Oxford Cty

Anything yellow and blue
Hog
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Re: Oxford Cty

Post by Hog » Tue Aug 11, 2015 1:48 pm


Mooro
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Re: Oxford Cty

Post by Mooro » Tue Aug 11, 2015 1:58 pm

ty cobb wrote:Going Concern

At March 31, 2015, we had deficit accumulated of $17,468,089 and as noted throughout this report and our financial statements and notes thereto, our independent auditors have expressed their substantial doubt as to our ability to continue as a going concern as of June 30, 2014. We anticipate incurring significant losses in the future. We do not have an established source of revenue sufficient to cover our operating costs. Our ability to continue as a going concern is dependent upon our ability to successfully compete, operate profitably and/or raise additional capital through other means. If we are unable to reverse our losses, we will have to discontinue operations.

The financial statements included in this quarterly report have been prepared assuming that we will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business.

Management's plans include the raising of capital through the equity markets to fund future operations, seeking additional acquisitions, and generating of revenue through our business. However, even if we do raise sufficient capital to support our operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable us to develop business to a level where we will generate profits and positive cash flows from operations. These matters raise substantial doubt about our ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
Every time I read this, I just marvel at the matter of fact nature of these accounts and comments.
We are in a very big hole, in quicksand, with no ladder, no safety rope and even if we did find a tiny ledge to stand on to avoid drowning very soon, there are no realist prospects that we will ever be able to climb out of the hole or that anyone is likely to come to rescue us, or even care that we're gone*, but hey ho, life goes on, nothing to see here.....

(* I am not discounting the 'real' City fans for whom this would be a disaster, but these accounts seemingly do)

bob s
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Re: Oxford Cty

Post by bob s » Tue Aug 11, 2015 4:04 pm

…..this is a nightmare waiting to happen, what on earth is going on?

If ever there was a time for the 'real' OCFC to make a statement, now is surely the time.

We all love City although some of us are 'U's fans too……….my plea to our 'local' owners, is to grasp the nettle and tell us exactly where we stand…..on all aspects, financially and legally - I am sure all City fans will stand behind you however nightmarish this situation might turn out to be.
To err is human - to forgive is divine

Myles Francis
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Re: Oxford Cty

Post by Myles Francis » Tue Aug 11, 2015 4:13 pm

OCFC Inc's last quarter results are due to be posted any day now, so they should make for some more interesting reading (which will be ignored by the OxMail again!).

Snake
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Re: Oxford Cty

Post by Snake » Tue Sep 01, 2015 8:37 pm

Between 2009 and 2014 Michael Hector was loaned out to Bracknell Town, Didcot Town, Havant & Waterlooville, Oxford City, Horsham, Dundalk, Barnet, Shrewsbury Town, Cheltenham Town and Aberdeen.

Chelsea just paid £4m for him today.

Kernow Yellow
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Re: Oxford Cty

Post by Kernow Yellow » Tue Sep 01, 2015 11:09 pm

Snake wrote:Chelsea just paid £4m for him today.
And loaned him straight back to Reading. That's thirty something players they've got out on loan at other clubs, many of which cost them millions of pounds to buy. Ridiculous way to run a football club.

Hog
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Re: Oxford Cty

Post by Hog » Wed Sep 23, 2015 11:40 am

TAG's back! I wonder who paid for his taxi this time?

http://www.oxfordmail.co.uk/sport/13776 ... e_prosper/

Myles Francis
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Re: Oxford Cty

Post by Myles Francis » Wed Sep 23, 2015 12:23 pm

Hog wrote:TAG's back! I wonder who paid for his taxi this time?
I guess the answer is whoever has been dumb enough to buy shares in OCFC Inc. Speaking of which, their annual accounts should be appearing very shortly...

