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AH thread on Irish Times article on Boards.ie?

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    #2
    The Hill Billy
    Registered Users Posts: 22,775 ✭✭✭✭The Hill Billy


    Associate of my home.ie writes article about associates of daft.ie & gets dig in over some debt but makes no mention of assets. Nothing to see here... :)


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    #3
    Penn
    Registered Users Posts: 33,711 ✭✭✭✭Penn


    The Hill Billy wrote: »
    Associate of my home.ie writes article about associates of daft.ie & gets dig in over some debt but makes no mention of assets. Nothing to see here... :)
    The website, owned by Distilled Media, the company that runs the Daft property website,

    The Daft brothers, Eamonn and Brian Fallon, first bought into Boards in 2008.

    ... a full four years after the Daft boys first got involved.

    Yeah. I pretty much know nothing about who owns Boards/Daft/Distilled, but even I figured something was up when the writer kept saying "The Daft Brothers/Boys". Seemed like a bit of a veiled swipe.


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    #4
    P_1
    Registered Users Posts: 14,681 ✭✭✭✭P_1


    The Hill Billy wrote: »
    Associate of my home.ie writes article about associates of daft.ie & gets dig in over some debt but makes no mention of assets. Nothing to see here... :)

    Never thought of it that way. Yeah strikes me as boards getting caught in the crosshairs of a bit of proxy mud slinging between two companies involved in the property industry now that I think of it.

    Isn't the property industry a delight


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    #5
    Sleepy
    Registered Users Posts: 24,247 ✭✭✭✭Sleepy


    I know €100k losses per year aren't massive trouble but if they've been happening for quite a while, it'd have to be a cause for concern surely?


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    #6
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,727 Admin ✭✭✭✭✭hullaballoo


    I remember when the Irish Times was regarded as the newspaper of record.


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    #7
    weisses
    Registered Users Posts: 9,455 ✭✭✭weisses


    Does that mean I don't need to sell my kidney ?


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    #8
    kneemos
    Registered Users Posts: 20,433 ✭✭✭✭kneemos


    The Hill Billy wrote: »
    Associate of my home.ie writes article about associates of daft.ie & gets dig in over some debt but makes no mention of assets. Nothing to see here... :)

    What assets would a website have?


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    #9
    hullaballoo
    Administrators, Entertainment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 18,727 Admin ✭✭✭✭✭hullaballoo


    kneemos wrote: »
    What assets would a website have?
    Reach.


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    #10
    Sleepy
    Registered Users Posts: 24,247 ✭✭✭✭Sleepy


    Goodwill.
    Brand.
    Any cash in the bank.
    Debtors.
    Servers/Laptops
    Office Equipment etc.


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    #11
    kneemos
    Registered Users Posts: 20,433 ✭✭✭✭kneemos


    Sleepy wrote: »
    Goodwill.
    Brand.
    Any cash in the bank.
    Debtors.
    Servers/Laptops
    Office Equipment etc.

    All included in the accounts surely.


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    #12
    K-9
    Registered Users Posts: 43,311 ✭✭✭✭K-9


    Not in a P&L account though (sorry for the accountancy stuff).

    Assets would be in a Balance Sheet and would be used to show the value of the company. You could have a company making losses but still worth a considerable sum.

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



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    #13
    LuckyLloyd
    Registered Users Posts: 36,350 ✭✭✭✭LuckyLloyd


    Article also claims a €65k hole in the balance sheet.


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    #14
    K-9
    Registered Users Posts: 43,311 ✭✭✭✭K-9


    LuckyLloyd wrote: »
    Article also claims a €65k hole in the balance sheet.

    I don't know how a balance sheet can have a 65k hole in it.

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



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    #15
    Orion
    Closed Accounts Posts: 12,807 ✭✭✭✭Orion


    K-9 wrote: »
    I don't know how a balance sheet can have a 65k hole in it.

    That's what I thought. A balance sheet has to balance - there's a clue in the name.


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    #16
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    LuckyLloyd wrote: »
    Article also claims a €65k hole in the balance sheet.

    Now maybe I'm stupid...But how would this IT journalist have seen Boards's balance sheet? Surely that's not something that just anybody can see?


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    #17
    LuckyLloyd
    Registered Users Posts: 36,350 ✭✭✭✭LuckyLloyd


    Lads, I just pointed out it's what the article claims! :) I'm somewhat clueless when it comes to such things.


