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Otium accounts filed! (1 Viewer)

  • Thread starter Brighton Sky Blue
  • Start date Oct 9, 2013
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oldskyblue58

CCFC Finance Director
  • Oct 9, 2013
  • #36
Well in theory the accounts are filed (although do they take into account the whole group? probably use discretion not to anyway) the club is not in administration so the embargo should be lifted.

However there could be a new embargo if the club has not met the FFP criteria.
 

DazzleTommyDazzle

Well-Known Member
  • Oct 9, 2013
  • #37
Godiva said:
If anything major has happened since I think they must reveal it in the notes.
Has anything major happened? Probably depends of anyones interpretation of 'major'.
Click to expand...

And at a much lower level of detail.
 
A

Ashdown1

New Member
  • Oct 9, 2013
  • #38
Essentially just one big accounting fiddle as would usually be expected from parasites like these !
 

sky blue john

Well-Known Member
  • Oct 9, 2013
  • #39
Osb anything about Ryton in the accounts ?
This would give us an indication of what they are likely to do with an asset say like the Ricoh if they got there hands on it !
 

fernandopartridge

Well-Known Member
  • Oct 9, 2013
  • #40
lewys33 said:
I am truly gutted
Click to expand...

Why?
 

Astute

Well-Known Member
  • Oct 9, 2013
  • #41
covcity4life said:
Click to expand...

Stop talking to yourself.
 

lewys33

Well-Known Member
  • Oct 9, 2013
  • #42
fernandopartridge said:
Why?
Click to expand...

Because I can't moan about them today .........

 

oldskyblue58

CCFC Finance Director
  • Oct 9, 2013
  • #43
sky blue john said:
Osb anything about Ryton in the accounts ?
This would give us an indication of what they are likely to do with an asset say like the Ricoh if they got there hands on it !
Click to expand...

nothing at all sbj, but would not expect it to be. any transfer may well not have occurred until after 31/05/13

It would be sensible planning for any freehold to be in a seperate company to be honest...... it is not uncommon many clubs do exactly that..... and seperates the risk (the football side) from the asset (freehold) but retains it all in the same group

whatever happens all present and future assets are probably charged to ARVO in any case. The important thing would be whether CCFC gets the benefit of any income streams even if the freehold is in another group company. Will there be a rent .... who knows ?
 
Last edited: Oct 9, 2013

covcity4life

Well-Known Member
  • Oct 9, 2013
  • #44
Astute said:
Stop talking to yourself.
Click to expand...

 

lewys33

Well-Known Member
  • Oct 9, 2013
  • #45
Im loving the trolling today
 

covcity4life

Well-Known Member
  • Oct 9, 2013
  • #46
lewys33 said:
Im loving the trolling today
Click to expand...

wanna be a tag team?

 

blueflint

Well-Known Member
  • Oct 9, 2013
  • #47
covcity4life said:
Click to expand...


me not got nasty bone in my body m8
 
D

diggerdaley

New Member
  • Oct 9, 2013
  • #48
Is it a bit of a worry the auditors have said "there is a fundamental uncertainty about whether the company can continue as a going concern" ?
 

edgy

Well-Known Member
  • Oct 9, 2013
  • #49
diggerdaley said:
Is it a bit of a worry the auditors have said "there is a fundamental uncertainty about whether the company can continue as a going concern" ?
Click to expand...

It is a worry but we've known that for years. Dread to think what the forecast would be like if we hadn't have broken the lease at the Ricoh...
 

torchomatic

Well-Known Member
  • Oct 9, 2013
  • #50
I'm more of a cross invoicing kind of guy.
 

Samo

Well-Known Member
  • Oct 9, 2013
  • #51
torchomatic said:
I'm more of a cross invoicing kind of guy.
Click to expand...

It's not my favourite job but I'd say I get annoyed at worst, never cross.
 
R

RPHunt

New Member
  • Oct 9, 2013
  • #52
edgy said:
It is a worry but we've known that for years. Dread to think what the forecast would be like if we hadn't have broken the lease at the Ricoh...
Click to expand...

Yeah, imagine the nightmare of having to budget for 10,000 fans instead of 1,500.
 
D

DaleM

New Member
  • Oct 9, 2013
  • #53
edgy said:
It is a worry but we've known that for years. Dread to think what the forecast would be like if we hadn't have broken the lease at the Ricoh...
Click to expand...

Seems Sisu have charged more in management fees than the rent ever was . Perhaps they should reduce those and charge less interest on intercompany loans to help make the club viable. CCFC is doomed with these money grabbing wankers in charge .
 

duffer

Well-Known Member
  • Oct 9, 2013
  • #54
DaleM said:
Seems Sisu have charged more in management fees than the rent ever was . Perhaps they should reduce those and charge less interest on intercompany loans to help make the club viable. CCFC is doomed with these money grabbing wankers in charge .
Click to expand...

