#41907
These are now available.

The headlines are that there was a loss for the year of some £4m but that the company with capital and reserves of £4.1m is solvent.

It must be presumed that the year to 30 June 2021 will produce another significant loss but the directors in their report are confidant that there are plans and resources in place to continue for the foreseeable future.

The accounts are available at Companies House and their reading is recommended.
#41910
Now, I’m not an accountant, but I hope I understand how many beans make 5.
On note 9 of the “notes to financial statements” found on the Companies House files one can see :-

Note 9 Directors’ Remuneration:-
2019.. a total of £406,286
2020.. a total of £552,750.
A complication I don’t understand shows that no director received any direct emoluments in 2020, but that the 552k above was “paid to third parties in respect of directors’ services”. Either way it’s a fair assumption that it ended up with Jason and Colin.

I’d have been very happy indeed to be a director of a company losing somewhere over £4m pa and be receiving remuneration of (presuming a 50/50 split) £276,375.

Or have I misunderstood something?
#41954
I’ve had a glance and the good news is the club increased commercial revenue a decent amount for the period in question, considering some of this involved a lockdown and the start of a pandemic that’s good news.

Worryingly was the huge drop of cash in hand from over £3 million to less that £400k and the increase in debt and interest to service the debt. Sadly in my opinion the club is being on borrowings and debt which is unsustainable. According to the accounts the owners have identified the money needed until December 2022 and are basically looking how to fund it as current forecasts of cash in don’t cover the costs. Hopefully sponsorship and ticket sales will increase and help, if not it will be more borrowing.
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