Accounts for the year to 20 July 2023 published

[jphfitz]

SOUTHEND UNITED FOOTBALL CLUB LIMITED(THE) filing history - Find and update company information - GOV.UK

SOUTHEND UNITED FOOTBALL CLUB LIMITED(THE) - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

 

[Spaceman Spiff]

Bugger me - we’re up to date! For a few days at least

 

[Shrimper]

Looking at the Cash Flow Statement is interesting. Mostly Financial costs bringing it down. If the debts get cleared that could really help.

 

[Holy Joe]

Cut staff numbers by around 20%, yet wage bill barely moved

 

[Holy Joe]

Is this Lapota? Thought that was settled - we lost (twice)?

 

[Bearded Shrimper]

Cut staff numbers by around 20%, yet wage bill barely moved

View attachment 32379

I'd have thought the pension bill would have been higher when Phil Brown's Dad's Army was on the books

 

[southendkid]

Is this Lapota? Thought that was settled - we lost (twice)?
View attachment 32380

I can't remember, was that after July 31st? The accounts only go up until then.

 

[bazzashrimper]

£10k food and drink revenue for the year.

 

[SS9_Shrimper]

£10k food and drink revenue for the year.

Thankfully that was the television income. The food and drink was 337k.

 

[bazzashrimper]

Thankfully that was the television income. The food and drink was 337k.

Thanks for the correction. My eyesight is wonky for some reason tonight

 

[Evening Echo]

SOUTHEND United had an operating loss of £2.458 million in the year ending 31 July 2023.

Read more on this story


Help with Echo links

 

[ms brush]

Would be very interesting reading to see what the £18m debt to "other group" companies actually means...

I am no accountant, but I am guessing that this is the result of lots of years of moving debts around to make it look like this money has been pumped in to the club. Reality is, all assets of any worth have been stripped away from the club systematically, then borrowed against and some of this has been 'loaned' back to the club.

This, my friends, is why Those words are banned is so important, and why we need COSU. As soon as possible!

 

[Holy Joe]

Mr Lockett of the consortium charging the club around 16% interest on his loans

 

[Thundersley Blue]

The Accounts make pretty sad reading. Does show that when COSU own the Club, success on the football pitch isn't the only priority. A loss of £2 million plus each year just isn't sustainable, an interesting ride ahead.

 

[Holy Joe]

The Accounts make pretty sad reading. Does show that when COSU own the Club, success on the football pitch isn't the only priority. A loss of £2 million plus each year just isn't sustainable, an interesting ride ahead.

They've already said that their aim is to make the club 'sustainable' financially. I'm not sure how that matches ambition on the pitch.

There are some easy wins - the club should be sold debt free - so the interest should be zero (assuming the debt that the consortium accrues overtime is interest free?), legal bills should hopefully reduce - maybe that removes a quarter to half of the losses? Our playing squad was much smaller last season, so maybe the wage bill is further reduced?

 

[Sammy Shrimper]

Mr Lockett of the consortium charging the club around 16% interest on his loans

View attachment 32383

Considering Gary had loaned the club £192k interest free for many years, he’s now loaned the club an extra £700k!!

What interest rate would Ron Martin get from a bank?

 

[Smiffy]

Ratty not being around will immediately save us a shed load of money in sky high interest rates, late fees, fines and legal bills, at the very least.

 

[Blues4LifeDan]

The Accounts make pretty sad reading. Does show that when COSU own the Club, success on the football pitch isn't the only priority. A loss of £2 million plus each year just isn't sustainable, an interesting ride ahead.

Totally agree. However, let's not forget that Ron has made zero effort to try and maximise revenue at Roots Hall as he gave it zero attention. Just simple things like better catering, a fanzone in the car park, opening up during the Euros etc. are just a few things that can be done instantaneously that can generate profit. Of course, that doesn't generate £2m but they have plans to claw that back. Let's not also forget that although is seems like that's what we've lost in the last year, it's actually a knock on effect from all the dents Ron has accumulated over the years. One would hope it's a fresh start with the new custodians.

 

[Mbof]

Season ticket sales not being used to clear previous years’debts’
Merchandise Sales benefitting the club
Better pre/post match experience

Relatively small changes that can improve cash flow

 

[Avl1983]

Blaming the Covid-19 pandemic on the late filing of the accounts for 2023...