Amortisation of transfer fee's is done on a straight line basis over the life of the initial contract. Simple as.

As has been pointed out, the accounts are for Oct 2010 so the fee had only just become payable and Westerman became a Hull employee from Nov 10 onwards. The fee paid for Tansey would still have been carried at a net book value at that time though.

If they are turning over less than £6.5m they are theoretically exempt from Audit (not sure if they took the exemption).

There are far too many ways to take a slice of the cake without it being in the form of a dividend

You're right, but value probably £15k ish? Think the fee was only £30k.

Hence at NBV.

Am i correct in thinking that last year was the first one when we havent had to pay off directors loans?

Rule said last year we don't owe the directors anything. In a financial sense, anyway. Obviously we owe them big time for saving our club, getting us into a sustainable financial position and winning the Challenge Cup.

So therefore profits are down even more than the 50k reported?

Why would profits be down?

Paying off the loans would not hit the p/l

Only loan interest would be in the P&L

IIRC, Leeds posted a turnover of around £10m last year. I'd expect ours to be at least half of that.

£2m from ticket sales throughout the year
£1m from merchanside
£1m from Sky rights
£1m from sponsorship
Rest from prize money, etc?

Can't be too far off.

Sponsorship will be nearer 3/4 mil. imho

Dont ask me , im not a bean counter

Just though if we made 250k profit per year, but then decided to pay 200k off loans, for example, so net profit is only 50k.

Hull have once again included their players as ‘intangible assets’ on their balance sheet, placing a value of more than £1m on their playing squad, as part of total assets of £1.42m.
It is a move which auditors Sadofskys stress is not in accordance with financial reporting standards.
However, FC have always justified including players as assets due to the huge impact they have on the success of the business in terms of results on the pitch, stressing they do not impact on profits or losses shown in the accounts each year.