News from Companies House.

by **Gone_Shrimping** » Thu Jun 22, 2017 12:14 pm

Gary Taylor's resignation as a director has been filed.

Also something which is good news is that a Charge on the football club has been satisfied this week. This was the loan from the PFA and it has been paid in full.

by **Christies Child** » Thu Jun 22, 2017 1:06 pm

The news of the repayment of the PFA loan comes as good news and hopefully is seen by the masses as investment in the long term by the club's owners.

I for one have been concerned by the lack of news regarding the position of our club going forward and this news is most welcome..but let's hope that we don't have to go cap in hand to the PFA again.... :!:

by **paulshrimp** » Thu Jun 22, 2017 4:55 pm

Presumably this is "new" money coming in and we haven't borrowed just to pay off a previous loan.

by **Bare Grills** » Thu Jun 22, 2017 6:22 pm

Christies Child wrote:The news of the repayment of the PFA loan comes as good news and hopefully is seen by the masses as investment in the long term by the club's owners.

The club's owners being :?:

by **Posh** » Thu Jun 22, 2017 11:05 pm

Bare Grills wrote:
Christies Child wrote:The news of the repayment of the PFA loan comes as good news and hopefully is seen by the masses as investment in the long term by the club's owners.

The club's owners being

Good question.

As for CC's point, without satisfying the charge we would still be under transfer embargo and seriously screwed. Paying it back is only the first essential step to getting us back on track. It isn't an investment, it's paying our debts.

by **mrpotatohead** » Fri Jun 23, 2017 6:06 am

As Posh says, this was pretty much essential just to keep going, nothing to get excited about , I the remaining directors are a very tightly knit small group of genuine MFC fans, and they won't be giving any clues to anyone about a new owner until a deal is struck.

by **Christies Child** » Fri Jun 23, 2017 10:08 am

I fully realise that it wasn't an investment in the usual meaning of the word, but it does show that the current owner / Board have confidence in our club's future which should in turn provide the fans with their own confidennce going forward.

by **Posh** » Fri Jun 23, 2017 4:44 pm

Christies Child wrote:I fully realise that it wasn't an investment in the usual meaning of the word, but it does show that the current owner / Board have confidence in our club's future which should in turn provide the fans with their own confidennce going forward.

Sorry Neil but your comment is like sitting in the dark at home because the electricity has been cut off and then when you finally pay the bill, the lights come on and seeing an empty fridge and bare floors turning to the wife and saying, 'shall we buy a swimming pool for the garden?'

by **Christies Child** » Fri Jun 23, 2017 6:38 pm

by **Castaway** » Sat Jun 24, 2017 11:53 pm

Christies Child wrote:
I fully realise that it wasn't an investment in the usual meaning of the word, but it does show that the current owner / Board have confidence in our club's future which should in turn provide the fans with their own confidennce going forward.

Sorry Neil but your comment is like sitting in the dark at home because the electricity has been cut off and then when you finally pay the bill, the lights come on and seeing an empty fridge and bare floors turning to the wife and saying, 'shall we buy a swimming pool for the garden?'

by **Gone_Shrimping** » Tue Jul 04, 2017 10:02 pm

The club filed its annual Confirmation Statement (formerly known as the Annual Return) today and this gives details of the shareholdings as at 21 June 2017.

Also it has notified that G50 Holdings Limited held a significant control of the company at 21 June 2017.

I am still working my way through 60 odd pages of shareholdings but interesting that Nigel Adams has 165,000 shares and Charm Passion hold 150,000.

by **mrpotatohead** » Wed Jul 05, 2017 6:55 am

Charm passion is a company that have had shares for a long time, like Nigel Adams, nothing new there, theres no one likely wanting to buy them, given that, its no surprise.

by **Gone_Shrimping** » Wed Jul 05, 2017 7:03 am

mrpotatohead wrote:Charm passion is a company that have had shares for a long time, like Nigel Adams, nothing new there, theres no one likely wanting to buy them, given that, its no surprise.

Yes , I did know that Charm Passion had held 150,000 shares for a few years etc.

