Bidco ( 1874 ) ltd

***greenginger*** · 13-10-2015 07:51 AM

Yam parent company accounts out today.

https://s3-eu-west-1.amazonaws.com/d...Vfwg0drxsAU%3D

***greenginger*** · 13-10-2015 08:03 AM

Try this,

https://beta.companieshouse.gov.uk/company/SC466630

***MrSmith*** · 13-10-2015 08:13 AM

Forgive my poor accountancy but please correct if wrong ...

a quick and and brief read through suggests they are still in debt to the tune of £1.25m! Is this carried forward from before or monies owed to dr budge?

***Benny Brazil*** · 13-10-2015 08:16 AM

So they made a loss of £1.25m over the last year?

Also for those in the accountancy field - what does the auditors concerns mean? Says about not all information was disclosed to them?

Edit: Never mind - reread it and it says they have nothing to report on those issues

***Bostonhibby*** · 13-10-2015 08:24 AM

They're not really losses, it's just really normal business activity for the yam to quickly be spending well beyond their means in the hope that someone else will bear the cost. They couldn't even stay out of debt after starting with a clean slate as a result of bumping hundreds of creditors. I suppose they will just owe it to themselves again.

I wonder why there are no costs in there relating to the building of this megasuperhotelstadium we used to hear about, or at least the ongoing cost of storing the 4 tonnes of paper and cardboard boxes that went with the "planning application"

***Bostonhibby*** · 13-10-2015 08:33 AM

I thought the foundation of givers money was effectively their way of transferring the club into a form of fan ownership by paying their debt off to Budge thus buying their club by instalments, plus her interest naturally.

How does that work if the foundation is in fact throwing money at the running costs which still results in a net trading loss? Cash that was collected to buy the club going into their customary black hole must mean its deferring the ownership date even further away as well as papering over a hole in the trading position already?

**Ozyhibby** · 13-10-2015 08:44 AM

Originally Posted by Bostonhibby

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I thought the foundation of givers money was effectively their way of transferring the club into a form of fan ownership by paying their debt off to Budge thus buying their club by instalments, plus her interest naturally.

How does that work if the foundation is in fact throwing money at the running costs which still results in a net trading loss? Cash that was collected to buy the club going into their customary black hole must mean its deferring the ownership date even further away as well as papering over a hole in the trading position already?

FoH money was to be used to cover shortfall in running costs for first two years of ownership.

FoH purchase price

£1m on completion of the CVA
£1.4m 2014/15
£1.4m 2015/16
£2.5m in the 2/3 years after that.
Only when every last cent of this is paid are FoH given control of Hearts.
About 2019/20

Budge only paid £2.5m

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***Bostonhibby*** · 13-10-2015 08:46 AM

Originally Posted by Ozyhibby

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FoH money was to be used to cover shortfall in running costs for first two years of ownership.

FoH purchase price

£1m on completion of the CVA
£1.4m 2014/15
£1.4m 2015/16
£2.5m in the 2/3 years after that.
Only when every last cent of this is paid are FoH given control of Hearts.
About 2019/20

Budge only paid £2.5m

Sent from my iPhone using Tapatalk

So its still going down a black hole (in that they still can't seem to live within their means) but they signed up to spend more than they earn from the beginning.

***TrinityHibs*** · 13-10-2015 08:54 AM

How did they spend £3.7M on key infrastructure repairs? That's a lot of light bulbs

***Bostonhibby*** · 13-10-2015 08:58 AM

Originally Posted by TrinityHibs

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How did they spend £3.7M on key infrastructure repairs? That's a lot of light bulbs

Gaffer taping the asbestos in place to keep the dust from falling?

**Waxy** · 13-10-2015 09:18 AM

The place is crumbling. Worst ground in Scotland.

***MKHIBEE*** · 13-10-2015 09:19 AM

Originally Posted by TrinityHibs

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How did they spend £3.7M on key infrastructure repairs? That's a lot of light bulbs

Blacks painting skills don't come cheap you know

***grunt*** · 13-10-2015 09:24 AM

FoH are contributing £120k per month - that is really quite something.

***grunt*** · 13-10-2015 09:31 AM

Budge charging 6.5% interest on her loan?

***Bostonhibby*** · 13-10-2015 09:37 AM

Originally Posted by grunt

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FoH are contributing £120k per month - that is really quite something.

