Annual Report & Accounts 2022

[the gunslinger 3,366]

52 minutes ago, Bluedell said:

It appears that all then loans outstanding at the end of the previous financial year have been repaid but new loans were received. £12.2m of loans were outstanding at the year-end, mostly from John Bennett.

Thanks Bluedull. 

 

Bloody hell just as well we made the CL. 

 

Of course we have to move away from directors loans for financing of course and it's good we have. 

 

 

[Bluedell 5,355]

51 minutes ago, Sutton_blows_goats said:

Thanks - out of interest where did you get that info?

Last sentence of the accounts. 

[Sutton_blows_goats 4,332]

5 minutes ago, Bluedell said:

Last sentence of the accounts. 

Never seen it, cheers!

[the gunslinger 3,366]

so 5 million back to dave king we already knew about. 

5 million converted to equity we had notifications on that in fairness.

 

we still owe John Bennet 10 million We don't know what will happen there. 

10 million to spend on EH and Stadium.

 

next year revenue could be better than this. or similar 

 

[ascender 352]

So all in all, they look very encouraging and next year's should be similar. Does feel like they are the first ones since being back in the top flight which show we're nearly in good place, a solid footing which we can build from.

[der Berliner 3,284]

The loan we own to Mr Bennet has a set repay date, I assume. Unless I am mistaken, he's one of the Bluenoses amongst those loan-givers who may, if push comes to shove, be more lenient to deal with?

Edited November 9, 2022 by der Berliner

[craig 5,199]

3 hours ago, the gunslinger said:

Here is the thing though we have broken even with this revenue. despite paying back 15 million in loans, 6 million to SD etc. 

 

Where is this seasons money which must be even more?

Oranges and apples mate.

 

Revenue is an income statement item.  Repayment of loans is a Balance Sheet item (other than interest on loans).  The 6 mill to SD was treated as a one-off exceptional item (obviously it wasnt a loan but a settled figure).

[Bill 13,717]

31 minutes ago, ascender said:

So all in all, they look very encouraging and next year's should be similar. Does feel like they are the first ones since being back in the top flight which show we're nearly in good place, a solid footing which we can build from.

Which, to be fair, is exactly what the board said was its primary objective.

[Bill 13,717]

5 minutes ago, craig said:

Oranges and apples mate.

 

Revenue is an income statement item.  Repayment of loans is a Balance Sheet item (other than interest on loans).  The 6 mill to SD was treated as a one-off exceptional item (obviously it wasnt a loan but a settled figure).

Craig, do you know if the new loan from Bennett is on the same terms as previously? What's the coupon?

[stewarty 1,877]

9 minutes ago, Bill said:

Craig, do you know if the new loan from Bennett is on the same terms as previously? What's the coupon?

Per Note 27 its 6%...

 

Quote

Director loans John Bennett, Douglas Park, Alastair Johnston and Julian Juul Wolhardt

 

Loans of £10.32m from Mr J Bennett and £1.858m from Mr J Wolhardt made under a secured debt facility were outstanding at 30 June 2022. Repayments of loans are paid in quarterly instalments to the repayment 31 July 2028. The facility allows for accelerated repayments based on certain events. Interest is charged at 6% on an accruals basis.

 

Loan of £6.55m provided during the year under a previous facility by Mr J Bennett were repaid in full. Loans of £0.5m provided during the period were converted to equity

 

Loan facilities of £0.25m provided by Mr A Johnston prior to the commencement of the period were converted to equity in the year.

 

Borita Investments Limited (Borita) is a company in which Mr Wolhardt and his wife are interested. Loan facilities of £1.0m provided by Mr J Wolhardt during the period were converted to equity in the year. A further £1.0m of loans were provided in the year. £0.15m of loans were repaid as part of an agreed repayment schedule