minton has explained it correctly above. Link to comment Share on other sites More sharing options...
striker Posted April 26, 2018 Share Posted April 26, 2018 12 minutes ago, Minton said: Looks like we've decided to mortage the Modulek buildings rather than pay a single large sum. Probably FFP. Also tax deductable I believe. Sounds reasonable. Link to comment Share on other sites More sharing options...
Sonny Posted April 26, 2018 Share Posted April 26, 2018 Works on the training ground wouldn’t count towards FFP though would they? Link to comment Share on other sites More sharing options...
Hookowl Posted April 26, 2018 Share Posted April 26, 2018 It's just what it says on the form a Registration of Charge. From 6th April 2013 all charges created by companies are required to be registered with company house. It is not a criminal offence if it is not registered but a charge is void against a liquidator, administrator or another creditor of the company or LLP unless it is registered within 21 days of its creation. So Sheffield Wednesday have taken out a mortgage on the modular buildings at the training ground and registered the charge with companies house. Link to comment Share on other sites More sharing options...
@owlstalk Posted April 26, 2018 Share Posted April 26, 2018 1 minute ago, Hookowl said: It's just what it says on the form a Registration of Charge. From 6th April 2013 all charges created by companies are required to be registered with company house. It is not a criminal offence if it is not registered but a charge is void against a liquidator, administrator or another creditor of the company or LLP unless it is registered within 21 days of its creation. So Sheffield Wednesday have taken out a mortgage on the modular buildings at the training ground and registered the charge with companies house. That's it innit - literally that simple Owlstalk Shop Link to comment Share on other sites More sharing options...
spike1867 Posted April 26, 2018 Share Posted April 26, 2018 8 minutes ago, Hookowl said: It's just what it says on the form a Registration of Charge. From 6th April 2013 all charges created by companies are required to be registered with company house. It is not a criminal offence if it is not registered but a charge is void against a liquidator, administrator or another creditor of the company or LLP unless it is registered within 21 days of its creation. So Sheffield Wednesday have taken out a mortgage on the modular buildings at the training ground and registered the charge with companies house. Sounds about right, I think I got it the wrong way round when I tried to explain it. Link to comment Share on other sites More sharing options...
Sham67 Posted April 26, 2018 Share Posted April 26, 2018 Just a thought. If we sell/remortgage the training ground. Will any monies generated count as turnover? Link to comment Share on other sites More sharing options...
tarn owl Posted April 26, 2018 Share Posted April 26, 2018 That's is my contribution to this, Just tell me if I need to panic. 2 Link to comment Share on other sites More sharing options...
Hookowl Posted April 26, 2018 Share Posted April 26, 2018 5 minutes ago, Sham67 said: Just a thought. If we sell/remortgage the training ground. Will any monies generated count as turnover? It's turnover as far as the company is concerned. If the money is reinvested in training it doesn't count as regards FFP if that's what you mean. Link to comment Share on other sites More sharing options...
Sham67 Posted April 26, 2018 Share Posted April 26, 2018 3 minutes ago, Hookowl said: It's turnover as far as the company is concerned. If the money is reinvested in training it doesn't count as regards FFP if that's what you mean. Increased turnover would reduce losses. Link to comment Share on other sites More sharing options...
Quist Posted April 26, 2018 Share Posted April 26, 2018 This sort of post needs to be accompanied with proper explanation rather than it lead to spurious explanation from amateur financiers. fortunately it has only took to page 2 for someone to undrstand that it records a simple change. Link to comment Share on other sites More sharing options...
northeastowl Posted April 26, 2018 Share Posted April 26, 2018 Why would we take a mortgage out against the buildings? DC is supposed to have plenty of cash and this kind of work doesn’t go towards FFP does it? Seems abit strange. Link to comment Share on other sites More sharing options...
Hookowl Posted April 26, 2018 Share Posted April 26, 2018 2 minutes ago, northeastowl said: Why would we take a mortgage out against the buildings? DC is supposed to have plenty of cash and this kind of work doesn’t go towards FFP does it? Seems abit strange. Interest on a business mortgage is tax deductable. Link to comment Share on other sites More sharing options...
Hookowl Posted April 26, 2018 Share Posted April 26, 2018 7 minutes ago, Sham67 said: Increased turnover would reduce losses. It would some but turnover includes income and outgoings. Link to comment Share on other sites More sharing options...
fredmciverslovechild Posted April 26, 2018 Share Posted April 26, 2018 We've raised a loan to pay Atdhe's signing on fee 1 Link to comment Share on other sites More sharing options...
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