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Quote: east hull FC fan "Wouldn't really matter, the loan repayments would be an agreed amount as an expense of the business. Why would Kath use her rightful share of profits to reduce her own personal asset?'"



As I said, I'm no accountant but I think loan repayments aren't in the P&L so don't affect profitability, only loan interest is. Plus there needs to be a corresponding entry to the reduction in the debt in the BS so the funds must come from somewhere.

I can't believe our accountant in residence isn't around to clarify

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Quote: Jake the Peg "As I said, I'm no accountant but I think loan repayments aren't in the P&L so don't affect profitability, only loan interest is. Plus there needs to be a corresponding entry to the reduction in the debt in the BS so the funds must come from somewhere.

I can't believe our accountant in residence isn't around to clarify'"

Bl00dy hell, Jake, can't a woman have a lie-in on a Sunday morning? icon_lol.gif

If you look at our balance sheet since 2004, the movements are as follows. I've stripped out player valuations:


Change
Tangible Fixed Assets 333
Stocks 69
Debtors -389
Cash 289
Creditors < 1 Year 1,037
Creditors > 1 Year -276
Net Assets 1,063

Share Capital 21
Share Premium 0
Revaluation Reserve (exc Player valuations) 280
P&L Reserve 762
Shareholders Funds 1,063

So you're right in that essentially the increase in the P&L reserves essentially mirrors the movement on total creditors. We never get a breakdown of the creditors number as the accounts are abbreviated so don't get the visibility on loan movements you would in full accounts.

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Quote: Mrs Barista "Bl00dy hell, Jake, can't a woman have a lie-in on a Sunday morning?
What does all that mean in layman's terms then?

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Quote: Jake the Peg "What does all that mean in layman's terms then?'"

Mrs. B and Kath are robbing us blind. icon_smile.gif

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Quote: Jake the Peg "What does all that mean in layman's terms then?'"

It means that by making profit, we've reduced our liabilities. There is nothing in the accounts to show how much of this is due to the directors, but Rule has said the directors' loans have been repaid. I'm not really sure what your point is. The directors loaned the club money. The club has made some money since and it sounds like the directors loans have been repaid.

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Quote: east hull FC fan "Mrs. B and Kath are robbing us blind. icon_wink.gif icon_lol.gif

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Quote: Mrs Barista "It means that by making profit, we've reduced our liabilities. There is nothing in the accounts to show how much of this is due to the directors, but Rule has said the directors' loans have been repaid. I'm not really sure what your point is. The directors loaned the club money. The club has made some money since and it sounds like the directors loans have been repaid.'"

His point was that the profit has paid the directors off? I think. Which is why I said they wouldn't reduce their personal asset with money they are owed anyway as profit. At least it would seem silly to me.

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Quote: east hull FC fan "His point was that the profit has paid the directors off? I think. Which is why I said they wouldn't reduce their personal asset with money they are owed anyway as profit. At least it would seem silly to me.'"

As it stands though the valuation of the business from a strict accounting net worth perspective is next to nothing. Adjusting for the player valutions, the business actually has net liabilities of around £100k (although this is far stronger than in 2004 when the net liabilities were £1.2m). If they wanted to sell, the asking price is determined by the directors as they are the shareholders, but would include things like the future earnings potential of the club, which is obviously entirely subjective, especially given falling attendances which should be a big concern. Kath etc would know, though, that it's most likely that any interested party would pay a premium as they are likely to be a fan. The situation at present with non club fans on the board is pretty unique in SL.

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Quote: Mrs Barista "As it stands though the valuation of the business from a strict accounting net worth perspective is next to nothing. Adjusting for the player valutions, the business actually has net liabilities of around £100k (although this is far stronger than in 2004 when the net liabilities were £1.2m). If they wanted to sell, the asking price is determined by the directors as they are the shareholders, but would include things like the future earnings potential of the club, which is obviously entirely subjective, especially given falling attendances which should be a big concern. Kath etc would know, though, that it's most likely that any interested party would pay a premium as they are likely to be a fan. The situation at present with non club fans on the board is pretty unique in SL.'"
As I said on another thread, Kath values her "goodwill" in the business far too high for anyone to realistically want to invest.

