Accounts for the y/ended 31st July 2006

[class]

Show total turnover as £3,740,313 (last year £3,824,815)

Overall profit for year is £191,550 (last year was a loss of £2,017)

Balance sheet is still in deficit by £4,213,380 (last year = £4,404,930)

Creditors = £6,620,903 of which £2,675,000 is owed to the directors and related companies, £570k to trade creditors and £1,309,550 to the tax man

Gate receipts for the year were 1,309,464 (last year was £1,534,557) but this is due to the increased season tickets.

Wages during the year (all staff) was £2,607,739 (last year was £1,915,351)!!

Any other questions i'll try to answer for you!

Glad we made a profit though. :D

 

[Jay_Shrimper]

How do we work out we made a profit?! :S

 

[Matt the Shrimp]

Not sure I like the size of the credit we owe the tax man!

Matt

 

[class]

Most of it is the tax they owe on the wages (PAYE), as there would be no Corporation Tax to pay as they have losses brought forward to absorb the profits.

 

[Shrimpador]

Most of it is the tax they owe on the wages (PAYE), as there would be no Corporation Tax to pay as they have losses brought forward to absorb the profits.

Doesn't matter what tax it is, it's still owed to the Revenue!

And if its just PAYE, that's about 10 years' worth!

 

[choggy]

What do the accounts show as the total value of the clubs current assets?

 

[class]

I know, I was just saying. :rolleyes:

 

[overseas shrimper]

Makes you wonder how much of any decent Freddy Eastwood transfer deal would go back into the transfer kitty and how much would be used to keep the tax man away.

 

[class]

What do the accounts show as the total value of the clubs current assets?

Current assets = £1,743,263 of which £1,037,008 is cash/bank items , £276,555 is trade debtors and the rest is other debtors/prepayments.

 

[Jay_Shrimper]

None of this makes any sense for me.

Is it good?! :<

 

[class]

None of this makes any sense for me.

Is it good?! :<

Not great, but better than it was. :D

 

[choggy]

Current assets = £1,743,263 of which £1,037,008 is cash/bank items , £276,555 is trade debtors and the rest is other debtors/prepayments.

So that means that any players we buy we must immediately write-off their value in terms of a transfer fee (otherwise they would be listed as an asset), although there would still be a liability related to any transfer fees we haven't yet paid if we didn't pay all of the transfer fee at once.

In terms of the tax man, yes 1.3 million is a lot but if we have cash reserves of 1m then that's manageable.

 

[Cricko2]

It will be interesting to see the figures at the end of the next financial year after our season in the Championship.

 

[class]

So that means that any players we buy we must immediately write-off their value in terms of a transfer fee (otherwise they would be listed as an asset), although there would still be a liability related to any transfer fees we haven't yet paid if we didn't pay all of the transfer fee at once.

Player registrations are held as fixed assets, there was an addition of £175,000 for this during the year.

The overall value of player registrations at 31/7/06, after depreciation, was £185,126.

 

[C C Csiders]

Not sure I like the size of the credit we owe the tax man!

Matt

Indeed. Lester Piggott got two years for owing less!:eek:

 

[fatshrimp]

where is this available? Co's House or elsewhere? Interested to take a look myself at the full document.

Thanks

 

[class]

Companies House mate. ;)

 

[fatshrimp]

Companies House mate. ;)

thanks, will check it out.

 

[londonblue]

Indeed. Lester Piggott got two years for owing less!:eek:

No he didn't. He got two years for hiding that fact that he owed less.

 

[Reg Martin]

Creditors = £6,620,903 of which £2,675,000 is owed to the directors and related companies :D

Any idea why we would owe this amount to directors?