Accounts (5 Viewers)

duffer · Mar 2, 2015

Woodster said:
http://www.coventrycity-mad.co.uk/news/tmnw/byng_waiting_on_otium_accounts_855784/index.shtml?

"Michael Byng has said that he is waiting for the accounts for the Otium Entertainment Group as part of his take over bid.
Mr Byng has tweeeted that he is waiting for Otium accounts which were received late by Companies House on Friday afternoon and are waiting to be reviewed before being made publically available."

How does Byng know that Otium's accounts have been submitted, unless he's in touch with Otium directly? And if he is in touch with them, and is serious about a bid, why does he need to wait for Companies House to review the accounts?

As OSB says, anyone attempting a takeover will want to look at the accounts for themselves anyway as part of due diligence. Not for the first time, this looks a bit odd from Byng...

oldskyblue58 · Mar 2, 2015

If he is serious why does he need to do it by twitter at all. He knows the people involved, even used to attend matches with them I believe. So talk to them and get on with it, or shut up. You get the impression he is desperately hoping to get popular support from the fans, and from what I can see it isn't happening. Really have seen nothing from him that would give me confidence in his "bid" or taking the club forward

I think that come summer the club may get new owners but it will be a SISU placed change of ownership, ARVO/SISU will remain in the background, that may be with Byng or some other chosen Trojan horse ...... no tangible evidence of that just a feeling

Woodster · Mar 2, 2015

oldskyblue58 said:
If he is serious why does he need to do it by twitter at all.

He's forgotten his Hotmail password.

LB87ccfc · Mar 2, 2015

Woodster said:
http://www.coventrycity-mad.co.uk/news/tmnw/byng_waiting_on_otium_accounts_855784/index.shtml?

"Michael Byng has said that he is waiting for the accounts for the Otium Entertainment Group as part of his take over bid.
Mr Byng has tweeeted that he is waiting for Otium accounts which were received late by Companies House on Friday afternoon and are waiting to be reviewed before being made publically available."

Still find it baffling people even still read what this clown says on Twitter

italiahorse · Mar 2, 2015

Hopefully he is fronting a major Chinese multi billion pound takeover. :guitar2:

oldfiver · Mar 2, 2015

duffer said:
How does Byng know that Otium's accounts have been submitted, unless he's in touch with Otium directly? And if he is in touch with them, and is serious about a bid, why does he need to wait for Companies House to review the accounts?

As OSB says, anyone attempting a takeover will want to look at the accounts for themselves anyway as part of due diligence. Not for the first time, this looks a bit odd from Byng...

What use are a set of figures that are more than 9 months old??

The last time he said he had a group of chinese backers they denied ever knowing who Byng was - unless he sang with Bob Hope, but this one is no hope!

SkyBlue_Bear83 · Mar 2, 2015

Interesting story on the way about the club accounts according to Simon Gilbert

italiahorse · Mar 2, 2015

CCFC said:
Interesting story on the way about the club accounts according to Simon Gilbert

They were on time and show we have no debts ?

Skyblueweeman · Mar 2, 2015

CCFC said:
Interesting story on the way about the club accounts according to Simon Gilbert

How long do we have to wait?

italiahorse · Mar 2, 2015

Skyblueweeman said:
How long do we have to wait?

Just hold your breathe and wait ........................................ please

cloughie · Mar 2, 2015

so bing announces on twitter that he is waiting to see the accounts before going public................

hmmmm since when has twitter not been in the public domain?

Deleted member 5849 · Mar 2, 2015

CCFC said:
Interesting story on the way about the club accounts according to Simon Gilbert

Hmmmm, a bet on the definition of 'interesting'?

oldskyblue58 · Mar 2, 2015

I assume if the accounts have been submitted that the auditors have been persuaded that Otium/CCFC is a going concern. To do that I would think they would need some quite strong assurances from the owners that they will continue to support the company for the next 12 months (that's till March 2016 as a minimum) or some other evidence.

Given the fall in incomes in the last two years then the pressure would be on to give those assurances regarding not calling loans in or even undertakings that they will not to collect the interest owed and probably to prove they would cover any losses to make sure creditors paid as they fall due. If the club future is nailed on to the new stadium I would think they would also need some evidence of progress on that front and details of how it will be funded. The directors have said they cant survive without it long term haven't they ? :thinking about:

Glad I don't have to do their audit ....... it is not an easy assessment to make and evidence, given what we know

dongonzalos · Mar 2, 2015

Skyblueweeman said:
How long do we have to wait?

Simon Gilbert has just popped over to tell me that he has an interesting Coventry City story to share with you this afternoon.

It's to do with the club's accounts. Stay tuned for more details.

CET

SimonGilbert · Mar 2, 2015

Coventry City FC file accounts on time:

http://www.coventrytelegraph.net/news/coventry-city-fc-file-accounts-8754134 #PUSB

SkyBlue_Bear83 · Mar 2, 2015

That was definitely interesting...

LB87ccfc · Mar 2, 2015

CCFC said:
That was definitely interesting...

Yes as finally they play by the book to avoid any penalties so they can concentrate on court cases in July I mean the new manager.

torchomatic · Mar 2, 2015

How many pages of drivel then?

Deleted member 5849 · Mar 2, 2015

Deleted member 5849 said:
Hmmmm, a bet on the definition of 'interesting'?

Not very.

stupot07 · Mar 2, 2015

Bugger.....nothing to moan about...

....well until they get published.

