Bolton Wanderers Football Club Fan Forum for all BWFC Supporters.


You are not connected. Please login or register

Latest Companies House info released

+4
Natasha Whittam
Sluffy
MartinBWFC
BoltonTillIDie
8 posters

Reply to topic

Go down  Message [Page 1 of 1]

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse

The latest info regarding our debt levels, the land sale agreement and other documents are available to view on the companies house website.

[You must be registered and logged in to see this link.]

Guest


Guest

If, like me, you don't understand any of that stuff because you are just a normal human being and not a forensic accountant, there's quite a good interpretation of these results on....erm......another site I frequent on the interwebs.

I'm not naming names because that sort of thing is frowned upon on here, but let's just say that I sometimes like drinking beer in a pub on Chorley New Rd, opposite Bolton School.......

(Please don't ban me for that. I did it with the best of intentions.  Very Happy )

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse

It's not frowned upon...

Guest


Guest

It is by some people.

Peter Piper got his arse publicly smacked for posting a link to another Bolton site and nobody wants to see my arse, believe me, mate...... Very Happy

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse

This morning it came to our attention that figures and accounts of Burnden Leisure Limited (aka Bolton Wanderers FC) for the financial year up until 30th June 2014 have been publicly released by Companies House - shedding light on the true financial mire the club finds itself embroiled in and suggestions that the club is on the hunt for new owners.

The headline news is that the club's net debt rose to £183.1m in June 2014, an increase of £17.3m from £163.8m in June 2013. This is despite an increase in revenue on football matters (up to £30.6m from £28.5m) and 'other' income (up to £7.7m from £6.2m), and a £7m saving on staff costs, which were reduced to £30.8m from £37.4m in 2013. Part of the problem is related to on-field decline of the club, with average attendances dropping from 18,093 in 2013 to 16,139 in 2014.

Indeed, the summary of the report revealed that turnover between June 2013 and June 2014 increased by £3.3m to £38.4m as a result of parachute payments from the Premier League, while cost of sales were almost halved from £64.5m to £33.2m due to reduced player wages and amortisation costs (reduced worth of assets), and administration costs were reduced by £1m to £13.2m.

However, and this is where it gets a little complicated, the report also shows an impairment charge of £11.2m against the value of Bolton's playing squad. The net value of the squad on June 2014 was £3.5m - which is interesting given that we are on the verge of selling Tim Ream for exactly half that value. The report shows that the club spent £2m on investing the playing squad and £1m in 'fixed assets' and incrued an overall £6.4m retained loss 'as a consqeuence of continued investment in the playing squad, while trying to maintain the infrastructure of the business to try to secure promotion.

So simply put, we lost nearly £6.5m by trying to get promoted in the season before last under Dougie Freedman.

A couple of other interesting points on numbers are that net current liabilities reduced over the year by £8.1m to £31m, while £1.9m of convertible debt has been converted and £1m has been waived by De Vere Venues Properties Limited as part of their exit from the joint venture of Bolton Whites Hotel Limited.

However, the headline act is that credit owed increased by £18.6m to £179.2m as a result of the increase in funding from Moonshift Investments Limited - the company owned by Eddie Davies. The Wanderers board goes on to acknowledge their dependence on Eddie Davies, which is where this gets very interesting:

The primary risk at Group level is around funding and ongoing reliance on the Group's ultimate beneficial owner Eddie Davies. This risk is mitigated through continual and regular provision of information and dialogue with Eddie Davies. To reduce the reliance on the Groups ulimate beneficial owner, the Board are seeking new investment in the form of a long term funding partner or, alternatively, a new ultimate beneficial owner for the Group. In the core activity of football, the primary risk is related to the uncertainty of on-the-field results. Ongoing investment in the playing squad aims to reduce this performance risk but the Board acknowledges that the level of this investment must be managed within the Club's financial constraints.

The Directors' Report sheds further light on Wanderers' dependence on Eddie Davies, revealing the club only survives thanks to the combination of a £170m long-term loan and a £4m bridging loan from Moonshift Investments Limited, in addition to a £5m overdraft from Barclays Bank, which is expected to be paid off within 12 months of the signing of the report (30th June 2016). There goes the Tim Ream money then...

This is where the report gets somewhat worrying. The Directors' Report section is aimed at 'considering whether the Company can continue in operational existence for the foreseeable future,' and it states:

After having taken into account a range of possible outcomes arising from on-pitch performances, the forecasts and projections adopted as a basis for going concern show a further funding requirement in excess of the current level of funding facilities immediately available to the Directors. Therefore, the Directors acknowledge a material uncertainty in the event that the Group's ultimate beneficial owner becomes unwilling at any time to continue funding support to the business to its historical levels.

So basically, the club is massively broke, needs more funding, and the Board doesn't seem confident Eddie Davies wants to continue funding it. Ouch.

