NUFC accounts | Vital Football

NUFC accounts

Rexn he's very rarely filed them om time since he bought the club. He'll be waiting for safety to be confirmed and will file them when attention is diverted elsewhere.
 
It's a strange one because with the whole HMRC thing, you'd think that last thing they'd want is other authorities sniffing around suspecting all sorts.

That said, wonder who will be the scapegoat that goes to jail?
 
just because I'm am ignoramus, is it common practice or nothing unusual for accounts to be filed late? Or?
 
Cheers, Birdys.

It is an instant penalty and if persistent can be treated as a criminal offence.

The have flirted with the deadline before but never crossed it. For a company with what should be £180m turnover this year, plus profits on transfers, it is the sort of thing the commercial world thinks badly of and HMRC will take a dim view.

On the other hand, Ashley might have had a bet on accounts being filed late so that he could claim 2 penalties in a season.
 
As you referred to earlier Rex, it seems this still hasn't been picked up by the press.

*goes off to highlight Rex's post on twatter...
 
I thought the Chronicle lads or the Mirror would have been all over it, getting a tip from the forum and claiming an exclusive. Wendy has had time to draft a statement.

Journalism isn't what it was.
 
Rexn said:
I thought the Chronicle lads or the Mirror would have been all over it, getting a tip from the forum and claiming an exclusive. Wendy has had time to draft a statement.

Journalism isn't what it was.
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If this site wasn't in transition and able to provide articles then I would have been all over it Rex. Hopefully we'll be back to normal within a week or so and able to have our finger on the pulse.

However, there's nee excuse for paid journos to let this slip unless they're distracted by that meaningless champions league match.
 
The accounts are still overdue Rex but that Mick Martin from True Faith reckons that it's nowt to do with the HMRC.

Just wondering what 'satisfaction of charge' means as they're on the latest documents posted last month at companies house.
 
Toon_NoMatterWot said:
Just wondering what 'satisfaction of charge' means as they're on the latest documents posted last month at companies house.
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In a nutshell, a charge is the legal paperwork that we would recognise as a mortgage. In our case, we give our lender first right to our home if we can't pay. The charge provides an element of security to the lender so they have priority over other lenders which in turn means lower risk, therefore lower interest rate.

When it is "satisfied", the lender gives up the right, typically when we finally pay off our mortgage.

As far as I can tell, the charges recently satisfied were taken out from about 2007 - 2009, the latter when we were relegated, the security given to Barclays Bank.

Satisfying the charge may mean nothing, that it has been a historical oversight if NUFC has not had to borrow from Barclays in the interim.

It could mean that the club's banker is now officially Ashley's Piggy Bank.

It could mean that any bank borrowings are unsecured and subject to a higher rate of interest.

Alternatively, it could be a clearing of the decks ready for a takeover.

Let's hope it is the latter.
 
Rexn said:
In a nutshell, a charge is the legal paperwork that we would recognise as a mortgage. In our case, we give our lender first right to our home if we can't pay. The charge provides an element of security to the lender so they have priority over other lenders which in turn means lower risk, therefore lower interest rate.

When it is "satisfied", the lender gives up the right, typically when we finally pay off our mortgage.

As far as I can tell, the charges recently satisfied were taken out from about 2007 - 2009, the latter when we were relegated, the security given to Barclays Bank.

Satisfying the charge may mean nothing, that it has been a historical oversight if NUFC has not had to borrow from Barclays in the interim.

It could mean that the club's banker is now officially Ashley's Piggy Bank.

It could mean that any bank borrowings are unsecured and subject to a higher rate of interest.

Alternatively, it could be a clearing of the decks ready for a takeover.

Let's hope it is the latter.
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I hope it is as well but I've never believed Ashley to be really serious about selling considering he still holds the keys to his tat empire.

One thing I did notice in the accounts is that the other charges, what looks like are his 'loans' to us, seem to be secured.

He'll be wanting this pretend loan amount on top of the £300 and odd million knowing him.
 
My understanding is that only when a price is agreed can the prospective purchaser examine the books closely. It would appear that we are some distance away from that, if at all. One certainty is though, there won't be a surplus in the coffers.
 
Not sure about that, Mac. That's what due diligence is for.

As for the surplus, it's one of those tedious things, surplus cash? Profit?

Financial Fair Play forms a part of it all and any surplus bumps up the price considerably more than the surplus. It gets complicated.
 
Not that I believe any realistic takeover offer is imminent but if there was, then it will come in the next month. If not then at least we only get the pretending to spend charade until the first week in August or something when the new season starts.
 
Still no sign of the accounts. It makes you wonder what is being hidden.

In the meantime, I'm just trying to work out the potential transfer kitty and exercise a bit of caution.

Turnover this season should be around £180m. Wages maybe something in the region of £65-70m with further operating costs of £20-25m. OK, so amortisation of players' contracts comes off the profit figure, if not cash. However, the cash position should improve by £80m.

Added in to that are instalments due for the likes of Sissoko.

It might be argued that not all of that is available in the summer, due to timings of TV payments with wages having to be covered. Any increase in wages will also need to be covered.

On balance, as Rafa undergoes his contract negotiations, it is not unreasonable for him to hold out for a net summer spend of around £80-90m, having tried to be conservative, maybe through the 9 figure mark.
 
Rexn said:
Still no sign of the accounts. It makes you wonder what is being hidden.

In the meantime, I'm just trying to work out the potential transfer kitty and exercise a bit of caution.

Turnover this season should be around £180m. Wages maybe something in the region of £65-70m with further operating costs of £20-25m. OK, so amortisation of players' contracts comes off the profit figure, if not cash. However, the cash position should improve by £80m.

Added in to that are instalments due for the likes of Sissoko.

It might be argued that not all of that is available in the summer, due to timings of TV payments with wages having to be covered. Any increase in wages will also need to be covered.

On balance, as Rafa undergoes his contract negotiations, it is not unreasonable for him to hold out for a net summer spend of around £80-90m, having tried to be conservative, maybe through the 9 figure mark.
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As ive said umpteen times, I know very little in regards to the financials but this will have something to do with it. Also im sure I read somewhere as well that Ashley has a habit of moving around accounts to give him a 15 month window.

St James Holdings Accounts
 
Fair point about the 15 month thing with companies on the whole. When Shepherd was in the Chair, he did it but with a good reason. Accounts did run to April but in football, clubs have aligned with the football season so most, if not all, deal 1st July to 30th June. This helps with Financial Fair Play too and the fixing of transfer windows.

It would throw a huge spanner in the works if he was doing that on this occasion, not least for any potential takeover.

The other thing I note is that Charnley is the only listed director. He is the one who gets the fines and potential criminal record for failing to get the accounts in on time.
 
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