oldskyblue58
CCFC Finance Director
Same approach as with the SBS&L Group. Facts/details from the group accounts not the individual companies. Any explanations that are mine are in italics
ACL is the holding company which owns Arena (2006) Ltd 100% (that company is there purely to hold the site lease) and 77% of IEC Experience Ltd which operates the functions, catering, events etc at the Ricoh (23% is owned by Compass who paid £4m in 2012 for the shares they have)
Directors Report
Describes the site, its major events in the year and the establishment of IEC Experience Ltd. The £4m from Compass was reinvested in to the site. Turnover up from £7.8m to 14.5m. (Would include the Olympics August 2012). Site employs 80 full time staff and 450 flexible contract staff. 41 more hotel rooms opened (total 121). Profit £775k (2012 £1.086m). Olympics though good also restricted normal trading for 3 months
Total value of the Yorkshire Bank loan and interest hedge was £19m and was settled by loan of 14.4m. Operations have been restructured and loss of ccfc income mitigated. Otium is required by FL to pay ACL £590k still not been paid
Auditors Report Clean audit report with no paragraph highlighting any auditors doubts about Going Concern. There is a note in the accounts from the directors highlighting how they have addressed the issue but the auditor is satisfied there is no material uncertainty that he needs to refer to. Auditor has to consider not less than 12 months from when he signs the report in this case to at least 26/02/15
Profit & Loss
- Turnover £14,490,703 compared to 7,782,519 in 2012
- direct costs have increased from 441,444 to 3,246,397 (I suspect there has been a change in how things operate between ACL and Compass that causes this in the group figures)
- administrative costs have also significantly increased from 5,261,107 to 10,189,173 (again possibly the effects of the new structure might even include some dispute costs plus some costs due to the Olympics (it isn't all about what came in there would be significant costs to pay for the event) but no real details
- there is an exceptional item of 475,761 that is the benefits of restructuring
- interest payable is down from 995,627 to 817,741. The new loan with its savings did not kick in until January 2013
- minority interests show a positive 60,994
- Bottom line is a profit of 775,465 compared to 1,086,886 in 2012
Balance Sheet
Fixed assets after additions disposals and depreciation are now 24,818,306 (2012 was 24,016,340)
there are net current assets of 1,457,051 including 852,940 at the bank (2012 3,778,488 and 3,876,141 respectively <would include effect of £4m from Compass>)
creditors falling due after more than 1 year 14,260,975 (2012 14,893,358)
Accruals and deferred income due after more than 1 year 4,705,789 (2012 6,307,348)
Net assets £7.3m (2012 6.6m)
Cash Flow Statement
shows Interest actually paid out in year 817,741 (2012 1,005,444)
Assets paid out for 2,155,002
Loan repaid £14,533,360
new loan 14,400,000
Notes to the Accounts
- Note regarding going concern made by the directors. Refers to CCFC leaving, the restructuring of overheads that will save estimated £700k pa and the new loan. Cash flows to 31/05/15 indicate that turnover is key to going concern
- staff costs for ACL group are 959,931 (2012 1,434,334) with a total of 18 employees (2012 - 23). The 80 staff and 450 flexible mentioned above I believe are mainly provided through Compass and charged to ACL
Directors fees are 170,673 (2012 256,907)but none of the directors representing the Council or Charity are paid (2012 £ nil)
-Interest payable is split in 2013 Bank £544,949 and other (CCC?) £272,792 In 2012 it was all Bank £995,267
- exceptional item is detailed as the benefit of a fundamental restructuring
- no tax to pay
- the lease owned is valued in the accounts at 18.8m
- there have been additions to Fixtures & Fittings 2.07m computers 77k and catering equipment 7k
- Council loan is detailed as £14,372,882 at an interest rate of 5%. Repayment is quarterly and it runs to December 2053 which ties in with the lease period
- included in Accruals and deferred income 2.7m in respect of the lease assignment on the casino that is being drawn down at 960k pa
- there are no capital commitments at 31/05/13
- Business Rates for the group payable to CCC are 530,986 (2012 299,935) with still to pay at 31/05/13 - 342,290 (2012 183,200)
- sales made to CCC in the year were £254,398 (2012 £876,658) of which 129,398 was still owed to ACL at 31/05/13
- similar details of CCC loan again in related party note stating it was at arms length and at a commercial rate
- 25/04/12 ACL sold the rights to provide hospitality, catering, and facilities management to IEC Experience for £4m (Compass bought in to IEC for £4m then IEC used money to buy the rights from ACL and ACL used that money to develop the complex further)
- ACL recharged expenses to IEC £1.9m (2012 395k) IEC recharged ACL 31k
- confirmation of escrow draw down of 315,218
- ACL controlled by North Coventry Holdings Ltd (100% subsidiary of CCC) and by Football Investors Ltd (100% subsidiary of Alan Edward Higgs Charity)
That's the bare bones.
