Breaking News Accounts Released 2011/12

[LennySUFC]

So to summarise, we are in £12million debt?

 

[Jam_Man]

So to summarise, we are in £12million debt?

Yes.

Bear in mind we are "mid"-development. The huges profits from that will clear the debts. Wont they ?:smile:

 

[chapperzUK]

If the majority of debt is just Sainsburys forwarding the money that will be used for them purchasing Roots Hall, then the debt figure relating to that should in theory disappear as at the moment they have paid, or part-paid, for something they haven't received yet.

 

[Shrimperstrust]

The Trust were as concerned as others have been to see an entry against Rent in the 2012 Accounts. Steve Kavanagh has responded as follows:

'The rent is charged not paid and it is merely an inter company movement. The accounts are prepared on a going concern basis and the auditors mention this so that is a red herring. The cash flow shows a net inflow from group companies as we are reliant on external support to continue and that comes from Ron Martin's companies and always has done. The rent charge is an accounting entry and not a cash flow one'.

We can also confirm that we have been informed that no such entry appears in the 2013 accounts nor will there be an entry in 2014's accounts.

 

[Jam_Man]

If the majority of debt is just Sainsburys forwarding the money that will be used for them purchasing Roots Hall, then the debt figure relating to that should in theory disappear as at the moment they have paid, or part-paid, for something they haven't received yet.

Obviously the concern is that money that Sainsbuy gave us was meant to pay for the new stadium and has been spent on tax bills etc. Hopefully the debt will be cleared when/if the development progresses, but the big question is does that leave us enough to build the stadium, and as we are looking at 3 stands sounds unlikely.

 

[Jam_Man]

The Trust were as concerned as others have been to see an entry against Rent in the 2012 Accounts. Steve Kavanagh has responded as follows:

'The rent is charged not paid and it is merely an inter company movement. The accounts are prepared on a going concern basis and the auditors mention this so that is a red herring. The cash flow shows a net inflow from group companies as we are reliant on external support to continue and that comes from Ron Martin's companies and always has done. The rent charge is an accounting entry and not a cash flow one'.

We can also confirm that we have been informed that no such entry appears in the 2013 accounts nor will there be an entry in 2014's accounts.

Thanks for that, hopefully therefore not as concerning as it first appeared.

 

[Cricko]

Obviously the concern is that money that Sainsbuy gave us was meant to pay for the new stadium and has been spent on tax bills etc. Hopefully the debt will be cleared when/if the development progresses, but the big question is does that leave us enough to build the stadium, and as we are looking at 3 stands sounds unlikely.

I think the money for the three sided thingy has always been ring-fenced by Sainsburys. They are not that daft as to hand it over to RM to play with...he has just used monies from the balance to keep him and us afloat...They will fund anything that is built as they need it to be up before they can build on RH, well the ground part at least.

 

[Jam_Man]

I think the money for the three sided thingy has always been ring-fenced by Sainsburys. They are not that daft as to hand it over to RM to play with...he has just used monies from the balance to keep him and us afloat...They will fund anything that is built as they need it to be up before they can build on RH, well the ground part at least.

Lets hope so, a 3 sided stadium is going to be terrible, a 2.75 sided one even worse.

 

[Hotman]

The Trust were as concerned as others have been to see an entry against Rent in the 2012 Accounts. Steve Kavanagh has responded as follows:

'The rent is charged not paid and it is merely an inter company movement. The accounts are prepared on a going concern basis and the auditors mention this so that is a red herring. The cash flow shows a net inflow from group companies as we are reliant on external support to continue and that comes from Ron Martin's companies and always has done. The rent charge is an accounting entry and not a cash flow one'.

We can also confirm that we have been informed that no such entry appears in the 2013 accounts nor will there be an entry in 2014's accounts.

Firstly can some kind person drop me a copy of the accounts?

I'm disappointed that the Trust has been fobbed off with this. Why has this accrual been entered in 2012? To artificially boost the appearance of another group company, hence deceiving those who may be relying on the support of these for SUFC's liabilities? To strengthen RM's ultimate say in any administration / liquidation? Without looking through I can't comment further, and will never be able to comment definitively... but if I was in charge I'd be doing this for a reason!!

I guess one of the reasons I'm not a trust member...

 

[Firestorm]

Firstly can some kind person drop me a copy of the accounts?

I'm disappointed that the Trust has been fobbed off with this. Why has this accrual been entered in 2012? To artificially boost the appearance of another group company, hence deceiving those who may be relying on the support of these for SUFC's liabilities? To strengthen RM's ultimate say in any administration / liquidation? Without looking through I can't comment further, and will never be able to comment definitively... but if I was in charge I'd be doing this for a reason!!

I guess one of the reasons I'm not a trust member...

Available to download from companies house via webcheck only a quid .....

 

[Hotman]

the shareholders copies have additional notes :-)

 

[Smiffy]

So in short. More paper shifting to keep the hounds off the scent.

 

[Firestorm]

the shareholders copies have additional notes :-)

Are they out yet ?

 

[jamesmut2000]

the shareholders copies have additional notes :-)

I'm guessing they have not been sent out yet - well I haven't received mine yet anyway!

 

[Mick]

I'm guessing they have not been sent out yet - well I haven't received mine yet anyway!

Three months on, anyone got theirs yet ? The AGM is obviously being delayed (they can save money and combine the two) in the hope of good news of some sort (promotion's gone so that just leaves the ground). However surely the shareholders should be sent out the annual accounts before the following years are lodged?