The New Raith Rovers Thread

[grumswall]

Is there not a time limit on the loan aswell? Im sure iv read 2020. If that is the case it would be a bit concerning if the loan isnt going down any.

[Raith Against The Machine]

This is the sum total of the stuff I got by casting my untrained eye over the accounts a wee while back:

Stark's Park Properties Limited

Stark's Park Properties Ltd is the company which deals with the stadium's finances. Formerly known as West City Developments Ltd, this is the company that was formed by certain former directors, possibly with a view to selling off the ground and replacing it with some lovely railway-adjacent three bedroom homes. It was wholly Reclaimed on the 30th of December 2005 and is now pretty simple in its ownership. John Sim (as NRR Investments Ltd) owns 51%, New Raith Rovers Ltd owns 27% and Mario Caira owns the remaining 22%. Of all the companies, this has the set of accounts that is most up to date (by about 6 months).

For the year end 31st January 2012,
Total Assets: £762,920
Total Liabilities: £572,514
Net Assets: £190,406

It looks like Stark's Park is valued at £725,035. The rest of the assets are made up of cash (£33,053) and other current assets (£4,832). Clearly the main liability here is the "mortgage" on the ground, owed to the Allied Irish Bank. The big positive to take from this is that the total liabilities of Stark's Park Properties Ltd are down 6.05% from the year before. It's not a massive amount, but it's better than an increase.

To try and give a little more detail on the "mortgage", I've had a wee look at the previous year's accounts too, and the notes that go along with them. Prior to December 2008, the company was paying interest only on a loan from the Allied Irish Bank. At that point, it was restructured into a 15 year repayment plan, at 3% interest above the base rate. So, if all goes to plan, the loan should be paid off in December 2023. The loan is secured against the company's assets (essentially, Stark's Park) and a personal guarantee of £450,000 from John Sim.

I'm not quite sure what the story is with this. Stark's Park Properties Ltd actually makes a profit each year (just under £43,000 for the last year) and there are notes in the accounts that don't exactly speak of great communication between Stark's Park Properties Ltd and the rest of the group. It appears that there's a dispute about all of the missed rent payments during the lean years.

Maybe John Sim takes a cut in exchange for being a safeguard between the club and the bank, making loan repayments in the case of the club falling short on any particular month, but it doesn't seem quite as cosy as that. I'm not even sure if he's taking any money out of the business, though. If there's one question I really want answered, it's about the status of the relationship between Stark's Park Properties Ltd and the wider "Raith Rovers" group.

[Zen Archer (Raconteur)]

http://www.raithrovers.net/10908/boxing-day-fixture-rescheduled.htm

[pub car king]

That is not a happy announcement from whoever wrote it

[Stelios]

This is the sum total of the stuff I got by casting my untrained eye over the accounts a wee while back:

Stark's Park Properties Limited

Stark's Park Properties Ltd is the company which deals with the stadium's finances. Formerly known as West City Developments Ltd, this is the company that was formed by certain former directors, possibly with a view to selling off the ground and replacing it with some lovely railway-adjacent three bedroom homes. It was wholly Reclaimed on the 30th of December 2005 and is now pretty simple in its ownership. John Sim (as NRR Investments Ltd) owns 51%, New Raith Rovers Ltd owns 27% and Mario Caira owns the remaining 22%. Of all the companies, this has the set of accounts that is most up to date (by about 6 months).

For the year end 31st January 2012,

Total Assets: £762,920

Total Liabilities: £572,514

Net Assets: £190,406

It looks like Stark's Park is valued at £725,035. The rest of the assets are made up of cash (£33,053) and other current assets (£4,832). Clearly the main liability here is the "mortgage" on the ground, owed to the Allied Irish Bank. The big positive to take from this is that the total liabilities of Stark's Park Properties Ltd are down 6.05% from the year before. It's not a massive amount, but it's better than an increase.

To try and give a little more detail on the "mortgage", I've had a wee look at the previous year's accounts too, and the notes that go along with them. Prior to December 2008, the company was paying interest only on a loan from the Allied Irish Bank. At that point, it was restructured into a 15 year repayment plan, at 3% interest above the base rate. So, if all goes to plan, the loan should be paid off in December 2023. The loan is secured against the company's assets (essentially, Stark's Park) and a personal guarantee of £450,000 from John Sim.

I'm not quite sure what the story is with this. Stark's Park Properties Ltd actually makes a profit each year (just under £43,000 for the last year) and there are notes in the accounts that don't exactly speak of great communication between Stark's Park Properties Ltd and the rest of the group. It appears that there's a dispute about all of the missed rent payments during the lean years.

Maybe John Sim takes a cut in exchange for being a safeguard between the club and the bank, making loan repayments in the case of the club falling short on any particular month, but it doesn't seem quite as cosy as that. I'm not even sure if he's taking any money out of the business, though. If there's one question I really want answered, it's about the status of the relationship between Stark's Park Properties Ltd and the wider "Raith Rovers" group.

Technically, SPP are operating at a profit because they are getting income from Raith Rovers FC and no expenditure given that Raith are responsible for upkeep and maintenance of the ground.

SIM owns 51% of SPP so is the majority shareholder, the rest being Mario Caira and New Raith Rovers Ltd which the Raith Forum are part of, so there is fan invovlement. Our supporter's director sits on the SPP board as part of his role.

