Accounts since 2003

[Cricko]

I would of thought at least 2 mill has gone on planning/architects and solicitors fees towards FF.

 

[Sherif H]

I would of thought at least 2 mill has gone on planning/architects and solicitors fees towards FF.

At the very least I would have thought John...remember, the team Ron has assembled comprise some of the most expensive professionals in the World. Not even worth the money in my opinion.

 

[Sean 2]

I would of thought at least 2 mill has gone on planning/architects and solicitors fees towards FF.

At the very least I would have thought John...remember, the team Ron has assembled comprise some of the most expensive professionals in the World. Not even worth the money in my opinion.

Christ, after waiting all these years for the council to OK a new stadium, how ironic it is that it may bring the club's downfall.
C'mon Ron, here's praying he's got it all stashed under his bed.

 

[Cricko]

Christ, after waiting all these years for the council to OK a new stadium, how ironic it is that it may bring the club's downfall.
C'mon Ron, here's praying he's got it all stashed under his bed.

Yep but the recession has been his main downfall.

 

[Sean 2]

Yep but the recession has been his main downfall.

Of course they go hand in hand but think of the money we'd have saved not going for the stadium and all it's legal complexities and financial sorting out.
We'd have paid this bloody tax bill.

 

[Sherif H]

Yep but the recession has been his main downfall.

Indeed, we wouldn't be in this situation would Ron have been able to satisfy the FF Business Plan (i.e. deliver and operate the stadium in line with the stipulated revenue), but we haven't been able to test that notion, as the Banks have pretty much ceased borrowing, certainly at this level, eventhough we the taxpayer has bailed them out to prevent such reluctance.

If you really want to blame anybody, blame the timing of the planning permission, combined with the behaviour of the Banks, which has generated the credit crunch we find ourselves in.

 

[OldBlueLady]

Yep but the recession has been his main downfall.

And whoever called in the original plans :censored:

 

[Smiffy]

And whoever called in the original plans :censored:

That would of been Hazel Blears then?

 

[OldBlueLady]

That would of been Hazel Blears then?

Couldn't remember which of the daft pair in the cabinet it was - her or Jacqui Smith

 

[Smiffy]

May of been Ruth Kelly actually.

 

[OldBlueLady]

May of been Ruth Kelly actually.

Thought there were 3 - like Macbeth's witches! :D

 

[class]

Just looking at the 2008 accounts and the audit report particularly:-

Emphasis of matter
In forming our opinion, we have considered the adequacy of the disclosures made in note I of the financial statements concerning the company’s ability to continue as a going concern. The directors are confident that the parent company, South Eastern Leisure (UK) Limited and its major shareholder, will continue to provide the necessary finds to the company through their financing facilities. However, there can be no certainty in these matters and this indicates the existence of a material uncertainty which may cast doubt on the company’s ability to continue as a going concern. In view of this uncertainty we consider that it should be drawn to your attention but our opinion is not qualified in this respect.

So basically, the auditors had concerns about SUFC as a trading entity during the audit, but not enough to qualify* the audit report.

For those who don't know, a qualified audit report is one which indicates weaknesses in their financial position or internal controls.

Intriguing....

 

[Colchester Shrimper]

Just looking at the 2008 accounts and the audit report particularly:-



So basically, the auditors had concerns about SUFC as a trading entity during the audit, but not enough to qualify* the audit report.

For those who don't know, a qualified audit report is one which indicates weaknesses in their financial position or internal controls.

Intriguing....

lets hope that SEL can providethe necessary "finds"

 

[Beefy]

So basically, the auditors had concerns about SUFC as a trading entity during the audit, but not enough to qualify* the audit report.

For those who don't know, a qualified audit report is one which indicates weaknesses in their financial position or internal controls.

Intriguing....

I think that's pretty standard in the books of most Football Clubs.

 

[MoHo]

Hmm, admin costs:

Meet The Blues Day this July - held in the car park!! Worst ever on record.....

And why recruit outside caterers, the cost for that must be astronomical.

What happened to This Is Blues Country? And what did that project cost?

Is Garry Adamson spending all the money????

 

[Manchester Shrimper]

Hang on a sec...

I read somewhere on here that Ron's property company owns Roots Hall. Is that true?

If it is, wouldn't the construction of the new stadium and selling off of Roots Hall be done independently of the football club?

 

[Yorkshire Blue]

Hang on a sec...

I read somewhere on here that Ron's property company owns Roots Hall. Is that true?

If it is, wouldn't the construction of the new stadium and selling off of Roots Hall be done independently of the football club?

I'd expect a tenant, who was having a tailor-made facility constructed for it by the landlord, to be heavily involved in the process. MtS should be able to tell us more as this his area of expertise.

 

[Cricko]

I do not think Southend council would stand for that one minute...they only agreed to the development of RH as long as SUFC had a new ground.

It is all interlinked.

 

[WestRoadShrimper]

I do not think Southend council would stand for that one minute...they only agreed to the development of RH as long as SUFC had a new ground.

It is all interlinked.

Don't think that's the point that was being asked, Cricko.

As we, the club, are tennants of whatever ground is provided for us, why are the legal costs involved with FF being (at least partly) met by the club and not exclusively by the parent company? It should not matter that the stadium is being built for our benefit - it is being built, at least in part, so the parent company can develop other facilities that would not have got permission otherwise.

It could, and in my opinion should, be argued that the parent company will gain massively from this development and therefore should have footed the legal bill on its own.

No legal bill means hugely reduced admin costs (they CAN'T have risen that much over 6 years on their own!), our debt is a hell of a lot less, and we're not in the mess we're currently in.

Overly simplistic, maybe, but even so I can't see where I'm being excessively cynical.

 

[Hotman]

Don't think that's the point that was being asked, Cricko.

As we, the club, are tennants of whatever ground is provided for us, why are the legal costs involved with FF being (at least partly) met by the club and not exclusively by the parent company? It should not matter that the stadium is being built for our benefit - it is being built, at least in part, so the parent company can develop other facilities that would not have got permission otherwise.

It could, and in my opinion should, be argued that the parent company will gain massively from this development and therefore should have footed the legal bill on its own.

No legal bill means hugely reduced admin costs (they CAN'T have risen that much over 6 years on their own!), our debt is a hell of a lot less, and we're not in the mess we're currently in.

Overly simplistic, maybe, but even so I can't see where I'm being excessively cynical.

Agree entirely.

Let's be honest, who is going to benefit the most from the ground:

1) Southend United Football Club (The) Limited, or
2) Ron Martin