Myles Francis
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Re: Oxford Cty

Post by Myles Francis » Wed Sep 30, 2015 7:48 pm

OCFC Inc's annual accounts should have been filed on Monday, but TAG has filed a "Notification of inability to timely file" the accounts, so has a 15 day extension. The reason for not being able to file on time:
"The Company was unable to compile the necessary financial information required to prepare a complete filing. Thus, the Company would be unable to file the periodic report in a timely manner without unreasonable effort or expense."
Alllllrighty, then!

Radley Rambler
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Re: Oxford Cty

Post by Radley Rambler » Wed Sep 30, 2015 11:10 pm

Myles Francis wrote:OCFC Inc's annual accounts should have been filed on Monday, but TAG has filed a "Notification of inability to timely file" the accounts, so has a 15 day extension. The reason for not being able to file on time:
"The Company was unable to compile the necessary financial information required to prepare a complete filing. Thus, the Company would be unable to file the periodic report in a timely manner without unreasonable effort or expense."
Alllllrighty, then!
How do you think that would go down with HRMC for those that fail to submit their self-assessment on time then? (Not that I have such burdens being a loyal public servant!)

recordmeister
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Re: Oxford Cty

Post by recordmeister » Thu Oct 01, 2015 8:09 am

Not very well... It's so time consuming trying to justify every receipt I'm given against a business expense! Now, where did I leave that book of blank taxi receipts....?!?

Mooro
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Re: Oxford Cty

Post by Mooro » Thu Oct 01, 2015 8:16 pm

Is this the beginning of the end or not - given that they are building a new stand in order to meet the ground criteria for the playoffs at the end of the season.
What I'm wondering is how robust the foundations are for if/when TAG departs - how much they have in their own right and how is based on debts they wont be able to repay.
Squad-wise, they'll probably lose the overseas element pretty quickly, but I suspect there will be a little crop of young departures from OUFC to fill some of the gaps, but I wonder how much of the family silver and/or soul they have sold in following the TAG dream?

Hog
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Re: Oxford Cty

Post by Hog » Thu Oct 01, 2015 9:03 pm

Hang on, I'm confused! Isn't OCFC Inc the US-based company that The Yank has been 'losing' millions of dollars with and nothing directly to do with the original OCFC charity-based football club? I thought the real OCFC are safe from his international dealings?

Myles Francis
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Re: Oxford Cty

Post by Myles Francis » Fri Oct 02, 2015 10:01 am

Hog wrote:Hang on, I'm confused! Isn't OCFC Inc the US-based company that The Yank has been 'losing' millions of dollars with and nothing directly to do with the original OCFC charity-based football club? I thought the real OCFC are safe from his international dealings?
OCFC Inc owns 50% of Oxford City FC (Trading) Ltd, which is the entity through which the senior football club is run. The other 50% is still owned by the "charitable" Oxford City Youth Football Club Ltd.

In the accounts for OCFC Inc, they claim that they receive gate receipts and other earnings from the football club. So whilst the charitable body may be "safe" from TAG, it would appear that he is taking money out of the football club and into his own business (if the submitted accounts are to be believed).

slappy
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Re: Oxford Cty

Post by slappy » Fri Oct 02, 2015 10:49 am

Myles Francis wrote:
Hog wrote:Hang on, I'm confused! Isn't OCFC Inc the US-based company that The Yank has been 'losing' millions of dollars with and nothing directly to do with the original OCFC charity-based football club? I thought the real OCFC are safe from his international dealings?
OCFC Inc owns 50% of Oxford City FC (Trading) Ltd, which is the entity through which the senior football club is run. The other 50% is still owned by the "charitable" Oxford City Youth Football Club Ltd.

In the accounts for OCFC Inc, they claim that they receive gate receipts and other earnings from the football club. So whilst the charitable body may be "safe" from TAG, it would appear that he is taking money out of the football club and into his own business (if the submitted accounts are to be believed).
I think (hope) it is more of an accounting thing, consolidating the football club into the "group" accounts.

I think the footballing activities, income and expenses are still all ringfenced in the UK and run from the UK.

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