Shrimpsvoices

The accounts have been published today

https://find-and-update.company-informa ... ng-history

Indeed, good to show a profit for once, albeit due to the govt covid grants, loss of income insurance, premium and football league support grants and presumably the play off monies (winnings and TV money).

The accounts show "other operating income" of £1.6m which presumably includes all these grants and insurance, whereas the winnings & TV monies are presumably including in normal "sales" as they're not exceptional items being more normal. Shame the £1.6m isn't analysed in the same detail as a lot of the less important numbers!

The thing that strikes me is interest charge of £380k on borrowings/debt of £2m - that's one hell of an interest rate being charged - an average of 19%!

KenH wrote:Indeed, good to show a profit for once, albeit due to the govt covid grants, loss of income insurance, premium and football league support grants and presumably the play off monies (winnings and TV money).

The accounts show "other operating income" of £1.6m which presumably includes all these grants and insurance, whereas the winnings & TV monies are presumably including in normal "sales" as they're not exceptional items being more normal. Shame the £1.6m isn't analysed in the same detail as a lot of the less important numbers!

The thing that strikes me is interest charge of £380k on borrowings/debt of £2m - that's one hell of an interest rate being charged - an average of 19%!

Has the £380k been taken out by our Owners?

Player sales of £121,000 , and it was before Carlos and Sam were sold. Who did we sell in year ended 31st May 2021 ?

Gone_Shrimping wrote:Player sales of £121,000 , and it was before Carlos and Sam were sold. Who did we sell in year ended 31st May 2021 ?

Would it not be that lad we sold to Leeds or was that even earlier?

BerlinWaller wrote:Has the £380k been taken out by our Owners?

No, interest actually paid on the cash flow statement is a lot lower, so I presume it's accrued interest that will be paid at some future time. But yes, it is mostly to the owners (or in accounting terminology, "entities with control......." who would be the owners and their associates.)

KenH wrote:

Gone_Shrimping wrote:Player sales of £121,000 , and it was before Carlos and Sam were sold. Who did we sell in year ended 31st May 2021 ?

Would it not be that lad we sold to Leeds or was that even earlier?

Leif Davis was earlier, I think there was a young lad sold to Man Utd who this might be.

Didn't we get a fee for Jim Bentley from AFC Fylde?

BerlinWaller wrote:Didn't we get a fee for Jim Bentley from AFC Fylde?

Jim moved the year before, i.e. 19/20. We only received £5k in "player sales" that year so I don't think it would have included anything for Jim (if there was anything) as he wasn't a player.

Anyone know what is means about tax loses of £7million

Looks like we may have paid some back this year as the tax figure was a lot higher than the previous year.

From what I can tell we still have a few loans outstanding one for around £2million I guess that's Colin & Jason although someone owes us £900K.

There is an interesting paragraph on PMG and £500K, so is this the amount he sold the club for in the end and is it still outstanding to him?

Gone_Shrimping wrote:Player sales of £121,000 , and it was before Carlos and Sam were sold. Who did we sell in year ended 31st May 2021 ?

Luke Conlan to AFC Fylde and Jordan Cranston to Solihull Moors? Seems a stretch though for them to generate £121k combined so I might be missing somebody.

I agree with your takes on the accounts - similar observations that I made. Seems odd that £1m in Other Operating Income is not really explained in the notes, yet £8 of interest is! In reality it is this movement that ultimately generates a profit vs PY. Could some of this be money for the club being used as a vaccination hub? If so perhaps we should disband and become a medical centre. Whatever it is, seems to have been generated by a movement in debtors at year end.

Turnover looks healthy considering no crowds - drop in hospitality income offset by other sources; notably corporate income... which has more than doubled, presumably as a result of ground and academy sponsorships. Presumably football income includes cup runs and any grants we've received due to lockdown restrictions.

The interest payments are ridiculous - although in the commentary it references becoming less reliant on loans going forward, so perhaps these loans are being reduced?

Interesting the previous year hospitality income was £500k will this include all events like weddings etc or does that side of things under a different name and has its own set of accounts.

P/T Indie wrote:Interesting the previous year hospitality income was £500k will this include all events like weddings etc or does that side of things under a different name and has its own set of accounts.

Yes - all event income is part of MFC Ltd, it isn't reported as a separate company.... hence its fallen off a cliff.

You'd have thought Football Income would have declined more that it did tbh even with cup runs since this is 1 game with fans vs 20ish the previous year.... but I assume the additional solidarity type payments from the Premier League etc. largely offsets this.

Hopefully the Trust will publish a doc about explaining the numbers for those interested - unless you want to keep throwing darts in a barrel looking for answers?!?

Hi, I would think that the transfer income, including Conlon and Cranston, would also include the Academy player to Manchester United and add ons for debut and attaining a number of appearance for Davies at Leeds. However I think a good chunk would be from Manchester United for the academy player, as he was being watched by a few clubs, so I think the club was in a strong negotiating position

The Trust have put together a guide to help understand what the published accounts tell us. A very handy tool.

https://shrimpstrust.co.uk/features/accounts-guide

Bond Group Investments seem to have taken out a loan and everything they own is being used as collateral

https://find-and-update.company-informa ... ng-history

BerlinWaller wrote:Bond Group Investments seem to have taken out a loan and everything they own is being used as collateral

https://find-and-update.company-informa ... ng-history

Don't know too much about finance but this, presumably, means that money raised by transfers could go towards the owners debts and if Bond Group fail to pay those debts we get dragged into the mire? Am I right?

black morse wrote:

BerlinWaller wrote:Bond Group Investments seem to have taken out a loan and everything they own is being used as collateral

https://find-and-update.company-informa ... ng-history

Don't know too much about finance but this, presumably, means that money raised by transfers could go towards the owners debts and if Bond Group fail to pay those debts we get dragged into the mire? Am I right?

Worcester Raiders FC failed to make payments to two clubs on time and rumours of money woes at Sixways.

The Companies House records for Bond Group is a bit grim.

I think the charge that is being referred to is the one that was a refinance of a loan on MFC, which was discussed on another thread, and it looks like it dates back to February this year. However, rumour was that Worcester Warriors have been behind with wage payments during the last few months, and failaibg to pay other clubs money owed isn’t good. In football, if you don’t pay another club what you owe them, the EFL deduct it from your monthly sponsorship income. I suppose the question being asked is can Bond Inestments take monies out of MFC, the answer would be yes, it’s their company, they can in effect take as much or as little as they want, Bond Inestments,( and I suspect it’s not just the two names that we are aware of that are involved, as I believe at least one other company is linked) are the major shareholders by a large %. I stand to be corrected, but maybe KenH will add to my resume