Latest set of company accounts y/e Dec 18

[mousemousemouse]

Latest set of company accounts have been release

- A financial loss of £150,000
- Radford has chucked in another £250,000 through shares
- Total loans to One Call are £4.4mill

This is to December 2018

[MTFCMAD]

No where near as bad as I thought and a lot better than 3/4 of the division.

[NorthLondonStag]

From an accounting perspective I think the loss you state is technically right. But when you look at parent's accounts they state that it is partly reliant on funding from the club and the club made a loan of £300k to its parent. So to an extent the club is funding those too.

The retained losses in the parent for the year are c.£100k, so you might argue that the overall 'loss' for the 'club' is somewhere in the region of £250k. Which makes sense as that 'balances' the issue of new shares in the club to JR also £250k), so JR has (kindly) funded the losses for each company for the year.

There's also the stadium company but they only file micro accounts so it's very difficult to work out what's going on there.

[mousemousemouse]

From an accounting perspective I think the loss you state is technically right. But when you look at parent's accounts they state that it is partly reliant on funding from the club and the club made a loan of £300k to its parent. So to an extent the club is funding those too.

The retained losses in the parent for the year are c.£100k, so you might argue that the overall 'loss' for the 'club' is somewhere in the region of £250k. Which makes sense as that 'balances' the issue of new shares in the club to JR also £250k), so JR has (kindly) funded the losses for each company for the year.

There's also the stadium company but they only file micro accounts so it's very difficult to work out what's going on there.

My accounting knowledge is extremely limited (based just on my own dealings).

It’s worth looking at Plymouth’s accounts and how extremely detailed they’ve gone with theirs but I feel that’s just about optics, their owner has written of 4mill of loans so it’s probably a case of showing how good they are

https://www.pafc.co.uk/siteassets/pdfs/ ... -1-1-2.pdf

[yorkshire stag]

lol as long as we are attached to the Onecall group there is nowt ta worry about

[NorthLondonStag]

lol as long as we are attached to the Onecall group there is nowt ta worry about

the reason for filing accounts (and worrying about debt levels etc) is because if support was withdrawn you won't be 'laughing out loud' if the balance sheet is shot and no-one else wants to take the club over.

The reason Bury failed wasn’t because the owner ‘withdrew’ support, it was because the whole thing got brought down by debt levels to people like
HMRC and players that it couldn’t sustain.

Relying solely on an owner for financial stability, and having no thought for cash flow, losses or financial sustainability is a very risky model. Look at Bury, Bolton and others.

[AlanStag]

I've had a look on companies house and tried to unpick the very complex web of companies which have been built up to contain all of the companies which JR has a holding within. I haven't got the time at the minute to unpick everything but from a half an hour browse of the accounts which have been filed so far many are technically insolvent, ie liabilities exceed the assets of the company, including the football club. As is already common knowledge the cash is coming via One Call although I'm not entirely sure of the route it's taken to get to the football club.

As long as JR maintains an interest in One Call and they trade heathily there will be no impact on the club. However, as was the case with Notts County if One Call were to struggle or be sold the whole structure in place could kerplunk. Ideally the debts owed by the club would be written off or at least down to a manageable value to put the club in the safest possible position.

[Jimstag]

Nothing we don’t know already, without John we’d already be bust and if he lost interest or had a bad time financially we’d be in a bad position.

[julianshatnasty]

I've said it before, JD was the cheap option in order to have a financially stable year after the huge spend of the last two years.

Football wise it hasn't worked, and if crowds drop it'll be a definite mistake, but on paper the same squad + 2 strikers and minus the expensive loans and players off the wage bill since January with a cheaper manager should have made for a successful campaign AND a break even financial position.

There's a saying about hindsight though...

[part time pete]

From an accounting perspective I think the loss you state is technically right. But when you look at parent's accounts they state that it is partly reliant on funding from the club and the club made a loan of £300k to its parent. So to an extent the club is funding those too.

The retained losses in the parent for the year are c.£100k, so you might argue that the overall 'loss' for the 'club' is somewhere in the region of £250k. Which makes sense as that 'balances' the issue of new shares in the club to JR also £250k), so JR has (kindly) funded the losses for each company for the year.

There's also the stadium company but they only file micro accounts so it's very difficult to work out what's going on there.

