Scally | Page 3 | Vital Football

Scally

WMGill

Vital Newbie
#41
Durham, if, as you say, all the numbers in the accounts are cooked up by magic, how much do you think Anderson is owed by the club, either directly or through Three Directors Limited? He seems to believe that he's entitled to it on demand, and based on my time in Gryffindor, I seem to believe that there isn't sufficient cash in the club account to pay back his director's loan account, or to unwind his investment via 3D.

As usual, the latest GFC Limited accounts to be published are overdue so it's not possible to say whether any of the amounts payable stated in last year's had been paid up to May 2017 but I'd say not. Similarly, the 3D Ltd accounts are also overdue. It'll be interesting to see what's in both regarding Anderson's action to reclaim his money.
 

Wayne.Kerr

Vital Champions League
#42
This letter was sent to GFC Holding in March of this year. If no other company acquired the assets of GFC
If you look at the last set of accounts which is as per the end of the 2016 season, then there is only about £1.9m total debt of which £1.8m is the director loans. The short term debtors and creditors figures are within £50k of each other so for sake of argument cancel each other out.

Would you like to clarify where the other £8m plus of debt you think we have is? We haven't been anywhere near £10m of debt since the bank wrote off half of our debt several years ago.
What company accounts are you looking at?
 

Attachments

Wayne.Kerr

Vital Champions League
#45
If you look at the last set of accounts which is as per the end of the 2016 season, then there is only about £1.9m total debt of which £1.8m is the director loans. The short term debtors and creditors figures are within £50k of each other so for sake of argument cancel each other out.

Would you like to clarify where the other £8m plus of debt you think we have is? We haven't been anywhere near £10m of debt since the bank wrote off half of our debt several years ago.
GFC Holdings consolidated accounts
 

Baghdad_Rob

Vital Squad Member
#46
This letter was sent to GFC Holding in March of this year. If no other company acquired the assets of GFC

What company accounts are you looking at?
Is that the right attachment? And what exactly does that document prove? Someone hasn't sent in a form yet and has until the middle of May to respond. How does that prove the club is £10m in debt?
 

Wayne.Kerr

Vital Champions League
#47
Is that the right attachment? And what exactly does that document prove? Someone hasn't sent in a form yet and has until the middle of May to respond. How does that prove the club is £10m in debt?
Because that's what was shown in the consolidated balance sheet of GFC Holdings' last published accounts.
 
#48
Because that's what was shown in the consolidated balance sheet of GFC Holdings' last published accounts.
The majority of that debt was held by Priestfield Developments, part of GFC Holdings. That debt was written off and the company wound up. I'm assuming the delay in posting the accounts for GFC Holdings is that the accountants are arguing over how to show this write off without divulging too much info that would embarrass the banks!!
 

Baghdad_Rob

Vital Squad Member
#49
Because that's what was shown in the consolidated balance sheet of GFC Holdings' last published accounts.
But that page of "evidence" doesn't demonstrate the club is £10m plus in debt. It doesn't mention any numbers at all.

The club was issued with the same document the previous year too and someone sent off a letter and the intent to close down was cancelled at Companies House. Your "evidence" is merely a reminder to do some filing before a certain date.
 

Baghdad_Rob

Vital Squad Member
#50
I'm assuming the delay in posting the accounts for GFC Holdings is that the accountants are arguing over how to show this write off without divulging too much info that would embarrass the banks!!
I'm not sure Scally cares about embarrassing the banks if the law requires disclosure. The club has typically been on the line in terms of meeting deadlines. I believe the club is supposed to issue the accounts for the end of the 2016/17 season at the end of this month.
 

Wayne.Kerr

Vital Champions League
#52
I'm not sure Scally cares about embarrassing the banks if the law requires disclosure. The club has typically been on the line in terms of meeting deadlines. I believe the club is supposed to issue the accounts for the end of the 2016/17 season at the end of this month.
GFC Holdings hasn't had accounts for the 2015/16 season yet
 

WMGill

Vital Newbie
#54
The main club accounts are late, as they were the last 3 years. They should be filed by the end of February. The likely reasons for them being late are bad organisation at the club and a desire to present certain events, like the amount of money that will be received following a successful court case and a former director wanting his loan to be repaid, in a positive light.
 

alphabet_king

Vital 1st Team Regular
#57
Durham, Scally used exactly the same excuse when the Medway Stand was built, the facilities would bring in the extra revenue on enable us to have the finances to help finance the football side of the business and make us competitive, it hasn't happened. .
Have come very late to this - but have seen this comment ...just to clarify...

This is entirely untrue. The income before we built the RE was far lower. We now make money from Boxes, Watch Wine and Wine, Vice Presidents club. We also took close to 1m a year from Centreplate for this. Okay so it ended up being unsubstainable, but Priestfield.com is now making good profits on this too. In the court case it was reported Priestfield.com is making more revenue for the club than Centreplate ever did. So it's simply untrue to say that the Medway Stand does not make money for us. Without the medway stand our yearly income and hence budget would be significantly lower.

The key issue which makes it feel like we're not rich is that costs have also gone up. Players wages have gone us significantly since 2000.
 

Captainreblue

Vital Squad Member
#60
Have come very late to this - but have seen this comment ...just to clarify...

This is entirely untrue. The income before we built the RE was far lower. We now make money from Boxes, Watch Wine and Wine, Vice Presidents club. We also took close to 1m a year from Centreplate for this. Okay so it ended up being unsubstainable, but Priestfield.com is now making good profits on this too. In the court case it was reported Priestfield.com is making more revenue for the club than Centreplate ever did. So it's simply untrue to say that the Medway Stand does not make money for us. Without the medway stand our yearly income and hence budget would be significantly lower.

The key issue which makes it feel like we're not rich is that costs have also gone up. Players wages have gone us significantly since 2000.
Ak, re read my post. Scally said the Medway stand facilities would enable us to compete and finance the playing side of the business. That simply hasn't happened, and you could argue without that income we'd be deeper in the shit than we are.