Firoka Accounts

[Oxymoron]

For those interested in this sort of thing, FIROKA (OXFORD UNITED STADIUM) LIMITED filed their Full accounts to September 2018 with Companies House last Thursday - just about scratched together half a million profit before tax

 

[holdsteady]

For those interested in this sort of thing, FIROKA (OXFORD UNITED STADIUM) LIMITED filed their Full accounts to September 2018 with Companies House last Thursday - just about scratched together half a million profit before tax

The stadium isn’t viable without the football club (and the cuckoo rugby club thankfully died so hopefully that put paid to that as an alternative) but the football club isn’t viable with the current stadium situation as is, can’t decide if that helps us or not.

 

[NottsYellow]

There is £200k of depreciation. So earnings before depreciation is £700k and we don't know what FK has hidden in administrative expenses.

 

[Navegante]

For those interested in this sort of thing, FIROKA (OXFORD UNITED STADIUM) LIMITED filed their Full accounts to September 2018 with Companies House last Thursday - just about scratched together half a million profit before tax

To really cheer you up, profit from the rest of the Grenoble Rd empire was reported as follows:

• Old Hotel: £963k (after £157k charitable donation!)
• New Hotel: £436k
• Leisure Complex: £947k

 

[Essexyellows]

You don`t put all your profit down on paper...................................................... its why accountants have jobs.

 

[West Oxon U’s]

For those interested in this sort of thing, FIROKA (OXFORD UNITED STADIUM) LIMITED filed their Full accounts to September 2018 with Companies House last Thursday - just about scratched together half a million profit before tax

The written down value or book value of the stadium is £6.5m in those accounts which is interesting.

 

[West Oxon U’s]

To really cheer you up, profit from the rest of the Grenoble Rd empire was reported as follows:

• Old Hotel: £963k (after £157k charitable donation!)
• New Hotel: £436k
• Leisure Complex: £947k

Stadium company business has net tangible assets of £1.3m

https://beta.companieshouse.gov.uk/company/03715984/filing-history

The Ozone building is valued at £24.8m in the latest accounts.

The company has net tangible assets of £19.4m

https://beta.companieshouse.gov.uk/company/03658747/filing-history

The “ Old “ hotel business has net tangible assets of £5.2m.

https://beta.companieshouse.gov.uk/company/06599318/filing-history

The “ new “ hotel business has net tangible assets of £1.2m

Kassam is substantially ‘ up ‘ on the deal after buying all the freehold land the assets sit on for around £2m.
Gross freehold values £6.5m, £24.8m, £7.8m & £3.1m = £42.2m
Net assets after borrowings/liabilities £27.1m

 

[MarkG]

Something to pick up is that the Contingencies note regarding the service charge dispute from 2015-2017 has been dropped for the 2018 accounts. So this presumably confirms the dispute has been resolved - though whether it has been paid or not is another matter, and by whom? i.e. Did Tiger get any money back (or owe less) from Eales?

Note 12 has an interesting drop in bad debt provision from £124,611 to £38,000. Perhaps last year was a 20% provision against the service charge dispute? Or London Welsh, or someone else? Seems most unlike Kassam to let anyone owe him money.

 

[Navegante]

Something to pick up is that the Contingencies note regarding the service charge dispute from 2015-2017 has been dropped for the 2018 accounts. So this presumably confirms the dispute has been resolved - though whether it has been paid or not is another matter, and by whom? i.e. Did Tiger get any money back (or owe less) from Eales?

Note 12 has an interesting drop in bad debt provision from £124,611 to £38,000. Perhaps last year was a 20% provision against the service charge dispute? Or London Welsh, or someone else? Seems most unlike Kassam to let anyone owe him money.

£826k in Trade Debtors! Most of that probably relates to outstanding Service Charges payable by the football club?

 

[Navegante]

Any idea what the £43k of "Government Grants" listed under "Other Income" relates to? I assume a chunk of cash was received at the time of stadium construction to help support the switch from the Manor and is apportioned over a number of years.

But on the face of it, a p**s take of biblical proportions if taxpayer money contributed to the funding of this money printing empire!

 

[Oxymoron]

Isn't the Kass Stad an Evacuation Center in one or more of the Government's and OCC's Emergency Plans? Could be related to that?

 

[carefreeoufc]

I’d rather chance my luck in a nuclear apocalypse than sleep on a camp bed in that s**t hole.

 

[MJB]

Isn't the Kass Stad an Evacuation Center in one or more of the Government's and OCC's Emergency Plans? Could be related to that?

Christ, can you imagine?

Some poor b****r is going to turn up on a stretcher and have 50 people calling them “plastic” before a chorus of “Loyal Supporters” rings out.

“Where we you when weren’t in the middle of a Major Incident?”

 

[MarkG]

Any idea what the £43k of "Government Grants" listed under "Other Income" relates to? I assume a chunk of cash was received at the time of stadium construction to help support the switch from the Manor and is apportioned over a number of years.

But on the face of it, a P**s take of biblical proportions if taxpayer money contributed to the funding of this money printing empire!

