Accounts Pre 2003

[Firestorm]

Just got the accounts back to 1994-1995

in 1994-95 we had Administration expenses of 1.8M (compared with 2.04 in 2007-2008)

and made an operating profit of 1.4M, but we did get 2.9M in transfer fees !

The next year we lost 1.05M but revaluation of the value of RH etc (up to 8.4M) made us return a book profit and we were 3.4M to the good overall

We lost another 500K the next year and in Vics last full year another 982K year (although the value of the assets was reduced by 4M at an income of 1.5M from the sale and leaseback ) so we were by now 1m in debt

98/99 (John Mains year) saw a loss of 1.9M which was partialy offset with another sale to the tune of 1.3M , however interest payments etc took the total loss that year to 1M, there was also an adjustment to the previous years accounts which raised the loss that year resulting in a total debt @ 31/7/99 of 1.9M
We lost a further 1.7M on the field in 2000 and at 31/7/00 we had a debt of 3.2M

More to follow....

 

[Firestorm]

In September 2000 John Main "resigned" and by July 2001 the losses had been stemmed slightly, and were now down to 700K for the year resulting in a total Debt of 4M but by now the assets were only 700K

In The July 02 accounts, the loss from the previous year had been restated to 782k and the Current year recorded another loss of 700k making a total debt of 4.7M .

That was the last (before 07/08) of the big losses the accounts to 31/7/03 showed a profit of 218K although this was down solely to the rent write off of 1.7M . The accounts ahowed a deficit of 4.48M .

So before the MD take over, on paper we were solvent (3.4M) but this was purely because we had assets Valued at 8.4M and Debts of 5M. These assets were never likely to realise these figures and when they were sold to release cash , the money was basically used to prop up serious operating losses.
We currently (to 31/7/08) stand at similar figures of debt but no assets .

We suffered badly after relegation from the 2nd tier in the 90's and it does look like history is repeating itself , just this time the family silver has already been pawned