Record Ibrox Losses - Auditors Flag Uncertainty Over Going Concern?

Imatim

Well-known member


Extract from Auditors Report:

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN
We draw attention to information in note 1 in the financial statements concerning the Group’s ability to continue as a going concern. In order to continue operations for the next 12 months the Group is dependent upon raising additional finance to cover projected cash shortfalls in season 2020/21 and 2021/22. The precise level of funding required is uncertain as it is inherently dependent on a number of key variables, including the achievement of forecast football performance, player trading and the ongoing impact of COVID-19. As stated in note 1 the risk that key cash flows are not achieved as forecast, along with the absence of a binding debt facility for any shortfalls, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.
Our opinion is not modified in respect of this matter
 

Imatim

Well-known member
Meanwhile tucked away in the audited accounts is this.....the full audited accounts are attached to the VideoCelts link above...

25. RETAINED EARNINGS
Balance at 30 June 2018
Loss for the year ended 30 June 2019
Release of revaluation reserve for the year ended 30 June 2019
Depreciation on release of revaluation reserve for the year ended 30 June 2019 Transfer on repayment and conversion of interest-free loans
Balance at 30 June 2019
Loss for the year ended 30 June 2020
Release of revaluation reserve for the year ended 30 June 2020
Depreciation on release of revaluation reserve for the year ended 30 June 2020 Transfer on repayment and conversion of interest-free loans
Balance at 30 June 2020
Group £’000
(38,671) (11,277) 453 (91)
2,794 (46,792) (17,462)
453 (91) 2,018
(61,874)
Company £’000
(4,546) (1,601)
-
- 2,794
(3,353)
(30,229) -
- 2,018
(31,564)
The Parent Company is exempt from disclosing a company-only income statement. Its loss for the year was £30,229,000 (2019 - £1,601,000).
 

the great jc

Well-known member
'Isn't this their acknowledgement of hypocrisy, and refusing to accept they are a new club born in 2012 ...... with nothing to show for their meagre existence to date'


RANGERS INTERNATIONAL FOOTBALL CLUB PLC

Annual Report 2020 Notes to the financial statements

1. ACCOUNTING POLICIES GENERAL INFORMATION

Rangers International Football Club plc was incorporated in Scotland on 16 November 2012
as a public company with registration number SC437060. The address of the registered office is Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD. The nature of the Group’s operations is that of a football club.

.....'then they give out this'......


Strategic Report About Rangers International Football Club plc (the “Company”, “RIFC”, “RIFC plc” and including its Subsidiaries, the “Group”), and Rangers Football Club (the “Club”)

Rangers Football Club, formed in Scotland in 1872, is one of the world’s most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners’ Cup in 1972.

The Club’s loyal and sizeable supporter base, both in Scotland and around the world, enables the Club to boast one of the highest percentages of season ticket holders in the UK. Playing at the 50,817 seater Ibrox Stadium and benefitting from the world class 37 acre Rangers Training Centre, Rangers have been a leading force in Scottish football for decades. This world class stadium, training infrastructure and a loyal and passionate global fanbase provide an excellent foundation for the Company.

The Club finished second in the SPFL (Scottish Professional Football League) Premiership in season 2019/20. The history, facilities and ambition of the Club are such that the Club remains a desirable destination for foreign and domestic players alike. The first team squad is managed by Steven Gerrard.


'this still rankles with me, and only a second liquidation will suffice, but this time The Res 12 guys and the rest will not be caught asleep on it again and cannot allow the governance to "un-govern" us a second time'..
 

50 Shades of Green

Well-known member
'Isn't this their acknowledgement of hypocrisy, and refusing to accept they are a new club born in 2012 ...... with nothing to show for their meagre existence to date'


RANGERS INTERNATIONAL FOOTBALL CLUB PLC

Annual Report 2020 Notes to the financial statements

1. ACCOUNTING POLICIES GENERAL INFORMATION

Rangers International Football Club plc was incorporated in Scotland on 16 November 2012 as a public company with registration number SC437060. The address of the registered office is Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD. The nature of the Group’s operations is that of a football club.

.....'then they give out this'......


Strategic Report About Rangers International Football Club plc (the “Company”, “RIFC”, “RIFC plc” and including its Subsidiaries, the “Group”), and Rangers Football Club (the “Club”)

Rangers Football Club, formed in Scotland in 1872, is one of the world’s most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners’ Cup in 1972.

The Club’s loyal and sizeable supporter base, both in Scotland and around the world, enables the Club to boast one of the highest percentages of season ticket holders in the UK. Playing at the 50,817 seater Ibrox Stadium and benefitting from the world class 37 acre Rangers Training Centre, Rangers have been a leading force in Scottish football for decades. This world class stadium, training infrastructure and a loyal and passionate global fanbase provide an excellent foundation for the Company.

The Club finished second in the SPFL (Scottish Professional Football League) Premiership in season 2019/20. The history, facilities and ambition of the Club are such that the Club remains a desirable destination for foreign and domestic players alike. The first team squad is managed by Steven Gerrard.


'this still rankles with me, and only a second liquidation will suffice, but this time The Res 12 guys and the rest will not be caught asleep on it again and cannot allow the governance to "un-govern" us a second time'..
Right am no having that, what a load of bull ,nearly had me believing it till I came across this wee gem,
"World Class Stadium "ffs it is perhaps the most rundown heap of shite in the Scottish top tier.

Lying bassas then
Lying bassas now
Lying bassas forever.
 

