Magister Posted September 27, 2017 Share Posted September 27, 2017 The club's accounts for 2016 have been published. They show a loss of £4.6 million due to asset writedowns anybody qualified to give an opinion on what that indicates? Quote Link to comment Share on other sites More sharing options...
GlossopLatic Posted September 27, 2017 Share Posted September 27, 2017 Have you got a link? Quote Link to comment Share on other sites More sharing options...
Magister Posted September 27, 2017 Author Share Posted September 27, 2017 Got it off Chambers Twitter feed Quote Link to comment Share on other sites More sharing options...
24hoursfromtulsehill Posted September 27, 2017 Share Posted September 27, 2017 10 minutes ago, Magister said: The club's accounts for 2016 have been published. They show a loss of £4.6 million due to asset writedowns anybody qualified to give an opinion on what that indicates? I'm not a qualified accountant or any sort of accountant...come to think of it, I'm fairly shit with money...but I think it indicates that both Messi and Ronaldo are coming in January. Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 27, 2017 Share Posted September 27, 2017 16 minutes ago, Magister said: The club's accounts for 2016 have been published. They show a loss of £4.6 million due to asset writedowns anybody qualified to give an opinion on what that indicates? Yesterday the club was fcuked. Today the club is still fcuked. Quote Link to comment Share on other sites More sharing options...
Crusoe Posted September 27, 2017 Share Posted September 27, 2017 19 minutes ago, Magister said: The club's accounts for 2016 have been published. They show a loss of £4.6 million due to asset writedowns anybody qualified to give an opinion on what that indicates? That Simon was a little optimistic in Jake Cassidy's valuation? Quote Link to comment Share on other sites More sharing options...
Crusoe Posted September 27, 2017 Share Posted September 27, 2017 More seriously: suggests to me something the club thought had a certain value did not. I'd assume impairments would apply more to long-term assets (so not players, etc) - value of the stadium buildings? I'm assuming the land itself isn't included on OAFC's books, otherwise I'd speculate it was a loss of value in that. Quote Link to comment Share on other sites More sharing options...
opinions4u Posted September 27, 2017 Share Posted September 27, 2017 The £6m stand is worth a lot less as an income generating toy. Quote Link to comment Share on other sites More sharing options...
youngen Posted September 27, 2017 Share Posted September 27, 2017 (edited) 12 minutes ago, Crusoe said: More seriously: suggests to me something the club thought had a certain value did not. I'd assume impairments would apply more to long-term assets (so not players, etc) - value of the stadium buildings? I'm assuming the land itself isn't included on OAFC's books, otherwise I'd speculate it was a loss of value in that. The way I read it, was theyve reduced the asset value of something (the North Stand transferring to Brass Bank perhaps?) so we avoid a large tax bill?! PS I have no idea about accounting techniques. I am purely hoping people take this as gospel. Edited September 27, 2017 by youngen Quote Link to comment Share on other sites More sharing options...
Crusoe Posted September 27, 2017 Share Posted September 27, 2017 1 minute ago, opinions4u said: The £6m stand is worth a lot less as an income generating toy. Yep, could well be that stand. Not sure if the timing of it opening would contribute to the impairment as well. (My accountancy is v rusty.) Quote Link to comment Share on other sites More sharing options...
singe Posted September 27, 2017 Share Posted September 27, 2017 (edited) Notably net liabilities increased from £4.6m to £8.9m. Though some of that will be the new stand as others have said. The new stand will not have generated new season ticket money, but will have a rental income from the OEC (albeit possibley heavily discounted) and possibly some Bar income. IIRC tyhe gym was not opened in this account period. Edited September 27, 2017 by singe Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 27, 2017 Share Posted September 27, 2017 (edited) 25 minutes ago, opinions4u said: The £6m stand is worth a lot less as an income generating toy. Excuse me The £6,729,788 stand #whiteelephant Edited September 27, 2017 by ChaddySmoker Quote Link to comment Share on other sites More sharing options...
GlossopLatic Posted September 27, 2017 Share Posted September 27, 2017 I'm almost qualified not long left to go but unless you go through the BS and the P&L then knowone can say with any real clarity what that actually means. So anyone drawing any conclusions from that tweet is purely guessing. Quote Link to comment Share on other sites More sharing options...
