ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2016

Finally submitted and made available:

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This bit speaks volumes:

Basis of qualified opinion of the financial statements:

The audit evidence available to us to confirm the appropriateness of preparing the financial statements on a going concern basis was limited because the Burnden Leisure Limited group of companies has not been able to substantiate any evidence that the group are able to continue to trade as a going concern. The group has significant levels of overdue indebtedness and has provided no detailed financial projections demonstrating its ability to continue as a going concern. The ability to continue as a going concern is dependent upon significant levels of investment and/or refinancing which has not currently been secured.

Not really much we didn't know about.

The big thing is that we can't move forward until the BM loan is resolved.

I'm sure the FL know all that's going on and I don't think we are in any worse state than the last accounts where the auditors also said that they could not see us as a going concern.

The accounts do show a few gems.

It says the 'Group' (Burnden Leisure) paid SSBWFC (Holdsworth) £250,000 for fixing up the loan of £FOUR million and that changed the share ownership to ICI (Anderson) 57% and 38% to SSBWFC - in May 2016.

The Holdsworth loan to the club of £4 million is at an interest rate of 24%!!!

It also says the Group paid Holdsworth £50,000 plus his legal fees for 'sacking' him as Head of Football' or whatever his job title was.

It also confirms that ICI took a 30% stake in SSBWFC on 17th March, this year.

Accounts show Bolton Wanderers have work to do to clear EFL embargo

ACCOUNTS published this afternoon show progress is being made to remedy Wanderers’ financial problems – but that the club could still have a way to go before escaping a transfer embargo.
Fans have waited anxiously for the overdue 2015/16 financial statement to be posted and while some green shoots of recovery were visible in the aftermath of last year’s takeover, there are still some major issues to be resolved.
Wage costs were down from £28.8m to £20.6m and turnover increased marginally by £200,000 to £30.76m, owing largely to the continued excellent performance of the Whites Hotel.

A group loss of £6.7million was reported, although the figures show a profit of £164m, which factors in the £170m waived by Eddie Davies’s Fildraw Limited.
The level of net debt now stands at £26.227m - £15.2m of which is still owed to former owner Davies and £2.5m to former vice-chairman Brett Warburton.
A loan of £5.5m is also outstanding to Prescot Business Park Ltd as part of a commercial arrangement taken out on car park land and offices at the Macron.
New auditors Cowgills were unable to give an opinion on the company as a going concern with the evidence provided, owing largely to the continued dispute between Ken Anderson and Dean Holdsworth over the details of a loan taken out from BluMarble in March 2016.
The overdue £5m loan, which carries an interest rate of 24 per cent per annum compound, has been at the heart of an argument between the two owners for more than 12 months.

BluMarble have issued a winding-up petition against Sports Shield BWFC which is due to be heard in three weeks.
Without an auditors’ opinion, it is unlikely the EFL will see fit to lift the transfer sanctions which have been in place since December 2015.
The report also noted a £250,000 payment to Holdsworth’s Sports Shield BWFC in May 2016 altered the shareholding.
The former striker now owns 38 per cent of shares in the group, with Ken Anderson’s Inner Circle Investment in control of 57 per cent.

Holdsworth was also paid £50,000 compensation plus legal fees following a dispute over his employment as director of football last summer.
The particulars of the sale of the club were also confirmed – with £1 securing Davies’s majority shareholding last March, alongside a £17.5m consideration based on future success, i.e. promotion to the Premier League.

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COMMENT: Attempting to explain Wanderers' finances in plain English

AS much as Wanderers fans would love to sing their club’s financial recovery from the rooftops, the feeling of uncertainty leaping out of the recent accounts was hard to ignore.
For the second successive set of financial figures an auditor has been unable to give a proper opinion on the actual state of play at the Macron Stadium.
And that could mean bad news for Phil Parkinson if he expects to operate outside a transfer embargo in the current window.
For all the good work which has gone into curbing costs and reducing losses, which as of June 30, 2016, stood at £6.2million, there nevertheless remains a few worrying items on the agenda.

The ongoing dispute between Dean Holdsworth, Ken Anderson and BluMarble will have to be resolved before the EFL even consider removing the transfer restrictions which have been in place for close to 600 days.
In a nutshell, Holdsworth’s Sports Shield BWFC company took out a £5m loan at 24 per cent interest to buy the club last March but an argument has arisen over £1m of the funds, and for what purposes they have been used.
Holdsworth and Anderson have been unable to agree on refinancing options for the loan, which now stands in default and considerably higher than the original £5m.
BluMarble want their money back and have filed a winding-up petition against SSBWFC, which unless a compromise can be reached, stands to be liquidated and its 37 per cent shareholding placed into the hands of the receivers.

Concern has been voiced over whether the EFL would see this as a breach of the rules and impose a penalty. The potential buyer of the shares may also have to face fit and proper test from the league.
Anderson has made an offer both to BluMarble and Holdsworth which would see him become sole owner – but even if that were to happen, auditors have expressed the need for investment, and soon.
Slightly less volatile, but equally important players in the financial puzzle are Prescot Business Park Ltd, owned by lifelong Bolton fan, Michael James.

