Loss £830K

[Gone_Shrimping]

I've been in auditing for 30 odd years including some years at one of the UK's largest accounting firms and this is a standard auditors report on any business where reliance is on the continuing support of the directors.

I would not expect these results to affect any possible sale of the club as anyone considering investing will have done "due diligence" and if the position is much better for the year ending 31 May 2016 they will be aware of that.

So have I! 35 years and counting.

It's not automatic at all, especially with more recent changes to audit report formats. It may have been standard wording back in the 80's but things have changed in modern times. It's never been mentioned in previous auditor's reports for MFC, despite average half million losses each year, so there's clearly been a worsening of their opinion this last year.

I still wouldn't expect these results to affect a sale. As mentioned any prospective investor will have done due diligence and will know what every possible/contingent liability is.
I like to see the detailed trading account which is only available to shareholders rather than the statutory accounts and even those are a bit of a messy hotch potch. I would guess that the directors receive departmental accounts that give rather more useful information than these historical figures reveal.

[Gone_Shrimping]

Anyway, given the crap season with low attendances, no cup run, cancelled games, etc., I fail to see how things could have been any better for 15/16 compared with 14/15.[/quote]

I've been in auditing for 30 odd years including some years at one of the UK's largest accounting firms and this is a standard auditors report on any business where reliance is on the continuing support of the directors.

I would not expect these results to affect any possible sale of the club as anyone considering investing will have done "due diligence" and if the position is much better for the year ending 31 May 2016 they will be aware of that.[/quote]

You've been an auditor for 30+ years but don't know why companies move their filling dates by a day?

Speaking as an accountant I am unsure why the financial year should have been adjusted by just 1 day.

[/quote]

That meant that the club could postpone filing them at Companies House but I fail to see why that would affect a sale as the investors would have all the up to date information including the results to 31 May 2015 when they did due diligence.
I've never been involved with anyone who altered their year end for any reason other than convenience.

[KenH]

Wages UP by over £200k, players, mgmt, football related staff UP from 51 to 60.

Hi Trevor, how's your ever decreasing budget argument stacking up?

Player budget?

As per the directors' report in the 14/5 accounts, "there was a planned increase in player's wages in the 14/15 season". So, despite what Jim said about reducing budgets, in fact, he had an increase. As confirmed in the director's report and as borne out by the higher wages in the accounts.

[KenH]

I would not expect these results to affect any possible sale of the club as anyone considering investing will have done "due diligence" and if the position is much better for the year ending 31 May 2016 they will be aware of that.

I agree it won't affect a sale once you've attracted the interest. BUT, it does affect getting people interested in the first place. Someone looking at first glance seeing £900k loss may well be put off long before they make formal approaches and start the due diligence process.

Another factor is that such poor accounts will affect the club's credit rating, meaning it will be harder to get credit from suppliers, harder to get hire purchase and leases, etc., which may directly impact and worsen it's trading operations.

So, yes, the trick of changing the year end by a day was merely to delay the publication of bad news in the hope that better news would emerge. It' basically bought them three months of time.

[Christies Child]

It's more bunker mentality! Since theses financial results have been published our crowds have dipped 20%. Ok, some of this is offset by the sale of Redshaw.... But all I see happening at the club is more and more bodies being brought in to generate less commercial revenue and in turn making the club more distant from the supporters.

CC and MPH are in denial, and the director who chairs these SADARSE meetings clearly does not know what is going on at the club when we are told by MPH (who isn't doing the credibility of the director any good to the fans who read this messageboard) he dismissed suggestions that the club has lost £900k yet a few months later statuary losses of £830k are published.

Maybe if you got off your high horse and actually got down to one of these 'open to all' meetings you'd realise what a load of utter bollocks you talk when referring to a certain Director who you claim knows sod all about what is going on at the club when that said Director is in fact handling the Sale of the club alongside PMcG. The said Director has probably foregotten more about finances that you will ever know.

So get yourself involved in this group rather than sitting on the sidelines looking for every opportunity to have a snipe at the Board and in particular the Fans/Directors group who are trying to do something of benefit for all fans.

Rant over......for now.....

[halftimeresults]

But Stu is part of FCOM and have raised thousands for the club. Får more productive than your club.

[halftimeresults]

It's more bunker mentality! Since theses financial results have been published our crowds have dipped 20%. Ok, some of this is offset by the sale of Redshaw.... But all I see happening at the club is more and more bodies being brought in to generate less commercial revenue and in turn making the club more distant from the supporters.

CC and MPH are in denial, and the director who chairs these SADARSE meetings clearly does not know what is going on at the club when we are told by MPH (who isn't doing the credibility of the director any good to the fans who read this messageboard) he dismissed suggestions that the club has lost £900k yet a few months later statuary losses of £830k are published.

