I've not seen a more accountancy illiterate interpretation of a set of financial statements than the rubbish in today's League Express about the Leeds figures just filed at Companies House.

For starters it was a 10 month period, not a year as they report (the year end has switched to October from December). So blathering on about turnover and wages being "down" compared to the year to December 2008 is *******. There will be less income in November/December obviously (although Christmas + Boxing Day game means probably not that much less than an average month in season) but overall it was £10.5m for ten months against £10.6m for the full 2008. So I reckon that is markedly, in fact astonishingly, up and a big success. Totals for Wages & salaries are pretty much in line with last year if you pro-rata them.

As for the guts of the figures, the claimed "£3m profit" comes about because, as the directors' report says, "YCCC have bought out the option which gave the company (Leeds) the right to repurchase the freehold of the (cricket) ground. This resulted in a significant capital gain (£2.855m)". This figure is not included within turnover and is disclosed separately.

Still, there's no denying it was a good result even before that. In summary:

+"Trading Profit before large/one off items": £843k
+Stadium rental income from LRUFC: £316k
-Inexplicable management charge payable to LRUFC: (£200k)
-Management charge payable to Caddick Group plc: (£250k)
+YCCC option to repurchase buyout: £2,855k
+Interest receivable (unusually large IMO but no more details provided): £674k
-Total corporation & deferred tax charge: (£1,244)

Net retained profit £2,994k.

There are plenty of interesting details if you pay your £1 and download the accounts. As with previous years, these accounts relate to Leeds RLFC and the operation of the bit of Headingley stadium we didn't sell to Yorkshire. Leeds RUFC is a separate, heavily loss making, company and all their direct income and expenditure goes into there - our only visible connection in terms of the accounts are those two items noted above.

£674,000 interest received? Bejesus!

Either Leeds are incredibly well off and being thoroughly restricted by the cap or thats balls, surely? What is the bank balance on the balance sheet?

£450,000 in management charges too. I take it that is just a way to redistribute cash/profit between the organisations in the group. (I take it these charges are for the group or are they just for the Rhinos?)

which bit implicates what we got from bradford bulls in way of recompense for harris?

A first class set of figures for any professional sports club, especially in recessionary times.

The League Express analysis of £3m profit on £10m turnover just made no sense at all.

You still have to suspect that the inexplicable management charge payable to LRUFC is an accounting way of subsidising the stadium rental they need to show but simply cannot afford.

Still, the trading profit and the YCCC monies will cover the clubs required contribution to the stadium improvements to which no bank would fund 100%

Opening bank balance £1.1m, closing balance £3.7m. The interest receivable is odd, so who knows what's going on there as all we ever see on the balances front is a point in time at the start and end of the period.

Without knowing how they justified them for tax/audit, the management charges, which are purely those paid by Leeds RLFC to other Caddick group companies, could appear to an observer to be just spreading the fiendish profitability of Leeds RL around the group a little to minimise tax or improve results elsewhere. I'm sure they are fully justifiable though...

Loansharking?

I'd pay up earlier if Jamie Jones-Buchanan was collecting.

They look a very strong set of figures. Saints figures are out as well, but they aren't so pretty.

£890,000 loss I think it came out as. It'll be interesting to see the turnaround post-stadium move. Next year will be horrrendous as gate income and merchandise revenue will be down a ton with us playing in Widnes.

I understand you might, just might, be in the new stadium in time for the play-offs... is that still likely or is it going to be 2012?

The capacity is much smaller at Widnes than at KR or the new GPW, so you might benefit from the fear of not getting walk-up tickets, especially from away fans?

I think the plan is to open the new ground with a bang. I heard it mentioned if they can open it for a league game they would, but that its 99.99% certain to overrun the estimates anyway so first game of 2012 is more realistic.

I'm sure we will sell out the big games at Widnes, but the likes of Catalans, Crusaders, Wakefield, Salford, Huddersfield, Bradford etc I worry about. I reckon those could be as low as 4 or 5 thousand, but I hope I'm wrong.

The interest received is tied into the money received from the lapsed option, as mentioned in the 'review of business'.

Also the 'highest paid director' which I am guessing is GH (but can't be sure) got £122k for 10 months pay.

By 'eck you're right - hadn't noticed that. Interest receivable makes a lot more sense now then.

Bound to be GH.
I wasn't going to say anything, but the detail in the fourth para of the related party note is interesting

So all this profit is what you have stolen from us in terms of the Harris money.

I hope your all happy with your actions.

You should'nt of been complete w##k*rs then thinking you'd got one over GH and our club when you signed him!
Another master-stroke from Caisley!