Sky Blue Sports & Leisure Limited, together with its subsidiary Otium Entertainment Group Ltd, that now owns CCFC, have submitted their latest financial statements for 31st May 2013 to Companies House. CCFC is the only trading part of the Group in that year.

The main items of interest in the group accounts are:

-  Turnover £6,571,769 (2012 – £10,825,984)

-  Staff Costs £6,957,287 (2012 - £9,913,773)

-  Interest charges £1,806,836 (2012 - £1,264,619)

-  Property operating lease charges £1,195,702 (2012 - £1,659,021) (including but not only the Ricoh Arena)

-  Profit on player sales £1,646,566 (2012 – £2,840,854)

-  Loss for financial year £7,155,140 (2012 - £4,003,493)

-  Liabilities exceed assets on Balance sheet by £44,721,425 (2012 - £37,738,064)

-  Amount owed to Investment Funds managed by SISU Capital Limited £28,554,312 (2012 – £28,554,706) Plus interest accrued £456,667 (2012 - £256,667)

-  Total amount owed to ARVO Master Fund £13,403,814 (2012 – £8,025,814) Plus interest accrued £1,561,750 (2012 – £252,226)

The Group has “received written assurances from group shareholders of their intention to continue to provide support to the group by not demanding repayment of debt for the foreseeable future and of their intention to provide or source funding required by the group and company to enable the group to continue as a going concern. Notwithstanding this intention there is no contractual certainty that such funding will be made available nor that the loans will not be called for immediate repayment

Auditors include a statement in their report that “indicate the existence of a material uncertainty which may cast significant doubt over the company’s ability to continue as a going concern

All worrying information that surely demands detailed explanation and transparency from the directors to reassure the long suffering fans

(Copies of the full statements can be obtained from Companies House)

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