Bloody Power!
Do any of our accountanty colleagues have anything to say about these results, they are outside my area of expertise and whilst Kieran Maguire does some good stuff he also has an unfortunate habit of rushing stuff out without proofing or checking his working?
Full doc is linked here.
https://beta.companieshouse.gov.uk/company/00053100/filing-historyIn summary:
We received a significant chunk of money in that financial year, hence the Debtors number tumbling, which would likely be transfer fees being received for previous sales.
That money was used to pay back Power - 2.2m.
Power then reinvested 1.4m of new money into the club, creating a newer loan I imagine with a longer due date.
5m is due over one year from now, of which 2.4m is directly due to Power. There is a 1.8m debenture but not secured, which could be the money Black would be owed upon a sale.
It's not 13m in debt - it's 6.7m - we've lost 13m over the years but 6m of that is covered by equity investments, not loans. Nobody is owed anything for that - an owner of the shares would no doubt want paying off when and if the club changes hands. We lost 1.7m in the financial year in question - some of that ha caused an increase in short term debts due, just trading dates, and some has increased the long term debt - covered by Power.
Overall, they are not great, they haven't been for a few years, but they have been much worse in the past. At the moment we are covering the losses with equity and long term loans to the owner and other persons (who we cannot see).