Official: Accounts published

[wellbeaten-the-owl]

4 minutes ago, osowl said:

by next year though we will have a year of better accounts to show the progression so we wont get embargo unless the club dont keep to the plan

But are still likely to bust the £39m 3 year losses as soon as the 2019 accounts go in.

 

We will have amortised a higher amount  of players contacts this period as over 14 months not 12

[briggowl]

7 minutes ago, matthefish2002 said:

Sold stadium to get us out of a hole of FFP.

What happens if we dont go up in next couple of seasons?

Unless DC starts to run us as a proper business we'll be in trouble with no big assett to bail us out. Need to start buying decent young players and not holding onto players when we could make good profit. Has he learned anything in his 4 years? Lets hope so.

[Animis]

The Executive will in due course consider the Annual Accounts for the Accounting Reference Period in respect of which information pursuant to Rule 2.2.2 is submitted and in particular examine whether any material variances indicate that the estimated financial information was not prepared in accordance with Rule 2.2.2(b).

2.3 The Executive shall determine whether consideration included in the Club’s Earnings Before Tax arising from a Related Party Transaction is recorded in the Club’s Annual Accounts at a Fair Market Value. If it is not, the Executive shall restate it to Fair Market Value.

2.4 The Executive shall not exercise its power set out in Rule 2.3 without first having given the Club  reasonable opportunity to make submissions as to:

2.4.1 whether the said consideration should be restated; and/or

2.4.2 what constitutes its Fair Market Value.

[WalthamOwl]

So our ground is now owned by a Hong Kong holding company. Am i the only one a little concerned by all this? What happens if we get in this mess again? 

[alanharper]

12 minutes ago, RichieB said:

How on earth did we go from losing £20m in 17 to losing £35m in 18? 

 

Off the top of my head we bought Rhodes in the summer which would be in this year's accounts, Winnall came in early 17 and we also signed Boyd, Van Aken and Pelupessy. So that's a few mill in fees plus probably the best part of an extra £100k pw on the wage bill which is over £5m

[wellbeaten-the-owl]

4 minutes ago, Minton said:

 

Like perhaps the rest of the money from the stadium sale or share issues? There will be a reason why the accounts have been so late, quite possibly creatively structuring them for the next accounting period

Stadium sale reflected in 2018 accounts, share issue has nil effect on p&l likely only will offset director loan

[billyblack]

Just now, WalthamOwl said:

So our ground is now owned by a Hong Kong holding company. Am i the only one a little concerned by all this? What happens if we get in this mess again? 

Nope. But you arent alllowed to be concerned, you have to back the chairmen whatever. Hes doing a great job

[S36 OWL]

20 minutes ago, RichieB said:

How on earth did we go from losing £20m in 17 to losing £35m in 18? 

 

Dave Jones wages 

[Minton]

Just now, wellbeaten-the-owl said:

Stadium sale reflected in 2018 accounts, share issue has nil effect on p&l likely only will offset director loan

 

We don't know how much of the stadium sale has gone through this year and how much will go through (if anything) in the next accounts. All the accounts say is "profit on disposal of stadium", so that could be structured across multiple years.

 

I'm not saying that this is the case, I'm purely speculating.

[mogbad]

13 minutes ago, RichieB said:

How on earth did we go from losing £20m in 17 to losing £35m in 18? 

 

12 minutes ago, mkowl said:

Spending more but £10m is player contracts being written off 

 

Perhaps because the 2017/18 accounting period was extended by 3 months.  So theoretically an extra 3 months of losses at about £1.67m per month would take us to £25m. Add on the £10m of player contracts write off & we've got the £35m. 

 

I've actually no idea, just trying to get my head round it.

[Minton]

3 minutes ago, WalthamOwl said:

So our ground is now owned by a Hong Kong holding company. Am i the only one a little concerned by all this? What happens if we get in this mess again? 

 

What mess though? It's a P&S issue, not a debt issue

[Guest Jack the Hat]

39 minutes ago, Gnarwolf said:

Will a boring accountant please put this in simple English, are we still fooked or are we loaded? 

Prefixing accountant with boring is in necessary.

[oh_weds_we_love_you]

1 minute ago, billyblack said:

Nope. But you arent alllowed to be concerned, you have to back the chairmen whatever. Hes doing a great job

 

Not really.

 

The Chairman has sold it to himself. It's clever and has got him out of the hole he created by trying to get us to the Premier League.

 

The problem - and concern - will come if we don't start operating better.

[oh_weds_we_love_you]

1 minute ago, 2roland2 said:

 

i see it as a huge gamble with the owner now holding an insurance policy if we go belly up.  Unfortunately we fans have no fallback now if we go belly up. 

 

 

WTF are you wittering on about?

 

Insurance policy as he's sold the stadium to, ermmmm, himself. He already owned it, Trigger.

[Guest]

Don’t think anyone who supposedly backs the chairman whatever really thinks this is ideal 

 

What it is tho ... is the only way around FFP in our current state , mistakes have been made , they need to be not made again but this gives us a chance of been competitive again 

[billyblack]

1 minute ago, oh_weds_we_love_you said:

 

Not really.

 

The Chairman has sold it to himself. It's clever and has got him out of the hole he created by trying to get us to the Premier League.

 

The problem - and concern - will come if we don't start operating better.

Well operating better i agree with. Will it happen.. doubt it.

 

No wonder Katrien resigned

[Minton]

Just now, 2roland2 said:

 

Both we need to operate better, which for pointing out I have been severely slated many times, but to say the stadium currently being held by a holding company in hong king isnt  concerning is purely wearing blinkers. 

 

 

Why? The law on foreign companies owning property is that they are subject to UK law. It's the same as if you owned the stadium, you melon 

[billyblack]

1 minute ago, Royal_D said:

Don’t think anyone who supposedly backs the chairman whatever really thinks this is ideal 

 

What it is tho ... is the only way around FFP in our current state , mistakes have been made , they need to be not made again but this gives us a chance of been competitive again 

Mistakes have been made which he had a chance to rectify. Which we all knew about. Which he knew about and even told everybody himself. Then did nowt about it.

[Hirstys Salopettes]

I think he should send a bottle of champagne to Mel Morris who came up with the idea 

 

But in terms of avoiding the impending P&S black hole, well done DC (with an honorable mention to the auditor, Nick Leeson) 

Edited July 11, 2019 by Hirstys Salopettes

[marcx666]

Is there any way to block peoples posts from just one thread? I want everyone on here to f*ck off apart from @mkowl