General Companies House update - charge satisfied

Manorlounger

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A charge over OUFC assets to Barclays Bank from Jan 2009 has now be updated as "satisfied".
That is interesting. It has sat on the books for a long time. Good news in terms of the club finances.
 

Jason

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Might be a charge that was settled some time ago but no-one got round to telling Companies House...
 

Peterdev

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Finance hasn’t been questioned for a while. It was concerning when we kept get winding up petitions issued against the club.
 

Manorlounger

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Looking back at the accounts for year ending 30th June, this entry might give us all a clue (Woodstock Partners = Nick Merry etc. This was also about the time that he resigned as a director of OUFC.)

1609944610197.png
 

MarkG

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Looking back at the accounts for year ending 30th June, this entry might give us all a clue (Woodstock Partners = Nick Merry etc. This was also about the time that he resigned as a director of OUFC.)

View attachment 5247
you want to look at the note above for short term creditors so the club was borrowing money from the bank and it was secured by a chargecreditors.JPG

as a football club is hardly a reliable payer.
 

Manorlounger

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you want to look at the note above for short term creditors so the club was borrowing money from the bank and it was secured by a chargeView attachment 5248

as a football club is hardly a reliable payer.
So regular payments were due? Seems incredible that it's taken this long to clear. Must have been some fairly stringent interest rates! Main thing is, it's now gone. Something else to applaud the current directors and board for sorting.
 

MarkG

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So regular payments were due? Seems incredible that it's taken this long to clear. Must have been some fairly stringent interest rates! Main thing is, it's now gone. Something else to applaud the current directors and board for sorting.
I think the point is that many years ago the club was able to use a bank overdraft (2009 and before0 but if you look back over recent years, there hasn't been a "bank overdraft" under short or long term creditors at 30 June. So the club was funded by the owners. So nothing to do with a bank loan with regular payments etc

Normally the reason for getting rid of the charge is that perhaps the club is changing banks and wants to clear off any old charges. Or perhaps wants to borrow from someone else who wants a charge, but that lender wants no prior charges.
 

MC Yellow

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If you go onto companies house you will find the full 9 page document about the charge under the filing history (15th Jan 2009).... not that it is particularly interesting.
 
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