Ought we be worried?

[MadAmster]

According the the DET, due to CV-19 clubs were given an extension to June 30th to file their accounts with Companies House. It appears DCFC has yet to file.......

[Geoff Parkstone]

Its curious. The accounts were due for filing by 31-03. Some companies in the overall group controlled by MM requested extensions, and still have not filed. Others (eg Gellaw Newco 203, an intermediate holding company) did not request an extension and so are over 3 months late. Still more requested the extension and have filed by the due date.

Amongst the latter camp, we find the company that now owns our stadium, Gellaw Newco 202 Limited, proud new owner of £ 81,109,332's worth of prime Derby real estate. It was funded, curiously, by £ 73.4 million of intra group debt and, somewhat more interestingly £ 7.7 million of other creditor.

More interesting yet is the existence of a fixed/floating charge in favour of Rams Investment Limited who, we must presume, have funded the £ 7.7 million element of the transfer. This company is owned by Amit Haria, who is CFO of Duet Group, controlled by Henry Gabay.

So it would seem that the Duet investment people have been speculating about is in fact a loan to fund the acquisition of the stadium. I will leave it to you to consider:

A) is this the extent of Duet's financial involvement in the club;
is it a portent of future interest / involvement / financing;
C) how would that involvement sit with other potential investors

So I am a little concerned, but not for the reasons that you imagine - the lateness of the club accounts could just be due to delays at companies house, who are short handed, and we may have filed by due date: but they have not processed them.

[MadAmster]

Hmmm. That last bit does settle me down a bit but, as wel all know, we are Derby and don't get treated favourably.... or so history might lead one to believe.

[Geoff Parkstone]

yep, we might get a £ 100 fine for late filing, for each company. Straw and camel's back

What might be interesting is whether we have now flogged the academy ground/facilities this year to double up on the concept. The Academy company owns no property etc, yet the club have about 10m in property (8m net) left after having flogged the ground - or at least had at 1/7/2019

[macstheman]

It all seems very confusing and complicated (that's putting it nicely!)!!
Why is it our finances always seem to take on a snakes and ladders profile??
One minute we seem to be climbing out of the mire then we slither down again. One hopes there are no snakes about!!

[ramAnag]

I’m always ‘worried’ when an accountant uses the words ‘curious’ and ‘concerned’, but then I’m already concerned about the size of any possible points deduction...twelve points or more and, with the run in we have, that spells trouble.

No idea what we should expect or how likely it is to be upheld but I’ll be glad when it’s all sorted...I think!

[mistaram]

Its curious. The accounts were due for filing by 31-03. Some companies in the overall group controlled by MM requested extensions, and still have not filed. Others (eg Gellaw Newco 203, an intermediate holding company) did not request an extension and so are over 3 months late. Still more requested the extension and have filed by the due date.

Amongst the latter camp, we find the company that now owns our stadium, Gellaw Newco 202 Limited, proud new owner of £ 81,109,332's worth of prime Derby real estate. It was funded, curiously, by £ 73.4 million of intra group debt and, somewhat more interestingly £ 7.7 million of other creditor.

More interesting yet is the existence of a fixed/floating charge in favour of Rams Investment Limited who, we must presume, have funded the £ 7.7 million element of the transfer. This company is owned by Amit Haria, who is CFO of Duet Group, controlled by Henry Gabay.

So it would seem that the Duet investment people have been speculating about is in fact a loan to fund the acquisition of the stadium. I will leave it to you to consider:

A) is this the extent of Duet's financial involvement in the club;
is it a portent of future interest / involvement / financing;
C) how would that involvement sit with other potential investors

So I am a little concerned, but not for the reasons that you imagine - the lateness of the club accounts could just be due to delays at companies house, who are short handed, and we may have filed by due date: but they have not processed them.

Hmm CEO of Duet Group Henry Cabay is at present on remand in the South of France after being arrested on tax related fraud in Germany

The plot thickens by the day at Dcfc

[ramAnag]

Hmm CEO of Duet Group Henry Cabay is at present on remand in the South of France after being arrested on tax related fraud in Germany

The plot thickens by the day at Dcfc

Thanks, mista. Cheered me up no end. You’ll be telling me the cricket has been rained off next.

[mistaram]

Thanks, mista. Cheered me up no end. You’ll be telling me the cricket has been rained off next.

RA I'm always the bearer of good news, but the crickets looking a bit dodgy . Accounts go way over my head ,my business partner and our accountant does all that Ask me about the tensile strength of any metal ,machining problems associated with various metals and I could probably blind you but Accounts I can't get my head around To tell the truth I don't really want to

[ramAnag]

RA I'm always the bearer of good news, but the crickets looking a bit dodgy . Accounts go way over my head ,my business partner and our accountant does all that Ask me about the tensile strength of any metal ,machining problems associated with various metals and I could probably blind you but Accounts I can't get my head around To tell the truth I don't really want to

Lol...you could ‘blind’ me about either. Probably know more accounting, but as GP will be quick to tell you, that can only mean I know absolutely nothing about ‘tensile strength’. Tried to Google it to con you but I couldn’t get past the first two sentences.

Anyway...the cricket seems to be about to start after all. Still no idea about Derby and GP doesn’t help, I mean, ‘cum-ex fraud’...