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

usskyblue · Mar 2, 2015

Accounts posted. No embargo.

That's pissed in some people's Horlicks

skybluetony176 · Mar 2, 2015

Hooray. Well done.

jas365 · Mar 2, 2015

Thank buggery for that

stupot07 · Mar 2, 2015

This so much better than #carlbakerday

I might have to crack open a tinny

Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors

Moff · Mar 2, 2015

dongonzalos said:
Simon Gilbert has just popped over to tell me that he has an interesting Coventry City story to share with you this afternoon.

It's to do with the club's accounts. Stay tuned for more details.

CET

Seriously what the hell was interesting about the story the club did something they needed to do. I suppsoe when the other major breaking news for the CET is mans dog ran away in Canley then yep I supose it is somewhat interesting

Nick · Mar 2, 2015

dongonzalos said:
Simon Gilbert has just popped over to tell me that he has an interesting Coventry City story to share with you this afternoon.

It's to do with the club's accounts. Stay tuned for more details.

CET

Wasn't it confirmed earlier in the day though?

Godiva · Mar 2, 2015

Moff said:
Seriously what the hell was interesting about the story the club did something they needed to do. I suppsoe when the other major breaking news for the CET is mans dog ran away in Canley then yep I supose it is somewhat interesting

130+ posts on this thread suggest filing the accounts on time is interesting.

torchomatic · Mar 2, 2015

You're right, it's not interesting. It's just something the club should do and what they have done on time over the last couple of years. However, the creation of this thread shows just how bonkers some fans are. The failure to file the accounts was a forgone conclusion apparently.

Moff said:
Seriously what the hell was interesting about the story the club did something they needed to do. I suppsoe when the other major breaking news for the CET is mans dog ran away in Canley then yep I supose it is somewhat interesting

Evo1883 · Mar 2, 2015

Godiva said:
130+ posts on this thread suggest filing the accounts on time is interesting.

Are you suprised ... our fans are all closet accountants didnt you know ,bigger threads here on finance than actual football

Godiva · Mar 2, 2015

oldskyblue58 said:
I assume if the accounts have been submitted that the auditors have been persuaded that Otium/CCFC is a going concern. To do that I would think they would need some quite strong assurances from the owners that they will continue to support the company for the next 12 months (that's till March 2016 as a minimum) or some other evidence.

Given the fall in incomes in the last two years then the pressure would be on to give those assurances regarding not calling loans in or even undertakings that they will not to collect the interest owed and probably to prove they would cover any losses to make sure creditors paid as they fall due. If the club future is nailed on to the new stadium I would think they would also need some evidence of progress on that front and details of how it will be funded. The directors have said they cant survive without it long term haven't they ? :thinking about:

Glad I don't have to do their audit ....... it is not an easy assessment to make and evidence, given what we know

I bet you would just love to do their audits

But it's been like this for 5 years now. What is really frustrating is that no account is directly comparable to that of previous years. Every year something major has changed. Relegation - rent strike - administration - Sixfields ... and next year won't be different either.

Noggin · Mar 2, 2015

Godiva said:
130+ posts on this thread suggest filing the accounts on time is interesting.

Agreed, whats happened though is by saying I have interesting news regarding the filing of accounts (when in the same amount of space he could have said Fisher says the accounts have been filed) he made people think the news was going to be very interesting, so when it just turned out to be slightly interesting he gets critised, while not technically an over promise and under deliver thats how he made people feel.

But anyway it's good news, whether or not it's interesting isnt really worthy of debate, there is plenty more important things for us all to disagree on.

It's a bit like the lottery e-mail that tells you they have exciting news about your ticket. Only for you to log in and find you've won £10. Now if they had sent me an e-mail saying I'd won £10, I'd have been mildly excited, it would have at least raised a smile, but by telling me they have exciting news I've managed to be disappointed by winning money.

covboy1987 · Mar 2, 2015

Monday 17.25pm

Coventry City have filed their accounts on time for the second consecutive season.
It is only the second time in the past five years the relevant accounts have been filed on time and means the Sky Blues will avoid a transfer embargo or any other punishment from the Football League.
Club chairman Tim Fisher has confirmed the accounts of Sky Blue Sports and Leisure Ltd and Otium Entertainment Group Ltd were filed in line with the February 28 deadline set by Companies House.

Godiva · Mar 2, 2015

So it's second time in succession the accounts have been filed on time. Well, that at least show some stabilization.
But as I said in another thread 'I can't see any reason why they wouldn't be on time'. Previously when they were filed late - and in one case never filed at all - there was a reason. That wasn't the case last year, and not the case this year.

I think there may have been a few hoping the accounts were filed late, because it could be a sign of a sisu exit.
Soon we will all be discussing the details and looking for the obvious signs of a sisu exit. There was one thing in the previous accounts that could have been such a sign - the huge amount of debt that was listed as due December 2014. What happened to that debt? Will be interesting to find out.

But as OSB said previously, when sisu goes they will decide who takes over. And let me add: It won't be Hoffman and/or Elliott or anyone connected to any of them.

Ian1779 · Mar 2, 2015

spider_ricoh will have to put his bottle of Cava back in the fridge.

Godiva · Mar 2, 2015

CraigSBA said:
Are you suprised ... our fans are all closet accountants didnt you know ,bigger threads here on finance than actual football

Yeah, I am hoping to get my diploma from OSB's online course this term.
And I have to admit I am one of the twats who spam the finance threads - will try to keep it down this year. Honestly!

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