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Financial Accounts 19/20


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We have released our 19/20 financial accounts.

https://find-and-update.company-information.service.gov.uk/company/08876768/filing-history

For the non-financially savvy fans, if you look at the movement from 2019 to 2020 in "Total Equity", we basically lost £119,000 - that's about as much as these accounts can tell us!

I've never liked the accounts we produce, Smurthwaite always used to hide behind a loophole which meant he never had to release the full Profit & Loss account (ie what's come in and out of the club over the year). I don't understand why a club wouldn't be transparent to their fans, unless they were hiding something.

V2001 were rightly chastised but one thing I will say about them is their accounts were so thorough and in depth [LINK]

I'd hope that we would produce something similar for next years accounts.

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I would suggest that the main reason for not producing more detailed accounts is cost.

Its not so much a loophole, rather a standard thing that businesses that qualify as small, don't need to produce full audited accounts, for that very reason.

More detail would be nice, but I trust Carol to be doing the right thing so happy for them to save the money and use it elsewhere.

 

 

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Posted (edited)

A P&L on a detailed level will exist. I don’t know if the small company exemption existed in V2001’s time. Anyway they had several thousand members/shareholders who received an annual report and were entitled to attend an AGM. 

Edited by Santa
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I do remember in the first Q&A after their takeover that Kevin said that club accounts would be up on the wall in reception so any fan can come and view them, for full transparency.

I agree that the realities of the game + covid impact has probably ended this idealistic goal.

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6 minutes ago, valeparklife said:

It says we spent £50k on players too - who was that on?

Jake Taylor? Ah ignore me, wrong time period for his permanent move.

I wonder if there was any fees involved in the loans of Taylor and Clark during the 2019-20 season?

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I don't understand accounts but do these not show the extent to which the Shanahans have been subsidising the club and give the lie to those on here who claimed they should not take over the club because they had no money??

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13 minutes ago, valeparklife said:

It says we spent £50k on players too - who was that on?

I do not know but suspect it would be signing on fees for players. If someone was signed on a two year contract then the signing on fee paid to him would be spread over those two years. A similar process would happen if we actually did pay a transfer fee, the amount would be spread over the length of the contract.

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10 minutes ago, Jacko51 said:

I don't understand accounts but do these not show the extent to which the Shanahans have been subsidising the club and give the lie to those on here who claimed they should not take over the club because they had no money??

I have no idea why anyone would choose to believe the word of Norman Smurthwaite, a known liar, when he claimed the Shanahans didn't have the money to keep the club going.

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15 minutes ago, Jacko51 said:

I don't understand accounts but do these not show the extent to which the Shanahans have been subsidising the club and give the lie to those on here who claimed they should not take over the club because they had no money??

It lays bare the extent to which we are reliant upon the Shanahans. The company is worth minus £1,878,392, i.e. if everything was sold and they tried to repay what was owed we would be short by that amount. Without their support we would be bust and we exist solely due to the money they have pumped in. They have also stated in these accounts they will be putting more in this year.

Truly a labour of love for which we should all be grateful.

 

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There's a bit on signing on fees here. I think that without being party to contracts it's difficult to say but I think in the grand scheme of things £50k is a pretty minor amount. 

1458293898_Screenshot2021-07-14140545.jpg.914e9ea3dcbc2ca9f46f04bc71216928.jpg

I can't really understand it but Ben Whitfield did leave by mutual consent in Sept 2019 - could it be a lump sum settlement when he left perhaps? Or perhaps Ricky Miller's mutual consent in June 2019? Or both?

 

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