Re: Accounts : Fri Aug 30, 2024 5:42 pm  

Greg Florimos Boots wrote:

https://www.totalrl.com/castleford-tigers-on-the-cusp-of-grade-a-img-rating-as-super-league-club-reveals-in-depth-scoring-process/

How low did IMG set the bar when Cas are close to being granted a grade A license.

Some involvement from the masons maybe?

Re: Accounts : Fri Aug 30, 2024 5:56 pm  

Bradford's 2023 accounts have finally appeared. No sign of the lease being capitalised. They made a profit of £22k but had net liabilities of £863k. I'm assuming they managed a profit through sponsorship income?

There is no related party note meaning the directors (or their businesses) mustn't be putting in their own money and the £1.3 million "other creditors" is coming from folk not associated directly with the club. Quite odd, if I was loaning the club loads of money I would want a seat on the BOD to make sure it's being spent wisely.

Re: Accounts : Sat Aug 31, 2024 6:20 am  

Tony Fax wrote:

Bradford's 2023 accounts have finally appeared. No sign of the lease being capitalised. They made a profit of £22k but had net liabilities of £863k. I'm assuming they managed a profit through sponsorship income?

There is no related party note meaning the directors (or their businesses) mustn't be putting in their own money and the £1.3 million "other creditors" is coming from folk not associated directly with the club. Quite odd, if I was loaning the club loads of money I would want a seat on the BOD to make sure it's being spent wisely.

That seems to tie in with the lottery winner investor rumor then. Was told that the money put in was ring fenced for playing squad only but the irony is that maybe that money spent on off field investments may have got them that extra point or two which would have seen them get in SL. They have put together a quality squad for next year and should have a chance of winning the league but its not going to help them when it comes to getting in the closed shop.

Re: Accounts : Sat Aug 31, 2024 6:44 am  

Greg Florimos Boots wrote:

https://www.totalrl.com/castleford-tigers-on-the-cusp-of-grade-a-img-rating-as-super-league-club-reveals-in-depth-scoring-process/

How low did IMG set the bar when Cas are close to being granted a grade A license.

Proof that you can polish a turd, although none of the 'improvements' enhance the experience of the normal spectator.

Great to see that IMG have pushed a few clubs into
improving.......by donning a set of Emperor's new clothes. The sport is less about improving performance on the pitch but more around how creative you can be with your accounts.

Re: Accounts : Sat Aug 31, 2024 10:13 am  

A few more 2023 accounts re Championship clubs:

Sheffield - Loss of £283k; net liabilities of £209k

Widnes - Loss of £280k; net liabilities of 34k

York - Loss of £380k; net liabilities of £580k

Swinton - Loss of £60k; but wait for it .... NET ASSETS of £75k !!!!! They're solvent! But the assets include £150k of goodwill re the purchase of a business, so god knows what that is and if it really is worth that much?

Re: Accounts : Sat Aug 31, 2024 10:50 am  

Tony Fax wrote: A few more 2023 accounts re Championship clubs: Sheffield - Loss of £283k; net liabilities of £209k Widnes - Loss of £280k; net liabilities of 34k York - Loss of £380k; net liabilities of £580k Swinton - Loss of £60k; but wait for it .... NET ASSETS of £75k !!!!! They're solvent! But the assets include £150k of goodwill re the purchase of a business, so god knows what that is and if it really is worth that much? Any mentioned of Swinton receiving an initial loan of £100 grand from Salford Council with another one for the same amount being approved and to follow? https://www.google.com/url?q=https://ww ... FRD8fEp0aw

Tony Fax wrote: A few more 2023 accounts re Championship clubs: Sheffield - Loss of £283k; net liabilities of £209k Widnes - Loss of £280k; net liabilities of 34k York - Loss of £380k; net liabilities of £580k Swinton - Loss of £60k; but wait for it .... NET ASSETS of £75k !!!!! They're solvent! But the assets include £150k of goodwill re the purchase of a business, so god knows what that is and if it really is worth that much? Any mentioned of Swinton receiving an initial loan of £100 grand from Salford Council with another one for the same amount being approved and to follow? https://www.google.com/url?q=https://ww ... FRD8fEp0aw

