The Club...
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- Worthy4England
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Re: The Club...
He got it off Facebook.
Re: The Club...
Sorry mate, I had just got homeDujon wrote: ↑Sat May 06, 2017 9:30 amI've just spent three or four minutes reading that, Hoboh. Over, and over again.
Have you had a really good night out and are recovering, or have you had a really good night out and not slept?
How is anyone able to read that codswallop without proper punctuation to guide them?
It's almost as bad as the "quote-in-quote-in-quote-in-quote ... ad infinitum" you and others practise on various parts of this forum.
I suppose that, like a rotten journalist, column inches count more than content, sense, or their poor reader's sensibilities?
- Worthy4England
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Re: The Club...
Just to cheer us up. Deloitte's resignation letter as auditors is on Companies House. It doesn't make good reading.
This isn't exactly "new" news, but it does show thatThe audit evidence available to us to confirm the appropriateness of preparing the financial statements on a going concern basis was limited because the group has not been able to substantiate in the projections any audit evidence regarding the ability of management to fund a projected shortfall of £11m related to losses and working capital and £11.05m relating to a refinancing of the companies financing facilities. This has been discussed further within the Directors Report and Strategic Report.
As a result of the above and in the absence of any alternative evidence available to us we have been unable to form a view as to the applicability of the going concern basis...as a result we have issued a disclaimer of opinion on the financial statements...
- Deloitte's resigned (rather than we just thought we'd try someone new) - so they're highly sceptical about what they've seen - Auditors don't turn down good money that's not going to cause any reputational damage.
- That they saw an £11m gap for this accounting period without a pot to piss in that filled it
- That we had £11.05m on other loans coming due for repayment without a plan to either pay it back or refinance it - which looks to be additional to the £11m on losses and working capital
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Re: The Club...
Ken's been warning for a while that this report would be very uncomfortable. Remains to be seen quite how uncomfortable - and how much it affects our wage bill projections, and thus our chances of staying up – but I think we all just want it over and done with now.Worthy4England wrote: ↑Mon May 08, 2017 11:11 amJust to cheer us up. Deloitte's resignation letter as auditors is on Companies House. It doesn't make good reading.
This isn't exactly "new" news, but it does show thatThe audit evidence available to us to confirm the appropriateness of preparing the financial statements on a going concern basis was limited because the group has not been able to substantiate in the projections any audit evidence regarding the ability of management to fund a projected shortfall of £11m related to losses and working capital and £11.05m relating to a refinancing of the companies financing facilities. This has been discussed further within the Directors Report and Strategic Report.
As a result of the above and in the absence of any alternative evidence available to us we have been unable to form a view as to the applicability of the going concern basis...as a result we have issued a disclaimer of opinion on the financial statements...
- Deloitte's resigned (rather than we just thought we'd try someone new) - so they're highly sceptical about what they've seen - Auditors don't turn down good money that's not going to cause any reputational damage.
- That they saw an £11m gap for this accounting period without a pot to piss in that filled it
- That we had £11.05m on other loans coming due for repayment without a plan to either pay it back or refinance it - which looks to be additional to the £11m on losses and working capital
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Re: The Club...
That report from Deloitte, we have to send it to all our Creditors within 14 days of it being lodged (which was actually back at the end of March) and probably what prompted Blumarble to file.
I'm more concerned about us staying in business than staying up at the moment. Whilst Ken is talking about a plan our auditors are saying there isn't one for the here and now, let along the tomorrow and the next day. I'm not at all convinced by the line around the Blumarble debt being "Sports Shields" - the paperwork points to it being ours...
I'm more concerned about us staying in business than staying up at the moment. Whilst Ken is talking about a plan our auditors are saying there isn't one for the here and now, let along the tomorrow and the next day. I'm not at all convinced by the line around the Blumarble debt being "Sports Shields" - the paperwork points to it being ours...
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Re: The Club...
Is your gut telling you we could be in the sh*t here?
You can judge the whole world on the sparkle that you think it lacks.
Yes, you can stare into the abyss, but it's staring right back.
Yes, you can stare into the abyss, but it's staring right back.
- Worthy4England
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Re: The Club...
Not that simple I'm afraid. Debt is only a real problem when you can't cover it. And I have no notion whether Ken or anyone else can or will. Clearly Deloitte's have seen no evidence that we can or will, but Ken says he's working through it.Lord Kangana wrote: ↑Mon May 08, 2017 12:07 pmIs your gut telling you we could be in the sh*t here?
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Re: The Club...
W4E - The issue, was, as claimed by Ken, that he couldn't/wouldn't be able to provide the assurances required until he had an agreement with DH to buy the shares - I can buy that. IF for example he's bringing in investment, it is entirely likely said investors don't want a dead duck owning 45%.
However, my concern is that whilst agreement was publically reached, the deal has yet to be concluded according to Marc Iles - and we've seen no announcement to the contrary.
One might conclude that the delay to the deal is the sports shield winding up order - which it must be noted is not against the club but against sports shield bwfc.
Ken says he has it in hand, but the constant announcements then delays (see transfer embargo, deal with DH, blumarble loan refinancing etc) have to be a concern right now, given there appears to be a lot to do to lift us out of embargo. And the season finished a week ago.
However, my concern is that whilst agreement was publically reached, the deal has yet to be concluded according to Marc Iles - and we've seen no announcement to the contrary.
One might conclude that the delay to the deal is the sports shield winding up order - which it must be noted is not against the club but against sports shield bwfc.
Ken says he has it in hand, but the constant announcements then delays (see transfer embargo, deal with DH, blumarble loan refinancing etc) have to be a concern right now, given there appears to be a lot to do to lift us out of embargo. And the season finished a week ago.
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Re: The Club...
I hadn't spotted the Sports Shield petition (20th May is the date). That's interesting but you'd possibly expect that they chased the owner of the Facilities Agreement before coming after the Guarantor...BWFC_Insane wrote: ↑Mon May 08, 2017 1:13 pmW4E - The issue, was, as claimed by Ken, that he couldn't/wouldn't be able to provide the assurances required until he had an agreement with DH to buy the shares - I can buy that. IF for example he's bringing in investment, it is entirely likely said investors don't want a dead duck owning 45%.
However, my concern is that whilst agreement was publically reached, the deal has yet to be concluded according to Marc Iles - and we've seen no announcement to the contrary.
One might conclude that the delay to the deal is the sports shield winding up order - which it must be noted is not against the club but against sports shield bwfc.
Ken says he has it in hand, but the constant announcements then delays (see transfer embargo, deal with DH, blumarble loan refinancing etc) have to be a concern right now, given there appears to be a lot to do to lift us out of embargo. And the season finished a week ago.
Also as I was digging around, there looks to be separate Agreements relating to the hotel. Which also have Sports Shield BWFC as the Facilities Agreement owner (not sure I'd spotted those before).
As to the not able to provide assurances - I'm sure if anything looked likely they could've maybe stumped up some pre-Contract type paperwork...
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