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Thread: Club accounts

  1. #11
    Join Date
    Jan 2014
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    6,387
    Quote Originally Posted by BCram View Post
    Islay, could you explain the Rent situation? I'm not sure what we are paying. I always thought that it was cheaper to own something rather than to rent it, if you had the ability to buy.
    The Rent situation is easily explained under Item 13 of the annual accounts for the year ending 31st May 2020 under the section Operating Leases. The rent for the Year 1 which I assume is the year ending 31st May 2020 is quoted as £78,000. https://find-and-update.company-info...filing-history
    I noticed yesterday on Pravda several posters stating that they were not experts in understanding annual accounts. One poster had even ‘copied and pasted’ what some halfwit on Dab Mad had posted stating what he thought was the annual rent we are paying Sandeman Properties. Time for the posters on Dab Mad to take a visit to Specsavers for an eye test.
    You are correct that it is a lot cheaper to purchase something than to rent it especially in the case of Dens Park where we are responsible for all repairs and improvements as well as paying an annual rent to Sandeman Properties.

  2. #12
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    Jan 2014
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    Quote Originally Posted by Deeranged View Post
    You can't hide like that any more. I had an email from Companies House telling me that changes had been made including the submission of annual accounts on 2nd June 2021.

    These are freely available for scrutiny by any DAB 'accountant', and by christ do they take advantage.
    The Confirmation Statement is overdue by more than two months. https://find-and-update.company-info...any/SC004585Hi

  3. #13
    Join Date
    Jun 2013
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    Quote Originally Posted by islaydarkblue View Post
    The Rent situation is easily explained under Item 13 of the annual accounts for the year ending 31st May 2020 under the section Operating Leases. The rent for the Year 1 which I assume is the year ending 31st May 2020 is quoted as £78,000. https://find-and-update.company-info...filing-history
    I noticed yesterday on Pravda several posters stating that they were not experts in understanding annual accounts. One poster had even ‘copied and pasted’ what some halfwit on Dab Mad had posted stating what he thought was the annual rent we are paying Sandeman Properties. Time for the posters on Dab Mad to take a visit to Specsavers for an eye test.
    You are correct that it is a lot cheaper to purchase something than to rent it especially in the case of Dens Park where we are responsible for all repairs and improvements as well as paying an annual rent to Sandeman Properties.
    Thanks Islay.

  4. #14
    Join Date
    Jan 2010
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    2,805
    Quote Originally Posted by BCram View Post
    Thanks Islay.
    It’s not always the case that it’s cheaper to buy than rent Islay, circumstances can vary.

    For example, a start up business may find relatively cheap rental premises with a 6 month or 12 month lease at advantageous terms.

    Or in the case of DFC a long lease with a friendly landlord that charges way under market value. That was the situation for DFC prior to signing the current, and incompetently (actually negligently) agreed, lease.

  5. #15
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    Jun 2013
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    Thanks for the additional info hmac. As best as I could work it out you could get a 30 year fixed mortgage for £1m for about 4% just now. That works out at an annual repayment of £74k, so the rental seems to be very fair, and not much point in changing in terms of cash flow. rates are based on home purchases so there might be a difference for commercial deals -don't know.

  6. #16
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    Jan 2010
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    Quote Originally Posted by BCram View Post
    Thanks for the additional info hmac. As best as I could work it out you could get a 30 year fixed mortgage for £1m for about 4% just now. That works out at an annual repayment of £74k, so the rental seems to be very fair, and not much point in changing in terms of cash flow. rates are based on home purchases so there might be a difference for commercial deals -don't know.
    The rental is only fair up to about 75k a year but I think it’s more than that in a non-Covid reduced rent year.

  7. #17
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    Jan 2014
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    Quote Originally Posted by hmac View Post
    It’s not always the case that it’s cheaper to buy than rent Islay, circumstances can vary.

    For example, a start up business may find relatively cheap rental premises with a 6 month or 12 month lease at advantageous terms.

    Or in the case of DFC a long lease with a friendly landlord that charges way under market value. That was the situation for DFC prior to signing the current, and incompetently (actually negligently) agreed, lease.
    I realise that that renting premises may suit a start up business in the short term but in the long term especially with a laid down increasing annual rental agreement in my opinion it is cheaper to buy than rent.
    I seem to remember reading that the terms of the rental agreement were changed after Admin 2 resulting in very small annual rental payments being paid over the first few years and then increasing over the period until a later final date which I think is 2036.
    According to the enclosed annual accounts the total rental amount outstanding to the end of the agreed rental period is £1,147,804 which is a lot of money especially when Dundee Football Club Limited are still responsible for the cost of any improvements and repairs.
    It would be interesting to know if there is a break in the rental agreement if Dundee Football Club Limited move to a new stadium at Campy Nou.

  8. #18
    Join Date
    Jul 2009
    Posts
    3,243
    Quote Originally Posted by eric_sinclair View Post
    I like a positive Tuesday.
    New stadium in the pipeline(hopefully)
    Dabs target pick dees.
    They lost over 2 million more than us!!
    Can we get Shankland?
    Heard he wants to join up with Paul McMullan so he can get his Scotland career back on track

  9. #19
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    Jun 2013
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    Quote Originally Posted by petermackie View Post
    Heard he wants to join up with Paul McMullan so he can get his Scotland career back on track
    That is a very good shout. With Osman moving on there would appear to be a vacancy.

  10. #20
    Join Date
    Jan 2010
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    2,805
    Quote Originally Posted by islaydarkblue View Post
    I realise that that renting premises may suit a start up business in the short term but in the long term especially with a laid down increasing annual rental agreement in my opinion it is cheaper to buy than rent.
    I seem to remember reading that the terms of the rental agreement were changed after Admin 2 resulting in very small annual rental payments being paid over the first few years and then increasing over the period until a later final date which I think is 2036.
    According to the enclosed annual accounts the total rental amount outstanding to the end of the agreed rental period is £1,147,804 which is a lot of money especially when Dundee Football Club Limited are still responsible for the cost of any improvements and repairs.
    It would be interesting to know if there is a break in the rental agreement if Dundee Football Club Limited move to a new stadium at Campy Nou.
    Prior to that stupid agreement it would have been cheaper year on year to pay rent than buy dens, after that agreement it would have been cheaper to buy Hampden than rent dens!

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