Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 5:47 pm  

Cibaman wrote:

Peter Hood has just said on Radio Leeds that the immediate creditors are the bank and HRMC, no mention of the RFL.

Doesnt sound like there's any immediate prospect of a white knight.

It still seems very vague as to what makes up the difference between the £500k and the £1m. Not clear whether its ongoing losses or whether there are other specific big bills in the pipeline.

It still doesnt give me any confidence that, if the pledge raises the £500k, we will not be in the same situation in 6 months, and all of that money raised by the fans will be wasted.

Still mulling over my pledge/not pledge decision.

RFL already repaid, AFAIK. Hence the crisis now the bank pulled the facility. Club is currently paying down the overdraft (enforced - bank reducing teh facility £ for £ on monies banked, I believe). I have posted previously about the tax, and that in particular the club does not have big, old arrears. Most of the liability only falls due in April, I believe.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 6:39 pm  

Date Of Accounts 31/12/2010
Turnover £3,956,715
Cost of Sales £3,127,144
Gross Profit £829,571
Wages & Salaries £2,447,753
Directors Emoluments £16,978
Operating Profit -£373,530
Depreciation £101,518
Audit Fees £12,500
Interest Payments £3,267
Pre Tax Profit -£311,403
Taxation -
Profit After Tax -£311,403
Dividends Payable -
Retained Profit -£311,403

The last accounts filed show £300K loss

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:01 pm  

Homer Simpson wrote:

[list]Date Of Accounts 31/12/2010
Turnover £3,956,715

I would like to see where in the pecking order of super league clubs have the Bull finished with their near £4.000.000 turnover

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:05 pm  

Sorry to ask a naive question but if you are not making a profit, how can you owe tax? Surely only profit is taxable - not a deficit?

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:06 pm  

VAT
PAYE
NIC
Retrospective PAYE on image rights etc

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:09 pm  

Homer Simpson wrote:

Date Of Accounts 31/12/2010
Turnover £3,956,715
Cost of Sales £3,127,144
Gross Profit £829,571
Wages & Salaries £2,447,753
Directors Emoluments £16,978
Operating Profit -£373,530
Depreciation £101,518
Audit Fees £12,500
Interest Payments £3,267
Pre Tax Profit -£311,403
Taxation -
Profit After Tax -£311,403
Dividends Payable -
Retained Profit -£311,403

The last accounts filed show £300K loss

Aye. They were filed end Sept and discussed on here at the time.

The cash numbers are if anything rather more important, as is the wording of several key notes.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:10 pm  

Can anyone (Adey ) explain how the club have ended up with a big HRMC bill THAT THEY DID NOT KNOW ABOUT? My understanding (from reading about it on here some time ago) was that the image rights thing had been sorted or at the very least had been allowed for.

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:13 pm  

No scrub that, I am being dim aren't I? They did know about it, but just can't pay it due to the bank closing the overdraft down? Is that correct?

Re: Peter Hood says Bulls on brink of going bust. : Mon Apr 02, 2012 7:28 pm  

That and having to pay off the RFL earlier than expected, seemingly.

You being dim? You might suppose that; I could not possibly comment...

Re: Peter Hood says Bulls on brink of going bust. : Tue Apr 03, 2012 7:13 am  

Today's T&A suggests the pledge may have 'hit the wall' http://www.thetelegraphandargus.co.uk/s ... usinesses/ In summary * less than £250K pledged * only 1600 members have pledged * virtually no response from businesses / sponsors * no takeover or major investment on the cards

Today's T&A suggests the pledge may have 'hit the wall' http://www.thetelegraphandargus.co.uk/s ... usinesses/ In summary * less than £250K pledged * only 1600 members have pledged * virtually no response from businesses / sponsors * no takeover or major investment on the cards