Good question Neil. I was wondering what was up with them too..
I can tell you what's down in them though, about £13,500,000
Poor attempt at a joke aside, where are they? There's a press release on the OS I believe, but I can't see them on Companies House yet?
I missed them as well first off mate, click on the link at the foot of the OS article. Hopefully they will be on line at Co's Hse in the next seven days.
Approved by the board on 28th November 2016 and then withheld from public scrutiny for as long as legally permissible, i.e. the next 4 months.
Not too dissimilar to last year, signed off end Nov, lodged beginning March 2016 IIRC. Playing devils advocate though, why would you want to put these figures out in the public domain before you legally have to?
Good question Neil. I was wondering what was up with them too..
I can tell you what's down in them though, about £13,500,000
Poor attempt at a joke aside, where are they? There's a press release on the OS I believe, but I can't see them on Companies House yet?
I missed them as well first off mate, click on the link at the foot of the OS article. Hopefully they will be on line at Co's Hse in the next seven days.
Cheers, I've just had a little peek again and found them.
Looks quite interesting, and a few things have jumped out at me already actually.
During the year, in accordance with FRS 102, land and buildings at the Valley and Sparows Lane Training Ground were revalued to reflect current market conditions. The revaluation generated an increase in value of £11.5m (2015: £nil), with an associated tax charge of £2.3m (2015: £nil) [..] Once the revaluation has been taken into account, it means that the total comprehensive loss for the year was £4.3m (2015: loss of £4.0m).
Does this mean that, in essence, the club have gained £11.5m of assets as far as the books go.. even though nothing has changed? Similarly, it makes the loss look as though it's actually "only" £4.3m, a slight increase of £300,000, when compared to last year..?
Approved by the board on 28th November 2016 and then withheld from public scrutiny for as long as legally permissible, i.e. the next 4 months.
Not too dissimilar to last year, signed off end Nov, lodged beginning March 2016 IIRC. Playing devils advocate though, why would you want to put these figures out in the public domain before you legally have to?
Agreed, as a private company they're perfectly entitled to do that. I also just saw that Airman pointed this out on twitter earlier in the day, so old news.
A revaluation of Fixed Assets is normally a book entry only which will increase reserves on the other side of the balance sheet by a like amount, I don't have the accounts open, does it look as if it has?
Prior to any such revaluation there would have been a 'Hidden Reserve'.
Page 1 - directors are listed as Duchatelet, Meire and Murray.
Got several issues here around roles, responsibility and competence
Nyman Lisbon Paul are the independent auditors, let's hope they have done a good job.
Their page 1 - youth academy. Well done. 'The academy will undergo a category 2 audit in November 2016, it is hoped with a high achieving pass mark we will be in a position to apply for a re-audit for category 1 status in 2017/2018 season.'
How did that go then?
Page 2 - disappointing allocation of decreased attendances to performances on the pitch.
Even if it was due to that, which it wasn't, who is holding their hands up for that?
Page 3 - no bank loans - yes well done we get it Roly is wasting his money instead.
Burnt an extra £4m on unexplained increase in player type costs (let's just call them Roly decisions)
Page 4 - attempt to blame the loss on poor decisions on the pitch when in reality the poor decisions were made off the pitch.
Report approved and signed in November 2016, not released until the last possible minute without incurring fines for late filing. Super transparent.
Page 5, the company made charitable donations of nil as compared to mil for the previous year. Shame on you all. I did better than that with a much lower turnover.
Page 9 - interestingly they could not take any tax credit for the loss because they can't reliably prove they will make a profit in the future.
Had expected that they would be able to offset loss against other Roly income in the uk bit apparently not so the auditors say
P.13, would love to see the schedule of individual player costs, amortisation and write downs when 'the individual's carrying value exceeds the amount recoverable through use or sale' that would be gold dust.
P.17 ticket and match day income fell but not by as much as I would have expected and not that materially.
P.18 here we go, write off if player value increased from £1.4m in 2015 to £1.9m. Did I understand this right, this is the run off of initial cost for a player and write downs when you realise they are shit. The only surprise is the number is too low.
Oh and as an added bonus, staff costs increase by £2m. How does that happen when you have a cost reduction plan in place?
P.19 ready for the annoying but ultimatly unimportant one? Interest on debt from parent company jumps from £388k to £781k. Is that more than doubled.? Good job he will never ever receive that and have to write it off.
P.20 staff restructuring jumps from £162k, high, to 623k, which at league 1 is at least two very good players. Top work team
P.21, more good work, we spent over a million quid developing the team. Money well spent I think we can all agree.
P.22 bit technical this one. Somehow we have persuaded someone to revalue the properties up by £7m. If it oils like shit, probably is. Still cushman & Wakefield have put their name to it so I'm feeling good (this is total bollocks)
P.24 oh look it's the Roly loans again. Increased by £15m from £40m to £55m. Wanker
P.26 although unexplained how this would negatively impact all the other numbers discribed above, there is £6m positive from flogging Gomez, JBG et al which isn't included in the terrible position outlined above.
So the year overall was a good one when you count the post 30 June sales
I'm off to have a lie down before I break something.
Approved by the board on 28th November 2016 and then withheld from public scrutiny for as long as legally permissible, i.e. the next 4 months.
Tomorrow is the final instalment of Getting To Know The Network, and there's the risk that that in itself could be a real PR headache for them. (As the first episode was, due to the Roland/Powell emails.)