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Quote: east hull FC fan "As I said on another thread, Kath values her "goodwill" in the business far too high for anyone to realistically want to invest.'"

Sounds like that is exactly the case. If she, for whatever reason, wants to stay put (and keep FC in our place, i.e. one less threat to Leeds icon_wink.gif ) she's in the driving seat (of her vehicle with the Rhinos numberplate icon_wink.gif ). Seriously, if there were any suitors of FC they are highly likely to be fans as there is no business case really to invest in any RL club. The value of the club must be reducing though with performances and attendances on the slide.

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Quote: Mrs Barista "Sounds like that is exactly the case. If she, for whatever reason, wants to stay put (and keep FC in our place, i.e. one less threat to Leeds icon_biggrin.gif

My god, what a position to be in. icon_sad.gif

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Quote: Mrs Barista "As it stands though the valuation of the business from a strict accounting net worth perspective is next to nothing. Adjusting for the player valutions, the business actually has net liabilities of around £100k (although this is far stronger than in 2004 when the net liabilities were £1.2m). If they wanted to sell, the asking price is determined by the directors as they are the shareholders, but would include things like the future earnings potential of the club, which is obviously entirely subjective, especially given falling attendances which should be a big concern. Kath etc would know, though, that it's most likely that any interested party would pay a premium as they are likely to be a fan. The situation at present with non club fans on the board is pretty unique in SL.'"

Basically still balance sheet insolvent with reducing income

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Quote: east hull FC fan "Some would call you a cynic.
The Leeds comments were TIC. I think. icon_lol.gif

This season is new territory for the current board. Initially the objective was to get the business solvent. This was achieved through a combination of a strong pipeline of local talent, a coach with a love affair with the cup, the KC and massive latent support. The club has ridden the wave of 2005/6 and managed to sustain it way beyond what is reasonable, but now, finally, in 2011, the energy of past success and the club's PR machine is starting to dissipate and we're seeing a real drop off in crowds and probably sponsorship. Do they act? I think they have to.

On reflection, as well as the obvious current on the pitch performance and falling crowds, the development of our youth is as big an issue. Go back to the merger time and we had Cooke, Horne, Yeaman and King all debuting as teenagers, plus another group of players like Poucher, Shultz, Fletcher. The rate of churning out players capable of playing at SL level has definitedly stalled at FC since then. Saints, Leeds and Wigan had on average 11 homegrown players on show each this weekend. I would hope there is some challenge going on at board level on this sort of thing, but with the limited knowledge we have on our board, their peripheral interest in the sport would maybe lead you to guess it probably doesn't.

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Just for 'future' reference...does anybody know how much the shareholders are asking for the club...I heard rumours there has been a couple of tentative enquires recently and they have placed a large price on the club...what was this price (in canadian dollars if you please... icon_cool.gif )..

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Quote: Mrs Barista "It means that by making profit, we've reduced our liabilities. There is nothing in the accounts to show how much of this is due to the directors, but Rule has said the directors' loans have been repaid. I'm not really sure what your point is. The directors loaned the club money. The club has made some money since and it sounds like the directors loans have been repaid.'"



My 2 points were:

1. People were saying the loans hadn't been repaid

2. How had they been repaid? Was it a reduction in stock, conversion to shares, cash injection, increased borrowing from elsewhere or from generated profits?

I'm guessing you're saying from profits generated so I was really asking if the level of profitability was equivalent to the reduction in debt which I think you've confirmed. Looking at your figures though, creditors have fallen by over £1m. Have we generated that much profit? Or is there a way of repaying debt without borrowing from elsewhere or showing an equivalent profit?

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