Port Vale accounts given to OVF

[Jacko51]

If accountants on here want to compare these results with the efforts of V2001 they can, of course, download the last published accounts from V2001 from Companies House. They were for year end June 2010 and were filed on 18 March 2011.

[Santa]

In general terms, ignoring things like depreciation the owner has increased his Directors loan account by roughly £500K in the year which in general terms is the amount of the actual loss ignoring things like depreciation. So it appears he is putting in something like £40 to £50K a month to keep us going and accruing this as a loan to him. The main questions around the Directors loan account would be to find out how it got to the level of £2.5M at Jun 2015.

 

We have lost £300K on turnover, or about £6K a week, less money coming in to the club, that is down to the management of the business and is a real worry. I suspect potential buyers will see that as an area where they can add value, I think I agree with them. Although one of the stumbling blocks with Synectics was income around the shop and that shows a mysterious new income stream of roughly £2K a week. If that shop income figure was ignored then the turnover reduction is about £500K, which hey presto is about the amount the directors loan increased by. This shows that poor management of the business has required the owner to stump up his subsidy to replace the missing turnover.

 

A good business, with existing assets around marketing, IT, finance, administration would,I am sure be able to increase turnover by an amount to make the Director's loan unnecessary. Additionally a good business (Synectics are so close) would be able to reduce costs of marketing, IT, finance etc by utilisation of their wider business resources. In sum, they could spend less to get more in.

 

A valuation of about what they have offered seems pretty reasonable to me.

 

 

 

I am also worried about the cash flow there is about £187K in the bank but the accounts appear to show that we have taken a figure around £600K in season ticket sales at the end of June. So that money has simply gone to pay outstanding bills, there is no liquidity statement here but I think cash flow should be our biggest concern right now around the viability of the business.

 

Of course the elephant in the room is the ground, its ownership and valuation and that overall director's loan account of £3M. It seems likely to me that the initial £2.5M of that loan was wrapped up in the purchase of the club and the mystery of Paul Wildes departure, and any pay off he may have had.

 

So are we any clearer? No I don't think so, we know the level of subsidy and we know that is necessary because the owner has overseen a poor business management year. With a new CEO this should improve.

 

His directors loan was £2.5 million at June 2015 - £700k of which was accumulated over the course of the 14/15 financial year and £1.8 million was the starting balance when the company was incorporated in Spring 2014.

 

This seems to be what was spent when Norman wound up PVFC Ltd in order to settle the oldco's liabilities. This then seems to have gone on to the books of the Newco, as both a liability (Directors Loan) and also an asset (goodwill). "Goodwill, being the amount paid in connection with the acquisition of a business in 2014" is a note in the accounts that were revealed yesterday. Norman wound up PVFC Ltd before he had to submit any accounts.

 

I agree with your remarks re: both turnover and cashflow at June 16 given the huge difference between the liability for deferred income and the actual cash in hand at June 16. The mysterious new income stream (as you put it) is because the shop used to be hived off as a separate company. It was brought in house in early 2016. Norman wound the company up before he had to submit any accounts.

[Fosse69]

So, we are in the hands of the CEO to turn the business around, and Brown`s hands to bring in the punters.

[robf]

Hi I have been asked by a person connected to the accountants concerned to remove this post. I was asked by NS directly to post but if I get a legal request I am duty bound to do so and thus the front page article has been removed as per their request. Rob

 

Sent from my XT1563 using the onevalefan mobile app

[geosname]

Read them, ************.

 

I considered it... but I have paint drying in the kitchen and if I take my eyes off it I will miss the exciting bit

[Conrad]

Hi I have been asked by a person connected to the accountants concerned to remove this post. I was asked by NS directly to post but if I get a legal request I am duty bound to do so and thus the front page article has been removed as per their request. Rob

 

Sent from my XT1563 using the onevalefan mobile app

Ok, I,m not an accountant, and was not overly concerned about the accounts, but if the accountant has asked for them to be removed, then that IS worrying.

[Santa]

It's alright.

 

They've already been screengrabbed.

[Animal]

Given that they didn't tie in with those submitted at companies house and weren't signed by the accountant it's suggest that they weren't the final figures...from my experience I could understand why they should be removed. Norman acting without thinking.

[bookworm]

Given that they didn't tie in with those submitted at companies house and weren't signed by the accountant it's suggest that they weren't the final figures...from my experience I could understand why they should be removed. Norman acting without thinking.

 

Not for the first time either,imho.although norman could be trying a bit of wool pulling.

[Wrex]

This is why I'm not keen to prod our former chairman. He is liable to do something daft that ultimately harms the club.

[Andyregs]

Jesus Christ it never ends does it.

[Regal Beagle]

"norman do the decent thing, release the accounts"

 

"Oh my god I can't believe he released the accounts, what a terrible decision yet again"

[Robbie Earle's Perm]

"norman do the decent thing, release the accounts"

 

"Oh my god I can't believe he released the accounts, what a terrible decision yet again"

 

It's ok some got what they wanted so now trust is restored

 

 

Sent from my iPhone using the onevalefan mobile app

[Santa]

Norms a bit daft. For all those who think they are in the know about accounts and trying to disect these. You have all missed the glaringly obvious problem that these accounts don't agree to the accounts submitted to companies house. Therefore these aren't final accounts signed off by smurf.

 

End of thread.

It can't be easy having him for a client.

[melv]

There is no chance he will make a profit! To improve the club's position he will have to throw more money at it, which would increase his investment, and no way will he get all of that back.

 

His best chance was when Vale were in and around the play offs around Christmas.Just needed to add to the squad during the January transfer window.While in and around the play off the club would have been more attractive to players.Which in turn would have made the club more attractive to potential buyers.