Annual accounts

[Supershrimper]

HMRC will think its April Fools if we get our accounts in on time.

What is this well run, efficient football club lunacy that we have become

 

[BEERMONSTER]

https://twitter.com/x/status/1917587634794176585

 

[Napster]

https://twitter.com/x/status/1917587634794176585

Blimey.

 

[Liam AAS]

£2.8m of debtors (money owned IN!) from "group undertakings". That was Ron Martin's old term for the stable of companies he used to move money around.

I wonder how much of that will now be up the swanny thanks to the collapse of Martin Dawn?

 

[Jmayhew32]

£2.8m of debtors (money owned IN!) from "group undertakings". That was Ron Martin's old term for the stable of companies he used to move money around.

I wonder how much of that will now be up the swanny thanks to the collapse of Martin Dawn?

That is money owed by Southend United Football Club Limited to COSU FC Limited.

Losses down, creditors down, balance sheet up, bank balance up. All looking much healthier. These accounts do only go up to 31 July 2024 however - it will be the July-25 accounts that will be considerably more telling in terms of financial performance since COSU took over.

 

[Cricko]

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

 

[Yorkshire Blue]

The accounts are only up to 12 days into the new regime so it’s tough to read too much into what has changed.

We do know that Ron wiped off £19.4m of loans. A further £900,000 of interest was written off and taken as equity by Gary Lockett.

The amount due from developing Fossetts is confirmed as up to £12m.

Average number of players, training and coaching dropped from 64 to 33 (although the embargo will have been a small factor this will mainly have been the loss of the centre of excellence).

Tom Lawrence was lent £25k (he’s since repaid it).

I note that the audit fees more than halved. This put it more in line with 2022 and before. Was this to do with preparing the club for sale or the Ron premium for signing off on his accounts?

 

[Westcliff Shrimper]

This is the most interesting part for me, and will be given the most attention by Tom and his wider "back office" team. Since 01/Aug/2024 all parts of turnover would have increased with increased season tickets, increased food and drink and increased sponsorship this season. Before anyone jumps in, this doesn't necessarily mean that we will be in profit straight away, but the trends can only be positive.

Balance sheet looks better with the debt for equity swap, and during the season, there would have been increased capital introduced with COSU adding monies in and a new director appointed who I'm sure has put more capital in.

Still begs the question - who would ever buy a football club!!! Operating loss of £2m for a club in the fifth tier of English football.

Blimey,

 

[Sammy Shrimper]

Great to see the accounts without Ron Martin ! The Dome was another one of his poor investments.

 

[Shrimpergonzo]

Great to see the accounts without Ron Martin ! The Dome was another one of his poor investments.

This was my favourite bit - "Ron Martin Nil"!

 

[Holy Joe]

So are my shares now worth something?

 

[Amwell Blue]

So are my shares now worth something?

Yes nil just like mine

 

[Rattus Norvegicus]

An article has appeared on the B.B.C. relating to the club & it's financial position.


Link here ........

B.B.C. article

I would be interested to know what, in plain english, this means please in terms of a number of factors such as playing budget, training ground, attendance levels for example. [smiley face]

 

[jackj13]

What’s the sales league income? That’s taken quite a haircut.

 

[Holy Joe]

Annual accounts

Are out. Still in red.

www.shrimperzone.com

 

[Jim Levenstein]

Was anyone expecting any different here.

 

[BEERMONSTER]

An article has appeared on the B.B.C. relating to the club & it's financial position.


Link here ........

B.B.C. article

I would be interested to know what, in plain english, this means please in terms of a number of factors such as playing budget, training ground, attendance levels for example. [smiley face]

Hopefully given the wording from the Club's statement on the OS yesterday we might get a bit more clarification around things, you never know!

COSU will release an explanatory note on the Club's website within the next couple of days, to explain some of the key figures and trends in more detail for our fans and stakeholders.

 

[Holy Joe]

Some will disagree with this !

 

[Thundersley Blue]

An article has appeared on the B.B.C. relating to the club & it's financial position.


Link here ........

B.B.C. article

I would be interested to know what, in plain english, this means please in terms of a number of factors such as playing budget, training ground, attendance levels for example. [smiley face]

Would say not too much to concern ourselves. COSU and POSU had been at the helm for just 12 days as the Accounts are made up to 31st July. The financial position was not unexpected.

 

[Holy Joe]

POSU has assets of land and buildings valued at £3m - is that the training ground?