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Post by Nik on Jun 30, 2021 8:57:51 GMT
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Post by suedehead on Jun 30, 2021 9:54:26 GMT
I'm sure 57 has been scouring them all morning. I know he's said the real picture of the past 12 months won't be available until this time next year but will still be interesting to hear his thoughts.
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Post by Nik on Jun 30, 2021 10:03:39 GMT
I'm sure 57 has been scouring them all morning. I know he's said the real picture of the past 12 months won't be available until this time next year but will still be interesting to hear his thoughts. Definitely will be interesting. Looks like £904k of debt owed to creditors of Stockport County 2010 Limited has been wiped as well, which lines up with what was said at the time of the purchase.
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Post by 57hattersyears on Jun 30, 2021 10:54:46 GMT
I'm sure 57 has been scouring them all morning. I know he's said the real picture of the past 12 months won't be available until this time next year but will still be interesting to hear his thoughts. Only just popped up on my notifications. As I've said previously they are for the first 5 months of the new regime, so a fuller picture won't be available until 12 months today. They are full exemption accounts so don't include a detailed profit and loss account. I'll be having a detailed look later but from a quick scan. Stockport County 2010 Ltd £800k loss on the year; it looks as though the takeover and getting rid of the charges (I would suspect those were in favour of Park and Bramall) was financed by a share issue. Cash holdings fell by £390k and debtors, (amounts owed to the Club) fell by £293k. The amounts owed as trade creditors etc fell by £90k Stockport Community Leisure (the 'topco' following the exit from admin in 2010) Looks as though this is the vehicle for introducing Mr Stott's cash into the Club. It's difficult to tell exactly but it appears that he put £1.135m in, which was then converted to shares in SC 2010 Ltd, with the cash being used to clear the charges, (no detail of those but on the face of things possibly £904k), and introduce some more cash in those first 5 months. Newco Stockport A (which has a significant interest in SCL - ie higher up the company hierarachy) These accounts are for a micro entity and interestingly are for the period to December 2020 (ie 6 months further on) have precious little detail, but do show that £3.098m is owed and payable within one year, (presumably by SCL and SCFC2010). We won't know that for sure until the next set of accounts for those two companies are published, but it is the way that those are introduced to the accounts which will be crucial. If they represent debt then that is a severe liability. If, as the meeting with the Coop suggested, that they will be converted to a shareholding, (equity), then that's fine. We await to see. As I said I'll have a more detailed look later
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Post by hedleyverity on Jun 30, 2021 18:42:20 GMT
Does that mean Stott was already over £4million in by this time last year?
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Post by 57hattersyears on Jul 1, 2021 10:01:41 GMT
Does that mean Stott was already over £4million in by this time last year? Can't tell but I think it's unlikely. The accounts for the Newco Stockport A are for the period to Dec 2020 and will therefore reflect anything he put in from July to Dec 2020 which won't be included in the other two companies. We'll have to wait another 12 months to understand things more fully
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Post by 57hattersyears on Aug 2, 2021 16:01:54 GMT
For info:
The charge in favour of the English Sports Council (aka Sport England if I understand correctly) was increased from £727k to £989k last week.
The charge is against all the property and undertaking of both Stockport County 2010 Ltd and Stockport Community Leisure (the original Topco).
Documents give no indication of what the loan is for.
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Post by herbiedumplings on Aug 2, 2021 16:37:00 GMT
For info: The charge in favour of the English Sports Council (aka Sport England if I understand correctly) was increased from £727k to £989k last week. The charge is against all the property and undertaking of both Stockport County 2010 Ltd and Stockport Community Leisure (the original Topco). Documents give no indication of what the loan is for. Furlough loans?
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Post by hedleyverity on Aug 2, 2021 16:45:38 GMT
For info: The charge in favour of the English Sports Council (aka Sport England if I understand correctly) was increased from £727k to £989k last week. The charge is against all the property and undertaking of both Stockport County 2010 Ltd and Stockport Community Leisure (the original Topco). Documents give no indication of what the loan is for. Furlough loans? Best part of a million pounds though?
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Post by m14hatter on Aug 2, 2021 16:49:33 GMT
I’m sure in the Co-Op update they said the covid loans were already at £750k so would probably fit.
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Post by Ngard on Aug 2, 2021 16:52:57 GMT
For info: The charge in favour of the English Sports Council (aka Sport England if I understand correctly) was increased from £727k to £989k last week. The charge is against all the property and undertaking of both Stockport County 2010 Ltd and Stockport Community Leisure (the original Topco). Documents give no indication of what the loan is for. I presume this will be the COVID loans offered by the government.
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Post by herbiedumplings on Aug 2, 2021 17:09:03 GMT
Best part of a million pounds though? Was thinking about the £262k addition alone TBH. From what I’ve heard it’s as good as free cash, so I wouldn’t necessarily read too much into the overall financial picture based just on that…
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Post by hedleyverity on Aug 2, 2021 18:30:03 GMT
I'd hope we pay it back, but the chance of the tax payer seeing much back has to be minimal, if a conference club gets a million the overall football bill will be massive
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