| FORUMS > Halifax Panthers > Anyone else worried about the Cap??? |
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| Quote: Tony Fax "The last accounts for Halifax RL for year ended 30/11/2010 again shows that the club "broke even" ..... quite literally. Exactly NIL profit/loss. The same as the year before. The accounts don't give much away because they're abbreviated. But you can figure out the profit / loss by simply looking at the balance sheet. It only costs a quid to have a look on Companies House website.
Strange ..... no matter how well we do we always break even. Maybe an anonymous sponsor / benefactor is "plugging the gaps"?.'"
Profit means nowt, the net asset and cash position is key.... |
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Black, Greenwood, Jones, Nash, Watene, Clayton, Goddard. and co would have been on a good number and doubt Heaton, Reittie, Handforth are on the same. Also Fax have said the budget is less this year
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| Quote: wereutherein1987? "Profit means nowt, the net asset and cash position is key....'"
Not arguing, accountancy was never my main subject, better at English Law,
Please explain
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Well, Fax don't have any assets and I can't see us needlessly sitting on a massive amounts of cash - it's a waste of working capital. So long as the cash FLOW is managed Profit is everything. Profit keeps you going into next year. Profit attracts investors. Profit is why I get out of bed every morning.
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| Quote: littlerich "Well, Fax don't have any assets and I can't see us needlessly sitting on a massive amounts of cash - it's a waste of working capital. So long as the cash FLOW is managed Profit is everything. Profit keeps you going into next year. Profit attracts investors. Profit is why I get out of bed every morning.'"
Exactly,
We don't own a stadium (asset)
We don't own players (asset)
The only way assets are of value is if you can sell them.
Look at Ratu, he had an Audi and sold it.
Unfortunately the company he hired it from were not impresed.
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| Quote: littlerich "Well, Fax don't have any assets and I can't see us needlessly sitting on a massive amounts of cash - it's a waste of working capital. So long as the cash FLOW is managed Profit is everything. Profit keeps you going into next year. Profit attracts investors. Profit is why I get out of bed every morning.'"
All I'm saying is profit can be great but cashflow poor, or profit poor and cashflow great, the 2 don't necessarily correlate. |
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| Quote: wereutherein1987? "All I'm saying is profit can be great but cashflow poor, or profit poor and cashflow great, the 2 don't necessarily correlate.'"
Yep - absolutely. Poor cashflow management is why a lot of businesses fail. |
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| Quote: halifaxjohn "icon_motor.gif
Not arguing, accountancy was never my main subject, better at English Law,
Please explain
![]()
Well ..... the accounts show net overall liabilities of £130,014, exactly the same as the year before, which is simply represented by creditors of £130,014 (whoever they may be). So the club is technically insolvent. Because the company is insolvent, I would have thought the accounting policies should include an explanation as to why the accounts have been prepared on a going concern basis, but they don't.
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| Quote: Tony Fax "Well ..... the accounts show net overall liabilities of £130,014, exactly the same as the year before, which is simply represented by creditors of £130,014 (whoever they may be). So the club is technically insolvent. Because the company is insolvent, I would have thought the accounting policies should include an explanation as to why the accounts have been prepared on a going concern basis, but they don't.'"
As at the 30th September 2010, our companys creditors looked like this:
Amounts falling due within one year: £372,433
Amounts falling due after one year: £14,012,516
All confirmed by auditors and we are a "going concern". And no explanation needed ta very much  |
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| Quote: littlerich "As at the 30th September 2010, our companys creditors looked like this:
Amounts falling due within one year: £372,433
Amounts falling due after one year: £14,012,516
![]()
Don't matter how much you owe, tricky lad, it's the net position as well you know. Have you looked at Halifax's RL accounts? As I say no going concern explanation and the Accountant reported on ht accounts which wasn't necessary as the accounts are abbreviated. Never heard of the Accountant to be honest.
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Well, our net position is £14m in debt (albeit to our US parent company) and we're still a going concern. Staggering.
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| Quote: littlerich "Well, our net position is £14m in debt (albeit to our US parent company) and we're still a going concern. Staggering.'"
As long as your US parent company states they will not withdraw their financial support indeed you can be classed as a going concern. I wonder who our club's creditors of £130k are? Seeing that the amount of debt is the same as last year they must be "nice" (  ) creditors who don't want their money (yet!) .... the directors perhaps? But the likes of Bubba would argue it's money we owe for the rent! |
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| We do indeed have an annual comfort letter which is requested by our auditors. I reckon the creditor is Hilda |
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| Quote: littlerich "We do indeed have an annual comfort letter which is requested by our auditors. I reckon the creditor is Hilda ![]()
Nice to see your "job security" hinges on a piece of A4 paper saying the 14 million is ok, dicky
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It's been like that for nine years. I love that piece of A4 paper!! (Actually, it's not A4 - the yanks use weird paper sizes)
Mind you, I'm very talented so I'm sure I'd walk into another job lickety split.
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