In the past 4 months they've had numerous opportunities to release the accounts, the best time would arguably have been when Karl Robinson was appointed. This would've given the Press team a lot of material (i.e interviews) to release, and would've given the fans a distraction.
Instead, poor old PR Tommy looks like he may have a bit of a tough end to the week. They're not the brightest, are they?
£55,652,000 owed to parent company (Staprix), an increase from £40,114,000 from the previous year.
Some hypothesising below, just for those who don't feel like the debt being owed to Staprix is an issue:
An increase of 27.9% - to put that in perspective, if that growth continued then it would double by June 2019 - and we'd be looking at owing Roland £111m. Pretty scary.
Yes, I understand that it should never grow that way - as it grew not only by interest, but also by actual cash injections during a financially difficult period, and we're also in a lower league where the outgoings should be less - but it does demonstrate that this debt is not sustainable. "friendly" or not.
Just finished skimming through it, midnight probably wasn't the best time to be fair.
I'll say one thing, I do regret making jokes about these accounts in the other thread. I'm far from an accountant, but it's pretty terrifying from what I can make out.
The only positive - clearing the bank loans - really seems more akin to consolidating your credit cards and overdraft with a payment from a loan shark. Yeah, you only owe one person money now, but that's not much solace when you realise he's a vindictive little unpredictable bastard.
Comments
I can tell you what's down in them though, about £13,500,000
Poor attempt at a joke aside, where are they? There's a press release on the OS I believe, but I can't see them on Companies House yet?
Looks quite interesting, and a few things have jumped out at me already actually. Does this mean that, in essence, the club have gained £11.5m of assets as far as the books go.. even though nothing has changed? Similarly, it makes the loss look as though it's actually "only" £4.3m, a slight increase of £300,000, when compared to last year..?
Prior to any such revaluation there would have been a 'Hidden Reserve'.
What are these and is that revaluation reasonable ?
Got several issues here around roles, responsibility and competence
Nyman Lisbon Paul are the independent auditors, let's hope they have done a good job.
Their page 1 - youth academy. Well done.
'The academy will undergo a category 2 audit in November 2016, it is hoped with a high achieving pass mark we will be in a position to apply for a re-audit for category 1 status in 2017/2018 season.'
How did that go then?
Page 2 - disappointing allocation of decreased attendances to performances on the pitch.
Even if it was due to that, which it wasn't, who is holding their hands up for that?
Page 3 - no bank loans - yes well done we get it Roly is wasting his money instead.
Burnt an extra £4m on unexplained increase in player type costs (let's just call them Roly decisions)
Page 4 - attempt to blame the loss on poor decisions on the pitch when in reality the poor decisions were made off the pitch.
Report approved and signed in November 2016, not released until the last possible minute without incurring fines for late filing. Super transparent.
Page 5, the company made charitable donations of nil as compared to mil for the previous year. Shame on you all. I did better than that with a much lower turnover.
Page 9 - interestingly they could not take any tax credit for the loss because they can't reliably prove they will make a profit in the future.
Had expected that they would be able to offset loss against other Roly income in the uk bit apparently not so the auditors say
P.13, would love to see the schedule of individual player costs, amortisation and write downs when 'the individual's carrying value exceeds the amount recoverable through use or sale' that would be gold dust.
P.17 ticket and match day income fell but not by as much as I would have expected and not that materially.
P.18 here we go, write off if player value increased from £1.4m in 2015 to £1.9m. Did I understand this right, this is the run off of initial cost for a player and write downs when you realise they are shit. The only surprise is the number is too low.
Oh and as an added bonus, staff costs increase by £2m. How does that happen when you have a cost reduction plan in place?
P.19 ready for the annoying but ultimatly unimportant one? Interest on debt from parent company jumps from £388k to £781k. Is that more than doubled.? Good job he will never ever receive that and have to write it off.
P.20 staff restructuring jumps from £162k, high, to 623k, which at league 1 is at least two very good players. Top work team
P.21, more good work, we spent over a million quid developing the team. Money well spent I think we can all agree.
P.22 bit technical this one. Somehow we have persuaded someone to revalue the properties up by £7m. If it oils like shit, probably is. Still cushman & Wakefield have put their name to it so I'm feeling good (this is total bollocks)
P.24 oh look it's the Roly loans again. Increased by £15m from £40m to £55m. Wanker
P.26 although unexplained how this would negatively impact all the other numbers discribed above, there is £6m positive from flogging Gomez, JBG et al which isn't included in the terrible position outlined above.
So the year overall was a good one when you count the post 30 June sales
I'm off to have a lie down before I break something.
In the past 4 months they've had numerous opportunities to release the accounts, the best time would arguably have been when Karl Robinson was appointed. This would've given the Press team a lot of material (i.e interviews) to release, and would've given the fans a distraction.
Instead, poor old PR Tommy looks like he may have a bit of a tough end to the week. They're not the brightest, are they?
Some hypothesising below, just for those who don't feel like the debt being owed to Staprix is an issue:
...Smaller, duller, worse.
So very predictable, too. Three years of crapness.
What a shambles.
I'll say one thing, I do regret making jokes about these accounts in the other thread. I'm far from an accountant, but it's pretty terrifying from what I can make out.
The only positive - clearing the bank loans - really seems more akin to consolidating your credit cards and overdraft with a payment from a loan shark. Yeah, you only owe one person money now, but that's not much solace when you realise he's a vindictive little unpredictable bastard.
No idea why they ended up filing them on the last day possible, as if that would make things better...