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    #18
    K-9
    Registered Users Posts: 43,311 ✭✭✭✭K-9


    Darkglasses wrote: »
    Now maybe I'm stupid...But how would this IT journalist have seen Boards's balance sheet? Surely that's not something that just anybody can see?

    CRO website I presume. The information should be available to anybody paying a small fee.

    There can't be a hole in it, it's a lazy term. The directors or other companies might have put money into it to cover losses, but that isn't necessarily a bad thing. As long as they think the company is worth persisting worth, no bothers!

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



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    #19
    ComputerKing
    Banned (with Prison Access) Posts: 770 ✭✭✭ComputerKing


    Darkglasses wrote: »
    Now maybe I'm stupid...But how would this IT journalist have seen Boards's balance sheet? Surely that's not something that just anybody can see?

    You can get them off the CRO for a fee. However you can't have a hole in a balance sheet that's impossible.


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    #20
    Darkglasses
    Registered Users Posts: 14,526 ✭✭✭✭Darkglasses


    Well I learned something new today :D


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    #21
    K-9
    Registered Users Posts: 43,311 ✭✭✭✭K-9


    Darkglasses wrote: »
    Well I learned something new today :D

    Same time, same place tomorrow for exciting accountancy anecdotes.

    Mad Men's Don Draper : What you call love was invented by guys like me, to sell nylons.



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    #22
    Nodin
    Closed Accounts Posts: 46,938 ✭✭✭✭Nodin


    ComputerKing wrote: »
    You can get them off the CRO for a fee. However you can't have a hole in a balance sheet that's impossible.


    Well you used be able to, if you leaned too hard on the rubber.


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    #23
    Steve
    Moderators, Category Moderators, Entertainment Moderators, Sports Moderators Posts: 22,584 CMod ✭✭✭✭Steve


    Mmm, have the IT (or any newspaper) ever ran a story and used information they found on boards?

    Surely not.

    Surely they would pay handsomely for doing that.. :/

    Idea (c) boards.ie


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    #24
    Cookie_Monster
    Registered Users Posts: 24,506 ✭✭✭✭Cookie_Monster


    Sleepy wrote: »
    I know €100k losses per year aren't massive trouble but if they've been happening for quite a while, it'd have to be a cause for concern surely?

    it could be perfectly sustainable if it depreciation or goodwill being written off is pushing a smaller suplus into an accounting loss. Much better from a tax position too :)


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    #25
    Sleepy
    Registered Users Posts: 24,247 ✭✭✭✭Sleepy


    True. I was assuming it was an operating loss rather than a net loss after interest, tax and amortisation...


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    #26
    The Hill Billy
    Registered Users Posts: 22,775 ✭✭✭✭The Hill Billy


    With the property business booming thanks to Daft.ie - I think the debt will be wiped in no time. :pac:


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    #27
    Sleepy
    Registered Users Posts: 24,247 ✭✭✭✭Sleepy


    So you're telling me Dav bunged an IT journalist a few quid to bump subscriptions this month then? :p


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    #28
    Harry Palmr
    Closed Accounts Posts: 40,061 ✭✭✭✭Harry Palmr


    Where is the boards.ie cupboard? An upwardly mobile area?


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    #29
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    Penn wrote: »
    Seemed like a bit of a veiled swipe.

    It was veiled? It made it sound like there was a known formula for turning internet forums into profit making machines. Also Boards was considered in isolation where as part of a larger internet group it might through synergies contribute to profits in other group companies and be worth keeping without any of this showing up on the P&L or Balance Sheet (other than perhaps being inferred from the mother company funding Boards rather winding it up or trying to sell it off).


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    #30
    glued
    Closed Accounts Posts: 2,446 ✭✭✭glued


    K-9 wrote: »
    I don't know how a balance sheet can have a 65k hole in it.

    You're right there can't be a 'hole'. Typically a 'hole' in a balance sheet refers to a large credit item. Maybe a huge creditor/loan/payable.


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    #31
    Beasty
    Administrators, Social & Fun Moderators, Sports Moderators Posts: 76,353 Admin ✭✭✭✭✭Beasty


    €65k is the net liabilities of the company at 31 December 2012. That means it owed more than it has assets to pay. Basically the company is funded by a big loan from the Daft Media company, but unless that company decides to seek repayment of that loan there is no issue

    Obviously we are talking 18 months ago here and things could have moved on materially since then.


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