G50 Holdings have over 3 million shares so are regarded as having "significant control" of the football club.

by **mrpotatohead** » Wed Jul 05, 2017 9:06 am

So everyone else's are a bit irrelevent as between them they add up to very little, having said that our new leaders the DUP have a minority share of the seats in westminster :lol:

by **marky No.1** » Wed Jul 05, 2017 9:46 am

mrpotatohead wrote:So everyone else's are a bit irrelevent as between them they add up to very little, having said that our new leaders the DUP have a minority share of the seats in westminster

Theresa only has 48% though, while G50 have 80%+

by **John L** » Wed Jul 05, 2017 10:25 am

marky No.1 wrote:
mrpotatohead wrote:So everyone else's are a bit irrelevent as between them they add up to very little, having said that our new leaders the DUP have a minority share of the seats in westminster

Theresa only has 48% though, while G50 have 80%+

So is Graham Burnard actually prime minister? Somebody should let him know... :lol:

by **marky No.1** » Wed Jul 05, 2017 10:29 am

Well it wouldn't be the first time he ended up with a position he hadn't applied for :lol:

by **John L** » Wed Jul 05, 2017 3:51 pm

marky No.1 wrote:Well it wouldn't be the first time he ended up with a position he hadn't applied for

by **Gone_Shrimping** » Fri Aug 25, 2017 7:25 am

The latest accounts for the year ended 31 May 2016 have been filed at Companies House.

An operating Loss of £598,544 is reported which is down from £812,777 in the year ended 31 May 2015 This is an improvement of £214,233.

Other interesting stuff including a lease-back etc which I will go back to read up about.

by **KenH** » Fri Aug 25, 2017 9:37 am

Gone_Shrimping wrote:An operating Loss of £598,544 is reported which is down from £812,777 in the year ended 31 May 2015 This is an improvement of £214,233.

Not quite as good as it sounds as there's a corporation tax adjustment to make the loss smaller. (And we won't be paying corporation tax any time soon due to the massive losses).

The "real" figure of loss before tax was £716,121, which is horrendous, but not quite as bad as the year before which was £897,314.

Note 23 is interesting. Seems that the club gave PMG a £500,000 (plus costs) guarantee re the G50 sale.

by **Ntini** » Fri Aug 25, 2017 4:39 pm

KenH wrote:
Gone_Shrimping wrote:An operating Loss of £598,544 is reported which is down from £812,777 in the year ended 31 May 2015 This is an improvement of £214,233.

Not quite as good as it sounds as there's a corporation tax adjustment to make the loss smaller. (And we won't be paying corporation tax any time soon due to the massive losses).

The "real" figure of loss before tax was £716,121, which is horrendous, but not quite as bad as the year before which was £897,314.

Note 23 is interesting. Seems that the club gave PMG a £500,000 (plus costs) guarantee re the G50 sale.

I partially disagree with that, Ken. These accounts are subject to the new FRS 102 accounting rules (***Geek Alert***). If you discard the changes to deferred tax to get to the "real" loss, then you also need to discard the discounting on outstanding loans. That brings this year's loss down to roughly £630k.

I agree it's not a great position, but at least we're moving suitably in the right direction. However, I'm not sure how, with dwindling crowds, we're supposed to come up with a magic amount to plug that gap. If we don't have people through the gates then we can't hope to break even, we'll always make a loss. that requires 'investors' to keep the cash flowing which, thankfully, we have at the moment.

Until we get a genuine investor in the club then it's chicken and the egg - lower crowds means a reduced playing budget leading to reduced entertainment on the field. Reduced entertainment on the field leads to lower crowds...

by **Westgate Wanderer** » Fri Aug 25, 2017 6:24 pm

Ntini wrote:Until we get a genuine investor in the club then it's chicken and the egg - lower crowds means a reduced playing budget leading to reduced entertainment on the field. Reduced entertainment on the field leads to lower crowds...

please don't reduce it any more! :shock:

by **RapidShrimp** » Fri Aug 25, 2017 8:54 pm

Ntini wrote: However, I'm not sure how, with dwindling crowds, we're supposed to come up with a magic amount to plug that gap. If we don't have people through the gates then we can't hope to break even, we'll always make a loss. that requires 'investors' to keep the cash flowing which, thankfully, we have at the moment.

Until we get a genuine investor in the club then it's chicken and the egg - lower crowds means a reduced playing budget leading to reduced entertainment on the field. Reduced entertainment on the field leads to lower crowds...

Exactly, we cannot just miraculously clear that amount of loss every year, even if it were 250,000 per annum it still wouldn't be by any means easy (though it would be easierto clear that amount "naturally" (without injecting the difference into the club as each season comes). We've just got to accept that we are not in an ideal position, but atleast we are not in the position as Leyton Orient with their owner disaster + then relegation. We are lucky to have the quality we have in the squad and the strength in depth this season is a lot better than previous seasons in my opinion (e.g. Rose, Kenyon and Muller could play both in defence and Midfield, Excellent youth players coming through the ranks). And we've also got more than one type of player; Target man in Vadaine, pace with Campell, Thommo, Turner, Jordan, Deakin, Wildig ...etc..., can play 5 at the back or 5 in midfield and/or 2 upfront... Keep the POSITIVITY!!