Guest BlueBrett Posted 5 March 2012 Posted 5 March 2012 From the OS: The profit and loss account for the year ended May 31, 2011 is summarised as follows: Year ended May 31, 10 £'000 Year ended May 31, 09 £'000 Turnover 17,357 16,213 Amortisation of purchased goodwill 0 - Operating costs excluding staff costs (15,079) (9,199) Staff costs (16,577) (14,478) Operating profit/(loss) (14,299) (7,464) Profit/(loss) on disposal of players 1,815 1,425 Net interest (2,732) (1,491) Pre-tax profit/(loss) (15,216) (7,530) Tax charge/credit - Retained profit/(loss) (15,216) (7,530) Turnover is analysed as follows: Year ended May 31, 10 £'000 Year ended May 31, 09 £'000 Match receipts 6,022 5,676 Other football income 6,009 5,131 Retailing and merchandise 1,377 1,602 Conference, banqueting & catering 880 935 Sponsorship, executive suites, advertising & other income 3,069 2,869 Total turnover 17,357 16,213 Have they just put the wrong dates at the tops of the columns of have they put up the wrong figures? Also do Pwc audit Lcfc?
Guest ttfn Posted 6 March 2012 Posted 6 March 2012 From the OS: The profit and loss account for the year ended May 31, 2011 is summarised as follows: Year ended May 31, 10 £'000 Year ended May 31, 09 £'000 Turnover 17,357 16,213 Amortisation of purchased goodwill 0 - Operating costs excluding staff costs (15,079) (9,199) Staff costs (16,577) (14,478) Operating profit/(loss) (14,299) (7,464) Profit/(loss) on disposal of players 1,815 1,425 Net interest (2,732) (1,491) Pre-tax profit/(loss) (15,216) (7,530) Tax charge/credit - Retained profit/(loss) (15,216) (7,530) Turnover is analysed as follows: Year ended May 31, 10 £'000 Year ended May 31, 09 £'000 Match receipts 6,022 5,676 Other football income 6,009 5,131 Retailing and merchandise 1,377 1,602 Conference, banqueting & catering 880 935 Sponsorship, executive suites, advertising & other income 3,069 2,869 Total turnover 17,357 16,213 Have they just put the wrong dates at the tops of the columns of have they put up the wrong figures? Also do Pwc audit Lcfc? It looks like it and yes. They didn't used to - I don't know if this is a new thing caused by the takeover. Perhaps PwC audit King Power in Thailand
Fox 4 Life Posted 6 March 2012 Posted 6 March 2012 Here is a copy of the full accounts if anyone is interested. The post balance sheet events paragraph is interesting, there is no way all this non-playing staff investment would be made if they weren't serious/in it for the long term. Also no emphasis of matter paragraph in relation to going concern which shows PWC (the largest accountancy firm in the UK) have gained comfort over this. I have worked in audit for one of the big 4 for 8 years so have some experience with this stuff and I am not overly worried, all sorts of companies file accounts like these year on year, the key is for the parent co to remain interested and if this happens the loan balances do not mean much, the concern would be if they were with a 3rd party i.e. a bank! 83b1fde8-cadf-4637-8344-8bc4ff05e0601.pdf
ACF Posted 6 March 2012 Posted 6 March 2012 Page 15. We have 28 million pounds worth of debt due this year. Am I reading that wrong or....
Happy Fox Posted 6 March 2012 Posted 6 March 2012 Page 15. We have 28 million pounds worth of debt due this year. Am I reading that wrong or.... Wrong it is £46.2m
berniethebolt Posted 6 March 2012 Posted 6 March 2012 Interesting reading. Our debt due this year is 28 million but over 50% of the debt is due to the investors (most of it due this year, which I will imagine will just be re-financed over a longer term), external spending is consitent year on year and low - Note 11 gives a good insight into this. Also the stadium is worth 43,000,000 purchased on hire purchases with only 16,000,000 left to pay, and we have a bank loan for a very small 340,000 (down year on year), so our mortgage is well down the line. No players are held on the balance sheet (unless I missed it) which means they are fully expensed - so little risk there and hense the massive loss. We are at little or no risk from thrid parties (banks) so it's all down to the owners commitment to invest. Strip the parent company loan out (which is nice investment to build for the future, which I imagine they will recovered when we are finally promoted) and we are in a very heathly position.
Bayfox Posted 6 March 2012 Posted 6 March 2012 I'd like to know who valued the stadium at 43million and on what basis, this must take into account the amount it can generate, they would never realise that value, if it was to be sold or they wished to sell the land. Also is only writing down at 2% common for something like that, I know that this is based on life span, but that means it will take almost 50 years to write the stadium down nothing on the bank sheets, but I just can't see that something that cost 30 million to build 10 years ago and is already showing signs or age and wear and tear can be classed as such a large asset. I think we can all take one thing from the accounts, whilst the owners remain interested in the Premier League Money and the Advertising KP then we are ok, if they lose interest before we get there or they suffer large cash losses within the business they operate, We are screwed. Football clubs just don't sell as well as they used to, ask Rangers, Pompey or Port Vale. Plus Bolton, Everton, Newcastle etc, that have all tried to secure buyers in recent years, who's going to take on us with those massive sums owed to the current owners.
Guest BlueBrett Posted 8 March 2012 Posted 8 March 2012 It looks like it and yes. They didn't used to - I don't know if this is a new thing caused by the takeover. Perhaps PwC audit King Power in Thailand I was just a bit surprised because our FD came from pwc so thought there would be some kind of familiarity threat. Didn't realise he joined as long ago as 2004 though. Obviously taken the chance to throw his old employers a bit of work at the first available opportunity - probably wants to go back as a partner one day. Also is only writing down at 2% common for something like that, I know that this is based on life span, but that means it will take almost 50 years to write the stadium down nothing on the bank sheets, but I just can't see that something that cost 30 million to build 10 years ago and is already showing signs or age and wear and tear can be classed as such a large asset. Something like a stadium would go into a special rate pool which can be depreciated at pretty much anything you like as long as you can justify it to the taxman. The depreciation charges are now based on the revaluation which took place in 2009 rather than the initial cost of building the stadium.
Jace Posted 8 March 2012 Posted 8 March 2012 with all the financial experts on here we should have no problems.. Lmao brilliant. Its amazing how we went bust as a PLC
accessory Posted 28 March 2012 Posted 28 March 2012 Only if we're in this position this time next year.
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