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Stadium accounts 21/22
Posted:
Wed Jan 04, 2023 2:36 pmby TerracingTomas
For them that’s interested the latest set of accounts for the stadium company are available online at Companies House.
Items of note:-
The stadium, its land, plant and machinery are valued at £5,916,239. After depreciation the net book value is £2,495,835.
The bank debt or mortgage has gone down from £2,086,129 to £837,421. Before anyone gets excited other debt has gone up from £43,096 to £1,075,538. My best guess is that they have offset a big chunk of the stadium mortgage using the Government’s covid loan of roughly £1.2m. That would make sense as the interest on the covid loan is way less than commercial mortgage rates.
The stadium company is due money from Edencrest of £576,900. It was due a similar amount the previous year. A tax dodge?
And the final icing on the cake the football club paid the stadium company 57,000 rent up from 41,000 the previous year
Re: Stadium accounts 21/22
Posted:
Wed Jan 04, 2023 8:27 pmby porcupine
As usual, TT, it's me:) Comments later on the latest info. Meantime, what thoughts on this?
Why would Prosigns (Glasgow) Limited, a very solvent trading company making good profits, lend HAFC Stadium Limited £120K in the summer last year, for which they now have a Standard Security/Charge over three parcels of land owned by HAFC Stadium Limited? It's not as if the sole Director of Prosigns is also a Director of the Stadium Company, or any of the other companies who 'own' the football Club/Ground?
It may be pure philanthropy, of course, and commendable, if so. As to where the loan is to be repaid from, then that's a question that is not ours to wonder.
The old Lenders question to a Borrower of ""How much, how long and from where's the repayment coming back?" has never been better summarised.
Re: Stadium accounts 21/22
Posted:
Wed Jan 04, 2023 8:40 pmby TerracingTomas
Why indeed Porcupine but then why would one Colin Mcgowan at the same time as his good friend from Prosigns also lend the stadium company £130,000 secured on parcels of land at the stadium. Answers on a postcard please.
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 1:01 amby porcupine
Have a look at the Land Registry website and see what you make of the three parcels mentioned in the Charge/Security for the Prosigns Loan TO HAFC Stadium Ltd. The various colours make it difficult to figure it all out, though I understand the wee triangle bit required to line-off a complete segment. Any ideas?
I must have missed the other one which you say is also to HAFCS from CmG. Where is that shown?
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 1:21 amby TerracingTomas
It’s in the charges tab immediately under prosigns Porcupine. I’ll look at the land registry and come back to you.
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 2:33 pmby EarnockAccie
£2,689,225 is the debt total - creditors amounts falling due after one year. Edencrest is now 90% owned by CMcG, 5% by Les Gray, and 5% by Alan Wardrop. Mark Carlin now the only other director on Deeka.
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 2:55 pmby TerracingTomas
Pmd a response Porcupine
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 3:59 pmby porcupine
EarnockAccie wrote:£2,689,225 is the debt total - creditors amounts falling due after one year. Edencrest is now 90% owned by CMcG, 5% by Les Gray, and 5% by Alan Wardrop. Mark Carlin now the only other director on Deeka.
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 4:00 pmby porcupine
TerracingTomas wrote:Pmd a response Porcupine
Thanks, TT, See my latest PM.
Re: Stadium accounts 21/22
Posted:
Thu Jan 05, 2023 4:12 pmby porcupine
porcupine wrote:EarnockAccie wrote:£2,689,225 is the debt total - creditors amounts falling due after one year. Edencrest is now 90% owned by CMcG, 5% by Les Gray, and 5% by Alan Wardrop. Mark Carlin now the only other director on Deeka.
How do you know this, EA? Companies House still shows only two directors in Edencrest, but of course, there can be multiple shareholders in any company. Les Grey is shown as a Director of Clan Business Consultants Ltd. That company also have Alan Wardrop as Director/Secretary, This could be a different Alan Wardrop.
However, maybe you checked his other Directorships of name above at Companies House? If so what did you find?