Accounts publication

I`ve been seeing a few of the Premiership Clubs posting their annual accounts (OMG at Man City !!!), quick question, but does this just apply currently to the Premiership Clubs around this time of the year or do all clubs have to publicise their annual accounts now. Would make interesting reading for us, given the outgoings and subsequent incomings, would like to see what sort of Financial shape we`re in currently, and how close we are to actually breaking even.

 

We're miles off breaking even because McShane, Olofinjana, anything we're still paying towards Ghilas, and anything Bullard gets from the disciplinary process is on top of our budget.

Accounts wise every company in the country has to submit them within 9 months of THEIR year end (or 6 months depending on whether it's a Plc or an Ltd). Generally football clubs the year end is the end of July, probably originally chosen as it falls between the seasons so it's a natural break in the business where it makes sense to have the end of year figures, ours have been published in January/February time.

(Amongst others) Petersaxton next time he's on can probably tell you more about when ours are due out though because I know from asking him about them on 606 that he pays attention to these things.

 

i d like to know if we still owe the £45 million (or whatever it is)? Are the Allams now the creditors instead of Investec, or is the debt gone from our accounts?

 

From Companies House...
http://wck2.companieshouse.gov.uk/0d337372fba29630c0f7647defcafd57/compdetails
Accounting Reference Date: 31/07
Last Accounts Made Up To: 31/07/2010 (FULL)
Next Accounts Due: 30/04/2012
Last Return Made Up To: 12/07/2011
Next Return Due: 09/08/2012

If you click on Order information on this company, there's a list of things you can order.

 

But I wouldn't do that until the new ones come out. Thanks to the takeover/the Allams 'investment' those accounts are totally meaningless now.

 

30th of March? Not 31 March?

 

The accounts for one season are usually submitted near the end of the next season so they are always old news. I wish the football authorities would insist that the accounts were submitted quickly.

 

I was just meaning that before the takeover we could use previous accounts to try to work out where things were going to be using assumed incomes/expenses without being too far off. Because of the takeover there's a £40M+ question mark over our where our finance has come from so the previous accounts don't even allow for estimates of our position. Waiting on the new accounts at least the SoFP will be post takeover.

It would be nice if all businessses submitted them earlier than they do, other than because they can take that long is there a reason it takes so long for companies to prepare them? It just strikes me as something that could be largely completed by the finance department as the year went on, with just any final adjustments to be made at the year end.

 

I believe that the club does still owe the monies. At Companies House there are details of a charge registered in favour of the Allams' company's loan. There is nothing filed to say that the loan has been repaid.

The loan is repayable on demand (although Rollits did not state the amount loaned on the form). The loan is secured by way of first mortgage over Cottingham training ground, Ideal Standard Sports Ground and the club shop in Princes Quay. It is also secured by way of first fixed charge over properties acquired by the club in the future; present and future interests of the club; present and future rights, licences, guarantees etc; all licences, consents and authorisations; present and future goodwill; and all equipment (although equipment is not defined).

 

I suspect that the underlease could be sold to another tenant to recoup some money. I'm not sure what underleases for units in Princes Quay are worth?

 

Ah ok. Does seem strange

 

as a comparative simpleton do we therefore read that all future capital gains are in the Allams coffers, even if the club goes pop. Prefered creditors so to speak?

 

Depends on the terms of the debenture/loan. It is repayable upon demand so arguably yes. Using OLM's figures, if we sold a player for £10mill they could demand repayment.

If the club went pop they are a secured creditor (there's no such thing as a preferential creditor anymore) so, arguably, any debt to them is safe.

 

Good point. The next accounts may shed more light on it - the other £30-£40mill would presumably be recorded in some way, possibly as a directors' loan or long-term creditor?