Accounts

[Gone_Shrimping]

The club's accounts for the year to May 2017 have been filed at Companies House today.

Not had a chance to have a look at them yet myself , but if anyone wishes to look they are now online.

The Net Loss is down from £574,000 to £378,000 although turnover includes the sale of a player to PNE.

[KenH]

Shop, corporate and hospitality sales all down

Cash absorbed by the club (i.e. net cash spent) was £496,967 which is a more reliable figure than the net profit figure because the net profit has some none cash adjustments such as the deferred tax credit which is just a paper figure.

Overall, pretty much similar picture to the previous years - would have been a bigger loss, more akin to previous years had Barky not been sold (although of course the accounts don't show the amount received). Football turnover increased from £1,436k to £1,750k, an increase of £314k, so have to assume that's mostly from Barky's sale and the increased EFL grants.

[marky No.1]

Heading in the right direction, but until someone gets hold of this club properly and leads it in the right direction we are screwed.
New owners, the tools are there, please get what the fans want, then they will come back, then we can progress and be self sufficient like we were promised 5 years ago, cheers

[halftimeresults]

I'm sort of disappointed with the club since our result at Coventry. We should of seized the opportunity with the feel good factor that hadn't been seen at the club for years. But we've gone silent. Now I know not much is going on but we've got to keep the buzz going.
1.Open the bar for the Champions league final with maybe a Morecambe fc themed quiz
2. Video with Chesh regarding the new pitch and regular updates.
3. Fans Forum with new owners (asap)
4. Globe have superb facilities to watch England games so let's fill it. (Beer promotions and promote it for Families)
5.Other teams seem to have a pre season list out.

[Gone_Shrimping]

I'm sort of disappointed with the club since our result at Coventry. We should of seized the opportunity with the feel good factor that hadn't been seen at the club for years. But we've gone silent. Now I know not much is going on but we've got to keep the buzz going.
1.Open the bar for the Champions league final with maybe a Morecambe fc themed quiz
2. Video with Chesh regarding the new pitch and regular updates.
3. Fans Forum with new owners (asap)
4. Globe have superb facilities to watch England games so let's fill it. (Beer promotions and promote it for Families)
5.Other teams seem to have a pre season list out.

The Club's P.R. continues to be very poor. The 2 new owners seem like movers and shakers so maybe they read Shrimps Voices and we may see a change. Mark Dixon used to cop some stick for the poor P.R. but it seems to be as bad.

Bamber Bridge have announced their friendly with us (July 10th) so maybe it will soon appear on our OWS news.

[mrpotatohead]

It's the first time in years that they have been filed on time!!..... a positive, surely, along with the pitch, I would say a very bright start from the new owners to be fair.

[KenH]

It's the first time in years that they have been filed on time!!..... a positive, surely, along with the pitch, I would say a very bright start from the new owners to be fair.

No they weren't. The due date was end of February as usual. But they exploited the same trick/loophole of changing the year end date by a single day to get a 3 month extension to end of May.

[Gone_Shrimping]

It's the first time in years that they have been filed on time!!..... a positive, surely, along with the pitch, I would say a very bright start from the new owners to be fair.

No they weren't. The due date was end of February as usual. But they exploited the same trick/loophole of changing the year end date by a single day to get a 3 month extension to end of May.

All it means is that they are every 12 months in May rather than every 12 months in February.

[marky No.1]

You can change your company’s year end (also known as its ‘accounting reference date’) to make your company’s financial year run for more or less than 12 months.
You can only do this for your company’s current financial year or the one immediately before it.
Changing your company’s year end will also change your deadline for filing accounts, unless you’re lengthening your company’s first financial year.

You can shorten your company’s financial year as many times as you like - the minimum period you can shorten it by is 1 day.
You can lengthen your company’s financial year:
to a maximum of 18 months, or longer if your company’s in administration
once every 5 years
You can only lengthen the financial year more often than every 5 years if:
the company is in administration
you’re aligning dates with a subsidiary or parent company
you have special permission from Companies House

The issue of an extra 2M shares has raised the capital, the new guys have promised the EFL to keep us going for 2 years (I year of which, I presume, Is what Abdul promised)

[mrpotatohead]

They weren't the owners in February so they didn't really exploit anything did they, let's keep positive eh!!

