- Banned
- #1
A few snippets from Notes to the Accounts. Some serious wedge been shifted about and he's kept us afloat - no doubt about it.
'A loan to SUFC Ltd from McCabe in 2009 at an interest rate of 10% which issecured against certain deferred players sales receipts to the value of £743,731 was settled in the period. Interest charged to P&L in the period of £28,982 in respect of this loan was also settled in the period along with £77,287 of accrued interest brought forward.'
'Loans made to SUFC Ltd from Scarborough Ventures Ltd at a rate of 10% were received in the prior year of £2m, additional loans on comparable terms were received during the period as follows, £1m on 19 July 2010, £1m on 27 July, £0.5m on 3 August and a further £2m on 27 September 2010. Interest in respect of these loans of £164,223 was charged to P&L with the full amount settled in respect of loans and interest settled on 9 November 2010.'
'A loan into SUFC Ltd from Scarborough Ventures Ltd at an interest rate of 8% was received in 2009 and was secured againstthe first £7m of receipts from WHU. The balance of this loan at the start of the period was £5,346,054 with £431,965 of accrued interest. During the period interest of £149,326 was charged to the P&L. On 9 November 2010 the full amount of this loan ansd accrued interest was settled.
'On 9 November 2010 a loan of £11,588,157 was made into SUFC Ltd from SCarborough Luxembourg Sarl at an interest rate of 10%, the balance outstanding at the period end was £12,243,279. Interest on this loan of £759,106 was charged to the P&L in the period with £103,984 of interest accrued at the period end.'
Seems to me like in November 2010 he pumped in £11.5m from this Lux company which basically covered the three other loans I mention which were cleared at that same time. Seems like he has taken interest but effectively put it back in with this Lux wedge - all perfectly fair enough although there is a slight mismatch between the official rate of interest and 10% - although I believe commercially the accounst have to show what would be charged by a 3rd party. Serious wedge pumped in and will be interested to see what happen to this 10% interest on the Lux loan.
Other loans as we know were converted into equity which is excellent.
'A loan to SUFC Ltd from McCabe in 2009 at an interest rate of 10% which issecured against certain deferred players sales receipts to the value of £743,731 was settled in the period. Interest charged to P&L in the period of £28,982 in respect of this loan was also settled in the period along with £77,287 of accrued interest brought forward.'
'Loans made to SUFC Ltd from Scarborough Ventures Ltd at a rate of 10% were received in the prior year of £2m, additional loans on comparable terms were received during the period as follows, £1m on 19 July 2010, £1m on 27 July, £0.5m on 3 August and a further £2m on 27 September 2010. Interest in respect of these loans of £164,223 was charged to P&L with the full amount settled in respect of loans and interest settled on 9 November 2010.'
'A loan into SUFC Ltd from Scarborough Ventures Ltd at an interest rate of 8% was received in 2009 and was secured againstthe first £7m of receipts from WHU. The balance of this loan at the start of the period was £5,346,054 with £431,965 of accrued interest. During the period interest of £149,326 was charged to the P&L. On 9 November 2010 the full amount of this loan ansd accrued interest was settled.
'On 9 November 2010 a loan of £11,588,157 was made into SUFC Ltd from SCarborough Luxembourg Sarl at an interest rate of 10%, the balance outstanding at the period end was £12,243,279. Interest on this loan of £759,106 was charged to the P&L in the period with £103,984 of interest accrued at the period end.'
Seems to me like in November 2010 he pumped in £11.5m from this Lux company which basically covered the three other loans I mention which were cleared at that same time. Seems like he has taken interest but effectively put it back in with this Lux wedge - all perfectly fair enough although there is a slight mismatch between the official rate of interest and 10% - although I believe commercially the accounst have to show what would be charged by a 3rd party. Serious wedge pumped in and will be interested to see what happen to this 10% interest on the Lux loan.
Other loans as we know were converted into equity which is excellent.
