Annual Accounts are out 19K Profit

So the Club accounts are out! 19K profit.

I’m sure someone with more knowledge than I will disect what limited information is included as per usual.

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What I’d like to see is a couple more of those resigned statuses next to a couple of those directors.

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Not had time to fully digest but the interesting things to note are:

  1. Turnover up over £800k (about 15% if my mental arithmetic is any good) on previous year, mainly driven by “football and commercial income”. Could be a major instalment for Henry or something.

  2. Operating costs up £850k, mainly driven by staff costs increasing by £700k which is surprising considering how poor we’ve been for the last 3 years. Perhaps this figure is partly driven by pay-offs for Keates/Whitney.

  3. Directors loans were paid off to the tune of £135k, but we don’t know which director. I’d assume it’s Uncle Jeff. Don’t forget this only covers the period to May 31st, and LP didn’t become the official majority shareholder until July 31st, so Uncle Jeff may have taken further payments in the interim.

  4. The rent has gone up £10k.

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We have stock apparently!!!

I see the Principal Activity is defined as a 'Professional Football League Club"

On to the accounts, I’m not an accountant so forgive my layman questions:

We’ve suddenly gained an Intangible Asset of £106k - I wonder what it is.
The relevant Sec 2.5 says: ‘Football stadium and training ground - not depreciated’ becuase ‘it is the company practice to maintain these to a high standard’, before adding ‘in the opinion of the Directors.’
The irony doesn’t really come across in accountancy, does it?

Sec 2.11 discusses Contingent Appearance Fees and that ‘provision has been made’.
Does this apply the other way round to Holden?

Sec 17 makes interesting reading as ever.
Does this mean that Jeff has us over to the tune of £886k of £1.3m?

Sec 23 shows it’s £459k these days.
Better adjust that note. Break clause in 9y.

Just not pies. Plenty of turnips on the pitch though.

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This, I think, is player purchases.

Intagible asset amortisation, again, I think, is when we sell players. I.e turning an intagible asset (i.e a player) back in to cash in hand.

I may be wrong.

This has always been a weird one.

We are expected to pay rent and maintain the stadium to a ‘high standard’. How is “high standard” defined? Surely, logically, there comes a point whereby the costs to maintain the “high standard” are prohibitive, and then you end up in a situation where the owner (i.e Bonser) should be responsible for either making the necessary repairs, or reducing the rent in line with the reduction in value of the asset that is being rented.

All those Christmas jumpers.

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The intangibles relate to player registrations ( see pg 14) which are written off to the p&l over the lengths of the contracts involved

That’s a joke in itself isn’t it I seem to remember an article in the sun calling us “bog standard” because of the state of the toilets and the bar underneath the lower was a ■■■■ tip last time I went in there…

As the lease includes a repair and maintenance clause the club would simply be expected to keep the ‘high standard’. I would expect in the instance of a dispute this had been done valuers would be brought in and if they deemed aspects of stadium and/or training ground had fallen to a point they affect the value of these assets it is up to the club to put this right or the landlord could seek damages. I believe if it couldn’t be settled this would end up in a legal and potentially court dispute.

I can’t see how by the occupiers letting it fall into a state of disrepair would mean they could ask the owner to pay for the repairs or reduce the rent.

Your point 2…would this include players wages? If so we did not get value for money!
Your point 3…I am sure in previous years the directors names were given.What could be the reason for not specifying the names?

This years accounts should be more interesting !!!

So can anyone enlighten me on what sort of budget we will have next month?? because we are gonna need a massive transfer window I can’t see us spending a lot to be honest it’s going to be difficult because we ain’t exactly much of a prospect are we.

Looking at the current state of matters it looks like LP has got himself shackled to a corpse, I can see why he has said he needs 5,000 through the door.

I would say unless he has deep pockets or friends with deep pockets or he can pull a rabbit out of a hat like sell James Hardy for a million or two, we need to get out of this division in the next 18-24 months, or we could very well end up like Rovrum, Bournmuff or Looton

That is good. These days any profit is. Carry on as we are, On the pitch and things will change for the worse.

Anyway, Jeff’s new denomination is in tribute to our away kit:

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Just to answer this one for you, because the accounts produced are only up to the end of May there is no way to predict what the current financial situation is, even more so this year due to the massive changes and new owner.

Cheers mate I appreciate that I’d forgot I’d even asked the question it’s been that long looks like DC has his eye on 3/4 attack minded players be interesting to see what he brings in.

I haven’t noted down every year and I am no accountant so someone can put me right…

I have a perception that our annual ‘profit’ is always 15-20k. Some years we actually make a loss and the directors are encouraged to make up the difference so we can make our 20k target…perhaps sometimes we make a profit and such money is paid back. Perhaps thats nonsense but it is my perception.

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