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| Author: | Tony Fax [ Wed Aug 28, 2024 9:21 am ] |
| Post subject: | Accounts |
The 2023 accounts have now been fliled at Companies House and they show the club lost nearly £200k with net liabilities now standing at over £540k The taxation and social security creditor has increased worryingly high to £47k - we don't want to be falling too far behind with those guys. I'll keep an eye out for other clubs' 2023 accounts, including SL, and post them on here. |
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| Author: | Tony Fax [ Wed Aug 28, 2024 9:45 am ] |
| Post subject: | Re: Accounts |
Castleford lost over £500k in 2023. They revalued their ground to approx £8 million which shows a strong balance sheet but without this asset they'd have net liabilities of over £4 million. The club owed its directors £2.6 million. |
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| Author: | Tony Fax [ Wed Aug 28, 2024 4:57 pm ] |
| Post subject: | Re: Accounts |
Salford lost nearly £400k in 2023 and had net liabilities of nearly £4 million. And judging by this season's crowds (they had just over 3k against Hudds) looks like things aren't going to get better! |
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| Author: | Greg Florimos Boots [ Wed Aug 28, 2024 5:01 pm ] |
| Post subject: | Re: Accounts |
Tony Fax wrote:Castleford lost over £500k in 2023. They revalued their ground to approx £8 million which shows a strong balance sheet but without this asset they'd have net liabilities of over £4 million. The club owed its directors £2.6 million. I expected worse from our accounts to be honest but I dread to think how they will look at this point next season. Just on Cas and their ground I think that is a loophole that can be used for the IMG rankings that will help them on the financial part of the gradings. The sceptic in me also wonders if longterm leases are allowed to be manipulated in the same way and could we see the sale of the lease back to Bradford go through before the final IMG rankings and see them also revalue the lease to a much higher amount than they will be gifted it for. |
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| Author: | faxcar [ Wed Aug 28, 2024 5:49 pm ] |
| Post subject: | Re: Accounts |
As before there’s hardly a club that isn’t affected and the game should be renamed Super Debt and clubs can manipulate the figures all the like but it won’t alter the truth which will come out sooner or later. Just shows you though what sort of system is in place where you can gain an advantage through corruption by manipulation and the integrity of clubs if they would stoop to doing that. |
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| Author: | Faxlore [ Wed Aug 28, 2024 7:02 pm ] |
| Post subject: | Re: Accounts |
Don’t Whitehaven own their own ground. They might get in to SL |
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| Author: | Mr Dog [ Wed Aug 28, 2024 8:33 pm ] |
| Post subject: | Re: Accounts |
Tony Fax wrote:Castleford lost over £500k in 2023. They revalued their ground to approx £8 million which shows a strong balance sheet but without this asset they'd have net liabilities of over £4 million. The club owed its directors £2.6 million. Certainly help their IMG score..... |
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| Author: | Mr Dog [ Thu Aug 29, 2024 7:45 am ] |
| Post subject: | Re: Accounts |
Greg Florimos Boots wrote:I expected worse from our accounts to be honest but I dread to think how they will look at this point next season. Just on Cas and their ground I think that is a loophole that can be used for the IMG rankings that will help them on the financial part of the gradings. The sceptic in me also wonders if longterm leases are allowed to be manipulated in the same way and could we see the sale of the lease back to Bradford go through before the final IMG rankings and see them also revalue the lease to a much higher amount than they will be gifted it for. Won't make any difference to Bradford's score this year as finances are for the 3 years up to the end of Nov 2023. |
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| Author: | Tony Fax [ Thu Aug 29, 2024 9:57 am ] |
| Post subject: | Re: Accounts |
I'm not sure about the rules regarding leasehold disclosures. All a lease is, is a glorified rent entitling the lessee benefits of ownership for a finite period of time, and if they disclose it as an asset they'd have to disclose the lease payments obligations thus effectively cancelling out the asset. But I stand to be corrected. Dewsbury have a lease agreement with the Council but the only disclosure in their 2023 accounts is £10k worth of "improvements to leasehold property". Incidentally, they lost nearly £100k in 2023 and have net liabilities of £345k. |
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| Author: | Tony Fax [ Thu Aug 29, 2024 10:40 am ] |
| Post subject: | Re: Accounts |
Well, I could be wrong about leasehold disclosures. Looking at the 2023 accounts for St Helens, they include a 50 year long term leasehold valued at an eye watering £31 million. However, strip out this leasehold and the net liabilities stand at an astonishing £29 million. Leaving out the surplus on revaluation, Saints lost £2 million in 2023. Blumming heck. And Saints' ultimate parent company, Crowther Street Holdings Limited, is incorporated in the British Virgin Islands 
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