LaticsPete Posted September 27, 2017 Share Posted September 27, 2017 The pie mountain stockpiled for Gordon Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 27, 2017 Share Posted September 27, 2017 52 minutes ago, GlossopLatic said: I'm almost qualified not long left to go but unless you go through the BS and the P&L then knowone can say with any real clarity what that actually means. So anyone drawing any conclusions from that tweet is purely guessing. absolutely knowone Quote Link to comment Share on other sites More sharing options...
AlanGrovesFanClub Posted September 27, 2017 Share Posted September 27, 2017 5 minutes ago, ChaddySmoker said: absolutely knowone Is that like, knowbody at all? Quote Link to comment Share on other sites More sharing options...
LaticMark Posted September 27, 2017 Share Posted September 27, 2017 2 hours ago, GlossopLatic said: Have you got a link? https://beta.companieshouse.gov.uk/company/04989487/filing-history and view or download PDF "26 Sep 2017 Total exemption small company accounts made up to 30 June 2016" Quote Link to comment Share on other sites More sharing options...
laticsmarra Posted September 27, 2017 Share Posted September 27, 2017 Difficult to get too much detail from Abbreviated Accounts,but it is the write down on the value of property arising from a valuation carried out by Ryder & Dutton which values the property at £2.8m Quote Link to comment Share on other sites More sharing options...
UsedtobeWozzer Posted September 27, 2017 Share Posted September 27, 2017 17 minutes ago, laticsmarra said: Difficult to get too much detail from Abbreviated Accounts,but it is the write down on the value of property arising from a valuation carried out by Ryder & Dutton which values the property at £2.8m Is the right answer. Just to correct the topic title slightly the loss in 2016 is £4.28m not £4.6m Quote Link to comment Share on other sites More sharing options...
ChaddySmoker Posted September 27, 2017 Share Posted September 27, 2017 16 minutes ago, UsedtobeWozzer said: Is the right answer. Just to correct the topic title slightly the loss in 2016 is £4.28m not £4.6m Oh thank God for that then, so rest easy everybody! Quote Link to comment Share on other sites More sharing options...
stevesidg Posted September 27, 2017 Share Posted September 27, 2017 Does that mean the loss before the asset write down was .32m and the north stand's value was written down by £4.28m, Quote Link to comment Share on other sites More sharing options...
tGWB Posted September 27, 2017 Share Posted September 27, 2017 Accounts registered 26th September 2017 are for year ending 30th June 2016 The document registered is a balance sheet not a Profit & Loss account Points of note are: Tangible Assets (assets having a physical form such as buildings land machinery) have reduced to £3m from £4.3m in 2015 Debtors (what is owed to us) is £230k from £637k in 2015 Creditors (what we owe) is £11.7m up from £9m in 2015 Profit & Loss (summary of costs and expenses v revenue) present a Loss of £8.9m up from a Loss of £4.4m in 2015 A balance sheet doesn't give a full picture of a business financial standing, particularly relating to who our Creditors are Anyone wanting to acquire our Club would have to be convinced of the valuation of our Tangible Assets (relatively straight forward)) but the size of our Creditors (what we owe) and who we owe, would be the challenge depending on the Creditors expectations (ie how much of their monies are they expecting back / prepared to write off) The Creditors amount of £11.7m would need a negotiated settlement or the amount to be refinanced Its worth noting that this financial data is from over 12 months ago and could have changed significantly over that period A new buyer or Investor would obviously have access to current financial trading and current debt liabilities All the above information is in the public domain and to speculate further would not be 'good form' Quote Link to comment Share on other sites More sharing options...
leeslover Posted September 27, 2017 Share Posted September 27, 2017 Unless I'm mistaken the club never owned the North stand, so can't have taken an accounting from a change in it's value? Quote Link to comment Share on other sites More sharing options...
tGWB Posted September 27, 2017 Share Posted September 27, 2017 10 minutes ago, leeslover said: Unless I'm mistaken the club never owned the North stand, so can't have taken an accounting from a change in it's value? The Fans Meeting with the Chairman confirmed that Brassbank owned the North Stand and that we pay £100k / year to rent it Quote Link to comment Share on other sites More sharing options...
rudemedic Posted September 27, 2017 Share Posted September 27, 2017 Would the new houses on the old car park account for some, as they have presumably been sold in the time frame. Have they been sold as freehold or leasehold? Quote Link to comment Share on other sites More sharing options...
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