PBP Ltd stepped in last year when Wanderers needed immediate cash and entered into a “commercial arrangement” worth £5.5million to take on the offices and car park land close to Middlebrook Retail Park, initially on a lease-back.
Anderson has expressed his wish to buy back the assets completely and has proposed refinancing which he claims is being prohibited by a council-granted order on the land.
In the event that PBP called in the debt, problems could really start to materialise.
The same could go for former vice-chairman Brett Warburton, who has a £2.5m loan secured on land near the training ground.
And under-pinning it all is former owner Eddie Davies, who still has £15.2m invested in the club.
Though Anderson claimed at the end of last year it would be “unlikely” Davies would call in the debt, he is by rights entitled to payments depending on Wanderers’ performance.

The accounts also revealed in the deal which saw him sell his majority shareholding for just £1 and wipe out £170m of debt, he would qualify for a £17.5m windfall if the club reached the Premier League.
With all that in mind it is important to remember the accounts published today were a year ago, and further rationalisation has been undertaken behind the scenes. It is only when the next accounts, up to June 30, 2017, are published, we will see how successful those efforts have been.
Though the details of Holdsworth’s loan from BluMarble and his settlement from the club have been laid out on the accounts, there are few details on just how much money has been injected into the club by Anderson since he partnered up last March.

Recently, the chairman voiced concern over putting more of his money in to pay wages with the SSBWFC-BluMarble situation still so difficult to predict. But it is clear that if Wanderers are to move forward, his financial input will be heavily relied upon until he can bring in fresh investment.

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Chorley are debt free. Looks like I'll be seeing a few more of you there before long.

Not me. Once a Wanderer always a Wanderer. I'm not keen on Magpies. Thieving bastards.

Reebok Trotter wrote:Not me. Once a Wanderer always a Wanderer. I'm not keen on Magpies. Thieving bastards.

You can't be a Wanderer if there's no club to support.

And all this is because King Eddie sold the club to people that don't have a pot to piss in .... Ken is doing his best to sort it ... I don't blame him or Dean ....at least they tried.  But the fact is we need to be sold on to some outfit that can blow away all our debt with one stroke of their check book.

terenceanne wrote:And all this is because King Eddie sold the club to people that don't have a pot to piss in .... Ken is doing his best to sort it ... I don't blame him or Dean ....at least they tried.  But the fact is we need to be sold on to some outfit that can blow away all our debt with one stroke of their check book.

It's cheque book. I won't stand for Americanisms on here.

How come there weren't many tugboats interested in this?

Sluffy wrote:COMMENT: Attempting to explain Wanderers' finances in plain English

AS much as Wanderers fans would love to sing their club’s financial recovery from the rooftops, the feeling of uncertainty leaping out of the recent accounts was hard to ignore.
For the second successive set of financial figures an auditor has been unable to give a proper opinion on the actual state of play at the Macron Stadium.
And that could mean bad news for Phil Parkinson if he expects to operate outside a transfer embargo in the current window.
For all the good work which has gone into curbing costs and reducing losses, which as of June 30, 2016, stood at £6.2million, there nevertheless remains a few worrying items on the agenda.

The ongoing dispute between Dean Holdsworth, Ken Anderson and BluMarble will have to be resolved before the EFL even consider removing the transfer restrictions which have been in place for close to 600 days.
In a nutshell, Holdsworth’s Sports Shield BWFC company took out a £5m loan at 24 per cent interest to buy the club last March but an argument has arisen over £1m of the funds, and for what purposes they have been used.
Holdsworth and Anderson have been unable to agree on refinancing options for the loan, which now stands in default and considerably higher than the original £5m.
BluMarble want their money back and have filed a winding-up petition against SSBWFC, which unless a compromise can be reached, stands to be liquidated and its 37 per cent shareholding placed into the hands of the receivers.

Concern has been voiced over whether the EFL would see this as a breach of the rules and impose a penalty. The potential buyer of the shares may also have to face fit and proper test from the league.
Anderson has made an offer both to BluMarble and Holdsworth which would see him become sole owner – but even if that were to happen, auditors have expressed the need for investment, and soon.
Slightly less volatile, but equally important players in the financial puzzle are Prescot Business Park Ltd, owned by lifelong Bolton fan, Michael James.

PBP Ltd stepped in last year when Wanderers needed immediate cash and entered into a “commercial arrangement” worth £5.5million to take on the offices and car park land close to Middlebrook Retail Park, initially on a lease-back.
Anderson has expressed his wish to buy back the assets completely and has proposed refinancing which he claims is being prohibited by a council-granted order on the land.
In the event that PBP called in the debt, problems could really start to materialise.
The same could go for former vice-chairman Brett Warburton, who has a £2.5m loan secured on land near the training ground.
And under-pinning it all is former owner Eddie Davies, who still has £15.2m invested in the club.
Though Anderson claimed at the end of last year it would be “unlikely” Davies would call in the debt, he is by rights entitled to payments depending on Wanderers’ performance.

The accounts also revealed in the deal which saw him sell his majority shareholding for just £1 and wipe out £170m of debt, he would qualify for a £17.5m windfall if the club reached the Premier League.
With all that in mind it is important to remember the accounts published today were a year ago, and further rationalisation has been undertaken behind the scenes. It is only when the next accounts, up to June 30, 2017, are published, we will see how successful those efforts have been.
Though the details of Holdsworth’s loan from BluMarble and his settlement from the club have been laid out on the accounts, there are few details on just how much money has been injected into the club by Anderson since he partnered up last March.

Recently, the chairman voiced concern over putting more of his money in to pay wages with the SSBWFC-BluMarble situation still so difficult to predict. But it is clear that if Wanderers are to move forward, his financial input will be heavily relied upon until he can bring in fresh investment.

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Qualify for a windfall? What a plonker!!!!