Companies House - Confirmation Statement

[marky No.1]

In the podcast James said the input of cash should enable Derek to get another player in

[Keith]

In the podcast James said the input of cash should enable Derek to get another player in

In addition to Rhys Williams, or was Rhys that player?

[marky No.1]

Depends when it was recorded?

[Billy bodger]

Depends when it was recorded?

I really hope it was after, wow if the young lad gets a big slice of that money.

I thought loan players get some of their wage still paid by their parent club with a top up from the loan club. I know we get a player who has played in the Premiership and CL but if the £78,000 invested in the Club goes just on him it’s indicative of what footballers are asking even in League Two.

I was out with my friend last week who has an interest in following Carlisle Utd he was saying they could not afford a lot of their original targets just asking too much and eating their budget away.

Is this because of the likes of Wrexham and other Clubs with money and the effect of that is knocked on. I know our budget is what it is but they blow us out of the water.

Personally I would like a hungry young buck from a Championship Club and I hope some money is there for that from the resent I put of money.

[P/T Indie]

What are our players on about 1k -1.5k add on employers NI etc you could be looking at near 2k a week so 100k per year for a player.

[redrobo]

Pure unwanted speculation about monies that players both contracted and on loan get.

[Hodgie1978]

More shares

[Billy bodger]

78,000 shares back in August, supposedly helping the club get in another player, some now a 161,651new a shares!! how any players will that get?

[Phoenix Shrimp 2017]

Pure unwanted speculation about monies that players both contracted and on loan get.

True, but I heard something from a Matlock Town director (family relative) which puts things in perspective and indicates how expensive a commodity a professional player probably is. During the last close season Matlock (same league as Lancaster) were in for a defender from the league above (National League North). He wanted to go there and being semi professional he would be playing at most a couple of games a week and training two evenings. His agent demanded £2,000 a month clear in his hand. That's after tax etc'. Matlock agreed to this to sign the player. Brian laws had just been appointed their manager following a few years out of the game managing at a much higher level. He was apparently gobsmacked at the money involved, even at that level and had gone into it thinking players would be getting about £100 a week.

On a side note another great e-mail up date from the trust this morning, mainly about the share issue. The contents maybe mellow our opinions of the Indian contingent. Or do they?

[Lonesome Prawn]

78,000 shares back in August, supposedly helping the club get in another player, some now a 161,651new a shares!! how any players will that get?

£161,651 is a very precise figure - makes me wonder why it was not simply a round figure like the 78,000?

[KenH]

78,000 shares back in August, supposedly helping the club get in another player, some now a 161,651new a shares!! how any players will that get?

£161,651 is a very precise figure - makes me wonder why it was not simply a round figure like the 78,000?

May be a specific meaning in percentage terms. According to Co House, 200,000 shares were already held by Sarb Capital. We don't know who the extra 78000 and 161651 have been issued to yet. But if we add those three numbers we get 439651 which is 8% of total share capital. Perhaps that's a significant percentage, i.e. the percentage limit for a shareholder without gaining EFL approval?? But it could be higher if Mosi/Sarb have bought some shares from an existing shareholder since the last full shareholder list in Summer?

With limited companies, it's not really numbers of shares that matter, it's the percentage of shares that gives voting rights, control rights, etc., so it's very common to have "funny" numbers as total share capital when you've multiple shareholders and shares issued frequently.

[vvm]

Average salary in league 2 is probably around £1000 - £2000 a week.

Presumably the budget of £162,651 will be for short term, 6 month contracts. Works out at around £6,777 a week. That may also be inflated by players who leave so I'd say we should expect somewhere between 4 and 8 incomings.

[black morse]

Average salary in league 2 is probably around £1000 - £2000 a week.

Presumably the budget of £162,651 will be for short term, 6 month contracts. Works out at around £6,777 a week. That may also be inflated by players who leave so I'd say we should expect somewhere between 4 and 8 incomings.

And about the same outgoings!

[Billy bodger]

Is it possible to see who the shares were issued to?

Not until the next full shareholder list is submitted to Companies House.

It wasn’t me!

[Hodgie1978]

First gazette notice of
Compulsory strike off

[Old Man Kensey]

https://find-and-update.company-informa ... ng-history

So it would seem and not for the first time.

[Redalert1970]

Will this force him to sell the club now

[Old Man Kensey]

Will this force him to sell the club now

Not going off his past record. He's been in this position a number of times before.

[Hodgie1978]

I'm guessing a delay because he's trying to complete the deal.
I could be wrong but it might show how much personal debt he now has.

[marky No.1]

This also happened in 2021 and 2023 so nothing new here.
The accounts should have been filed last month, but they are late again

[Billy bodger]

3 months to reply/address issues of the First Gazette notice. If no objection the final Gazette will be issued and the company struck off.

Interesting, nothing that has not happen in some of Whitinghams other companies.

What could it mean to Morecambe FC?

[redrobo]

3 months to reply/address issues of the First Gazette notice. If no objection the final Gazette will be issued and the company struck off.

Interesting, nothing that has not happen in some of Whitinghams other companies.

What could it mean to Morecambe FC?

Got to admit I know sod all about the consequences of a company being struck off BUT if this happens what is the position regarding debt created by the struck off company? Is the debt repayable by those companies owned by the struck off company and if so does that make our club liable for all the debt of The Bond Group assuming that the money loaned to JW ( and hence The Bond Group) by external financial institutions then becomes our debt with JW no longer liable for any debt incurred by his company (in this case The Bond Group).

If this is a worst case scenario then heaven help our very existence as there is no way our club could even get close to the accumulated debt.

PLEASE TELL ME I'VE GOT IT WRONG.....

This statement I found gives me considerable concern for our very existence

If a struck-off company takes a loan to lend to one of its subsidiaries, and the loan is taken out in the name of the subsidiary, the subsidiary is primarily liable for repayment. However, the striking off of the parent company does not automatically release the parent company from any obligations if it provided guarantees or other forms of security for the loan.

HOWEVER

If the Bond Group are struck off and all its debts become nil and are not repayable does that also mean that if loans have been taken out in Bond Groups name to fund us then the club is not responsible for any further repayments possibly meaning that any potential investor could invest in MFC with no up front payment liable to JW /The Bond Group. If that IS the case then we are open then to any local investors coming into the equation.....which is a whole new ball game but possibly the ideal scenario where by a supporter/s or a local business peoples consortium could be interested......

[Billy bodger]

Who knows what it means when Whittingham is involved!

A load of Completely speculative scenario's possible, let hope nothing that can come back on Morecambe FC. In fact it might mean the Club is sold pronto, because he’s brassic!!

The Bond group have had First Gazatte’s filed against it before, so it just all normal service with Whittingham.

[KenH]

The lenders who have lent money to the Bond Group will just raise a formal objection to the striking off notice (as can Jason and any other creditor such as HMRC), and Co House will suspend/cancel the striking off notice.

[twosheds]

Definition of a First Gazette.

A First Gazette notice for the compulsory strike off of a limited company declares a creditors intention to strike your company off the register of companies held at Companies House. Once a company has been struck off, it ceases to exist as a legal entity and all trade must be stopped. A compulsory strike off notice is often served by a disgruntled creditor for unpaid debts, or by Companies House for failure to keep up with statutory filing obligations.