The directors outline methods for arresting these concerns including player sales (we've sold Ream and no-one wants any other players until Josh Vela and Zach Cloughimprove a little), securing future season ticket sales (which are on the decline) 'deferral of discretionary capital expenditure and, no surprise here, the sale of the club. They also reveal they are 'in advanced discussions in regard to a number of additional funding options' which are not represented within the financial statements' and make the claim that potential new owners are aware of the ongoing funding requirements for the next 12 months.

Another area of interest to many will be the Directors' Remuneration section. This reveals that the club's highest paid Director - should we assume Phil Gartside? - is paid a basic salary of £330,000 per year, with taxable benefits of £30,000 and pension contributions £50,000. In total he was paid £410,000 in 2014, up from £408,000 in 2013. The other directors on the board were paid a total of £444,000 in 2014, up from £384,000 in the previous year.

These financial documents make for fascinating reading and really shine the light on the mess our club finds itself in. While I won't pretend to be an expert on this topic - a lot of the information went right over my head - it's clearly confirmed that we are in massive arrears to Eddie Davies and the statements make it fairly clear he has lost interest in being involved in the club. It seems the only logical option is for a sale of the club, but that is heavily dependent on our on-pitch performances, which at the moment are just as bleak as our financial outlook.

The club's financial statement as of June 2014, which goes into much further detail and includes full details of incomings and outgoings that we thought may bore our readers to tears, is available online here, while full details of Burnden Leisure Limited are on Companies House.

[You must be registered and logged in to see this link.]

Guest


Guest

Very Happy

Took me ages to write all that and you've nicked it for here!

(Only joking - it took me about 5 minutes.)

(Only joking again - I didn't write it.)

MartinBWFC

MartinBWFC
Ivan Campo
Ivan Campo

To cut a long story short, one director is basically taking almost half a million a year whilst we struggle to pay a decent wage to players, fanfuckingtastic management.

Sluffy

Sluffy
Admin

For the record.

First the info is a number of months out of date, I posted the basic details on Nuts at the time they were originally released, so much for LoV being on the ball!

Second I'd take with a very large of salt LoV's opinions on the interpretation of the financial details, they claimed on a so called exclusive they published on their site a few months back on how the club was being liquidated!

Lastly the only time I can recall Lucky Peter Piper being chastised was when he published on the 606 forum our amended Radio Nuts link.

We go to the trouble of running Nuts radio to attract people to our site, not for other forums to rip off all our hard work done by Karly and BTID.

Guest


Guest

Apologies.

I couldn't recall exactly what had gone on but now I remember the incident in question and I agree that I got it wrong and there is a difference.

I just didn't want to incur anybody's wrath.

(Bows head and back away slowly.....)

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse

MartinBWFC wrote:To cut a long story short, one director is basically taking almost half a million a year whilst we struggle to pay a decent wage to players

You're right, I bet some of our players are taking second jobs they're so skint.

Guest


Guest

Natasha Whittam wrote:
MartinBWFC wrote:To cut a long story short, one director is basically taking almost half a million a year whilst we struggle to pay a decent wage to players

You're right, I bet some of our players are taking second jobs they're so skint.
:rofl:

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

who in their right mind would want to buy us at the moment? If someone did want to take over i don't believe Eddie and his Moonshift buddies would be willing to write off a massive amount like £180 million would they?

Most of this financial guff above goes over my head but even my pea sized brain can work out we're up shit creek.

scottjames30

scottjames30
Nat Lofthouse
Nat Lofthouse

I'm sure i saw feeney driving an ASDA van to someones house.

Guest


Guest

scottjames30 wrote:I'm sure i saw feeney driving an ASDA van to someones house.
everyone knows that is a lie, he wouldn't last two minutes.  his deliveries are shite

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse

He'd hit the first pedestrian every time.

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse

Very Happy

Guest


Guest

Yeah, yeah, yeah....all very funny but when are we going to storm up to The Macron and waterboard Gartside to get some answers?

scottjames30

scottjames30
Nat Lofthouse
Nat Lofthouse

Gartside's wage was on another forum, he got a pay rise last year, he took home almost half a million.

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse

Love him or hate him, Eddie Davies has kept us afloat a lot longer than we have had any right to be, throwing good money after bad at the club he clearly loves.
I know these figures are old now, but they do paint a picture of what Lennon has to deal with and it underlines why further cutbacks were inevitable.
Most of us saw survival as this year's target and despite our current position we have a chance which will give our younger players time to develop further. It's a shame we can't afford to buy the likes of Osede and Prince as the experience of the Championship will stand them in good stead, but hopefully the likes of Holding, Clayton, Clough etc will develop into the basis of a decent affordable squad - providing that the cost-cutting on the player side can stop at some stage.

scottjames30

scottjames30
Nat Lofthouse
Nat Lofthouse

wanderlust wrote:Love him or hate him, Eddie Davies has kept us afloat a lot longer than we have had any right to be, throwing good money after bad at the club he clearly loves.

Yeah, getting us in £180 million in debt, must love us to bits, what a gift.

Sponsored content



Back to top  Message [Page 1 of 1]

Reply to topic

Permissions in this forum:
You can reply to topics in this forum