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Author Topic: New beginnings - Fresh Start  (Read 223547 times)
Legends-Lounge

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« Reply #1785 on: Wednesday, May 18, 2022, 12:07:20 »

I don't think we've paid it off. We've made the initial year's repayment of the covid hardship loan, have agreed a plan to pay back the rest over the next few years, and have accepted the embargo for the 2021/22 season as the price of paying it back over time.

That season proper is now over, so I guess that's the end of the embargo, hence we're off the list. Other clubs embargoes must be related to other issues I guess.

Well that explains it. Other than the play offs, the season is over so to say you’re ‘free’ to conduct transfer business unhindered seems a sensible decision, even if it is a few weeks before the ‘official’ deadline clause.
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« Reply #1786 on: Thursday, May 19, 2022, 08:18:22 »

I thought new contracts get agreed etc and they officially start on July 1 as that always gives those out of contract / released that extra months pay from the end of the season ?
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tans
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« Reply #1787 on: Thursday, May 26, 2022, 17:35:10 »

Accounts have been released https://find-and-update.company-information.service.gov.uk/company/00053100/filing-history?fbclid=IwAR128aFX-fU3gwUQ_eBaAEUuoKqyI93dRFljMTTnLKx8vLq-UiaAD2WS0TQ
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Bob's Orange
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« Reply #1788 on: Thursday, May 26, 2022, 17:57:05 »

Quite a few 'adjustments' there. Lethal Lee getting creative with the accounts no doubt!
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
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« Reply #1789 on: Thursday, May 26, 2022, 20:17:33 »

Anybody going to give a layman's rundown
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Samdy Gray
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« Reply #1790 on: Thursday, May 26, 2022, 20:38:21 »

Stuff wasn't accounted for properly.

£270k of loans were recorded as income and shareholder capital. No doubt these are the other debts that were identified soon after Clem took over.

It means the liabilities on the balance sheet have grown, but the bigger question would be who made the loans and what are the terms.

£365k of costs that have now been restated as not being company deductible is interesting. Suggests that someone might have been using club funds for personal benefit. I wonder who...
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« Reply #1791 on: Thursday, May 26, 2022, 20:42:30 »

Gloria

(it's a long story)
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« Reply #1792 on: Thursday, May 26, 2022, 20:43:36 »

so anyway, what's the total liability.

to the untrained eye it looked to be 7 million but I've not read it yet.
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Bob's Orange
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« Reply #1793 on: Thursday, May 26, 2022, 20:53:14 »

so anyway, what's the total liability.

to the untrained eye it looked to be 7 million but I've not read it yet.

Does this mean that the debt that we have been whittling down to 1.7 million is now effectively 8.7 million now then?
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
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« Reply #1794 on: Thursday, May 26, 2022, 21:19:55 »

Does this mean that the debt that we have been whittling down to 1.7 million is now effectively 8.7 million now then?

No!
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NotHarryAgombar

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« Reply #1795 on: Thursday, May 26, 2022, 21:29:17 »

No - this is the position at 31 May 2021 - so at the end of the relegation season - and shortly before the court case and Clem taking over.
It summarises what they have found and pieced together from what LP left behind.
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Bob's Orange
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« Reply #1796 on: Friday, May 27, 2022, 05:08:58 »

No - this is the position at 31 May 2021 - so at the end of the relegation season - and shortly before the court case and Clem taking over.
It summarises what they have found and pieced together from what LP left behind.

OK thanks.
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
The Artist Formerly Known as Audrey

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« Reply #1797 on: Friday, May 27, 2022, 05:15:18 »

Give it a couple if days and Kieran Maguire from The Price of Football will digest the figures and give his opinion.
« Last Edit: Friday, May 27, 2022, 05:36:48 by The Artist Formerly Known as Audrey » Logged
Lash_sumthin

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« Reply #1798 on: Friday, May 27, 2022, 12:37:10 »



Excuse the weird signage
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« Reply #1799 on: Friday, May 27, 2022, 12:49:26 »

Do you want to give comment on that Lash_sumthin (or Samdy)


( edit: OK, the bellow is non-current which are still debts but long term)

TO me it looks like at the end of 2021 debt repayable within a year was 3.7M, but that a  *further* 3.9M was owed after
    2M debenture
    1.9M "other borrowings"

So how much debt do we have. I assume I have read it wrong and/or the "other borrowings**" and "debenture*" is not repayable just yet.

*Thought the debenture was payable on sale of the club, and that Power bought it from Black. So ??!
** Huh? Directors loans ??





« Last Edit: Friday, May 27, 2022, 12:56:02 by Batch » Logged
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