starbugs right on that, the link you posted to me seems to have no relevence to a pro sports club in terms of revenue. it refers to a sports club having to pay fees to enter compititions.

so if the rfl take money from all clubs to enter the challenge cup, then this money would be exempt from vat.

if you don't believe it, just watch how many teams advertise the fact season tickets bought before january can beat the vat rise.

Liquidity is the best indicator on anyones books.

Some players must be on awful Wages at Widnes to achieve that profit. Your gates have dropped around 1k this season !

Starbugs right about the ticket element too.

Starbug

I have to say I share your surprise about these accounts. I cannot say whether these have been audited or reviewed by a reputable accounting firm - does anyone know?

But, given that I am a Chartered Accountant myself, let me make a few comments:

1) Spending money on plasma screens and the stadium should have had little impact on last years results. These items should be capitalized on the balance sheet and the expense recognized over the next few years - so if anything you would expect this years results to be WORSE as you start to see the effect of the depreciation.

2) Clearing debt should have no effect on the profitability of the company. If you have a debt, you pay it off with cash, it has nothing to do with profit or loss, except that of course you are saving interest on the debt you have. Its simply a balance sheet issue.

3) $1M profit on $2.5M turnover is a 40% net profit rate - in this economic climate and in the sporting sector it is simply remarkable. Without looking at the accounts I cannot really start to assess how this was achieved, but based on the stats discussed in this thread, it doesn't seem to be coming through the turnstiles...whether it is sustainable remains to be seen..

mapleyther

The salary cap is £300K. If you believe the revenue figure of £2.5M, the players wages are a fairly minor expense overall.

The CEO of Widnes (until a week or so back) was financial controller at O'Connor and then Stobart. The results are AFAIK unaudited, but no doubt that will follow in due course and you'll be able to obtain a copy from company house. The new CEO (Julia Gaskell) worked on sponsorship management of the Commonwealth games and Liverpool 08, among other things. Suspect we're going to find a significant level of undisclosed sponsorship payments in the detailed accounts.

These are the figures for 2009, when Widnes averaged nearly 4000 and won the NRC. Not convinced the spending on the stadium would be accounted for as depreciating assets - the money spent on new seats is perhaps treated as a simple expense, given that the stadium is not owned by the club?

the club will own a lease to use the stadium, the expenses paid on the stadium would be treated as improvements to leasehold and capitalised and then depreciated over there useful economic life

Perhaps the club would have shown a profit in the 2009 figures, were it not for the restructuring, which took place?



As we are dealing with a tax year which runs from April 2009 – April 2010, this means that the majority of the figures will be made up from the 2009 season.

It was a light hearted joke and you all seem so jealous.How do you all know how much Stobarts,JST nutrition,Land Rover,Oneills,Tetleys,Riverside College,Halton Borough Council,Halton Buses,Halton Housing Trust, and viqi are putting in each month?Ste oconnor could be putting £10,000 each month towards viqi so it is all possible.Merchandise from 2 rail finals and gate receipts.So jog on and congratulate the next super league team.

I'm not surprised at all by those fantastic results. It's great for the fans of Widnes who must love reading a set of financial results like that. What the club fails to deliver on the pitch they certainly make up for it with a sexy balance sheet and P&L.

It's all good. It's all Super League. (Well, apart from the massive profit of course - that's very un-super leaguey)

absolutely correct griff.

And by the way, this has nothing to do with Widnes getting a franchise - they fully deserve it in my opinion...just not overly convinced by these figures..thats all....

if anyone can get hold of a copy of the accounts let me know..its a bit hard to get them from Canada.,..

Companies house shortly like Every business figures will be... Why lie and risk all the hard work done?