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Asset of Community Value - Petition


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Guest Hornsby
15 hours ago, Inspector Lestrade said:

 

I'd pay a King's ransom for it ... A thing of majestic beauty. 

At last , we agree. 

 

North Stand should be listed , grade 2 min.

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Guest Hornsby
1 hour ago, maidstoneowl said:

this mean we never to go new stadia?

 

always there at the same site?  ??

 

this could stop big expand no?

No, no, yes.

 

Gives Council a little power on  use of stadium .

 

But may make transparent some of the dealings behind ground, for example who did £60 million valuation and have club been paid and are they ponying up £3 million annual rent.

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1 hour ago, Hornsby said:

 

 

 

But may make transparent some of the dealings behind ground, for example who did £60 million valuation and have club been paid and are they ponying up £3 million annual rent.

Please explain how the stadium being designated an ACV would make these transactions transparent? The stadium was valued by these guys www.wevlaueyourstadium.com 😉

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Guest Hornsby
1 hour ago, pahowl said:

Please explain how the stadium being designated an ACV would make these transactions transparent? The stadium was valued by these guys www.wevlaueyourstadium.com 😉

Cos it would trigger a revaluation which would need to be detailed in S 3 ltd public accounts.

 

And last valuer now outta school.

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3 hours ago, Hornsby said:

Cos it would trigger a revaluation which would need to be detailed in S 3 ltd public accounts.

 

And last valuer now outta school.

What makes you think that,? ACV application only affects any change of ownership procedures.

The valuation will have been based on the rental return, that hasn't changed.  Property is worth what you are prepared to pay for it, and Sheffield 3 were prepared to pay £60m. 

How much would you pay for it?

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From FRS102

Section 16 – Investment Property

Summary

Section 16 deals with the accounting for investment property. It only applies to investment property whose fair value can be measured reliably without undue cost or effort. If this is not the case then the property falls within the scope of section 17, property, plant and equipment. If it cannot be measured without undue cost then the depreciated cost model applies.

 

So where does it say you have to have a valuation carried out?

 

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Basically getting Hillsborough stadium registered as an ACV will NOT cause anyone to have the property revalued. 

And therefore no  adjustment in  the accounts of Sheffield 3 Limited .

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Our view is that if Sheffield 3 was sold to a new owner, and the stadium was transferred as part of the sale, the new owner would need to register the title deed as new owner. That would require a conveyancing process. Under the terms of the Localism Act, the Conveyancer would be required to ensure that the moratorium on sale provisions of the Act had been completed. In our view this means that the ACV provisions would apply as if the stadium had been sold.

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Guest Hornsby
12 hours ago, pahowl said:

From FRS102

Section 16 – Investment Property

Summary

Section 16 deals with the accounting for investment property. It only applies to investment property whose fair value can be measured reliably without undue cost or effort. If this is not the case then the property falls within the scope of section 17, property, plant and equipment. If it cannot be measured without undue cost then the depreciated cost model applies.

 

So where does it say you have to have a valuation carried out?

 

RICS Red Book, due to material uncertainty that ACV would trigger.

 

Also, Covid and one of my usually profitable  clients lost money last year, following property revaluation.

 

Further, S3 rents from club must also be uncertain so should already have revalued.

 

Significantly, S3 ltd accounts also late.

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1 hour ago, Baldockowl said:

The Trust needs more members. 606 is poor

780 now, but I agree that the more members we gain the better. I'd encourage as many Owls fans as possible to join. It's a tenner, and you get a nice badge 🙂

 

www.swfctrust.co.uk

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