Brighton Sky Blue
Well-Known Member
Now available at Companies House.
Otium accounts filed! (1 Viewer)
- Thread starter Brighton Sky Blue
- Start date
jimmyhillsfanclub
Well-Known Member
Oooh....how very exciting....we do love some forensic financial analysis on this site....
Here's hoping it leads to one of those fascinating ACL v SISU threads.....they're just the best.
Here's hoping it leads to one of those fascinating ACL v SISU threads.....they're just the best.
Samo
Well-Known Member
Yes indeedy! I can't wait. But I had put some time aside to poke myself in the eye with a stick and I think I'd rather do that.
Nick
Administrator
I look forward to OSBs posts on this subject
Yep, I hope somebody can translate it for us
James Smith
Well-Known Member
Yep, I hope somebody can translate it for us
+1 to that. Even though I'm trying to learn how a balance sheet works, they still might as well be in Japanese.
sky blue john
Well-Known Member
is this just otium or ccfc holdings and ltd as well.
If its just otium then i should imagine there is nothing to see ?
If its just otium then i should imagine there is nothing to see ?
Grendel
Well-Known Member
Has the fact there was an exclamation on the thread title infringed your copyright so you can no longer use it?
sky blue john
Well-Known Member
I let payment for it lapse enabling someone else to snap it up.
DazzleTommyDazzle
Well-Known Member
Don't forget that the accounts that were (over)due, were only to May 2012.
sky blue john
Well-Known Member
This is what i figured its the ccfc ltd and holdings accounts which should hold some interest if they have been filed ?
Diehard Si
New Member
Our set of accounts are that complicated they need looking at from a group perspective. On their own are meaningless as it's all inter-company balances, loan repayments and interest charges.
I do this crap for a living though, don't fancy a busman's holiday. I'll let someone else digest it all and grab the summary.
I do this crap for a living though, don't fancy a busman's holiday. I'll let someone else digest it all and grab the summary.
SIR ERNIE
Well-Known Member
The size of the 'debts' will be whatever SISU wants them to be, whatever suits their cause best.
The Reverend Skyblue
Well-Known Member
Where's OSB when you want him. No good me looking at them it will take me two days to understand what they mean, i'd rather a person who works in this field to di-sect them and put it into lay-mans terms for people like me
covcity4life
Well-Known Member
why wait for oldskyblue? we know what he is gonna say
"why have otium decided to file the accounts? could it be they are distracting us from the real evil? just some throughts"
"why have otium decided to file the accounts? could it be they are distracting us from the real evil? just some throughts"
oldskyblue58
CCFC Finance Director
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
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
Last edited:
oldskyblue58
CCFC Finance Director
covcity4life
Well-Known Member
as usual so wrong but why change a habit of a lifetime
mwah xx
covcity4life
Well-Known Member
people keep asking me to do maths all the time, of course i need to vent sometimes!
oldskyblue58
CCFC Finance Director
There are enough schizophrenics on here with out me or cc4l joining them Nick !:laugh:
fernandopartridge
Well-Known Member
At least they're filed now and certain individuals on here can stop wishing for further punishments to be imposed on CCFC due to them not being filed.
NorthernWisdom
Well-Known Member
Steady on now, let's not be overly optimistic!
Astute
Well-Known Member
The thoughts of someone who hasn't got 10% of the intelligence of the person he keeps having a go at
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'.
covcity4life
Well-Known Member
The thoughts of someone who hasn't got 10% of the intelligence of the person he keeps having a go at
blueflint
Well-Known Member
covcity4life
Well-Known Member
oldskyblue58
CCFC Finance Director
ARVO debt from otium accounts is 7.986m plus interest........... the sum included in the administrators debt for CCFC Ltd is 10.25m. As I understand it the claim against CCFC Ltd was on the basis of the security taken not physical loans to CCFC Ltd. Thats an increase of 2.264m, is that increase a mix of capital and interest or just interest? I doubt that any money was lent directly to either CCFC H and CCFC Ltd by ARVO
Just to be clear there is nothing wrong in ARVO charging interest - a bank would do the same
Just to be clear there is nothing wrong in ARVO charging interest - a bank would do the same
covcity4life
Well-Known Member
i concur.
oldskyblue58
CCFC Finance Director
thats it I am going for a lay down ...... cc4l agreed with me!:laugh:
