Auditors worried

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Just read the auditors comments on argyle "they have worries about the club being a going concern "

Wtf?? How close are we to the edge again???

[You must be registered and logged in to see this link.] ahh it means there is a high chance of liquidation or administration. Marvellous

I have no expertise whatsoever in this field, but if somebody could explain why we're in this position despite having among the highest gates and the highest ticket prices, that'd be great.

The price of Buckets in Plymouth will soon start to soar! If a club goes into administration now there is a minimum twelve point deduction, which would mean relegation with the turmoil involved imo.

All the more reason the trust should be taking him to task on these matters not paying for out youth team to go to northern ireland or the welcome signs on the grandstand to be redone. Act now rather than later.

Brent clearly hasnt got the money to run this club its tie for him to go and go now before he takes us into another admin era only this time we wont survive it.

if i read it right we have a 4.2mil loan liability. but only  capital reserves of 1.1 mil. making the P&L into a negative rather than a positive, ie we have a shortfall of 3.0mil effectivly the club with all its miniscule assets has a net worth of -5mil. so if admin does come along, someone would have to buy us for a nominal amount and agree to underwrite 5 mil of debts.

its that or liquidation and closure.

We have total assets of 3 mil and liabilities of 6 mil, see it doesnt add up! its figures like that that WONT make us a going concern in the long term as they are unsustainable on the gates and revenue of a league 2 club.

Financial Statements submitted to Companies House - made up to 31-12-2013
So based on accounts up to end 2013.
Jeeeeeeeeeeez - I was stoney broke in 2013 and now sloshing around in the stuff.

The major problem with trying to read the runes using a website like companycheck is that Brent has such a complex web(b) of companies, with no clear explanation of how they're interwoven, that any interpretation of the financials based upon the information on that one site is bound to encounter problems. Looking at Argyle in isolation is difficult because there are so many different companies that there's no way of knowing which accounting tricks have been used, or what the relationships are between the many and varied companies, and more pertinently, what the overall picture of Brent's finances are.

On the face of it, it doesn't look good. Certainly we know that Brent's 'investment' in Argyle consists of little more than loans, but what we don't know, with any certainty, is whether Brent himself is solvent, fabulously wealthy, or just another Walter Mitty character who talks a persuasive game, as Kevin Heaney did to the Administrators, and actually he hasn't got a pot to piss in.

so was wrathalls money to keep argyle afloat ?
would explain a lot.

It might all be OK and it might all be a looming disaster. There's no way of knowing because Argyle doesn't publish its accounts in any meaningful way.

On the other hand the assets/liabilities fluctuate all the time. In short the "assets" are pretty much the players under contract and each contract will have a paper value representing potential transfer income if the player is sold but each player is also a liability because he is due wages for the remainder of the contract.

Right now with very few players under contract their combined asset value is going to be very low but if we sign one or two on 2 year contacts then this asset value will immediately rise by a substantial amount.

But with no accounts to look at it is all guesswork and we're left with interpreting the signs: not enough money for a video camera; no FPC renovation; HP village planning consent expired; AFT painting the wall; bucket rattlng for the youth trip to Ireland; Sheridan leaving; Oldway's continuing decay... The signs are not good.

AFT should be raising every penny it can and be getting itself ready for the meltdown if it comes - and if it doesn't the richer it gets then the more seriously it will be treated by people like Brent who will always ask "what does it brings to the table?". If the answer is "£1m cash. Now." then it will be treated very differently to how it is treated when the answer is "concern, enthusiasm and expertise".

Brent's flush was busted a long, long time ago. We are now involved in an extended exit strategy where Priority #1 (indeed the only priority) is the recovery of the money lent to the club by Brent's pension fund - money whose repayment in full with interest he has solemnly promised to Mrs Brent no less.

Brent was no more the right person than Heaney was. All the signs point to the club and the City Council being taken to the cleaners.

Us country bumpkins sometimes deserve the title.

Elias wrote:

so was wrathalls money to keep argyle afloat ?
would explain a lot.

At the time of the commencement of Wrathall's newest involvement there wasn't enough money in the bank to meet that month's bills.

Brent was unable/unwilling to put up any more loans and the rest of the board either couldn't, wouldn't or weren't asked. Brent's lines of credit were snapped when Akkeron lost all those hotels and so money couldn't be raised commercially. Step forward Wrathall.

Rollo Tomasi wrote:

Brent was no more the right person than Heaney was. All the signs point to the club and the City Council being taken to the cleaners.

Us country bumpkins sometimes deserve the title.

not all of us many never saw the appeal of brent from day one and i am one of them. Brent still hasnt done anything to suggest that webb and nool blindly backing him wasnt more for their benefit rather than the clubs.

Does anyone owe Argyle money? We hear all about PAFCs debt, but what about those who owe money to the club? Is it a substantial amount or just peanuts?

Who might owe Argyle anything?

Anything pre-admin doesn't count anymore. We haven't got any payments due for player transfers. There's TV/FL money, I suppose.

Can't think of anything else.

Singing don't worry, about a thing. Cos ever little things gonna be alright

is harry still insterested....
cant be any worse then brent,

Kinel, it would have to be a canny operator to owe James B a Bob or two!

Jethro wrote:

is harry still insterested....
cant be any worse then brent,

Was he even really interested and not just a made up story some take as fact.

Your all telling lies, the Chief Cheerleader as seen the Lip Quiver and Jimmy's a massive fan.

Harry as just bought a new house on Sandbanks for £3mils, but sold his for £8mils

Sir Francis Drake wrote:

Who might owe Argyle anything?

Anything pre-admin doesn't count anymore. We haven't got any payments due for player transfers. There's TV/FL money, I suppose.

Can't think of anything else.

Could Barnsley still owe money from Hourihane's transfer?

What about sponsorship pledged by companies? I'd imagine that any sponsorship agreement with the club would be scheduled to be paid in instalments.

Angry wrote:

Jethro wrote:

is harry still insterested....
cant be any worse then brent,

Was he even really interested and not just a made up story some take as fact.

Well if that sites actuate we are worth - 5milllion so he could pick us up as bargain.

JB has a paper profit on HHP Nominee Ltd as PCC sold it to him (&mates) for £400Kish and now say it it worth £800K to cover balloon payment loan, because it now has planning permission granted by PCC for a clusterfuck nobody in their right mind would invest in.

You couldn't make this shit up.

Are there any companies who had advertising hoardings at the ground still owing any money for said hoardings??