GFC Holdings Ltd restored to Companies Register | Page 5 | Vital Football

GFC Holdings Ltd restored to Companies Register

Arthurly said:
As I've also said elsewhere, if that is the case it is a very big nono for it not to be included as a note to the 2017 GFC Ltd financial statements or for the auditors not to have picked it up.

ie if you look at the GFC Ltd 2017 accounts you will find no charge on the assets mentioned even though there was a charge disclosed at Companies House.

You may find that in 2018 everything is sorted and Memoranda of Satisfaction filed appropriately.

In any case Scally is extremely unlikely to go over it with supporters and may have confidentiality agreements with banks re any write offs.
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As of to-day, no notice of satisfaction has been filed.
 
Arthurly said:
As I've also said elsewhere, if that is the case it is a very big nono for it not to be included as a note to the 2017 GFC Ltd financial statements or for the auditors not to have picked it up.
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I don't think the auditors would have missed it; don't forget Scally said the striking off of GFC Holdings Ltd, Gillingham Football Club Ltd's parent co, was accidental. Accidental my arse; how can it be accidental when several default notices were issued?
 
Nothing like a good conspiracy theory! It's all speculation. The only people who know the full picture are Scally and the auditors (hopefully). Which is why the chairman is so frustrating - we live off scraps of information.
 
EagerExile said:
Nothing like a good conspiracy theory! It's all speculation. The only people who know the full picture are Scally and the auditors (hopefully). Which is why the chairman is so frustrating - we live off scraps of information.
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Except that which is published by Companies House.
 
EagerExile said:
Nothing like a good conspiracy theory! It's all speculation. The only people who know the full picture are Scally and the auditors (hopefully). Which is why the chairman is so frustrating - we live off scraps of information.
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No reason to divulge what you dont have to.
 
Oh Durham, that sounds EXACTLY like Scally - and I'm not a PDPS basher! Being secretive is not a good idea when it alienates your customer base. I could flip your comment on its head and ask (as both a fan and a shareholder) - what has Scally got to lose by being open and honest?
 
DurhamGills said:
No reason to divulge what you dont have to.
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As EE says, that is a Scally comment and its comments like that that make people suspicious.

Socially said just a few months ago that he needed to be more open and honest with supporters to stop the 'nonsense' talk of 'ill informed supporters' and the only way for that to happen was for him to be more open n communicate better. That comment goes against everything he said he wanted to do.

Sorry but heard so much bullshit over the years its hard to believe anything he says anymore. Electric turnstiles, supporters/members clubs, electronic s/t, New ground, New investment (numerous times) competitive budgets, the list goes on.
 
EagerExile said:
Oh Durham, that sounds EXACTLY like Scally - and I'm not a PDPS basher! Being secretive is not a good idea when it alienates your customer base. I could flip your comment on its head and ask (as both a fan and a shareholder) - what has Scally got to lose by being open and honest?
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As before there may well be a confidentiality agreement

What would he gain - just more criticism and "is he telling us the whole truth" etc" from supporters with at best little or no knowledge of how a football club is run

No other club makes public this information - why should he?
 
If there's a confidentiality agreement, then just say so. But if there isn't, the fundamental question about whether we have a £10m debt or not could be easily answered, and Scally would lose nothing. If investors come along (still waiting after 20 years...), they'd find out during due diligence anyway.

It's about state of mind. I'm a PR professional - Scally's made so many PR mistakes that his brand is irreparably damaged in some people's eyes. For instance, his latest pronouncement about Premier League ambitions when we clearly have a problem affording decent players doesn't hold water with those of us who are realists. I prefer to keep an open mind, but he really doesn't do himself any favours.
 
Rubbish Durham. He is completely contradicting the accounts, so that in itself needs explanation, if only to the shareholders.
 
EagerExile said:
what has Scally got to lose by being open and honest?
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Even if he was open and honest, people like Wayne would still be suspicious Scally was up to something on account Scally was being open and honest.

Scally could do a Q&A session where he answered all questions truthfully, and there would be those who would not believe him regardless and will forever remain convinced Scally is up to something.

Edit: Typo correction because Wayne disqualifies people's opinions if he spots a typo.
 
Durham, the latest set of accounts were submitted in July (?), late once again. Those accounts show GFC had at best £1.8m in loans to three director's limited, that's best case scenario. Depending on interpretation and accounting knowledge, it could be far more in liabilities.

Are you seriously saying that less than two months after the latest set of accounts were submitted Scally can declare the club debt free, with no liabilities and we own our own stadium and are financially sound, something that differs from the latest set of accounts, and no-one should ask any questions?

He treats supporters, and ultimately his customers with contempt.
 
Even if he was open and honest, people like Wayne would still be suspicious Scally was up to something on account Scally was being open and honest.
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That's my point about Scally's previous and repeated PR mistakes. He's damaged his brand...
 
DurhamGills said:
As before there may well be a confidentiality agreement

What would he gain - just more criticism and "is he telling us the whole truth" etc" from supporters with at best little or no knowledge of how a football club is run

No other club makes public this information - why should he?
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He's apparently making public information that does not yet correspond to information on the Companies Register.
 
Captainreblue said:
Durham, the latest set of accounts were submitted in July (?), late once again. Those accounts show GFC had at best £1.8m in loans to three director's limited, that's best case scenario. Depending on interpretation and accounting knowledge, it could be far more in liabilities.

Are you seriously saying that less than two months after the latest set of accounts were submitted Scally can declare the club debt free, with no liabilities and we own our own stadium and are financially sound, something that differs from the latest set of accounts, and no-one should ask any questions?

He treats supporters, and ultimately his customers with contempt.
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Plus, the consolidated holding company accounts show a bank loan of £9.05m secured on the assets of the Football Club. Get real Durham
 
Wayne.Kerr said:
Plus, the consolidated holding company accounts show a bank loan of £9.05m secured on the assets of the Football Club. Get real Durham
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Both yourself and PS have the same information from the accounts and both of you make a statement - one you is legally responsible and liable one of you isnt - one of you has the full picture one of you doesn't - not difficult to see where this is going.
 
DurhamGills said:
Both yourself and PS have the same information from the accounts and both of you make a statement - one you is legally responsible and liable one of you isnt - one of you has the full picture one of you doesn't - not difficult to see where this is going.
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I haven't said otherwise but as Scally is always late filing accounts; he's at an advantage. Don't forget, 25% of GFC shares are owned by us and he ignores what is polite at the very least.
 
Wayne.Kerr said:
I haven't said otherwise but as Scally is always late filing accounts; he's at an advantage. Don't forget, 25% of GFC shares are owned by us and he ignores what is polite at the very least.
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1000s are late filing accounts - not sure i can say mine are always on time

Which he is legally able to do and it at his prerogative and based on this I dont blame him
 
Scally can't even get the replica kits here before the start of the season after 20 years of trying so he's got no hope of filing the accounts on time.

What's the excuse this year, Durham, the sat nav on the ship broke?
 
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