RAT MARTIN'S OFFSHORE STASH

[Holy Joe]

That’s it

Any chance of acquiring previous years reports?
Is USD6m net income 'normal'

 

[Strykr]

 

[Snowy]

With £6m in the bank why not pay the npower, HMRC debts and a result make the club a more attractive proposition?

Ron pay these debts, never in a million years. The man is deluded and will not part with anything unless he really has to.

It's sad really when you consider the people who's lives he is messing with.

 

[Snowy]

As a side note to this I was away playing golf the end of last week and football came up in conversation. One of the people playing mentioned he had done business with RM many years ago and he always waited until legal action was threatened before settling his debt.

In the end they stopped dealing with RM completely.

 

[Dutch Branch]

RM moved SEL’s parent from Martin Dawn plc to Mezcal Investments Limited back in March of this year. If SEL is sold the sale proceeds are off to the BVI.

Worth a read.

https://taxjustice.net/wp-content/uploads/2020/11/Final-Offshore-Game-Report.pdf

 

[Dutch Branch]

Bed time reading for those that are interested in Mexcal on offshore stuff.

https://taxjustice.net/wp-content/uploads/2020/11/Final-Offshore-Game-Report.pdf

 

[CC51DAS]

Quite. Net income is not cash flow but P&L. And net income doesn't necessarily follow through into cash flow. Indeed, the net income may be related to inter-company debt/transactions that will never result in positive cash flow.

Probably the interesting number is that a credit line of maybe $100k (£80k) might be appropriate with moderate risk. That doesn't suggest a huge offshore cash pile to put it mildly.

Thanks for this KB - always appreciate your input.

Would you say that these details suggest that USD 6.15 million did pass through that company at some stage (presumably in 2021)?

And not having any accountancy background myself, does U.S accountancy practice mean the way we should interpret these figures might differ ?

Income (United States legal definitions) - Wikipedia

en.wikipedia.org

 

[Holy Joe]

I wonder if Mezcal features in any of the offshore bank account / tax leaks that have occured over the years, e.g., the Panama Papers

How would one find out about that?

 

[kentblues]

Thanks for this KB - always appreciate your input.

Would you say that these details suggest that USD 6.15 million did pass through that company at some stage (presumably in 2021)?

And not having any accountancy background myself, does U.S accountancy practice mean the way we should interpret these figures might differ ?

Income (United States legal definitions) - Wikipedia

en.wikipedia.org

Well pass through as in it was showing in the accounts yes, but in the balance sheet it may very well be showing as a debtor (quite possibly a group company i.e sums owed to the company) rather than cash.

In this case there are no meaningful difference between accounting methods between UK and US - disclosure requirements is another thing entirely and hence why we can’t see what we really want to see.

I’m afraid what we see on the search does tell us how much if any cash is (or was) there, if any. As I say the moderate risk credit rating, and the fact that it suggests a credit line of £80k doesn’t suggest anything significant- there again I doubt there is much trading history either and that might effect the rating.

 

[kentblues]

I wonder if Mezcal features in any of the offshore bank account / tax leaks that have occured over the years, e.g., the Panama Papers

How would one find out about that?

I fear the prize is not worth the chase…

 

[CC51DAS]

Well pass through as in it was showing in the accounts yes, but in the balance sheet it may very well be showing as a debtor (quite possibly a group company i.e sums owed to the company) rather than cash.

In this case there are no meaningful difference between accounting methods between UK and US - disclosure requirements is another thing entirely and hence why we can’t see what we really want to see.

I’m afraid what we see on the search does tell us how much if any cash is (or was) there, if any. As I say the moderate risk credit rating, and the fact that it suggests a credit line of £80k doesn’t suggest anything significant- there again I doubt there is much trading history either and that might effect the rating.

Your last paragraph about the credit rating had also occurred to me - not much regular activity

Having thought a bit more about the first paragraph of your post - if its an inter-company accounting exercise, presumably its still of benefit to one of the Martin web of companies? An if there's no benefit to those companies what's the point of having an offshore account?

 

[CC51DAS]

I wonder if Mezcal features in any of the offshore bank account / tax leaks that have occured over the years, e.g., the Panama Papers

How would one find out about that?

Ask HMRC ?

 

[Chrisb]

As a side note to this I was away playing golf the end of last week and football came up in conversation. One of the people playing mentioned he had done business with RM many years ago and he always waited until legal action was threatened before settling his debt.

In the end they stopped dealing with RM completely.

Rat thinks that no common decency, rules, regulations or laws apply to him - he is a disgrace.

 

[Dutch Branch]

Ask HMRC ?

Him or his Mrs / sons probably received one of these if they do have anything going on in Panama.

 

[kentblues]

Your last paragraph about the credit rating had also occurred to me - not much regular activity

Having thought a bit more about the first paragraph of your post - if its an inter-company accounting exercise, presumably its still of benefit to one of the Martin web of companies? An if there's no benefit to those companies what's the point of having an offshore account?

Not sure it’s necessarily of any benefit if it just nets out.

If you want to understand more about pluses and minuses of offshore companies and why you would incorporate one this isn’t a bad article

What are the Advantages & Disadvantages of Offshore Company Formation?

Offshore companies have been around for decades, and they have been used by individuals and businesses alike to achieve specific financial goals. In recent times, offshore companies have become more accessible and popular, thanks to advancements in technology, globalization, and increased...

www.protaxaccountant.co.uk

Fill your boots

 

[CC51DAS]

Not sure it’s necessarily of any benefit if it just nets out.

If you want to understand more about pluses and minuses of offshore companies and why you would incorporate one this isn’t a bad article

What are the Advantages & Disadvantages of Offshore Company Formation?

Offshore companies have been around for decades, and they have been used by individuals and businesses alike to achieve specific financial goals. In recent times, offshore companies have become more accessible and popular, thanks to advancements in technology, globalization, and increased...

www.protaxaccountant.co.uk

Fill your boots

Thanks KB i've had a quick trawl through that and it pretty much confirms my thinking. Offshore accounts are primarily set up to avoid or sometimes evade tax in other jurisdictions, hide assets or make them difficult for creditors to get hold of. Very Rat Martin I would say

It also says they are expensive to set up and maintain which essentially begs the question - why bother unless you've got something substantial to hide/gain ??

 

[kentblues]

Thanks KB i've had a quick trawl through that and it pretty much confirms my thinking. Offshore accounts are primarily set up to avoid or sometimes evade tax in other jurisdictions, hide assets or make them difficult for creditors to get hold of. Very Rat Martin I would say

It also says they are expensive to set up and maintain which essentially begs the question - why bother unless you've got something substantial to hide/gain ??

To avoid tax…:-) They do that legally. Setting up a legal way of achieving tax avoidance and then committing tax evasion somewhat defeats the point (of course it happens).
Cost of setting up is not prohibitive if it’s part of long term planning.

 

[CC51DAS]

To avoid tax…:-) They do that legally. Setting up a legal way of achieving tax avoidance and then committing tax evasion somewhat defeats the point (of course it happens).
Cost of setting up is not prohibitive if it’s part of long term planning.

Well we can agree that how much he has in there is all conjecture but there's a simple way of establishing the facts - if RM has nothing to hide he can release the full MEZCAL accounts for public consumption (and the overdue SUFC ones while he's at it). Then we'll all know its all above board, ticketyboo and nothing to hide.

As he said to Medway the other day - the truth will out

 

[Dutch Branch]

At least there’s one table we’re not bottom of

 

[hlane17]

At least there’s one table we’re not bottom of

View attachment 29035

We're top of the Offshore Finance Championship!