initial comments
Steve Waggott appointed director 26/09/13. Now 3 directors Fisher/Labovitch/Waggott
Registered office is the Sky Blue Lodge, Ryton
formed 21/04/11 it has extended its year end from 30th April to 31st May to be co terminous with the rest of the group (not unusual)
there really isnt a lot of detail in the accounts as they go to 31/05/12 before Otium started to trade and acquired CCFC, share etc
It states that Otium purchased the shares of ccfc h from SBS&L in ths accounts period value £901
ARVO made an initial loan to Otium of £2m which it appears was then lent by Otium to CCFC H
Since the 31/05/12 ARVO have provided a further loan of £5.986m to Otium which is secured on assets
it says in the directors report that significant investment (financial & non financial) in the team is required to remain competitive
Auditors have not qualified the audit report but there is an emphasis of matter that refers to potential threats to going concern (1) that further funding from stakeholders and other fund providers is not guaranteed or contractually agreed (2) that directors assumptions on budgets particularly on income might not be met (3) that directors are in process of reducing costs but all the savings might not be made. There is therefore a fundamental uncertainty that casts doubt as to whether Otium is a going concern
The company has essentially three entries on the Profit and loss. No trading income. first is the administrative expenses of 2,033,151 which is the write down of the money owed to it by CCFC H - it would seem the borrowed money from ARVO was lent to CCFC H but they dont think they will be able to recover it. Otium has charged CCFC H interest of 221,918 which is equal to the interest ARVO charged Otium. Overall the company in its first period shows losses of 2,033,151(essentially the debt owed by CCFCH wthat was written down to nil)
At least part of the ARVO 2m loan is convertible to shares it would seem and is classed as equity. The subsequent loan since 31/05 of 5.986m is repayable December 2013 and could by agreement be converted into 12.5% of the share capital of Otium. Might be reading it wrongly but that seems to imply 1/8th of Optium is worth 5.986m? (total value around 48m?)
Balance sheet shows net liabilities of 1.783m with net current liabilities of 33,151
NO directors have been paid and there is no corporation tax due
Otium owns 901 shares in CCFC H - the rest is owned by ARVO (99 shares)
It details CCFC Ltd as being in administration ..............but liquidation filed for the day following signing of the report
It owes current liabilities of 33,151 which is interest accrued and payable to ARVO. It would be interesting to know what rate of interest is being charged
SBS& L still the ultimate parent company
There are details that Otium have acquired CCFC since the 31/05/12
Not much more to tell to be honest. You would not expect there to be much activity. The company is already in debt to tune of 7.986m to ARVO much of which could be converted to shares but as Seppala controls both sides of the transaction we have to wait see if that happens.
The more interesting accounts for Otium will be the ones to 31/05/14 when it will include ccfc trading. But they wont be available until feb 2015 i would guess
The accounts dont really show much that wasnt expected and as the company wasnt trading there is no great detail
