TUFC Annual Accounts

[DB57]

I wouldn't worry too much about that - these comments are for the going concern basis of the company and it only needs to look forward 12 months from the date of approval of the financial statement which is the exact period outline.There is no need to commit to anything longer in these financial statements.

Wouldn’t worry about it?
The whole Osborne led regime is a worry. The club is a complete mess and if we get relegated we will go part time and that will be the end of TUFC as we know it

[exilegull]

I was responding to a specific point, with a technical explanation as to why that particular statement should not cause alarm.

However, regardless of Osborne's long term motives, its very difficult to blame him for the current situation - other than if you sit in the camp that he should have got rid of Johnson a lot sooner. He has injected millions into the club in recent seasons. I'm very surprised he hasn't cut and run already, I can't see anyway he can hope to re-coup the amount injected, even if he does get his alleged wicked way with the ground.

[SuperNickyWroe]

OK, the accounts don't tell you everything.........
TUAFC Ltd has £2.2m in assets and £102k in the bank.
Riviera was founded to fund TUAFC and has fixed assets of £1,000 and no actual employees.
Osborne's actual debt is £1.1m and he offsets this to other companies and via taxation.
Shares capital is £994,000 which has been paid out.
He won't give up with the assets of TUAFC, so in an accounting way, he's still in front.
Remember, he has be very careful due to the FA rules on ownership etc.

[exilegull]

OK, the accounts don't tell you everything.........
TUAFC Ltd has £2.2m in assets and £102k in the bank.
Riviera was founded to fund TUAFC and has fixed assets of £1,000 and no actual employees.
Osborne's actual debt is £1.1m and he offsets this to other companies and via taxation.
Shares capital is £994,000 which has been paid out.
He won't give up with the assets of TUAFC, so in an accounting way, he's still in front.
Remember, he has be very careful due to the FA rules on ownership etc.

Those £2.2million of assets will mainly be related to the improvements the club have made to the ground (such as Bristows Bench), merchandising stock, bar stock etc. This is all worth next to nothing without the club and no one is paying any money for the club. I doubt this would fetch £500k in a liquidation scenario, it wouldn't even clear the bank debt.

Why do you claim Osborne's actual debt is £1.1million? By now the direct loans from Riveira are £5million

Why do you claim the share capital has been paid out? Its been paid in and burned through.

How do you offset debt via other companies via taxation? This doesn't even make sense - debt is a balance sheet item and taxation is on P&L.

Osborne has put at least £5million into Torquay United, he would be highly likely to get anything from the assets in a liqudation scenario and even if he could somehow offset any losses on the loan against tax, he only gets tax relief at corporate tax rate (19% at the moment).

[gullsgullsgulls]

Those £2.2million of assets will mainly be related to the improvements the club have made to the ground (such as Bristows Bench), merchandising stock, bar stock etc. This is all worth next to nothing without the club and no one is paying any money for the club. I doubt this would fetch £500k in a liquidation scenario, it wouldn't even clear the bank debt.

Why do you claim Osborne's actual debt is £1.1million? By now the direct loans from Riveira are £5million

Why do you claim the share capital has been paid out? Its been paid in and burned through.

How do you offset debt via other companies via taxation? This doesn't even make sense - debt is a balance sheet item and taxation is on P&L.

Osborne has put at least £5million into Torquay United, he would be highly likely to get anything from the assets in a liqudation scenario and even if he could somehow offset any losses on the loan against tax, he only gets tax relief at corporate tax rate (19% at the moment).

25% now!

[SuperNickyWroe]

Those £2.2million of assets will mainly be related to the improvements the club have made to the ground (such as Bristows Bench), merchandising stock, bar stock etc. This is all worth next to nothing without the club and no one is paying any money for the club. I doubt this would fetch £500k in a liquidation scenario, it wouldn't even clear the bank debt.

Why do you claim Osborne's actual debt is £1.1million? By now the direct loans from Riveira are £5million

Why do you claim the share capital has been paid out? Its been paid in and burned through.

How do you offset debt via other companies via taxation? This doesn't even make sense - debt is a balance sheet item and taxation is on P&L.

Osborne has put at least £5million into Torquay United, he would be highly likely to get anything from the assets in a liqudation scenario and even if he could somehow offset any losses on the loan against tax, he only gets tax relief at corporate tax rate (19% at the moment).

You asked me to explain it - I have.
If you don't understand or get it - then tough.
Dont ask me to explain it again FFS.

[exilegull]

You asked me to explain it - I have.
If you don't understand or get it - then tough.
Dont ask me to explain it again FFS.

SNW - we've both been on this website a long time and I'm not looking for a bad mannered dispute with you as we are both LT Torquay United fans with the best interest of the club at heart.

Howeve, you haven't explained, you have made a lot of assertions that from an accounting perspective I can tell you are complete nonsense, hence you cannot answer my specific questions.

I am trying to get you, or anyone else to specifically change their mind about Clarke Osborne, but posts that somehow assume there is some clever wheeze about what he has done so far do not hold water. He has bankrolled the club to the tune of over £5million and at the moment he there is no way for him to recover that money and its likely we would be dead or semi-pro without it.

[SuperNickyWroe]

SNW - we've both been on this website a long time and I'm not looking for a bad mannered dispute with you as we are both LT Torquay United fans with the best interest of the club at heart.

Howeve, you haven't explained, you have made a lot of assertions that from an accounting perspective I can tell you are complete nonsense, hence you cannot answer my specific questions.

I am trying to get you, or anyone else to specifically change their mind about Clarke Osborne, but posts that somehow assume there is some clever wheeze about what he has done so far do not hold water. He has bankrolled the club to the tune of over £5million and at the moment he there is no way for him to recover that money and its likely we would be dead or semi-pro without it.

I have explained and no assertions have been made.
Read into it what you want.
And what I think about Osborne is irrelevant.
Looking at his previous history is worrying enough.