RDFC accounts and Administrators Proposals

[diamond donald]

These have been lodged at Companies House, I downloaded a copy to see just what the actual final situation of RDFC. Sorry reading, some known, but the general state of the club came as something of a suprise.

As a short summary:
At the end os 2006 the club made a loss of £268,749.
A loan from Max Griggs of £500,000 was set aside, meaning that a posative cumulative balance of £281730 was carried forward.

In 2007 the club made a loss of £923,481, leaving a carried forward negative balance of £641,751
Up step KC with a loan (secured against a charge on the land) of £512,000

In 2008 the club made a further loss of £299,347
In 2009 the club made a further loss of £476,751

At this point (May 2009) the cumulative loss carried forward was £1,417,849

(and I was naive enough to think that we were close to breaking even??)

So KC makes a loan of £512,000, and then further injections of funds:
2008 = £158,750
2009 = £222,634

As at the Adminstrators report the total stands at £775,086

I note that this is included in the total creditors of £1,515,082, meaning that even if KC's loans were written off as part of the purchase (or did I get this wrong?) in December 2010, there would still have been liabilities in the region of £700k+

So to the Adminstrators Proposals
There are no detailed accounts shown for May 2009, or May 2010
The report shows a Debenture to Conalgen of £1,800,000
Less company assets of £76,851
Balance of £1,723,148

Further Creditors are shown as:
Trade at £494,759
Employees at £43,353
D of Employment £107,855
Banks/Institutions at £6992
HMRC at £235,756
VAT at £63519
Total is £952,235

Add this total to the above and the total is £2,652,421

The Trade creditors runs to 4 pages - all kinds of companies/people and sums, too many to mention here.

I also note that there is a note in regard to the bank account balance of £8033, stating that he had been unable to identify if this was money belonging to the company, or part of the Dale Roberts Memorial Fund. Further investigations are taking place.

I have my own feelings and anger about all of this, but I will not say anything here. However, I do think that the fact that the debenture of £1.8m, against a debt at the end of 2009 of £1.4, of which £775k was loans by KC shows the true perspective of the situation, which could probably not go on for another year. It also makes a total mockery of trying to raise £250,000 to save the club - even if the sum had been raised the club could not have been saved.

It also makes clear that unless the Beasants had substantial cash available at the time of purchase, the situation was already doomed. It appears they had nothing.

the rest - they say - is history

[BartonRaz]

Thanks for putting this up Donald (and taking the time to work it all out!) It is very interesting reading.

[Arendee]

It seems the die was cast in 2007 with £923k of losses. I assume this was impact of losing FL status and the resultant drop in revenue from sponsorship and TV rights.

[Bob's Bitch]

Thanks for putting this up Donald (and taking the time to work it all out!) It is very interesting reading.

Echo that, cheers Donald.

It seems the die was cast in 2007 with £923k of losses. I assume this was impact of losing FL status and the resultant drop in revenue from sponsorship and TV rights.

Was that the year we spunked tonnes of cash on Clare, Wolleaston, Phillips etc. or was that 2008? I assume the low 2008 figure was because of the Jacko sale?

[Pigman]

So, based on all that, I presume when we were told the club was passed over to the Beasants "debt free" (as in creditors = debtors) that was a load of old bollocks? Thanks for the info Donald, very interesting reading !!

[Superhans]

yer thanks for posting that very interesting.....just proves kc didnt have us under control as much as he led us to believe....debt free when the beasants took over!??!! like most of what came out of his mouth....utter bullshit!!
it appears they never stood a chance of making it work

[Diamond White]

This all just gives extra reasoning behind how and why we are better having done AFC in my opinion!

[nick]

It also makes a total mockery of trying to raise £250,000 to save the club - even if the sum had been raised the club could not have been saved.

It doesn't really make a mockery of it. That money was to pay off HMRC, who according to those figures were owed that much. It was only the HMRC money that was threatening the winding up of the club.

[HiHoRushden&Diamonds]

Oh my goodness, how the fu*k did that happen?

[BartonRaz]

It also makes a total mockery of trying to raise £250,000 to save the club - even if the sum had been raised the club could not have been saved.

It doesn't really make a mockery of it. That money was to pay off HMRC, who according to those figures were owed that much. It was only the HMRC money that was threatening the winding up of the club.

Don't forget Cloverdale Catering and those that backed them (Gill Wignall?) were also in that bracket. We'll probably never know the exact amount that needed to be raised.