[KenH]

The issue of an extra 2M shares has raised the capital

That was just conversion of the old director loans (PMG) into share capital for the Abdul sale. Nothing to do with the new owners as these accounts are up to May 17. Not new money into the club.

[Posh]

New owners, the tools are there

Come on. They’ve only been in place less than a month. No need for the abuse.

[marky No.1]

[BerlinWaller]

https://mobile.twitter.com/KieranMaguire

The Price of Football twitter page. Claims we lost 9k per week, had a annual wage of 1.9mil and borrowed 850k. Praises the club for being open and not hiding its figures.

[Ntini]

Personally I'd be worried. Auditors have placed emphasis on their opinion regarding the club being a going goncern and this was unfortunately backed up by the inability to pay wages on a number of occasions. Since these accounts we have again struggled, with Directors and the new owners having to fund wages.

As KenH has already said, the net cash flow shows a bigger loss than the previous year and this includes funds received for Barky.

We borrowed over £800k in these accounts, since then we know we've had a charge against assets for more borrowing signed off by PMG on behalf of the board.

Bigger losses leading to more loans secured against club assets - I'm not yet seeing the light at the end of this very long tunnel

[Posh]

It would be interesting to get people’s views on the meaning of Item 23 of the accounts. The £500,000 guarantee (?) to PMG probably explains why he’s still around, the item in the liquidators report for PMG Leisure and possibly any future involvement of G50. An accountant’s view would be interesting.

[Ntini]

It would be interesting to get people’s views on the meaning of Item 23 of the accounts. The £500,000 guarantee (?) to PMG probably explains why he’s still around, the item in the liquidators report for PMG Leisure and possibly any future involvement of G50. An accountant’s view would be interesting.

According to the note, the football club gave a guarantee to PMG on behalf of G50, usually that would just mean PMG was owed £500k out of funds if the club was liquidated. The note stats that the guarantee was to cover part/the whole consideration for the purchase of PMGs shares by G50 (let's not get into who that actually was/is). His loans were presumably all (?) converted into shares as part of the £2mil share issue in the accounts (note 25). As such his stake in the club as at the 31 May 2017 was a £500k guarantee and any loan previously made not converted into the shares that were issued.

Do you need a place on the board to enforce the guarantee? No. But being on the inside is the only way to get a full picture of what has and is going on, so why give that up?

[Posh]

It would be interesting to get people’s views on the meaning of Item 23 of the accounts. The £500,000 guarantee (?) to PMG probably explains why he’s still around, the item in the liquidators report for PMG Leisure and possibly any future involvement of G50. An accountant’s view would be interesting.

According to the note, the football club gave a guarantee to PMG on behalf of G50, usually that would just mean PMG was owed £500k out of funds if the club was liquidated. The note stats that the guarantee was to cover part/the whole consideration for the purchase of PMGs shares by G50 (let's not get into who that actually was/is). His loans were presumably all (?) converted into shares as part of the £2mil share issue in the accounts (note 25). As such his stake in the club as at the 31 May 2017 was a £500k guarantee and any loan previously made not converted into the shares that were issued.

Do you need a place on the board to enforce the guarantee? No. But being on the inside is the only way to get a full picture of what has and is going on, so why give that up?

Thanks.

My understanding was that he converted all his loans into shares (the £2m). He then sold his shares about 3m for £500k to G50. However, he was only paid £150k (told to me by a former director / club manager). This probably explains why there is this guarantee in place.

[parceldave]

What does all that mean in numpty language pls.

[black morse]

What does all that mean in numpty language pls.

It means some people are far more knowledgeable about these things than you or I

[Ntini]

What does all that mean in numpty language pls.

PMG was still owed money at the end of May last year and I doubt he'll be going anywhere until he gets it back!

[BerlinWaller]

http://priceoffootball.com/morecambe-fi ... -sunshine/

[marky No.1]

http://priceoffootball.com/morecambe-finances-2017-bring-me-sunshine/

Interesting, according to that, wages havnt altered much in the last 4/5 years

[BerlinWaller]

Nice to see some analysis from outside of the club...

[marky No.1]

Indeed, wonder how many Directors agree with the figures, think its bollox, or find it interesting themselves.
They have got our promotion year wrong for a start