Re: Accounts : Sat Aug 31, 2024 11:21 am  

faxcar wrote: Any mentioned of Swinton receiving an initial loan of £100 grand from Salford Council with another one for the same amount being approved and to follow? https://www.google.com/url?q=https://ww ... FRD8fEp0aw The accounts are for the year ended 30/11/2023 so the loan has happened after the year end. Loans as at 30/11/23 = £61k and doesn't say who owed to. The odd thing about Swinton's accounts is the average number of employees for the year is 6 (28 the year before) so I wonder if the players are self employed? Is that allowed? Fax had 33 employees. Employees will also include backroom staff and directors. Bradford's average number of employees was 133 ............... !!!!!

faxcar wrote: Any mentioned of Swinton receiving an initial loan of £100 grand from Salford Council with another one for the same amount being approved and to follow? https://www.google.com/url?q=https://ww ... FRD8fEp0aw The accounts are for the year ended 30/11/2023 so the loan has happened after the year end. Loans as at 30/11/23 = £61k and doesn't say who owed to. The odd thing about Swinton's accounts is the average number of employees for the year is 6 (28 the year before) so I wonder if the players are self employed? Is that allowed? Fax had 33 employees. Employees will also include backroom staff and directors. Bradford's average number of employees was 133 ............... !!!!!

Re: Accounts : Sat Aug 31, 2024 1:00 pm  

Tony Fax wrote:

Bradford's 2023 accounts have finally appeared. No sign of the lease being capitalised. They made a profit of £22k but had net liabilities of £863k. I'm assuming they managed a profit through sponsorship income?

There is no related party note meaning the directors (or their businesses) mustn't be putting in their own money and the £1.3 million "other creditors" is coming from folk not associated directly with the club. Quite odd, if I was loaning the club loads of money I would want a seat on the BOD to make sure it's being spent wisely.

A significant portion of their debt will be owed to Andrew Chalmers: when he 'sold' the club to Wood and Co he said he wouldn't (ever) try to recoup it, but it didn't get written off

Re: Accounts : Sat Aug 31, 2024 2:16 pm  

Tony Fax wrote:

The accounts are for the year ended 30/11/2023 so the loan has happened after the year end. Loans as at 30/11/23 = £61k and doesn't say who owed to. The odd thing about Swinton's accounts is the average number of employees for the year is 6 (28 the year before) so I wonder if the players are self employed? Is that allowed? Fax had 33 employees. Employees will also include backroom staff and directors. Bradford's average number of employees was 133 ............... !!!!!

Thats a weird one if they are self employed but under contract and how that would work with the minimum pay rules. They must be on some sort of retainer but will be saving the club a tidy sum in tax and NI payments.

Re: Accounts : Sat Aug 31, 2024 6:24 pm  

Greg Florimos Boots wrote:

Thats a weird one if they are self employed but under contract and how that would work with the minimum pay rules. They must be on some sort of retainer but will be saving the club a tidy sum in tax and NI payments.

Doesn't make sense. There was a dispute between Leeds and the Tax man quite a few years back when certain Leeds players claimed they were self employed as they were selling their image rights rather than working (as a player) thus saving on not paying NI (employee and employer). Needless to say the Tax Man won. Other sports folk also tried it on, even Harry Gration on Look North and the Super League Show! So could be a tpo on the Swinton accounts. I'll dig out employee numbers on other clubs.

The latest club re 2023 accounts - Wigan. They lost £1.6 million and had net liabilities of £10.5 million, which included an asset of £2.2 million re the training ground at Orrell. They owed £9.4 million to ex director Ian Lenagan's company (he resigned last December). They had 119 employees (less than Bradford!).