"@PJBuckingham: #hcafc filed accounts for 13-14 with Companies House today. News of that to come." "@PJBuckingham: #hcafc have posted a pre-tax profit of £9.4m from a total turnover of £84m for 2013-14." "@PJBuckingham: Wage bill went up from £25.89m in 12-13 to £43.32m in 13-14, accounting for roughly 51 per cent of turnover." "@PJBuckingham: Total debts reduced from £72.17m to £64.85m #hcafc" "@PJBuckingham: #hcafc have released a statement saying the reporting period has been reduced to 11 months, skewing the figures somewhat." "@PJBuckingham: The accounts don't include July costs of £6.1m, reducing profit to £3.3m for a 12-month period." "@PJBuckingham: SMC reports losses of £5m for the same shortened period. Including "right offs to the stadium mortgage inherited from previous ownership." "@PJBuckingham: Full accounts here for the number crunchers... #hcafc http://t.co/a5VaQJ7edS"
So if I understand that correctly the wage bill of £43.32m for 11 months, which averages £3.94m a month. Add that to the £43.32m got 11 months gives £47.26 for the 12 months. As there would be little revenue in July, the overall turnover stays at £84m the overall percentage of Wages against turnover goes up to approximately 56%. This is a high figure but listening to the Stoke executive on 5 live today I am sure he said that Stokes was about 71%, so ours in now so bad.
OK I came in half way through him talking I assumed he was talking about Stoke, so 56% is not bad at all.
It's been a while since I was an accountant (and most of the accounts prep is automated) but after the £3,161,882 of losses has been used (as per note 10), has the remaining £20m been offset against Allamhouse profits in the period? Guess I'd need to see the group accounts. Edit to add: There's nothing legally wrong with this (that's what tax avoidance is about). I'm just trying to clarify my understanding.
That depends on how the TV money is paid. If it's paid in monthly instalments, that's a few million coming in.
So taken back against loans about £8M plus they will have taken interest on the total amount borrowed, which will have been included in the expenditure figures.
Not sure how they account for that, it might be spread over 12 months, or over the playing season. I just assumed there would be little revenue in July. The same will be pass revenue I guess, so the percentage of wages against turnover is somewhere between 51-56%.
That was my take on it as well. Nothing wrong with surrendering tax losses between companies in the same group and makes good business sense to use them as soon as possible.
This evidence - not that it is required, given their record of success - of the Allam's business acumen should shut up those who slate Assem (crazy, idiotic, senile, are some of the milder insults hurled his way on this board). Well, for about a minute or two, anyway. We have never had a better custodian.
Why should they shut up . It proves that we don't need a f**ing stupid name change to make money. Even if that money is used to pay off debts.
The FY15 accounts will certainly be interesting since we have no increased revenue, but have ramped up the spending. Remember we spent very little last summer and only really splurged on Jela and Long.
