Company accounts

[Alan Baker]

Year end accounts 30/6/15 just published.

 

Intangible assets £1.6M

Debtors £114k

Cash at bank £121k

Net liabilities £1.3M

 

Creditors amounts falling due after more than one year £3.2M

 

Shareholders funds (£1.3M)

 

£2.55M owed to MS as Directors loan. "The company continues to receive the support of its director by way of him not withdrawing monies owed to him and the introduction of funds as and when necessary."

 

What does all this mean?

[Hagrid]

I'm not great with all the business jargon. Does this mean that any potential buyer of the club would have to pay Smurf £2.55 million + the value of the club?

[cheshirevaliant]

I'm not great with all the business jargon. Does this mean that any potential buyer of the club would have to pay Smurf £2.55 million + the value of the club?

 

Assuming he wants it all back, yeah. They aren't a good set of accounts at all from a club perspective. Still, best not to worry.

 

That last line AB posts looks to me like the "going concern" line in a standard set of Ltd Co accounts, basically saying that the club isn't self sufficient as it couldn't pay off the debts it owes without help from the director. In this case, the creditor the club owes and the director are the same. There will be a real problem when they aren't. Unfortunately, it will be too late by then.

[Santa]

What are the £1.6m assets, now that the stadium is no longer owned by the club?

[Fosse69]

What are the £1.6m assets, now that the stadium is no longer owned by the club?

Players? Image rights?

[cheshirevaliant]

What are the assets, now that the stadium is no longer owned by the club?

 

Intangible assets possibly goodwill, ie buying a product that has an already loyal customer base? Even as an accountant, working out goodwill confuses me so I've no idea if that's what it is.

Tangible assets of £4,312 could be anything. It's almost nothing in accounting terms. Probably a copy of MS Powerpoint that Gannon forgot to take with him in 2011.

[Arthur]

We've not got a pot to **** in. Struggling.

[cheshirevaliant]

https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/cbu2EOhejppk14uNeATaRW60DGxCZGgntMkieN433bA/application-pdf?AWSAccessKeyId=ASIAIRUCYKNKEINIJR2A&Expires=1446584341&Signature=IA2BAVCuvO5RPY31i3YitI%2BS8Rs%3D&x-amz-security-token=AQoDYXdzEBoa4AN%2Bww2hI7rXGsvfjx%2FF8Y2FrRFBV5CcJUWdiExikG2MkEivU5DDVxBYyreY0fgs1%2FEynwUP0HTiU8lFYqN6w0GUl8lEVIm0LmZxnzAeLSin67SS4wqtw0THYfvfZb125GHuSJOnahGHL5cPv6LX9QbWbNT2Y8q62T52aq7LxuPIEPHxnQqgkpqU%2BJmaX3YvthDk%2BLkUH5CjAGAGV8vXO%2Byv9BSh6mIAnOGZLiNW3f2QVfjSDao4toyDkJH33FHWnVobrAKJk6sxlzcR6yd9mkBaVNudaEkdNl1QCYjEjviH6NxpDtuwuvjOiwo6hbRCZapAUz6CypZFdhyU34BE026IhQ9GTR6YCKJhUnS%2BUyXOEpGOuRRKB2CwmNo89%2F3KEv00GfJT6v0A59DSr56DkIr95qfco%2FWsUylSKMcmL%2FZf6ZdfPO8psU4GI62eV8zlpUsHDLGuQJZB5yo4zwgfEXMT5ORkJTKfVqJ%2BrXBNNMw1J%2B6IucsjxjcnQoHBUhv0R6iA0pOWV783M0cLGw%2FyV0a5LDWbmWaxWvohirI8XDgKkPqOrD5FofFwhulbIPUi7%2BQbZCuSFwAEEie8x3j0%2FMpiXq%2FfdBxj%2B4Y%2FE9%2F%2FvLJSwlIRyZEltH2NqrJtlVhmgoYgv8zjsQU%3D

 

See if that link works.

[Fosse69]

We've not got a pot to **** in. Struggling.

Better off than we were.

[Arthur]

Better off than we were.

 

Not if he wants it back. In fact you could argue we'd be worse off because we wouldn't have anywhere to kick a ball around either.

[For Us All]

We've not got a pot to **** in. Struggling.

 

No change there then?

[Warren]

Port Vale is not a normal business. At the level the club plays the businesses are inherently loss making and have been that way for my lifetime and much longer. Only because they have community of supporters and from time to time find a benefactor do clubs like Port Vale continue. So the owner looks like he is in trouble here in a normal business but in football this balance sheet is unsurprising. I haven't looked to see if there are group accounts which might absorb Port Vale? That might allow some loss management in various ways. Another issue can be the way in which fixed assets are valued. As we saw with MOLD there is scope within accounting standards to influence that valuation. Without more detailed study it is hard to say more.

[fairportnick]

I have not seen the accounts but it appears that the Directors Loan is included in Liabilities due after more than one year( but the make up of shareholders funds is not clear), which means one year after the Balance Sheet date. For this to be the case there should be some agreement in place. If the accounts are subject to audit then the auditors would expect such an agreement to be in writing.

It is the company that will owe the director the money but in any unforced sale this would be subject to negotiations .

If this amount is not withdrawn the company would appear to be solvent.

[Jacko51]

If anyone wants to look at the full accounts filed at Companies House they can find them here:

 

https://beta.companieshouse.gov.uk/company/08876768/filing-history

 

Just click on the View PDF link and you will see them - there is no charge at the moment (it used to cost a quid to download stuff).

[LancyTony]

Bit of a slap in the face for all the miseries who preface discussion on Norman's investment in Port Vale with the...rather petty..."allegedly"!!