Rangers Retail Limited Accounts

[Bluedell 5,329]

Is section 15 in the Notes related to the share mix-up?

 

I doubt it. Note 15 relates more to the extra voting rights that Ashley had when the loan was still in place.

[boabie 230]

I'll wait until further down the thread after somebody has translated it all into English. Stuff like this baffles me I'm afraid.

[jhunter 0]

I'll wait until further down the thread after somebody has translated it all into English. Stuff like this baffles me I'm afraid.

 

you can write it all of as pish

 

CG submitted accounts for example.

[ian1964 10,416]

New accounts reveal Rangers could have earned just £30k from shirt sales due to Mike Ashley deal despite £4.2m turnover

 

THE annual figures released by Rangers Retail show that the Ibrox club saw little return from commercial deal with Sports Direct due to cash clawbacks.

 

THE true cost of Mike Ashley’s retail deals with Rangers was laid bare yesterday with the release of a set of accounts which appear to show the club banked almost nothing from kit sales last year.

 

The Ibrox club may have made as little as £30,000 from strip sales – despite being owed £1.3million after a turnover of £4.2m.

 

But the annual figures released by Rangers Retail are so full of holes that they had to carry a disclaimer on behalf of the independent auditor.

 

And business experts believe the last three years of the company’s official accounts may now have to be redone after the latest report revealed an astonishing error in the allocation of their shares.

 

The blunder has only come to light since club directors Dave King and Paul Murray joined the retail board a year ago.

 

The figures record turnover for strips and merchandise of more than £4.2m for the year ending April 26, 2015.

 

And, despite slumping sales, £2.7m worth of dividends were paid out to two shareholders – Ashley’s Sports Direct and the club.

 

The shares were originally split, with 51 per cent belonging to Rangers and 49 per cent under Ashley’s control. But the Sports Direct holding increased to 75 per cent after Ashley bailed out the previous board with a £5m emergency loan.

 

And, before King and Murray had taken control and paid off Ashley’s loan, the dividend was triggered.

 

One expert said last night: “Effectively, a decision was taken to pay Rangers a 25 per cent share of the dividend before the loan was repaid and the shareholding returned to the more even split.

 

“In other words, Rangers should have banked more than £1.3million but that payout was reduced in half to around £650,000. And from that sum a whole range of other deductions were then made.”

 

It’s believed at least part of a sum of around £620,000 – for costs incurred when loss-making Rangers stores were closed – may also have been deducted from the final amount paid to the club.

 

But the figures paint a fuzzy financial picture because of a lack of information, which forced the auditors to say: “We have not been able to obtain sufficient appropriate evidence to provide a basis for an audit opinion.”

 

And the bizarre blunder over the share allocation was also confirmed.

 

The report said: “During the year it was identified that the issued share capital of the company was 200 shares, not the 100 shares stated in the 2014 and prior financial statements – 100 of these shares were allotted in error.

 

"The directors of the company, having been alerted to this error, will now take all necessary steps to cancel these shares.”

 

Sports Direct did not respond to requests for a comment last night.

 

http://www.dailyrecord.co.uk/sport/football/football-news/new-accounts-reveal-rangers-could-8645538

[Bluedell 5,329]

you can write it all of as pish

 

CG submitted accounts for example.

 

And why were his accounts pish?

[BlueMazza 0]

“Effectively, a decision was taken to pay Rangers a 25 per cent share of the dividend before the loan was repaid and the shareholding returned to the more even split.

 

“In other words, Rangers should have banked more than £1.3million but that payout was reduced in half to around £650,000. And from that sum a whole range of other deductions were then made.”

 

This to me pretty much sums up the entire arrangement. They (SD) know exactly what they are doing, triggering the dividend as we repay the loan so we get less. Then it seems most of the associated costs come from our side?

 

Get to fuck. This is absolutely horrendous.

[craig 5,199]

And why were his accounts pish?

 

Someone dismissing things simply as "pish" without justifying why that would be the case is nothing more than someone with little understanding of such things, an ignorance of the process if you will

[D'Artagnan 173]

I'll wait until further down the thread after somebody has translated it all into English. Stuff like this baffles me I'm afraid.

 

 

You and me both Boabie.

 

Oh for the days when following your club didnt require an accountancy degree !

[Uilleam 5,429]

Yes, indeed.

And how did we manage to slip so far behind the green mhankies in knowledge of

Business Law, Business Administration, Accountancy, Insolvency Principles and Practice, Taxation Law and Practice,

Private Company Accountancy, Public Company Accountancy, Building Surveying, Valuation Surveying,

Financial Forecasting, to name only a few subjects in which even the meanest of the hooped whores has

expertise (and is happy to promulgate his considere opinion)?

[JFK-1 1,674]

Yes, indeed.

And how did we manage to slip so far behind the green mhankies in knowledge of

Business Law, Business Administration, Accountancy, Insolvency Principles and Practice, Taxation Law and Practice,

Private Company Accountancy, Public Company Accountancy, Building Surveying, Valuation Surveying,

Financial Forecasting, to name only a few subjects in which even the meanest of the hooped whores has

expertise (and is happy to promulgate his considere opinion)?

 

They're going to need that cartoon variety expertise if they pull the stunt they're threatening to at this game with the Israeli Champions tonight. And in addition to that if they do then travel over there for the away league expecting a cosy welcome they better get those legal minds into action and grasp that they're putting their empty heads into a life and death situation for a nation that goes way beyond their empty headed babbling.