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CPFC 2010 Accounts Overdue

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smaz Flag 15 Jun 18 7.02am Send a Private Message to smaz Add smaz as a friend

I suspect the issue has been the valuing of the stadium which has to be included in the accounts

The value is usually calculated by Croydon council for rating purposes and not normally controversial

However I suspect the owners wanted the staduim valued significantly higher in light of the proposed development, simply so it increases the value of the club in the eyes of potential buyers.

Either that or they couldn’t work out how to value Benteke.....

 

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Midlands Eagle Flag 15 Jun 18 7.10am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by smaz

I suspect the issue has been the valuing of the stadium which has to be included in the accounts

The value is usually calculated by Croydon council for rating purposes and not normally controversial

However I suspect the owners wanted the staduim valued significantly higher in light of the proposed development, simply so it increases the value of the club in the eyes of potential buyers.

The stadium isn't owned by CPFC 2010 Ltd but one of the other group companies so a dispute over valuation should affect the main operating company's accounts

 

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kenbarr Flag Jackson Heights, Queens, New York ... 15 Jun 18 7.18am Send a Private Message to kenbarr Holmesdale Online Elite Member Add kenbarr as a friend

It may be that when the Yanks came in there was a restructuring of the corporate structure that changed the accounting for the various companies involved. When Harris and blitzer came in, Browett, Long and Alexander resigned from their executive positions and Jani was added. So far, I've identified three companies with ownership of various CPFC assets, CPFC (2010), CPFC Ltd and CPFC Selhurst Park Ltd. I'm no CPA so the whole thing is rather confusing.

Edited by kenbarr (15 Jun 2018 7.30am)

 


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Midlands Eagle Flag 15 Jun 18 8.13am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by kenbarr

It may be that when the Yanks came in there was a restructuring of the corporate structure that changed the accounting for the various companies involved. When Harris and blitzer came in, Browett, Long and Alexander resigned from their executive positions and Jani was added.

The changed corporate structure was dealt with in the previous year's accounts which incidentally were filed on time.

 

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bexleydave Flag Barnehurst 15 Jun 18 9.53am Send a Private Message to bexleydave Holmesdale Online Elite Member Add bexleydave as a friend

Whatever it is, there is undeniably a problem as the accounts were supposedly going to be with Companies House "imminently" and "in a matter of days" at the end of May, when the media first started reporting the story. Clearly we've provided a sufficient reason for the delay for the striking off action to be cancelled as it would appear that we still haven't provided the accounts.

There isn't much left by way of explanation that I can think of. Possibly there was a further restructuring in 2016/17 that we don't know about, and hasn't been done to the satisfaction of the auditors, or maybe we've adopted an accounting model that the auditors won't accept. I'm sure I read somewhere (possibly on here) that we need to submit accounts to HMRC at the end of June, which should be interesting.

Brighton's auditors included a note with their accounts that they doubted it was a going concern due to the ever increasing loans from Bloom, and those accounts were still submitted. I can't imagine we've done anything that would cause that level of concern.

 


Bexley Dave

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Midlands Eagle Flag 15 Jun 18 10.38am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by bexleydave

Brighton's auditors included a note with their accounts that they doubted it was a going concern due to the ever increasing loans from Bloom, and those accounts were still submitted. I can't imagine we've done anything that would cause that level of concern.

That's a pretty standard auditors qualification for the sort of loss making company that is propped up by it's shareholders.

I've never bothered looking at the accounts of any other football club but I wouldn't mind betting that quite a few will have a similar qualification

 

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Master Coin Flag 15 Jun 18 11.11am Send a Private Message to Master Coin Add Master Coin as a friend

Originally posted by smaz

I suspect the issue has been the valuing of the stadium which has to be included in the accounts

The value is usually calculated by Croydon council for rating purposes and not normally controversial

However I suspect the owners wanted the staduim valued significantly higher in light of the proposed development, simply so it increases the value of the club in the eyes of potential buyers.

Either that or they couldn’t work out how to value Benteke.....

This isn’t how accounting works. The stadium is held at historic cost less depreciation (and impairment) so unless their is an impairment charge (doubtful as it’s only in the books at 3.5m and the land alone is basically worth that if they flog it for houses) then the valuation of the stadium is fairly free from judgment.

 

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Master Coin Flag 15 Jun 18 11.13am Send a Private Message to Master Coin Add Master Coin as a friend

Originally posted by Midlands Eagle

The stadium isn't owned by CPFC 2010 Ltd but one of the other group companies so a dispute over valuation should affect the main operating company's accounts

Not that I think it is a dispute over valuation of the stadium but the stadium is in the CPFC 2010 accounts. CPFC2010 file group consolidated accounts so it includes all the assets of CPFC Ltd, CPFC Selhurst Park Ltd and CPFC 2010 Ltd

 

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Midlands Eagle Flag 15 Jun 18 11.22am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by Master Coin

Not that I think it is a dispute over valuation of the stadium......

Neither do I as that is something that would be resolved in a meeting between directors and auditors and would have been sorted ages ago.

 

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kenbarr Flag Jackson Heights, Queens, New York ... 15 Jun 18 11.23am Send a Private Message to kenbarr Holmesdale Online Elite Member Add kenbarr as a friend

Originally posted by Master Coin

Not that I think it is a dispute over valuation of the stadium but the stadium is in the CPFC 2010 accounts. CPFC2010 file group consolidated accounts so it includes all the assets of CPFC Ltd, CPFC Selhurst Park Ltd and CPFC 2010 Ltd

Is one of the abve a holding company for the other two? How are they related and/or structured?

 


Divorced...And LOVING it!
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Jill Ellis, England International & Retired USWNT Head Coach
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Midlands Eagle Flag 15 Jun 18 11.54am Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by kenbarr


Is one of the abve a holding company for the other two? How are they related and/or structured?

CPFC 2010 Ltd is the trading company and it's a wholly owned subsidiary of Palace Midco UK Ltd which in turn is a wholly owned subsidiary of Palace Holdco UK Ltd whose ownership is lost in the mists of Delaware.

The London offices are rented from the imaginatively named Smoke & Mirrors Group Ltd which is owned by Steve Parish

 

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bexleydave Flag Barnehurst 15 Jun 18 12.26pm Send a Private Message to bexleydave Holmesdale Online Elite Member Add bexleydave as a friend

Originally posted by Midlands Eagle

That's a pretty standard auditors qualification for the sort of loss making company that is propped up by it's shareholders.

I've never bothered looking at the accounts of any other football club but I wouldn't mind betting that quite a few will have a similar qualification


OK

 


Bexley Dave

Can you hear the Brighton sing? I can't hear a ******* thing!

"The most arrogant, obnoxious bunch of deluded little sun tanned, loafer wearing mummy's boys I've ever had the misfortune of having to listen to" (Burnley forum)

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