Interesting point made by Harty on Saturday

[Publius Ovidius]

someone quite rightly asked about the money from the transfers and why we had not spent much.

He said something along the lines that he couldn't say much but hth Tax man and the VAT had to be paid.

Now I know I have been out of the "profession " for a few years now, but reading the company's accounts and listening to statements by MP, the club on a day to day basis is in a sound financial position, then why are we using "extra-ordinary receipts"ie. sales of players, to pay VAT and Tax? Has the revenue called in the sale of Goldstone CGT? Are we not covering teh VAT on sales of tickets on match days etc? If we cannot pay the tax man and vat man out of normal trading funds, then I respectfully suggest we are insolvent. Now I am sure this is far from the case, however I would be interested to know if Harty is correct or has been fed some duff information. If it is duff, then its a bit rich suggesting such on the radio!

 

[London Irish]

but reading the company's accounts and listening to statements by MP, the club on a day to day basis is in a sound financial position

:thud:

 

[Publius Ovidius]

Re: Re: Interesting point made by Harty on Saturday

:thud:

So you think they are lying then Oh great nowitall?

 

[Silent Bob]

That's not interesting.

 

[Brighton Breezy]

How would we go about finding out the true situation?

 

[Tom Hark Preston Park]

Has the revenue called in the sale of Goldstone CGT?

The revenue's no doubt been adding interest to the CGT all these years, so would seem to be the right thing to do to start paying it off while there's some money around. I guess the 2000 seats probably cost a few bob too. All will doubtless be revealed in the next set of accounts.

 

[The Large One]

Re: Re: Interesting point made by Harty on Saturday

The revenue's no doubt been adding interest to the CGT all these years, so would seem to be the right thing to do to start paying it off while there's some money around. I guess the 2000 seats probably cost a few bob too. All will doubtless be revealed in the next set of accounts.

If we get Falmer, we won't have to worry about that tax debt. If we don't get it, the Inland Revenue will finally lose patience and demand their dosh.

 

[Seagullible]

I think you'll find things happening at the very end of the month when the transfer window is about to close. Premiership clubs are still evaluating their squads after the first couple of games and will then release players not pushing for a place on loan to get experience. Also the 'high salary' players will find they need to drop their demands if the want to play this year so no need to panic. The fact that we are playing better stuff gives me hope though we need FDM back asap as I expect us to concede less and start picking up results

 

[Storer68]

And we have to account for any potential CGT payment in the accounts anyway.

I got the impression that Harty was trying to say (without letting on too much) that some of the money has been allocated for normal company trading purposes and not all given to McGhee for players - signings, wages, fees, agents etc as cash flow during the close season probably gets a bit thin.................

Lets face it I don't suppose that Man City gave Stuart Pearce all the money from the Wright plilips sale......................... they may just have used some of it to try and clear part of their £58M DEBT

 

[Mr Blobby]

From the last audited accounts - 30 June 2004

Creditors - amounts falling due within one year

£56,060 Bank Overdraft
£1,568,210 Payments received on account
£690,633 Trade Creditors
£360,400 Capital Gains Tax
£697,255 Other taxation and social seurity
£552,750 Directors loan accounts (Directors said will not ask for repayment of this)
£278,020 Other creditors
£2,837,144 Other loans
£233,178 Accruals

£7,273,650 Total

This is sent against Debtors who owe the club £1,135,177

This is all in teh published accouts - so as you can see they owe (or owed) the tax man £697,255

 

[London Irish]

Re: Re: Re: Interesting point made by Harty on Saturday

So you think they are lying then Oh great nowitall?

Give me strength, Dave.

We are a club with f***-all revenue operating in the SECOND TIER of English football. We haemorrhage cash to the tune of about a million or a million-and-a-half a year.

You only have a team to watch every week because of a combination of the directors putting their hands in the pockets and one-off windfalls from player sales and big cup games.

While we are at Withdean, we will always be a hearbeat away from administration. There was a little-publicised quote from Dick Knight at the end of May that, despite our money problems, he was "confident" that we would get through the summer.

This is all ABSOLUTELY BASIC STUFF that has been EXPLAINED TEN MILLION TIMES.

And you and Harty are still coming up with these shock revelations that we have a few money problems, eh? Whipping up ill-informed people against the current board, which Harty constantly does with these stories that he relentlessly places out of context, isn't going to help anyone.

 

[bhaexpress]

Wow, LI in ruck and no politics Whatever next ?

 

[Mustela Furo]

We are losing circa £1m per season at Withdean

 

[Faldo]

Yeah - but its not news is it.

