Port Vale accounts given to OVF

[Erniemossrules]

Obvious why The Boston Crew didn't take up his offer.

Wasn't the 10million for the ground the figure the so called Norwegian car salesman quoted.

How would anyone in their right mind offer him what he wants.

Should have taken the Synectics offer.

[melv]

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

 

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Fully understand that you had to remove the post as requested.But Im curious as to why they should ask for it to be removed when NS requested it to be posted.

[Erniemossrules]

The ******** has probably realised these accounts don't match the ones sent to companies house and they may be chasing him up to explain.

[Essex Vale]

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.

 

Thanks I did not have access to the previous documents but what you have said confirms, in my view at least, that the accumulation of these Director's loans is to a large extent smoke and mirrors, and seems to be a major component part of the owner's rationale is setting an asking price to sell the business.

 

We agree (with many others to) that the cashflow situation and deferred liabilities is much more immediate.

[Martino Knockavelli]

"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"

Spot on and some fans on here just need to accept Norman Smurthwaite is not going anywhere soon.

 

I don't know what these fans hope to achieve by berating him at every given opportunity.

[Erniemossrules]

Thanks I did not have access to the previous documents but what you have said confirms, in my view at least, that the accumulation of these Director's loans is to a large extent smoke and mirrors, and seems to be a major component part of the owner's rationale is setting an asking price to sell the business.

 

We agree (with many others to) that the cashflow situation and deferred liabilities is much more immediate.

The directors loans include the initial 1.2 million he paid for it from one of his other companies.

[Essex Vale]

The directors loans include the initial 1.2 million he paid for it from one of his other companies.

 

That is my conclusion but without firm data to confirm it I referred to it as smoke and mirrors. It seems rather strange to buy a business then put that purchase price on the books as a director's loan rather than as issued capital. In effect saying the club bought itself! More smoke and mirrors. I suspect this is done to protect him from further administration as issued capital will be totally lost, but who knows!

[Santa]

That is my conclusion but without firm data to confirm it I referred to it as smoke and mirrors. It seems rather strange to buy a business then put that purchase price on the books as a director's loan rather than as issued capital. In effect saying the club bought itself! More smoke and mirrors. I suspect this is done to protect him from further administration as issued capital will be totally lost, but who knows!

This is all tied up in the smoke and mirrors of the old company. Look at PVFC Ltd's share returns in CH going back to 2012 if you're that interested.

[Essex Vale]

This is all tied up in the smoke and mirrors of the old company. Look at PVFC Ltd's share returns in CH going back to 2012 if you're that interested.

 

 

Thanks yes I suspect there is a trail designed by accountants to cover things up. I will not dig deeper because I think I already know that the owner has allowed the accounts to be covered up in a smokescreen of confusion. I have no doubt his "business advisors" will have done this. The latest accounts show that a good business could run Port Vale to break even and gradually built up a good supporter base for the future. However it needs a good business to run it. Our current owner's asking price is utter nonsense and if he does not sell for a sensible sum then it is more of the same sadly.

 

I think the administrators should have some questions to answer about the full sale conditions and book-keeping that went on at the time of the purchase. However, that is not going to happen.

 

However, as I previously said, our CEO seems to be doing good work around business management, and I still think that Michael Brown has done a decent job so far, he needs time and room and respect.

[cpade]

"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"

 

He's released the wrong figures you muppet

[Andyregs]

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

 

 

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Anyone would think you hadnt actually read the whole thread and were just ignoring important facts in order to patronise people.

[Robbie Earle's Perm]

Not in the slightest, that was what was asked for to restore trust. I did however forecast some people wouldn't be happy if he did.

 

 

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[Andyregs]

Not in the slightest, that was what was asked for to restore trust. I did however forecast some people wouldn't be happy if he did.

 

 

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To be honest, he could have delivered a reciept from the local kebab shop and you'd have been happy.

[CAVALIER]

What a load of rubbish

 

 

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[Robbie Earle's Perm]

To be honest, he could have delivered a reciept from the local kebab shop and you'd have been happy.

 

Depends if he bought me a vegetarian donor!

 

 

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