Newcastle pilot said
Sorry, I might have missed something obvious - but I can see from your first post the value of Aero Engineering from the Aero Club's point of view had declined to -106K (ie Eng owes Club 106K) at the end of 2003 - so how does this become 182k in your second post. Are we saying the figures in the two company's accounts don't tally.
"Shareholders funds" in the company - ie total assets less total liabilities - show as -£106k. But the total debt to the parent company - the club - is £182k. The difference is a small amount of other debt, and the company's assets. The question is whether these assets could be turned into cash if necessary. If they could, then the number (at 28/02/03) would be £106k; if any of them could not be turned into cash then the number will be somewhere between £106k and £182k.
Assets were given as
Stock and w-i-p 16,734
Trade debtors 27,963
Bank account 1,578
Other debtors 13,258
Plant and vehicles 35,180
Fixtures and fittings 760
Intangible assets 1,501
Total 96,974
If any of this - or rather the current figures - could not be turned into cash then more of the debt will be unrecoverable - or the the club will have to wait until the engineering company is in healthy profit.