Jump to content

SWFC Accounts Published


Recommended Posts

5 hours ago, ANDY said:

Material uncertainty related to going concern
We draw attention to note 1.2 in the financial statements, which indicates that additional funding will be required to enable the company to continue in operational existence. 

TBF That's all we needed DC to do. State that he's going to fund the club. The numbers are bad, but as long as he says he's funding the losses we fight another day.

 

It's no surprise the accounts are released in the same week he's paid the back log of players wages.

Link to comment
Share on other sites

20 minutes ago, IanSWFC1867 said:

I don’t know what’s more frustrating, Chansiri’s running of the club or the constant pop-ups firing off on The Star’s website!

 

lol

 

Link to comment
Share on other sites

15 minutes ago, Teddy Nickelarse said:

Yes let's get back to the pre-season buzz, talking about incomings, rebuilding the squad, soundbites from trading, pre-season games etc. Ok we'll not be signing 'name' players but the recruitment route that we seem to be going down brings it's own kind of excitement. Bring it on. 

Today has been a good day after far, far, far too many bad ones but now that it really looks that we'll be in existence next season I'll be renewing my season ticket tomorrow.

Think you have missed the first cut off date for season ticket renewals

Link to comment
Share on other sites

163 grand a week Rhodes ,Bannan ,Westwood, Lees, Brown and Reach was getting between them 

 

163 grand a week 

 

And some of these players are apparently heroes :tango:

 

 

Link to comment
Share on other sites

2 minutes ago, Sticky Micky said:

163 grand a week Rhodes ,Bannan ,Westwood, Lees, Brown and Reach was getting between them 

 

163 grand a week 

 

And some of these players are apparently heroes :tango:

 

 

It's an utterly ludicrous amount to pay them... and not remotely their fault for accepting it.

 

Just like the crazy wages offered to the O'Donnelly's - that reflected badly on Dave Richards, not the Scots (rubbish as they were).

Link to comment
Share on other sites

Guest Grandad

Kieran Maguires take is good enough for me.

 

No hint of bias and a truly knowledgable football finance guy

Link to comment
Share on other sites

3 minutes ago, Dooogs said:

It's an utterly ludicrous amount to pay them... and not remotely their fault for accepting it.

 

Just like the crazy wages offered to the O'Donnelly's - that reflected badly on Dave Richards, not the Scots (rubbish as they were).

No I don't blame them for accepting them 

 

But when I see Reach half ar5ed walking about the pitch and then knowing he is getting paid over 20 thousand pounds a week ,it makes me angry 

 

Show some bloody pride 

 

Everyone whose earning over 10k a week should be up for transfer 

 

Not one player in the team  warrants that sort of pay 

Edited by Sticky Micky
  • Like 4
  • Love 1
Link to comment
Share on other sites

17 minutes ago, Dooogs said:

It's an utterly ludicrous amount to pay them... and not remotely their fault for accepting it.

 

Just like the crazy wages offered to the O'Donnelly's - that reflected badly on Dave Richards, not the Scots (rubbish as they were).

O’Donnell (rip), Donnelly and Scott… crikey they were poor signings

Link to comment
Share on other sites

Guest Willow Owl
2 hours ago, @owlstalk said:

 


That would honestly make me the happiest person

 

Am absolutely sick to death of hearing about our chairman/exploit/messes and just wanna talk about free kicks, tackles, shirts, players etc again

 

Agree 100%

Link to comment
Share on other sites

1 hour ago, @owlstalk said:

 

Good stuff mate - fully agree


If Chansiri could just give us a break and a rest from the madness i could open up the 'boardroom' section of this site and put all the chairman/politics in that again out of the way

Hopefully not far off that happening 👍

That's a risky move on here by anyone's standards! lol

  • Haha 1
Link to comment
Share on other sites

The most significant note is this:

 

"The owner has confirmed that sufficient financial support will be made available to enable the Company to meet its obligations as they fall due for a period of not less than 12 months from the date of approval of the financial statements. The director acknowledges that this support is not legally binding and is dependent on the availability of funding from the owner. Therefore, a material uncertainty exists which may cast doubt over the company's ability to continue as a going concern and, therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. Nevertheless, after making enquiries and considering the funding requirements of the Company, the director is confident that funding will be made available and has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly he continues to adopt the going concern basis in the preparation of the financial statements."

 

The rest of the accounts show that SWFC will depend upon more funds (either loans or share capital) from the Director.

 

Those funds appear to have been released if creditors, including players, have been paid. 

  • Like 1
Link to comment
Share on other sites

3 hours ago, i used to be sc_owl said:

Just some rough and ready calculations but the average wage for the first team squad must have been about £20k p/w. Crazy. 

The £30m is for the total of 283 employees, of which the first team numbered about 28?  By your reckoning that takes up £29m so not much left for the Coach, his staff and the other 250 employees!  Would £12k average be nearer the mark?  Still overpaid for the results achieved.

National newspapers claimed Marriott was on 18k a week at Derby but that does not necessarily mean that we were paying his full salary.  That was for the 20-21 accounts of course.

Link to comment
Share on other sites

3 hours ago, unkastav said:

O’Donnell (rip), Donnelly and Scott… crikey they were poor signings

 

And we were paying them more than we are paying players now. A lot more. Over 20 years ago. Let that one sink in...

  • Like 2
Link to comment
Share on other sites

2 minutes ago, Swingin' Sixties said:

The £30m is for the total of 283 employees, of which the first team numbered about 28?  By your reckoning that takes up £29m so not much left for the Coach, his staff and the other 250 employees!  Would £12k average be nearer the mark?  Still overpaid for the results achieved.

National newspapers claimed Marriott was on 18k a week at Derby but that does not necessarily mean that we were paying his full salary.  That was for the 20-21 accounts of course.

 

The average championship player is on £29k per week. We are bang average on wage outlay per player staggeringly.

Link to comment
Share on other sites

I don’t know if this has been posted but

 

Quote:

 

Its the fact we make a gross loss from core activities of 20m that is eye watering - of which 1.5m is a drop in turnover caused by the loss of the 5 games. The season ticket monies relating to that be in deferred income. 

One for the conspiracy theories, the accounts show that £7.5m was received from Sheffield 3 for the instalment due on the stadium. 

Out of interest - the shareholder loan due to DC has reduced by 7.2m 

Us rational people probably determine this is the magic of the accountants pen and no real money has changed hands. 

I think I once mentioned I could do the accounting to repay 60m with no money transfers at all 

Even if this was real money then all that happens is DC will put it straight into Sheffield 3 to repay the next instalment to Swfc, transfer it to himself and err repeat. 

When we eventually pay rent do the reverse 

Other points of interest - reference to DC and Sheffield 3 have given guarantees to support a 3m other creditor in the accounts. 

Confirmation there is a Hong Kong parent but ultimate control is Sheffield 2 Ltd and thereafter DC 

Player sales brought in 8m cash 

Player amortisation 6m - so book cost of writing off transfer fees over the contract. 

Owed 7m in VAT and PAYE at July 20, taking advantage of the Govt deferral. 

Much more interested in where that stands today 

No disclaimer on going concern which means there is "proof of funds" to support the Club for 12 months from today - though no guarantee it will be used. 

Actually hate to think what the 21 accounts look like with no ticket revenues - hopefully wage costs are down  

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...