FAO : W.E.Creosote - ncfc finances 04/05 forecast profit

At the bottom of page 20 of the NCFC 2004 Annual Report is the following statement:

'The deferred tax asset has been recognised as the group is forecasting taxable profits of approximately ?5m in the year ended 31st May 2005.'

I suspect the cash related to the forecast profit has been used for :

Redemption of B prefs ?482k
Jarrold stand less ?250k grant ?250k
Pitch ?500k
Ashton transfer (thanks to
B pref shareholders not redeeming) ?1,218k
Corner infill ?2,550k

The Corner infill was expected to cost ?3,250k
(note 28 page 33 of the NCFC 2004 Annual Report)
so may be Surrey is right and that they have taken
a loan out to finance the balance of ?700k. Alternatively they may have financed the ?700k from
working capital.

City will not be paying any tax on that ?5m profit as they have tax losses b/fwd of ?11.5m as per note 8 on page 21 of the NCFC 2004 Annual Report.

Posted By: oh arr, Jul 20, 05:56:00