Spot on. The simple fact is that they'll lose more money at sixfields in front of 2000 than they would have at the Ricoh in front of 12000, even at the original rent figure. And then they'll load another ton of debt on the club to build a new, smaller stadium. (Possibly. If they build it. Maybe.)

It's no surprise that there are serious doubts about Otium as a going concern. I'd expect the SISU spin to be in full effect tomorrow!
 

skybluetony176

Well-Known Member
  • Oct 9, 2013
  • #55
DaleM said:
Seems Sisu have charged more in management fees than the rent ever was . Perhaps they should reduce those and charge less interest on intercompany loans to help make the club viable. CCFC is doomed with these money grabbing wankers in charge .
Click to expand...

perhaps otium could approach other clubs that pay a management fee to their parent companies, get an average cost of yearly fee's and if CCFC pay fee's considerably higher than other clubs do to their parent companies they could use national and local news papers to trash their parent company, go on management fee's strike, put themselves into administration to then avoid paying said fee's and buy themselves back under another guise to write of a load off debt. while otium are at it i think it best that they move the club another 34miles away from where they are currently playing, i recon Luton or MK Dons grounds will fit the bill.

sounds like a very sensible plan, that
 

mark_ccfc

Well-Known Member
  • Oct 9, 2013
  • #56
edgy said:
It is a worry but we've known that for years. Dread to think what the forecast would be like if we hadn't have broken the lease at the Ricoh...
Click to expand...
I know, imagine how bad it would be if ccfc had paid their rent as well. Don't you think Otium could save money by not paying the rent at Northampton?
 
N

No future with SISU

New Member
  • Oct 10, 2013
  • #57
oldskyblue58 said:
initial comments

Steve Waggott appointed director 26/09/13. Now 3 directors Fisher/Labovitch/Waggott

Registered office is the Sky Blue Lodge, Ryton

formed 21/04/11 it has extended its year end from 30th April to 31st May to be co terminous with the rest of the group (not unusual)

there really isnt a lot of detail in the accounts as they go to 31/05/12 before Otium started to trade and acquired CCFC, share etc

It states that Otium purchased the shares of ccfc h from SBS&L in ths accounts period value £901

ARVO made an initial loan to Otium of £2m which it appears was then lent by Otium to CCFC H

Since the 31/05/12 ARVO have provided a further loan of £5.986m to Otium which is secured on assets

it says in the directors report that significant investment (financial & non financial) in the team is required to remain competitive

Auditors have not qualified the audit report but there is an emphasis of matter that refers to potential threats to going concern (1) that further funding from stakeholders and other fund providers is not guaranteed or contractually agreed (2) that directors assumptions on budgets particularly on income might not be met (3) that directors are in process of reducing costs but all the savings might not be made. There is therefore a fundamental uncertainty that casts doubt as to whether Otium is a going concern

The company has essentially three entries on the Profit and loss. No trading income. first is the administrative expenses of 2,033,151 which is the write down of the money owed to it by CCFC H - it would seem the borrowed money from ARVO was lent to CCFC H but they dont think they will be able to recover it. Otium has charged CCFC H interest of 221,918 which is equal to the interest ARVO charged Otium. Overall the company in its first period shows losses of 2,033,151(essentially the debt owed by CCFCH wthat was written down to nil)

At least part of the ARVO 2m loan is convertible to shares it would seem and is classed as equity. The subsequent loan since 31/05 of 5.986m is repayable December 2013 and could by agreement be converted into 12.5% of the share capital of Otium. Might be reading it wrongly but that seems to imply 1/8th of Optium is worth 5.986m? (total value around 48m?)

Balance sheet shows net liabilities of 1.783m with net current liabilities of 33,151

NO directors have been paid and there is no corporation tax due

Otium owns 901 shares in CCFC H - the rest is owned by ARVO (99 shares)

It details CCFC Ltd as being in administration ..............but liquidation filed for the day following signing of the report

It owes current liabilities of 33,151 which is interest accrued and payable to ARVO. It would be interesting to know what rate of interest is being charged

SBS& L still the ultimate parent company

There are details that Otium have acquired CCFC since the 31/05/12

Not much more to tell to be honest. You would not expect there to be much activity. The company is already in debt to tune of 7.986m to ARVO much of which could be converted to shares but as Seppala controls both sides of the transaction we have to wait see if that happens.

The more interesting accounts for Otium will be the ones to 31/05/14 when it will include ccfc trading. But they wont be available until feb 2015 i would guess

The accounts dont really show much that wasnt expected and as the company wasnt trading there is no great detail
Click to expand...

Is that interest on £2,033,151, if it is and ARVO lend us £20m to build a mickey mouse stadium they will be charging £2.2m in interest for the loan. We will have to eat a lot of pies to pay that interest and the on going cost to strengthen the stadium for our fans getting fatter will bankrupt the club
 
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