Annual Accounts

[Shrimpergonzo]

Received mine in the post this morning. I'm no expert on these things, but they look reasonably healthy to me. Any chartered accountants out there care to give us a more informed opinion?

 

[londonblue]

Not a chartered accountant, but they don't look healthy to me. The look less unhealthy than they did though.

 

[Firestorm]

Are these the accounts to 31/7/07 ?

 

[BILLERICAY BLUE]

Yes they are.

 

[Firestorm]

And they have only just sent them out ??

I got mine from companies house on June 4th

 

[BILLERICAY BLUE]

I'm not very good at making out accounts, far too technical for me. How are they looking ?

BTW SUFC AGM is November 12th.

 

[Yorkshire Blue]

Don't suppose anyone's got a scanned copy they want to post up here?

 

[Firestorm]

Don't suppose anyone's got a scanned copy they want to post up here?

I think I pm'd a few people with them.

Let me just check

.................

Right , they were sent to me , from companies house, in PDF. Which is here on my computer at work , can I upload files to the site ?

 

[pringlejon]

i'm doin an accountancy at uni atm. is there any way any cud send me a copy?

 

[fredheim_holm]

I've got an Accounting A-level so know a little. Having a look would be interesting.

 

[Irate Ian]

As the club have no fixed assets, look at the "working capital".

That is the difference between currrent liabilities and current assets, or in plainer language the difference between what we owe and what cash is at bank.

 

[OldBlueLady]

Hubby had a look at them last night. He used to work at Lloyds Bank when the accounts used to be held there and his comment was that the club seems to be in no better financial position, according to the accounts, than it was about 25 years ago.

 

[Irate Ian]

Hubby had a look at them last night. He used to work at Lloyds Bank when the accounts used to be held there and his comment was that the club seems to be in no better financial position, according to the accounts, than it was about 25 years ago.

Maybe, but in 1983 I think we still owned the freehold, so by that analysis, we must surely be in worse position ?

Mind you heard in press that many non league clubs are selling their grounds and leasing back, as rental costs are said to be less than expense of maintaining older premises themselves.

 

[Firestorm]

Hubby had a look at them last night. He used to work at Lloyds Bank when the accounts used to be held there and his comment was that the club seems to be in no better financial position, according to the accounts, than it was about 25 years ago.

I would imagine that would be the case, the problems arose when we spent a load of money circa the Whelan era ...

We do appear to be in a better position than 5 years ago though.

 

[Firestorm]

As the club have no fixed assets, look at the "working capital".

That is the difference between currrent liabilities and current assets, or in plainer language the difference between what we owe and what cash is at bank.

On the Balance sheet The total equity shareholders deficit , (which is the difference between currents assests , current liabilities and loabilities falling due in more than one year has steadily improved since 2003 9the earliest accounts I have). In 2003 this figure was 4,486,852 (including an over 1 year liability of 3,561,096. in 2007 it was 2,869,899.

So basically our little charge up the divisions, 3 millstad appearances , Freddy Eastwood, Man U at home has wiped nearly 1.6 Million (or 37%) off the debt

 

[Mick]

On the Balance sheet The total equity shareholders deficit , (which is the difference between currents assests , current liabilities and loabilities falling due in more than one year has steadily improved since 2003 9the earliest accounts I have). In 2003 this figure was 4,486,852 (including an over 1 year liability of 3,561,096. in 2007 it was 2,869,899.

So basically our little charge up the divisions, 3 millstad appearances , Freddy Eastwood, Man U at home has wiped nearly 1.6 Million (or 37%) off the debt

Is this not largely distorted by the writing off of "debts" relating to notional rent of Roots Hall subsequent to its sale?

 

[Mick]

Hubby had a look at them last night. He used to work at Lloyds Bank when the accounts used to be held there and his comment was that the club seems to be in no better financial position, according to the accounts, than it was about 25 years ago.

Given the endebtedness endemic in football these days, "no better than 25 years ago" may not be a damning statement.

 

[Firestorm]

Is this not largely distorted by the writing off of "debts" relating to notional rent of Roots Hall subsequent to its sale?

The release of the Parent company loan (1.5M ) in occured in 2006 yet the shareholders deficit only changed by 200k that year

The bulk of the profit in the year to 31/12/07 was Profit on Disposal of Tangible Fixed Assets of 1.52 M (Basically, Freddie)

 

[OldBlueLady]

Given the endebtedness endemic in football these days, "no better than 25 years ago" may not be a damning satement.

Yes, you're probably right there!

 

[Medway Blue]

So could somebody please sum this up in simple terms for those of us not savvy with the financial lingo!?

What is the club's total debt, with and without current assets? Who exactly is this money owed to and is there a repay date on it? What and how much debt has been wiped out? And has any debt been written off? - if so how much?