Edited October 11, 2013 by Stelios

[Yoss]

In making this decision we have taken account of the fact that our opposition on Saturday 28th December (Livingston) recently agreed to switch their Boxing Day match and had we not done likewise, two matches in 48 hours would have placed us at a disadvantage when we face John McGlynn’s men.

All the more reason why teams shouldn't be given this option and should just be told to play the game as scheduled.

[BIGQ FAE KDY]

Correct especially as i will now miss the game as i am away to visit family that i dont get to see too often.If it had been on the fixture list we were playing on the 21st then fair enough i would know i was going to miss it.But for it to be changed like this is pish and i am sure there will be other raith and cowden fans who will miss the game.It may well suit some but its no the point.Boxing day has always been a big day for going to the football and with it being a bank holiday brings a decent crowd in but now that will be affected.Alright its changed to a saturday but its the saturday before christmas which is also a major shopping day for some.Just my opinion.

[RoversMad]

This news sucks,

I'm sure I'm not the only one who can't wait to get out the house and away to the football by lunchtime Boxing Day.

Also we are usually away from home and BigQ always has us leaving at stupid o'clock (ie hanging around outside Munns Vaults waiting on it opening before we played Partick) so i was really looking forward to this match due to the fact we were at home.

[BIGQ FAE KDY]

This news sucks,

I'm sure I'm not the only one who can't wait to get out the house and away to the football by lunchtime Boxing Day.

Also we are usually away from home and BigQ always has us leaving at stupid o'clock (ie hanging around outside Munns Vaults waiting on it opening before we played Partick) so i was really looking forward to this match due to the fact we were at home.

Wee john let us in eventually and its no my fault it was sunday opening hours

[Broken Algorithms]

Correct especially as i will now miss the game as i am away to visit family that i dont get to see too often.If it had been on the fixture list we were playing on the 21st then fair enough i would know i was going to miss it.But for it to be changed like this is pish and i am sure there will be other raith and cowden fans who will miss the game.It may well suit some but its no the point.Boxing day has always been a big day for going to the football and with it being a bank holiday brings a decent crowd in but now that will be affected.Alright its changed to a saturday but its the saturday before christmas which is also a major shopping day for some.Just my opinion.

As frustrating as it is, and while we miss out on revenue from fans who'd usually be there, I'm slightly glad we've taken the sensible option and chosen not to play two games in an even shorter period of time. Especially considering we'll be facing what will no doubt be a hard-working John McGlynn team. Lets hope any potential discounts can attract in the punters to make up for regulars who are missing the games.

[pantene proV]

Agreed, sensible decision taken here.

I see no reason for us to play twice in 48 hours when there's a free Saturday and there's talk of a price reduction too so I'm fine with this outcome.

[Ro Sham Bo]

Under the original fixture list we'd have had almost a 2 week break prior to the boxing day game. If the players can't then play two games in 3 days then that's pretty pathetic. We've been moaning for years about the lack of home games over the festive period yet here we are rescheduling one when we get it. No doubt if the new year game ends up being postponed the same board who have turned their noses up at extra revenue here will be crying in the papers about potential lost revenue.

Edited October 12, 2013 by Martin Nelson

[Scary Bear]

I had a quick look and the last home game on Boxing Day that I could see was Airdrie in 1994. I suppose it'll help the team out but personally I would have told Cowdenbeath to bolt.

[Enigma]

Under the original fixture list we'd have had almost a 2 week break prior to the boxing day game. If the players can't then play two games in 3 days then that's pretty pathetic. We've been moaning for years about the lack of home games over the festive period yet here we are rescheduling one when we get it. No doubt if the new year game ends up being postponed the same board who have turned their noses up at extra revenue here will be crying in the papers about potential lost revenue.

Accidental red dot there. Then I read your post and didn't feel so bad. Playing on a free Saturday and avoiding two games in 48 hours is the right decision. There's also no public transport on Boxing Day so those games apcan be difficult for some to get to.

[Ro Sham Bo]

Accidental red dot there. Then I read your post and didn't feel so bad. Playing on a free Saturday and avoiding two games in 48 hours is the right decision. There's also no public transport on Boxing Day so those games apcan be difficult for some to get to.

It's a Fife derby, I can't see travel being an issue in this case. No doubt some pampered players went running to the manager because they don't want to train on Christmas day.

[Enigma]

Do you work on Christmas Day?

[Toddy]

It's a Fife derby, I can't see travel being an issue in this case. No doubt some pampered players went running to the manager because they don't want to train on Christmas day.

Would you be happy working on Christmas day? I`ve done it before and its crap. Everyone enjoying themselves and you`re stuck at work.

[Broken Algorithms]

Pampered players? f**k sake, as the past two posters have said, I'm sure you'd be delighted to be working on Christmas day, especially with the possibility of having a young family. Its been done for common sense reasons. I can understand people saying they might miss the game due to the timing, and that they might have preferred boxing day. But to have a go at the club for not wanting to play two games in such a short period is ridiculous. The irony is, you'd probably be more than happy to slate them for blowing out their arses when playing in the second game.

[CALDERON]

Im watching Joe Hamill play for Formartine in the highland league. He has already won 3 headers, and skinned half their team.

:lol:

[Ebanda's Handyman Services]

Happy with the date change as I'm back shift for 7 days starting on the 23rd and would have missed the game.