Does anyone know when our Tax report for the 2015/16 season is due out ? Villa have reported an £81m loss Wolves have reported a £5.8m profit. Sheff Wednesday have posted a £9.8m loss I think What do you speculate on ours. I reckon £8m loss. I'd be shocked if it was more than £20m. Mainly due to compensation and low crowds. But boosted by the transfer of Roberts.
Another month - we prepare our accounts to June, rather than May like Villa do. To be clear, these are the statutory accounts filed with Companies' House rather than tax filings. The losses are misleading, as a large chunk of that Villa loss will be the write down of intangibles (i.e. player values). I would expect us to write down a further £10m or so in player registrations to reflect the last of McCormack/Parker's transfer fees. I also anticipate an underlying loss of around £5m offset by a profit on the disposal of Roberts of around the same amount. In short, I think we'll be in the realm of a c£10m loss for 15/16 before moving to a loss of c£5m in 2016/17. EDIT: I'd also emphasise that these accounts should be taken with a pinch of salt, as things like the purchase of players will be capitalised and released to the Profit & Loss account over the course of the players contract - the numbers can be what you want them to be, within reason. And this is speaking as a Chartered Accountant.
Under the new FFP rules or Profit and Sustainability as they are now called, all EFL clubs have to supply financial information by 1st March. To cover the season 2016/17. So like those others, ours should be in the public domain about now. The date has been brought forward to allow any sanctions to be applied from the end of this season rather than in December as it used to be. The other main change is that assessments will now be made on three returns; this March 2017 one plus the two previous ones. Basically, Championship clubs will be allowed to lose an average of £13m a season (or £5m if the owner doesn’t inject cash into the club to cover the loss). Clubs relegated from the Premier League are allowed to make losses of up to £35m in respect of their season spent in the top flight. No question we'll be fine this year (mainly because of McCormack's transfer fee) but if you recall we had a bit of a discussion at the turn of the year that the rogue season 2014/15 (the one when we fell foul of the old rules) could come back and bite us on the bum since it is one of the 3 included in the new assessment. Villa, bizzarrely, may squeak out of that huge loss this year for the very same 3 year rule.
The filings with the football authorities are not the same as the filings with Companies' House. The information we see will be a) presented under the accounting standards not the FFP rules and b) the information provided to the Government not the FA.
Good and valid point Surly. I've just seen a report where Wolves say that part of the reason they made a profit was through " the sale of Stearman to Fulham" and that was what, last season? So you're correct those Villa and Wolves accounts must be the full set for Companies House and will be for the financial year (season in our parlance) 2015/16. As such these accounts will have all the depreciation stuff built in as you said earlier, for tax purposes and nothing to do with FFP. Nonetheless they must form the basis of the set the football lot will see as part of their "last three years assessment". Whatever, all the Championship clubs do have to submit an interim financial statement for season 2016/17 by 1st March. How much is made public and when is an open question though. PS the story on the street is that the football authorities are very soon going to issue a pronouncement on the long running QPR saga - guessing that this is to set a principle in tandem with implementing the new FFP rules