Torrancetim

Well-known member
Meanwhile tucked away in the audited accounts is this.....the full audited accounts are attached to the VideoCelts link above...

25. RETAINED EARNINGS
Balance at 30 June 2018
Loss for the year ended 30 June 2019
Release of revaluation reserve for the year ended 30 June 2019
Depreciation on release of revaluation reserve for the year ended 30 June 2019 Transfer on repayment and conversion of interest-free loans
Balance at 30 June 2019
Loss for the year ended 30 June 2020
Release of revaluation reserve for the year ended 30 June 2020
Depreciation on release of revaluation reserve for the year ended 30 June 2020 Transfer on repayment and conversion of interest-free loans
Balance at 30 June 2020
Group £’000
(38,671) (11,277) 453 (91)
2,794 (46,792) (17,462)
453 (91) 2,018
(61,874)
Company £’000
(4,546) (1,601)
-
- 2,794
(3,353)
(30,229) -
- 2,018
(31,564)
The Parent Company is exempt from disclosing a company-only income statement. Its loss for the year was £30,229,000 (2019 - £1,601,000).
What exactly does this mean ??
can someone explain please

tick tock never the less
 

Spherical Planet

Well-known member
Their whole rotten tribute to a broken empire is based on a mere projection of superiority and actual significance.

They have only recently become relevant because we let them and their handlers off the hook when there was a clear opportunity to finish them once and for all.

There is now a pathway to their ongoing survival, but it is still largely dependent on far too many variables which they have no control over. Those who have financed their latest attempts to rewrite history may not be so compliant and negotiable when the full financial ramifications become all too evidently clear in April 2021.

We ourselves will be carrying plenty of excess water which we will have to clear, but that would also imply that their particular ship is on a crash course with an iceberg that would make the sinking of The Titanic look like a toy boat going down in the bath tub.

It's not within our knowledge to determine where the huns acquired their mystery funds. We know about their inequity issues, but we also know that even mug punters need some kind of return on their investment at some point before the walls completely close in.

Much to my current chagrin, I always believed that it was much more satisfying to destroy them through the simple art of playing football. Unfortunately - that depends entirely upon acting and playing within your means. It has become evidently clear that, for the entirety of their short existence, they have overspent, underperformed and shortchanged their debtors. Their current position is not based on outstanding playing standards, but rather that we have moved sideways and backwards and offered them a glimmer.

I'm still convinced that we will batter them and better them on the field of play, but as an extra insurance policy (don't mention insurance policies to those clowns) our board must exert their influence and apply necessary pressure to the appropriate parts of the bodies that allows them to breathe fresh oxygen.

Hit them and hit them hard. Question everything and ask the serious questions as to why the football and elected governance of this country allows this shitshow to lie, cheat and steal in perpetuity.

Moonbeams are not a valid firm of currency.
 

Digger

Well-known member
If the have 8million in dept how are they paying wages
Who is supplying them with cash
Why has THE SFA/SPL not taken action
You can ask the questions but won't get an answer

History repeating itself

Waiting for the Euro League money????


Rent where's the rent Spent

Jackanory. Jackanory. Jackanory
 

Benignus

Well-known member
How much information do the clowns that run our game need before action is taken. Blatant cheating going on with FFP rules being ignored by the blazers at hampden, and wtf is going in the boardroom at Celtic, saying nothing as usual, I hope they prove me wrong and start asking questions, grow a feckin pair Celtic, and fight our corner, this shambles of a club has learned nothing since the original died, unlike cheating which is still going on and won't stop if you sit on your feckin hands PL
 

Smelltheglove

Well-known member
How much information do the clowns that run our game need before action is taken. Blatant cheating going on with FFP rules being ignored by the blazers at hampden, and wtf is going in the boardroom at Celtic, saying nothing as usual, I hope they prove me wrong and start asking questions, grow a feckin pair Celtic, and fight our corner, this shambles of a club has learned nothing since the original died, unlike cheating which is still going on and won't stop if you sit on your feckin hands PL
The SFA are doing exactly what they did last time and sitting idly by and watching another car crash happening in front of their eyes, praying and hoping directors at Ibrokes keep covering losses
 

Jinky1962

Well-known member
I use to play cards years ago with friends about 25 years ago.if somebody lost all his money he would probably ask some of the other players for a lend of a few quid so he could keep playing as we were all frI ends thier was usually no problem but if the same person kept losing and borrowing money it became a bit embarrassing so we made a rule that you could only borrow once and then you were out it was only fair both on the other players and the borrower.if thier was no limit to how many times someone could borrow the person could end up cleaning everybody else out at the end of the evening and the other players having no borrowed at all it wasn't fair so the borrow once rule was made.its basically financial fair play.plus any person who borrowed money always paid the money back.thier was no sorry mate I'm a new person (or club) and write of all his debts that could not happen. So will sevco if the get liquidated again just do this slight of hand trick again and again is thier no borrow once rule or die once rule.how long will it take for the people at the top of football I don't mean the sfa.I'm talking about fifa and eufa let this shambles of a football club continue behave in such blatant disregard for the rules.
 

Smelltheglove

Well-known member
We live in strange times, in Anti-bullying week a cabinet minister is found by an independent investigation to have bullied and the PM's response is to back her and disagree with the independent investigation he instigated. The person who loses their job is chair of said investigation.
Seems like parts of society are taking the Trump way of things.
If we close our eyes and say its not true 3 times, when we open them well it's not true
 
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