JR’s company which owns the majority of shares in MTFC Ltd was called Amber 12 Ltd, but recently changed its name to Mansfield Town 1861 Ltd.

Amber 12 Ltd didn’t have any accounts as it was just a vehicle for owning the shares. However in the last couple of years this 1861 company on name change has started trading.

This trading is I think is due to the Sandy’s bar and 1861 suite. At present it doesn’t look profitable and the football club has lent it £300k.

Has been said earlier the club lost £150k in 2018 and instead to increasing the loans on the club which the FL don’t like, JR has converted £250k of loans into shares.

[Reg Holdsworth]

From an accounting perspective I think the loss you state is technically right. But when you look at parent's accounts they state that it is partly reliant on funding from the club and the club made a loan of £300k to its parent. So to an extent the club is funding those too.

The retained losses in the parent for the year are c.£100k, so you might argue that the overall 'loss' for the 'club' is somewhere in the region of £250k. Which makes sense as that 'balances' the issue of new shares in the club to JR also £250k), so JR has (kindly) funded the losses for each company for the year.

There's also the stadium company but they only file micro accounts so it's very difficult to work out what's going on there.

JR’s company which owns the majority of shares in MTFC Ltd was called Amber 12 Ltd, but recently changed its name to Mansfield Town 1861 Ltd.

Amber 12 Ltd didn’t have any accounts as it was just a vehicle for owning the shares. However in the last couple of years this 1861 company on name change has started trading.

This trading is I think is due to the Sandy’s bar and 1861 suite. At present it doesn’t look profitable and the football club has lent it £300k.

Has been said earlier the club lost £150k in 2018 and instead to increasing the loans on the club which the FL don’t like, JR has converted £250k of loans into shares.

The Football Club’s parent company is now RSCPBR Limited. A relatively new company with no accounts filed yet - in fact at this moment in time the first year accounts are overdue. I don’t really understand the structure anymore as JR personally owns 100% of RSCPBR from what I can see.

[AlanStag]

From an accounting perspective I think the loss you state is technically right. But when you look at parent's accounts they state that it is partly reliant on funding from the club and the club made a loan of £300k to its parent. So to an extent the club is funding those too.

The retained losses in the parent for the year are c.£100k, so you might argue that the overall 'loss' for the 'club' is somewhere in the region of £250k. Which makes sense as that 'balances' the issue of new shares in the club to JR also £250k), so JR has (kindly) funded the losses for each company for the year.

There's also the stadium company but they only file micro accounts so it's very difficult to work out what's going on there.

JR’s company which owns the majority of shares in MTFC Ltd was called Amber 12 Ltd, but recently changed its name to Mansfield Town 1861 Ltd.

Amber 12 Ltd didn’t have any accounts as it was just a vehicle for owning the shares. However in the last couple of years this 1861 company on name change has started trading.

This trading is I think is due to the Sandy’s bar and 1861 suite. At present it doesn’t look profitable and the football club has lent it £300k.

Has been said earlier the club lost £150k in 2018 and instead to increasing the loans on the club which the FL don’t like, JR has converted £250k of loans into shares.

The Football Club’s parent company is now RSCPBR Limited. A relatively new company with no accounts filed yet - in fact at this moment in time the first year accounts are overdue. I don’t really understand the structure anymore as JR personally owns 100% of RSCPBR from what I can see.

Yes, there's also another company SCPBR Ltd which has shareholdings in the football club, the 1861 company, all of the One Call companies etc. It seems like there's been some shuffling around of the structure this year, without all of the accounts being filed it's hard to unpick.

[EdwinstoweStag]

From an accounting perspective I think the loss you state is technically right. But when you look at parent's accounts they state that it is partly reliant on funding from the club and the club made a loan of £300k to its parent. So to an extent the club is funding those too.

The retained losses in the parent for the year are c.£100k, so you might argue that the overall 'loss' for the 'club' is somewhere in the region of £250k. Which makes sense as that 'balances' the issue of new shares in the club to JR also £250k), so JR has (kindly) funded the losses for each company for the year.

There's also the stadium company but they only file micro accounts so it's very difficult to work out what's going on there.

JR’s company which owns the majority of shares in MTFC Ltd was called Amber 12 Ltd, but recently changed its name to Mansfield Town 1861 Ltd.

Amber 12 Ltd didn’t have any accounts as it was just a vehicle for owning the shares. However in the last couple of years this 1861 company on name change has started trading.

