Drogheda Accounts

[pineapple stu]

they have!!! have a look at the movement in net liabilities in the club, and then have a look at the movement in the P&L reserve - Club made a loss of €1,245k, liabilities have only risen by €134k.

You were doing OK up to here.

The directors have not put their money into Hinge Trading Limited. The parent company has - this is disclosed in the note regarding new share issue after the year end. However, the directors have still only put their money in in the form of loans - just to a different company, but their still entitled to their money back from the group. That's the problem.

Don't know how deferred transfer fees would work, but licencing says you're not alloewd any outstanding transfer fees. Don't think Drogs paid anything near E200k transfer fees in the past year, would they?

Most companies would owe one month, not two months' PAYE, at any one time.

[ColinR]

You were doing OK up to here.

The directors have not put their money into Hinge Trading Limited. The parent company has - this is disclosed in the note regarding new share issue after the year end. However, the directors have still only put their money in in the form of loans - just to a different company, but their still entitled to their money back from the group. That's the problem.

yes, but if you do a company office search on the parent company, you will see that the directors loans in the parent company have also been transferred to equity, which is the key point you have missed. The most recent conversion of equity in the parent company took place on 14/02/07 (lodged in companies office 25/04) where the directors subscribed (effectively wrote off directors' loans) of €1.725m.

As you say the directors have not put their money into Hinge Trading direct, but if you had have searched further you should have noticed that they did put their money directly into the parent company.

Don't know how deferred transfer fees would work, but licencing says you're not alloewd any outstanding transfer fees. Don't think Drogs paid anything near E200k transfer fees in the past year, would they?

Again, I am not fully familiar with the licencensing document, but certainly in the UK it is common for clubs to defer transfer fees over a couple of years - i would imagine the licencsing would more likely prohibit 'overdue' transfer fees, which is a big difference. Also at a guess, I would imagine the club had transfer fees in the year of €145k - seeing as this amount is the addition to intangible assets. as the creditors figure has only risen by €106k, i would not be surprised if a good portion of the €106k is to do with transfer fees. also note that overdraft of €23.5k has fallen to nil, so a further amount could simply by due to delaying creditor payments to ensure no overdraft situation arises?

Most companies would owe one month, not two months' PAYE, at any one time.

most would owe one month - yes, but a good % of companies (and certainly a high % that i have seen) are one return behind, only submitting their P30s effectively two weeks late, leaving the final two months outstanding at the year end (if only for a couple of days). certainly two months paye is no disaster given the historical non compliance with the revenue within the league

[pete]

Maybe I should change the title of this thread to "My P&L is bigger than yours!"

[pineapple stu]

yes, but if you do a company office search on the parent company, you will see that the directors loans in the parent company have also been transferred to equity, which is the key point you have missed. The most recent conversion of equity in the parent company took place on 14/02/07 (lodged in companies office 25/04) where the directors subscribed (effectively wrote off directors' loans) of €1.725m.

Interesting. Don't recall that being in their last accounts. Obviously haven't been checking daily for share conversions.

most would owe one month - yes, but a good % of companies (and certainly a high % that i have seen) are one return behind, only submitting their P30s effectively two weeks late

Only the badly run ones, in my experience. If you're regularly one return behind, you end up keeping on getting hit with interest from Revenue until you catch up.

Still unsure about your argument on the transfer fees. Possible, I suppose (I know you erfused to pay us a while back until we really hassled you about it; in fact had the cheek to ask for your first payment back), but I just don't see how it fits in with licencing. Other than the vague possibility that licencing is a sham, of course. But that's silly talk.