Fairly sure that's correct, there was a grant towards building the stadium, something similar to what is now the Football Stadia Improvement Fund. If you look back at the 2002 accounts, the release that year was 104,600 and deferred was 2,540,800, so total of 2,645,400.

 

[MarkG]

Interesting development in the latest Firoka (Oxford United Stadium) Limited accounts to 31 Dec 2022.
Note 5. Investment Property
"On 25 January 2022, as part of a group restructuring, the company disposed of land that was included in the financial statements at valuation of £12,000,000 by way of dividend in specie at historic cost of £331,288 to the former parent undertaking Firoka (Oxford) Limited."

Presumably this is car parks etc around the stadium?
This leaves the valuation of the stadium at £17.1million, having regard to rent and capitalisation rates.

 

[Grumpy Git]

Interesting development in the latest Firoka (Oxford United Stadium) Limited accounts to 31 Dec 2022.
Note 5. Investment Property
"On 25 January 2022, as part of a group restructuring, the company disposed of land that was included in the financial statements at valuation of £12,000,000 by way of dividend in specie at historic cost of £331,288 to the former parent undertaking Firoka (Oxford) Limited."

Presumably this is car parks etc around the stadium?
This leaves the valuation of the stadium at £17.1million, having regard to rent and capitalisation rates.

£17.1 million for a toilet. There’s accountancy, then there’s Firoka’s accountancy. Are they using Donald Trump’s accountant to value this s**t hole?

 

[Orkney Islands Yellow]

Kassam has done well out of Oxfordshire without putting anything back into our county. He stands to make many more millions once he does all the redevelopment he wants to.

 

[Sarge]

Kassam has done well out of Oxfordshire without putting anything back into our county. He stands to make many more millions once he does all the redevelopment he wants to.

sad but very true .... he laughed in the face of the city council regarding what they required him to do regarding The Priory, before building the Hampton hotel. He did nothing, and the city council did nothing re the Prory, the hotel was built anyway

 

[Grumpy Git]

sad but very true .... he laughed in the face of the city council regarding what they required him to do regarding The Priory, before building the Hampton hotel. He did nothing, and the city council did nothing re the Prory, the hotel was built anyway

He should be regarded as a slum landlord. The Priory should be restored to its former self, I believe he agreed to do this and has failed to do so.

 

[MarkG]

As part of the Firoka group restructuring, most of the ownership of the various Ozone companies has transferred to various Jersey companies. Firoka (London Park) Limited, and Firoka (Stadium) Jersey Limited
The Jersey companies don't have to file accounts.
Firoka Oxford Limited now owns the car park, at cost of £331,288.

 

[MarkG]

So a car park that was valued at £12 million as an investment property is now just a land asset of £300k.

Something smells.

Oh and based on rent yields … yeah a car park that has a car wash and a few L plate tests , yes that adds up.

 

[holdsteady]

So a car park that was valued at £12 million as an investment property is now just a land asset of £300k.

Something smells.

Oh and based on rent yields … yeah a car park that has a car wash and a few L plate tests , yes that adds up.

Can’t imagine that cuddly uncle Firoz is up to no good, especially with his previously spotless record.

 

[Mad Dog]

Kassam has done well out of Oxfordshire without putting anything back into our county. He stands to make many more millions once he does all the redevelopment he wants to.

Hopefully once we move out, the old gypsy curse will finally take effect.

What a dream it would be, for us to move into a lovely new stadium, whilst he gets lumbered with a shithole he can't sell

 

[Grumpy Git]

As part of the Firoka group restructuring, most of the ownership of the various Ozone companies has transferred to various Jersey companies. Firoka (London Park) Limited, and Firoka (Stadium) Jersey Limited
The Jersey companies don't have to file accounts.
Firoka Oxford Limited now owns the car park, at cost of £331,288.

Bent

 

[QR]

Bent

There are some on here who will tell you it's not bent as no laws are being broken. But then again they'll also tell you it's would be wrong to change the law because such entrepreneurs would leave the UK taking their companies and assets with them. Yeah, how does that work? See how absurd their logic is.

 

[Essexyellows]

There are some on here who will tell you it's not bent as no laws are being broken. But then again they'll also tell you it's would be wrong to change the law because such entrepreneurs would leave the UK taking their companies and assets with them. Yeah, how does that work? See how absurd their logic is.

Some might say its just spreadsheet jiggery pokery......

 

[Grumpy Git]

Some might say, if you want to register a company abroad fine, BUT, if you operate in the UK and take money from UK customers, you must pay tax and operate under UK tax laws.

 

[MarkG]

Some might say, if you want to register a company abroad fine, BUT, if you operate in the UK and take money from UK customers, you must pay tax and operate under UK tax laws.

I’d be very sure Kassam’s UK companies and their UK operations pay all due UK taxes.

 

[Paul Cannell]

Having set up complex schemes, trusts and vehicles to minimise that risk.

 

[Manorlounger]

Having set up complex schemes, trusts and vehicles to minimise that risk.

They'll be the ones taking the cash to Monte Carlo then? Or is it Some nice little place off shore?