This trading is I think is due to the Sandy’s bar and 1861 suite. At present it doesn’t look profitable and the football club has lent it £300k.

Has been said earlier the club lost £150k in 2018 and instead to increasing the loans on the club which the FL don’t like, JR has converted £250k of loans into shares.

The Football Club’s parent company is now RSCPBR Limited. A relatively new company with no accounts filed yet - in fact at this moment in time the first year accounts are overdue. I don’t really understand the structure anymore as JR personally owns 100% of RSCPBR from what I can see.

Yes, there's also another company SCPBR Ltd which has shareholdings in the football club, the 1861 company, all of the One Call companies etc. It seems like there's been some shuffling around of the structure this year, without all of the accounts being filed it's hard to unpick.

Smoke and mirrors?

[NorthLondonStag]

For those that are interested (and if not please ignore it).

All of this info from Companies House and there’s not huge detail because a lot of the companies only file abbreviated accounts (as they are entitled to do). This could also be out of date in some cases because there's no obligation to update Companies House until you have to do your next accounts or annual filings so please bear that in mind - it may have changed.

(1) Mansfield Town Football Club Limited (accounts to end of December 2018)

Net shareholders’ funds are negative £3.87m. This is about £100k better than the previous year. The change is represented by what appears to be a trading loss of £150k and a share capital increase (ie new shareholder funds) of £250k, so a net improvement of £100k.

Total creditors (amounts owing by the club) are almost exactly the same (£5.8 million), of which £4.4m are owed to 'group undertakings'. The balances aren’t broken down other than trade creditors (c.£90k) and tax and social security (c.£220k). The “Other creditors” are c.£900k and it’s possible they might include provision for that year’s season ticket payments.

Debtors (amounts owed to the Club) include a £321k loan made to its parent company, Mansfield Town 1861 Limited. The ultimate controlling party of the company is RSCPBR Limited, registered address in Doncaster.

(2) Mansfield Town 1861 Limited

Changed its name in 2018 from Amber 12 Limited. As at 16.10.2018 was wholly owned by SCPBR Limited.

Owns the shares in Mansfield Town Football Club Limited. Looks like it started trading itself in 2018 (which matches up with what Gazza said). Seems to have made a loss of £94,000 (it doesn’t produce a Profit and Loss, as it's not required to do that, but these are the retained earnings (ie losses) for the year).

Accounts state that it is reliant on support from Mansfield Town Football Club Limited and John Radford MTFC Stadium Limited. As stated above, took a loan from Mansfield Town Football Club Limited for over £300k.

(3) SCPBR Limited

Holding company for a number of subsidiaries (including some with One Call connections from their names) and stated that it does not itself trade. Accounts say very little of note, other than that this company owns the shares in the each of the above companies, either directly or indirectly (85% of the club itself, as there are other shareholders).

(4) RSCPBR Limited

This is a fairly new company. According to the last filings the sole shareholder is John Radford. It has not yet filed its accounts for the year ended 2018 so we don't have more up to date information.

So according to this info (which may be out of date) the chain of ownership is John Radford -> RSCPBR -> SCPBR -> Mansfield Town 1861 Limited -> Mansfield Town Football Club Limited. There is a separate company that appears to own the ground. This is wholly-owned by John Radford, as at last filing date.

[Tippy Tappy Football]

It looks like the club made a loss of £161,053 which is a blooming miracle bearing in mind wages shot up from £1,884,466 for 2016-2017 to £1,600,221 for the six months from 1st July to 31st December 2017. You would therefore estimate total wages at around £3,200,000 for 2017-2018 or for the year ended 31st December 2018.

On the other side of the equation, sales had increased from £1,594,290 in 2016-2017 to £1,488,915 for the six months from 1st July to 31st December 2017 so income may have increased to around £2.9 million. Football league and media payments will probably be around £1.1-£1.2 million.

Another 250,000 preference shares were issued to JR so he probably wrote off a similar amount in loans owed to him.

It is difficult to analyse the accounts without the Profit and Loss Account which Jim Beachill normally provides at the AGM with the full accounts.

£4.4 million is owed to the One Call companies and the £957,059 for other creditors will include the £709,354 owed to Andy Saunders.

I have not looked at the chain of companies owning the football club but North London Stag has already done a summary of this. I'll have a more detailed look later this week.