Veritas Posted May 2, 2011 Share Posted May 2, 2011 That doesn't appear to be consistent with what was reported on your website. Put simply, did the 2009 accounts which showed a £6 million profit include £18 million of money received from West Ham. If not wouldn't this amount show up in the 2010 accounts which showed a £18 million loss. If neither of these then when will this money appear in your accounts. Let me explain the concept of double entry bookkeping Cr Income £18.1M Dr Debtors £18.1M 2010 Dr Bank £3M Cr Debtors £3M 2011 Dr Bank £3M CR Debtors £3M And so on eventually the debtor is NIL Capisce Link to comment Share on other sites More sharing options...
Titanic99 Posted May 2, 2011 Share Posted May 2, 2011 You choose to read selected parts of the financial statements. I believe but don't quote me as I have limited access to the internet due to the loss of signal in the train tunnels that I am going through that the settlement net of legal fees was £18.1M none of which had been received at 30 06 2009 in so much that there is a note showing other debtors due in more than 1 year which if memory serves me correctly was either £15M or £16M Sometimes you despair of people who like to provide selective information to draw a response Nothing selective at all, the discussion is/was about the settlement with West ham and I'm going on the information published on the clubs website, which presumably is a short summary of the actual accounts. To me this is really simple, you seem to have been awarded £18.1 million (I thought it was more but I'll take your word for it), now you've either accounted for this in your 2009 Accounts, your 2010 or in those of future years. Either way you appear to have had the money due (I thought some more residual amount was due but again I'll take your word for it), and yet you still seem to owe money to McCabe and Santander. Which to me (and backed up by the statement) indicates you are in a mess. Link to comment Share on other sites More sharing options...
daftlad Posted May 2, 2011 Share Posted May 2, 2011 Wondered when you would arrive We accounted for the profit not the cash. If you look at the other debtors figure in the accounts you can see the monies have not been received. I thought that you was supposed to be financially aware. Titanic cares more for Uniteds fianances than he does about his own team. He is always on about the blades issues. Something tells me he is fed up of being on the dark side and wants to switch as he is so preoccupied with us Link to comment Share on other sites More sharing options...
Titanic99 Posted May 2, 2011 Share Posted May 2, 2011 Let me explain the concept of double entry bookkeping Cr Income £18.1M Dr Debtors £18.1M 2010 Dr Bank £3M Cr Debtors £3M 2011 Dr Bank £3M CR Debtors £3M And so on eventually the debtor is NIL Capisce Explain it in a much simpler way please. Have you had the money and how much do you still owe the Santander Bank? Link to comment Share on other sites More sharing options...
Titanic99 Posted May 2, 2011 Share Posted May 2, 2011 Titanic cares more for Uniteds fianances than he does about his own team. He is always on about the blades issues. Something tells me he is fed up of being on the dark side and wants to switch as he is so preoccupied with us Not at all lad! I feel for a few Blades (especially those with Kids) at the moment, for others who wouldn't listen to what I've (and others) have been saying for years now then I have no sympathy whatsoever for them. Link to comment Share on other sites More sharing options...
Veritas Posted May 2, 2011 Share Posted May 2, 2011 Explain it in a much simpler way please. Have you had the money and how much do you still owe the Santander Bank? For gods sake how much simpler do you want it. We have not received the moneyfrom West Ham as it was due in installments so we have a debtor which after the first payment was £15M. We have borrowed £15m secured against this debtor to utilise elsewhere. As the money comes in from West Ham it repays Santander. Once we have been paid in full so will Santander. Are you being particularily obtusive or are you just thick. Link to comment Share on other sites More sharing options...
Titanic99 Posted May 2, 2011 Share Posted May 2, 2011 For gods sake how much simpler do you want it. We have not received the moneyfrom West Ham as it was due in installments so we have a debtor which after the first payment was £15M. We have borrowed £15m secured against this debtor to utilise elsewhere. As the money comes in from West Ham it repays Santander. Once we have been paid in full so will Santander. Are you being particularily obtusive or are you just thick. Ok so put simply in the Accounts for 2009 you've assumed an income of £18.1 million prior to receiving it, this assumption turned a £12 million loss into a £6 million profit. Running alongside this you've borrowed a similar figure from Santander against the money due. It seems a strange accounting methodology to me but I suppose it makes sense to someone. In reality it means the money has been received and spent on running the club. Link to comment Share on other sites More sharing options...
TAT Posted May 2, 2011 Share Posted May 2, 2011 (edited) Ok so put simply in the Accounts for 2009 you've assumed an income of £18.1 million prior to receiving it, this assumption turned a £12 million loss into a £6 million profit. Running alongside this you've borrowed a similar figure from Santander against the money due. It seems a strange accounting methodology to me but I suppose it makes sense to someone. In reality it means the money has been received and spent on running the club. YAWN ! ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ UNTIL WE HAVE A WINDING UP ORDER , I WILL NOT GET WORRIED! IN FACT I WILL ONLY WORRY WHEN WE MATCH THE FIVE COLLECTED BY YOU KNOW WHO:| All you Owls would be accountants, chill its not your problem! now why dont you get on topic ..give us deserved stick for the relegation Work on something factual !! we are nearly as bad as you now !! but without the winding up orders and CO-OP charity of course. Edited May 2, 2011 by TAT Link to comment Share on other sites More sharing options...
daftlad Posted May 2, 2011 Share Posted May 2, 2011 For gods sake how much simpler do you want it. We have not received the moneyfrom West Ham as it was due in installments so we have a debtor which after the first payment was £15M. We have borrowed £15m secured against this debtor to utilise elsewhere. As the money comes in from West Ham it repays Santander. Once we have been paid in full so will Santander. Are you being particularily obtusive or are you just thick. He is a wendyite so you would be right in saying thick Link to comment Share on other sites More sharing options...
owl.66 Posted May 2, 2011 Share Posted May 2, 2011 YAWN ! ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ UNTIL WE HAVE A WINDINGD UP ORDER , I WILL NOT GET WORRIED! IN FACT I WILL ONLY WORRY WHEN WE MATCH THE FIVE COLLECTED BY YOU KNOW WHO:| All you Owls would be accountants, chill its not your problem! now why dont you get on topic ..give us deserved stick for the relegation Work on something factual !! we are nearly as bad as you now !! but without the winding up orders and CO-OP charity of course. This is factual " blades are relegated to leaugue 1 " Has for the blades accounts I for one aint worried or bothered how much in debt or not your in ? your right zzzzzzzzzzzzzzzzzzzzz boring & for the owls money worries & winding up orders ! not any more all dead & burried thanks to Mr M Link to comment Share on other sites More sharing options...
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