Profit 775k, net assets £7.3m, loan from CCC 14.4m at 5% being repaid over 40 yrs
ACL is the holding company which owns Arena (2006) Ltd 100% (that company is there purely to hold the site lease) and 77% of IEC Experience Ltd which operates the functions, catering, events etc at the Ricoh (23% is owned by Compass who paid £4m in 2012 for the shares they have)
Directors Report
Describes the site, its major events in the year and the establishment of IEC Experience Ltd. The £4m from Compass was reinvested in to the site. Turnover up from £7.8m to 14.5m. (Would include the Olympics August 2012). Site employs 80 full time staff and 450 flexible contract staff. 41 more hotel rooms opened (total 121). Profit £775k (2012 £1.086m). Olympics though good also restricted normal trading for 3 months
Total value of the Yorkshire Bank loan and interest hedge was £19m and was settled by loan of 14.4m. Operations have been restructured and loss of ccfc income mitigated. Otium is required by FL to pay ACL £590k still not been paid
Auditors Report Clean audit report with no paragraph highlighting any auditors doubts about Going Concern. There is a note in the accounts from the directors highlighting how they have addressed the issue but the auditor is satisfied there is no material uncertainty that he needs to refer to. Auditor has to consider not less than 12 months from when he signs the report in this case to at least 26/02/15
Profit & Loss
- Turnover £14,490,703 compared to 7,782,519 in 2012
- direct costs have increased from 441,444 to 3,246,397 (I suspect there has been a change in how things operate between ACL and Compass that causes this in the group figures)
- administrative costs have also significantly increased from 5,261,107 to 10,189,173 (again possibly the effects of the new structure might even include some dispute costs plus some costs due to the Olympics (it isn't all about what came in there would be significant costs to pay for the event) but no real details
- there is an exceptional item of 475,761 that is the benefits of restructuring
- interest payable is down from 995,627 to 817,741. The new loan with its savings did not kick in until January 2013
- minority interests show a positive 60,994
- Bottom line is a profit of 775,465 compared to 1,086,886 in 2012
Balance Sheet
Fixed assets after additions disposals and depreciation are now 24,818,306 (2012 was 24,016,340)
there are net current assets of 1,457,051 including 852,940 at the bank (2012 3,778,488 and 3,876,141 respectively <would include effect of £4m from Compass>)
creditors falling due after more than 1 year 14,260,975 (2012 14,893,358)
Accruals and deferred income due after more than 1 year 4,705,789 (2012 6,307,348)
Net assets £7.3m (2012 6.6m)
Cash Flow Statement
shows Interest actually paid out in year 817,741 (2012 1,005,444)
Assets paid out for 2,155,002
Loan repaid £14,533,360
new loan 14,400,000
Notes to the Accounts
- Note regarding going concern made by the directors. Refers to CCFC leaving, the restructuring of overheads that will save estimated £700k pa and the new loan. Cash flows to 31/05/15 indicate that turnover is key to going concern
- staff costs for ACL group are 959,931 (2012 1,434,334) with a total of 18 employees (2012 - 23). The 80 staff and 450 flexible mentioned above I believe are mainly provided through Compass and charged to ACL
Directors fees are 170,673 (2012 256,907)but none of the directors representing the Council or Charity are paid (2012 £ nil)
-Interest payable is split in 2013 Bank £544,949 and other (CCC?) £272,792 In 2012 it was all Bank £995,267
- exceptional item is detailed as the benefit of a fundamental restructuring
- no tax to pay
- the lease owned is valued in the accounts at 18.8m
- there have been additions to Fixtures & Fittings 2.07m computers 77k and catering equipment 7k
- Council loan is detailed as £14,372,882 at an interest rate of 5%. Repayment is quarterly and it runs to December 2053 which ties in with the lease period
- included in Accruals and deferred income 2.7m in respect of the lease assignment on the casino that is being drawn down at 960k pa
- there are no capital commitments at 31/05/13
- Business Rates for the group payable to CCC are 530,986 (2012 299,935) with still to pay at 31/05/13 - 342,290 (2012 183,200)
- sales made to CCC in the year were £254,398 (2012 £876,658) of which 129,398 was still owed to ACL at 31/05/13
- similar details of CCC loan again in related party note stating it was at arms length and at a commercial rate
- 25/04/12 ACL sold the rights to provide hospitality, catering, and facilities management to IEC Experience for £4m (Compass bought in to IEC for £4m then IEC used money to buy the rights from ACL and ACL used that money to develop the complex further)
- ACL recharged expenses to IEC £1.9m (2012 395k) IEC recharged ACL 31k
- confirmation of escrow draw down of 315,218
- ACL controlled by North Coventry Holdings Ltd (100% subsidiary of CCC) and by Football Investors Ltd (100% subsidiary of Alan Edward Higgs Charity)
That's the bare bones.
Profit 775k, net assets £7.3m, loan from CCC 14.4m at 5% being repaid over 40 yrs
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looks like they have put all their eggs in one basket - the Judicial Review.
