June 2022 accounts

[Rockford's Love Child]

The June 2022 accounts are now available online.

I have only had time for a very brief look, but not a great picture in my view. A reduced operating loss of £290k in the year, but that figure includes unamortised grant income of £1 million brought forward from the previous thirty years, so an effective loss of £1.3 million.

Cash balances down by just over £1 million in the twelve month period. There was a substantial repayment of debt of about £400k (not sure what that debt was, as it is not described as a director's loan, but it is private rather than bank debt) which was funded by the final tranche of investment from the Indonesians, and we spent an additional £570k on fixed assets, presumably chiefly further improvements at the training ground.

The accounts were filed on time on 30th March.

 

[bigmart]

I presume the debt repayment was either to pj or mark and nicola.

 

[Rockford's Love Child]

I presume the debt repayment was either to pj or mark and nicola.

I don't think it was to Mark or Nicola as that would have to be disclosed. It could be to PJ, but I thought his debt was all repaid several years ago (perhaps not).

 

[Ian]

Thanks RLC. So assuming we continue as we are, losing money per year, it's a downward spiral until something changes.

 

[bigmart]

I don't think it was to Mark or Nicola as that would have to be disclosed. It could be to PJ, but I thought his debt was all repaid several years ago (perhaps not).

Fairly sure he has loaned money again in recent years

 

[bigmart]

Thanks RLC. So assuming we continue as we are, losing money per year, it's a downward spiral until something changes.

As none of the off field activities are making money then we will continue losing money which has been the way for a number of years.
Additional money is needed whether it be through a takeover, further investment player sales, cup runs etc

 

[Rockford's Love Child]

As none of the off field activities are making money then we will continue losing money which has been the way for a number of years.
Additional money is needed whether it be through a takeover, further investment player sales, cup runs etc

I don't think player sales are going to be remotely sufficient, which is why I am sceptical about the development model.

I think we need new investment.

 

[bigmart]

I don't think player sales are going to be remotely sufficient, which is why I am sceptical about the development model.

I think we need new investment.

I don't think they will be either but will help a little bit but new investment is definitely needed

 

[ADD]

Fairly sure he has loaned money again in recent years

I think you are right. £2.1m of PJ loans were written off in 2017 and other loans repaid but there was also a new £1.5m of director's loans reported in FY 2017. However, in the 2018 accounts that exact same amount instead became classified as Other Creditors in the prior year accounts and the amount then increased by a further £1.2m during 2018. Mr Johnson resigned as a Director in Jan 2018 so I assume that the loan was from PJ rather than MP and that following his resignation it could be reclassified as Other Creditors and not need to be noted since he was no longer a director?
Looking at this year's accounts £200k of that was repaid during the year but also a further £402k described as Other borrowings which I have no idea what/ from whom it is other than it being described as "high interest bearing". As such all the latest £400k Indonesian investment was used to repay debt and so would explain why the playing budget was under pressure given there was over £600k of debt repayments during the year.