Carsons Dog 9,878 Posted December 20, 2012 Share Posted December 20, 2012 Celtic FC’s £9 Million Hidden Debt paying 6% in PerpetuityPosted by footballtaxhavens ⋅ December 19, 2012Filed Under Celtic FC, DebtHidden round the backIn Celtic’s 2012 Annual Report, available under http://www.celticfc.net/corporate_investornews, Chairman Ian Bankier proclaims on page no. 1 under the Summary of Results, that the 2012 Year End net bank debt is £2.77m up £0.53m from 2011. Naturally Scottish football journalists regurgitate the press release, don’t go deeper into the figures and praise the amazing low debt. All the details in an Annual Report are in the back. It takes a bit of digging to get to the real details. Although the free market is supposed to be allow investors access to information so they can make decisions, financial reports are actually an exercise in showing the good news & hiding the bad things. Directors especially Accountants cannot be trusted to expose the full debt position up front and Celtic’s board is full of ex-CFOs [Chief Financial Officers] & Accountants. Accountancy standards are set by auditors to also aid cover ups. If the Standards were so good why do we have the Enrons, Bear Stearns and Lehman Bros. failures. Accountants, Auditors and Lawyers are all part of the 1%ters. They don’t want us, the 99%, to understand what they are hiding while they distract us with the glittery stuff.Reading the 2012 Annual Report from the back, you find on page 63, there is another debt listed:‘Fair value of financial assets and financial liabilitiesThe fair value of the Group and Company’s financial assets and liabilities, as defined above, are not materially different to their book value with the exception of the debt element of the Convertible Cumulative Preference Shares, the fair value of which is considered to be £9.08m (2011: £9.08m).’ [my emphasis]So Celtic’s true debt position is £11.85 million.This is verified on page no.49 where under note 11 Finance costs we see the costs of the Convertible Cumulative Preference Shares £544,000 payment for both 2012 & 2011. Yet on page no10, up front, Eric J Riley, Financial Director, hides the true size & impact of the Net Debt by excluding the £9.08 million. This is like saying you own your house if you exclude your mortgage.On the previous page, page no 62 you can see Contractual maturity analysis for financial liabilities. These are debts owed in the near future and further out even to ‘in perpetuity’:(ie: Forever!)http://footballtaxhavens.wordpress.c...in-perpetuity/ Quote Link to post Share on other sites More sharing options...
jonbryce 63 Posted December 20, 2012 Share Posted December 20, 2012 Celtic FC’s £9 Million Hidden Debt paying 6% in PerpetuityPosted by footballtaxhavens ⋅ December 19, 2012Filed Under Celtic FC, DebtHidden round the backIn Celtic’s 2012 Annual Report, available under http://www.celticfc....te_investornews, Chairman Ian Bankier proclaims on page no. 1 under the Summary of Results, that the 2012 Year End net bank debt is £2.77m up £0.53m from 2011. Naturally Scottish football journalists regurgitate the press release, don’t go deeper into the figures and praise the amazing low debt. All the details in an Annual Report are in the back. It takes a bit of digging to get to the real details. Although the free market is supposed to be allow investors access to information so they can make decisions, financial reports are actually an exercise in showing the good news & hiding the bad things. Directors especially Accountants cannot be trusted to expose the full debt position up front and Celtic’s board is full of ex-CFOs [Chief Financial Officers] & Accountants. Accountancy standards are set by auditors to also aid cover ups. If the Standards were so good why do we have the Enrons, Bear Stearns and Lehman Bros. failures. Accountants, Auditors and Lawyers are all part of the 1%ters. They don’t want us, the 99%, to understand what they are hiding while they distract us with the glittery stuff.Reading the 2012 Annual Report from the back, you find on page 63, there is another debt listed:‘Fair value of financial assets and financial liabilitiesThe fair value of the Group and Company’s financial assets and liabilities, as defined above, are not materially different to their book value with the exception of the debt element of the Convertible Cumulative Preference Shares, the fair value of which is considered to be £9.08m (2011: £9.08m).’ [my emphasis]So Celtic’s true debt position is £11.85 million.This is verified on page no.49 where under note 11 Finance costs we see the costs of the Convertible Cumulative Preference Shares £544,000 payment for both 2012 & 2011. Yet on page no10, up front, Eric J Riley, Financial Director, hides the true size & impact of the Net Debt by excluding the £9.08 million. This is like saying you own your house if you exclude your mortgage.On the previous page, page no 62 you can see Contractual maturity analysis for financial liabilities. These are debts owed in the near future and further out even to ‘in perpetuity’:(ie: Forever!)http://footballtaxha....in-perpetuity/Well what they have done is in accordance with FRS 25 & 26 in UK accounting standards (or IAS 32 and 39) in international accounting standards.Preference shares are shares which have a fixed dividend, unlike ordinary shares where the dividend is whatever the directors decide they want to pay. Also, on winding up the company, they get repaid before ordinary shares, but after all the other debts have been paid.Cumulative preference shares are preference shares, where if there isn't the money available to pay the fixed dividend, they can hold the dividend back and pay it later when there is the money available.Convertible preference shares are preference shares which can get converted into ordinary shares at some future date. Quote Link to post Share on other sites More sharing options...
Getstiffed 8,863 Posted December 20, 2012 Share Posted December 20, 2012 Add that to all the money they owe uncle Desmond. Quote Link to post Share on other sites More sharing options...
Thermopylae 15,288 Posted December 20, 2012 Share Posted December 20, 2012 Well what they have done is in accordance with FRS 25 & 26 in UK accounting standards (or IAS 32 and 39) in international accounting standards.Preference shares are shares which have a fixed dividend, unlike ordinary shares where the dividend is whatever the directors decide they want to pay. Also, on winding up the company, they get repaid before ordinary shares, but after all the other debts have been paid.Cumulative preference shares are preference shares, where if there isn't the money available to pay the fixed dividend, they can hold the dividend back and pay it later when there is the money available.Convertible preference shares are preference shares which can get converted into ordinary shares at some future date.Well what they have done is in accordance with FRS 25 & 26 in UK accounting standards (or IAS 32 and 39) in international accounting standards.Preference shares are shares which have a fixed dividend, unlike ordinary shares where the dividend is whatever the directors decide they want to pay. Also, on winding up the company, they get repaid before ordinary shares, but after all the other debts have been paid.Cumulative preference shares are preference shares, where if there isn't the money available to pay the fixed dividend, they can hold the dividend back and pay it later when there is the money available.Convertible preference shares are preference shares which can get converted into ordinary shares at some future date.But what about the hospitals and orphans? Quote Link to post Share on other sites More sharing options...
derek1872 548 Posted December 20, 2012 Share Posted December 20, 2012 fair play to whoever took the time to set up this site. Quote Link to post Share on other sites More sharing options...
WadeWilson 4,670 Posted December 20, 2012 Share Posted December 20, 2012 Tit for tat gone nuclear...Fuck them. They lost. Quote Link to post Share on other sites More sharing options...
WadeWilson 4,670 Posted December 20, 2012 Share Posted December 20, 2012 As if I need to sift through these articles to realise that repugnant rodents like Liewell and John Reid are total scumfuckin' bastards. Quote Link to post Share on other sites More sharing options...
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