 

[Gazwag]

How much have we actually received from the clubs though. Leeds will probably wait and wait until the last moment and the same could be true for Celtic, that being the case, we might not actually have much of the cash in the bank yet.


And also - re. duff information - it was reported on the Reading phone in that the new away end would have a roof
Therefore duff info has appeared once already this season

 

[Napper]

Re: Re: Re: Re: Interesting point made by Harty on Saturday

Give me strength, Dave.

We are a club with f***-all revenue operating in the SECOND TIER of English football. We haemorrhage cash to the tune of about a million or a million-and-a-half a year.

You only have a team to watch every week because of a combination of the directors putting their hands in the pockets and one-off windfalls from player sales and big cup games.

While we are at Withdean, we will always be a hearbeat away from administration. There was a little-publicised quote from Dick Knight at the end of May that, despite our money problems, he was "confident" that we would get through the summer.

This is all ABSOLUTELY BASIC STUFF that has been EXPLAINED TEN MILLION TIMES.

And you and Harty are still coming up with these shock revelations that we have a few money problems, eh? Whipping up ill-informed people against the current board, which Harty constantly does with these stories that he relentlessly places out of context, isn't going to help anyone.

the board haven't come out and explained anything about the money though. All we've heard is McGhee has significant funds to strengthen the team + we have signed x2 players for a secret fee. I think everyone appreciates the situation but would maybe like to hear a bit more info coming from the top

 

[Brovion]

We are losing circa £1m per season at Withdean

There you are! We have to sell an Adam Virgo virtually EVERY SEASON just to stay solvent! Why can't some of you see this? Why do you think everthing is a conspiracy theory with the club 'not telling us'? How many more times does it need to be spelt out that we are ALWAYS strapped for cash?

Excellent post from L.I. (as one would expect) but there really are far too many dullards, cretins and brain-dead morons on here without enough finacial nous to be entrused with running a whelk stall let alone a football club. I'm off to NSP.

*Flounces off*

 

[Lord Bracknell]

The only conspiracy that I can see going on is the conspiracy between Dick Knight and Mark McGhee NOT to reveal the size of MM's budget.

Keeping quiet about how much the manager has to play with will strengthen his hand in any negotiations - whether it's with other clubs about fees or players' agents about wages.

 

[Publius Ovidius]

Re: Re: Re: Re: Interesting point made by Harty on Saturday

Give me strength, Dave.



And you and Harty are still coming up with these shock revelations that we have a few money problems, eh? Whipping up ill-informed people against the current board, which Harty constantly does with these stories that he relentlessly places out of context, isn't going to help anyone.

hang on a cotton pikkin moment. I am as entitled to my opinion as much as the next person and I heard something on Harty that implied that Harty was aware of payments made which was hampering the distribution of the transfer money.

I dont give a flying fig if you dont think I should ask this, this is what a message board is all about.

If people had asked questions a bit earlier about the Archer debacle perhaps we would have understood more quickly what was going on with finances then.

Or perhaps you took the same attitude with the likes of samarah when he asked similar questions.

If you dont like what people put on here, put me on your ignore list, otherwise I am entitled to "free speech" just as much as you like so tediously like informing anyone about your points of view.

To get back to my point, when MP asked the fans to pay out into the fund, it was explained to the fans that the day to day running of the finances is sound and that the only hole was Falmer.....day to day running of the club includes paying the Inland Revenue and the VAT office their dues. What I asked was has the IR now called in the CGT bill? If they have then fine, of course we have had to dip into the transfer kitty. if not, then the day to day financing is therefore dependant on transfers.

 

[Seagull73]

Re: Re: Re: Re: Re: Interesting point made by Harty on Saturday

To get back to my point, when MP asked the fans to pay out into the fund, it was explained to the fans that the day to day running of the finances is sound and that the only hole was Falmer.....day to day running of the club includes paying the Inland Revenue and the VAT office their dues. What I asked was has the IR now called in the CGT bill? If they have then fine, of course we have had to dip into the transfer kitty. if not, then the day to day financing is therefore dependant on transfers.

DTG, the point is that when the £2M was asked for from the funds as part of A&K, that still wasn't completely covered, despite the sales of Cullip, Currie and the Spurs cup-tie.

Now it probably has been, but it's swallowed up a large chunk of the money from the Virgo and Harding sales. I would hazard an educated guess that we are probably pretty much in the clear now, but with nothing left to invest in the playing squad.

And yes, if the IR suddenly want paying for the CGT from the Goldstone, before the Falmer decision, I think we will have trouble finding it.....