Maybe if you got off your high horse and actually got down to one of these 'open to all' meetings you'd realise what a load of utter bollocks you talk when referring to a certain Director who you claim knows sod all about what is going on at the club when that said Director is in fact handling the Sale of the club alongside PMcG. The said Director has probably foregotten more about finances that you will ever know.

So get yourself involved in this group rather than sitting on the sidelines looking for every opportunity to have a snipe at the Board and in particular the Fans/Directors group who are trying to do something of benefit for all fans.

Rant over......for now.....

Also is my friend still sad mr CC?

[Christies Child]

The entire membership of FCoM deserve wholehearted praise for their superb work to date BUT my reply has nothing to do with FCoM. It's about RRW's assertion that the Director on the Director/Fans group knows nothing about what is going on at the club which quite frankly is so far off the mark to be ridiculous.

I stand by everything I've said in my previous post.

[John L]

PMG should hand it over, and do the honourable thing.

He will do! The club is for sale. Watch this space...

[halftimeresults]

The entire membership of FCoM deserve wholehearted praise for their superb work to date BUT my reply has nothing to do with FCoM. It's about RRW's assertion that the Director on the Director/Fans group knows nothing about what is going on at the club which quite frankly is so far off the mark to be ridiculous.

I stand by everything I've said in my previous post.

You said my friend was posting Bollocks and has nothing better to do with his sad liife.
Well it seems he was right and calling him sad makes you look a clown!
Anyway lets write a letter to Ryan Giggs

[Kendalshrimp]

Everyone chill and stop worrying, were on the verge of getting sold and it could be as early as next week and when it does we'll be debt free !

[mrpotatohead]

Yes Kendal, and we heard it off you first

[Westgate Wanderer]

Everyone chill and stop worrying, were on the verge of getting sold and it could be as early as next week and when it does we'll be debt free !

Until the first bill comes in!

[Kendalshrimp]

Yes Kendal, and we heard it off you first

Just like the dean winnard news...but wait i know nothing do I

[Christies Child]

The entire membership of FCoM deserve wholehearted praise for their superb work to date BUT my reply has nothing to do with FCoM. It's about RRW's assertion that the Director on the Director/Fans group knows nothing about what is going on at the club which quite frankly is so far off the mark to be ridiculous.

I stand by everything I've said in my previous post.

You said my friend was posting Bollocks and has nothing better to do with his sad liife.
Well it seems he was right and calling him sad makes you look a clown!
Anyway lets write a letter to Ryan Giggs

Never said he was sad in this topic So get your facts right.

[John L]

The entire membership of FCoM deserve wholehearted praise for their superb work to date BUT my reply has nothing to do with FCoM. It's about RRW's assertion that the Director on the Director/Fans group knows nothing about what is going on at the club which quite frankly is so far off the mark to be ridiculous.

I stand by everything I've said in my previous post.

You said my friend was posting Bollocks and has nothing better to do with his sad liife.
Well it seems he was right and calling him sad makes you look a clown!
Anyway lets write a letter to Ryan Giggs

Never said he was sad in this topic So get your facts right.

Are you categorically saying he doesn't have a sad life, and do you have facts to back this up?

[Christies Child]

Actually he's not a bad bloke.

[John L]

:lol:

Actually he's not a bad bloke.

Means nowt!

[fulwoodshrimp]

The manager has been complaining for some time of a reducing playing budget and yet these accounts apparently show that in season 2014-15 our playing budget increased!!

[Posh]

Wages UP by over £200k, players, mgmt, football related staff UP from 51 to 60.

Hi Trevor, how's your ever decreasing budget argument stacking up?

Player budget?

Also 2014/15 season and not 2015/16 where losses 'are reduced'.

[mrpotatohead]

For the benefit of fans who think these accounts cover the season that has just finished, they don't ,so Jim did indeed have a reduced budget .

[fulwoodshrimp]

We won't know if the playing budget was reduced for this last season until the accounts are published next year. What we do know is the manager had an increased playing budget season 2014-15 and I am sure at that time he complained that it had been reduced and in several interviews painted a very bleak and negative picture of the playing budget for that season.

[KenH]

We won't know if the playing budget was reduced for this last season until the accounts are published next year. What we do know is the manager had an increased playing budget season 2014-15 and I am sure at that time he complained that it had been reduced and in several interviews painted a very bleak and negative picture of the playing budget for that season.

Yeah, but it's his stock in trade to paint a "bleak and negative" picture of everything.

[P/T Indie]

Could the increase staff budget be for non playing staff? So admin catering hospitality etc

So have I got this right we lost 800k but then we're bailed out by directors loans and shares of another 700k so really we lost 1.3 million.

Also do the figures take into account the other parts of the club that used to be under a different name like PMG leisure and all the off field business the globe does or is that a separate company as well.

[jon MFC fan]

This is the account of 14-15 so yeah we have posted a loss for that fiscal year who knows about 15-16 fiscal year