Especially when you consider the fact that they coughed up earlier for Vlad's cash only option that disappeared in a suitcase shortly after him. It is a good effort, there wasn't any option given the hole they were in. Posting a sizeable loss even with the subsidy they are giving would worry me, but its not the yam way.

***grunt*** · 13-10-2015 09:41 AM

Originally Posted by Bostonhibby

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Posting a sizeable loss even with the subsidy they are giving would worry me, but its not the yam way.

Don't confuse funding and cashflow with profitability. The money received from FoH is not included in income and has no impact on the loss.

***Bostonhibby*** · 13-10-2015 09:42 AM

Originally Posted by grunt

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Budge charging 6.5% interest on her loan?

Only show in town so she was able to dictate her terms, nice wee return in the current climate. No one else in the queue to lend such a poor risk money at standard terms.

***Bostonhibby*** · 13-10-2015 09:51 AM

Originally Posted by grunt

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Don't confuse funding and cashflow with profitability. The money received from FoH is not included in income and has no impact on the loss.

but they are still receiving, and spending it whilst making the loss so its not buying many shares or paying off much debt?

Family yam just emailed to say they have posted a profit! This is the guy who signed up to FOH and cancelled the DD without paying a penny because Budge "saved" them it wasn't needed.

***grunt*** · 13-10-2015 10:01 AM

Originally Posted by Bostonhibby

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Family yam just emailed to say they have posted a profit!

Loss for the financial period £954,000.

***Bostonhibby*** · 13-10-2015 10:03 AM

Originally Posted by grunt

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Loss for the financial period £954,000.

He's added the £120k per month into the result - thankfully he ain't an accountant but he does work for the council.

***Leithenhibby*** · 13-10-2015 11:28 AM

Originally Posted by Bostonhibby

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but they are still receiving, and spending it whilst making the loss so its not buying many shares or paying off much debt?

Family yam just emailed to say they have posted a profit! This is the guy who signed up to FOH and cancelled the DD without paying a penny because Budge "saved" them it wasn't needed.

It's not buying ANY shares

Fixed that for you

**NAE NOOKIE** · 13-10-2015 11:32 AM

Originally Posted by TrinityHibs

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How did they spend £3.7M on key infrastructure repairs? That's a lot of light bulbs

Our East stand cost about that amount to build ..... WTF have they spent nearly 4 million quid doing to the Asbestos Arena that cant be seen? Its a question I would be asking if I was a Yam

***Bostonhibby*** · 13-10-2015 11:33 AM

Originally Posted by Leithenhibby

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It's not buying ANY shares

Fixed that for you

But, but, fan ownership, big team blah blah.........

***lord bunberry*** · 13-10-2015 12:21 PM

Originally Posted by NAE NOOKIE

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Our East stand cost about that amount to build ..... WTF have they spent nearly 4 million quid doing to the Asbestos Arena that cant be seen? Its a question I would be asking if I was a Yam

Was there not a problem with the toilets in the main stand overflowing and seeping through the asbestos into the John Robertson suite? I remember there was stories about pish dripping onto the custard creams and the calor gas heater during pre match cardigan presentations.

**Coco Bryce** · 13-10-2015 12:22 PM

Originally Posted by grunt

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FoH are contributing £120k per month - that is really quite something.

Fair play to them. Thought that would have fizzled out by now to be honest.

***Brightside*** · 13-10-2015 12:44 PM

So they are not even paying off her interest charges never mind the actual loan??

and its not even being discussed on JKB?

***Bishop Hibee*** · 13-10-2015 12:47 PM

Originally Posted by grunt

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FoH are contributing £120k per month - that is really quite something.

Fools and their money are soon parted.

***grunt*** · 13-10-2015 01:06 PM

Originally Posted by TrinityHibs

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How did they spend £3.7M on key infrastructure repairs? That's a lot of light bulbs

Originally Posted by NAE NOOKIE

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Our East stand cost about that amount to build ..... WTF have they spent nearly 4 million quid doing to the Asbestos Arena that cant be seen? Its a question I would be asking if I was a Yam

Originally Posted by lord bunberry

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Was there not a problem with the toilets in the main stand overflowing and seeping through the asbestos into the John Robertson suite? I remember there was stories about pish dripping onto the custard creams and the calor gas heater during pre match cardigan presentations.

£3.7m is the total "other operating charges" of the group, so it includes all costs other than staff costs, which were a touch over £4m. It's not just infrastructure costs.