Quote Plum Bob="Plum Bob"The only rationale I can think of running two outfits is that you can offset profits onto the losses of the other company thus avoiding some taxes.
As to the game and it’s future, it’s a bit like bitter and lager. Originally bitter was the major drink then came lager it was promoted like mad, it being a cheaper product to make, and being a lighter drink it took off with the young. Sadly rugby is the bitter. Apart from tinkering with the rules the major change was video refs. This has slowed the game. Go back to refs making the decisions, allow goals or not, no more going over and over a move to see if a pinky was in contact with the ball. TV commentators are just that they are not adjudicators.'"
Nah, Hull FC 2011 Ltd is the vehicle Pearson used to acquire the club. It doesn't do much as far as I can tell apart from incur a bit of interest or something each year. All the trade is in Hull Super League Ltd.
Things I've noticed from a quick glance (and I'm not a Hull fan) -
1. The club continues to use very dubious accounting policies about player valuations which totally prop up the Balance Sheet but are not in line with accounting standards and would result in qualified accounts if these needed auditing.
2. The other borrowings in long term creditors we can be pretty certain is the RFL-administered government loan. Hull got around £1m to £1.3m, similar to other clubs (Leeds as an example got exactly £1.25m).
3. Check out note 7. The fall in deferred income from £672k to £276k is likely to relate to people paying for season tickets or sponsorship before the end of November for the following season. It looks like these only went on sale in December last year which presumably is rather later than in previous years which will explain most of the fall, hopefully, rather than it being a permanent reduction in ticket holders.
4. Club looks to have essentially broken even on a net profit level for the year but without even a summary P&L and notes or an understanding of what the aim of the business is (most RL clubs aren't really run to make money but one without a sugar daddy like this probably is) and of what, if anything, senior management take out as remuneration it's really hard to understand what is actually going on.
