Quote ="nestegg"Yes, snowie we know about the director loans; and they are not at first sight obvious based on the abridged accounts that are routinely published for rugby league clubs such as Trinity (and the Bulls).
Having spoken to a reliable source (not Mick the Gled btw !) we are however told that there were still some debts as of the date of CB's departure, as there are with most businesses. Therefore our source maintains that to allege that Trinity was debt free when he left may be a tad arrogant. Wakey is after all not a cash business.
.'"
Just so you know, PEST -NEG, theres a sweep stake on how many posts it takes FA to get you to do a post that is a whole page long. Keep going mate, I am still in for the prize, a season ticket at Odsal. Errr...
it is not just RL clubs that put in abridged accounts, it is most small companies (and lets face it C and C1 clubs are whatever our delusions of grandeur, just that.
I have looked at Spirits accounts, and creditors less than a year went down from £1m in Jan 2013 to £0.7M in 2018, the 2013 is after Glove took £800k hit on his companies loan to Wakie. More interestingly, between the '17 accounts and the '18 accounts creditors over 1 year for 2017 (look at the original 2017 accounts and then their re-statement for the comparative in the 2018 accounts) have gone down by £1.4M and a line called "other reserves" has appeared of yes £1.4m. Any observations? Someone turned a repayable loan into a permanent one? Who would make such a loan? Creditors over 1 year were £0.7k in 2013, so they had gone up by £0.8M in the four years. Looks like a build up of a loan over that time as you would expect them to go down not up over that time. the adjustment between creditors and reserves smells of write-off. One good sign is the increase in cash in the bank over those years from £33k in 13 to £143k in '18.
Anyway, that is just to show that whilst I know little about Wakies trial and tribulations, Wakie are still around despite the '13 crisis, and the net worth of the business in '18 is about £1.2m more than it was in 2013. Not bad, but who has £1.4m to write off?
