Bolton's Finances / Accounts for year ending 30th June 2021 and everything else since.

Ten Bobsworth wrote:
Thanks. I note what you say but Phil Gartside was a member of Gordon Hargreaves board and Gordon Shorrock definitely wasn't respected by PG or vice versa after GH had left the scene. I don't know where the animosity sprang from but its plain that it was PG that was largely responsible for recruiting Eddie Davies who was a died-in-the wool fan.

PG had first tried to recruit Eddie when Eddie was a guest of the Man U chairman at an FA Cup Tie at Old Trafford in 1991 but it was not until 1999 that Eddie agreed.

The accounts for quite a number of League 1 clubs have now been filed but nowt from FV yet.

No surprise that the accounts have not been filed yet.

Ten Bobsworth wrote:

boltonbonce wrote:
Yes, well said PK. I hate that sort of thing. You should be ashamed of yourself Rob.

I am, Boncey. I'm absolutely mortified. Lady B is threatening to call for the doctor, the vicar and the solicitor.

It was only after googling Gordon Shorrock which brought up plenty of odd balls and not thee Gordon Sharrock.

Bonce would have fit right in if he had the Shorrock last name.

Sluffy wrote:
Karly does sterling work of posting most of them up on here to stimulate discussions

Cheers Sluffy

karlypants wrote:

Sluffy wrote:
Karly does sterling work of posting most of them up on here to stimulate discussions

Cheers Sluffy

Fair play to you mate, you deserve all the credit.

Sluffy wrote:



Fair play to you mate, you deserve all the credit.

Could I add my thanks to KP, too. Not a massive fan of the boltonnews, but Wanderers content where I am is pretty scarce, so I jump on anything, and, although BN is a thin gruel, it feeds the hunger for a while.
Thanks KP.

boltonbonce wrote:
Could I add my thanks to KP, too. Not a massive fan of the boltonnews, but Wanderers content where I am is pretty scarce, so I jump on anything, and, although BN is a thin gruel, it feeds the hunger for a while.
Thanks KP.

Wherever you live, Boncey, Wanderers content has always relied mainly on the increasingly unreliable Beeno. Thanks to KP though for bringing it to our attention, warts and all.

Reeling from my careless spelling day, I've been checking up on League 1 accounts filing results. Top of the class, once again, are last season's League 1 Champions, Plymouth, who filed their June 2023 accounts in November. They overspent by £3.4m. Like Sluffy, I expect our overspend to be higher when FV show their hand.

FV are destined to be in the bottom half again but probably won't be last. Reading have been given a three month extension to file their accounts whilst they try to find another mug to keep them 'sustainable'. Its looking like it might be Yankee dollars, rather than Chinese yuan, this time around.

Bob and Bonce, thank you.

The idea originally came from adding the articles here from the BEN to help provoke debate but also to try and have as much Wanderers content as possible in one place whilst alerting members who didn't read the BEN of news on the club.

Company accounts are out, had a quick read and looking forward to the analysis by the more knowledgeable.

Operating loss of £5.461m for the year up to June 30th 2023

The company’s loss for the year was £6,770,937 (2022 - £8,145,076 loss).  (Company Balance Sheet page 11)

Sluffy wrote:I seem to remember (without checking back) that the £3m (£3.5m?) was somehow offset from it's true amount of a couple of million more.

If so I reckon the next reported loss will be more likely to be around the £6-7m mark.

(Hope the Swiss lads get a good end of year financial bonus - FV might be needing it soon!).

What was that some Business Consultant was saying...

wanderlust wrote:How many years have you been spreading doom and gloom about the club's finances?

It's a fucking miracle we still exist - and frankly if anyone attaches a shred of credibility to your bullshit they want their heads seeing to. Fortunately they don't and you're a laughing stock, not just on this forum./b]

If we go under, it's been a great ride, but until then, do us all a favour and shut the fuck up. Tosser.

Anyway, moving on -

Income up by £5.6m.

Operating costs down by £500k...

and STILL lost £6.7m!!!

(and the Bond money needs to be paid back in four years time don't forget!)



The club is putting a gloss on it, that really isn't there...


ACCOUNTS 2022/23 PUBLISHED

Bolton Wanderers has reported increased revenues in the financial year ending June 2023.

Consolidated group turnover (through parent company Football Ventures (Whites) Limited) has seen revenue increase from £13.8m to £19.4m in the year ending June 2023, owing to increased season ticket and match by match sales, the doubling of sponsorship and advertising revenue, successful trading at Bolton Stadium Hotel, increased retail and merchandising sales and elevated matchday numbers across all hospitality suites.

In addition, operating losses are down on the previous year from £5.7m to £5.2m.

There was significant shareholder investment during the year, as well as an additional £4.3m raised via the Wanderers Bond to strengthen the playing squad and contribute to stadium and training ground upgrades.

Sharon Brittan, Chairman of Bolton Wanderers said: “The 2022/23 season proved progressive both on and off the pitch, as a playoff place finish along with increased revenue further strengthened the club’s financial foundations and future.

“We look forward to the remainder of the 2023/24 season as we continue this exciting journey together.”

The club would like to thank all fans for their outstanding support during the current campaign. With over 16,500 season ticket holders, the Whites have also enjoyed mean average attendances this season of 20,600 at the Toughsheet Community Stadium.

The 2022/23 accounts can be found...

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I'll have a deeper look later on.

A few things that have caught my eye so far...

Bit of an odd one but Sharon seems to have charge the company all but £30k for 'director services' through her company Made by Brittan Too Ltd.

This company is shown to be a Management Company which only has one owner (Sharon) and one employee (I'm guessing Sharon?).
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The £100k loan shown in the last accounts to Evatt someone on the staff, has now been paid back.


A bit of a mystery to me but maybe Bob, Barry or Terry might know the answer to it, in that the PBP loan £5.5m seems to be linked to a Retirement Benefit Scheme?  (the text refers to an explanation on note 18 - which relates to the Retirement Benefit Scheme?).

All the things I've mentioned so far can be found under 21 Related Party Transactions page 32.

I'm wondering if perhaps the £5.5m loan has changed in someway?  Could it perhaps still be on the books as a PBP loan to FV but in reality now effectively be James pension pot with some of the interest being paid to another pension fund run by FV?

I don't know the legalities of this - probably not allowed/illegal? - but it might explain why Tom Morris is in no hurry for a repayment to PBP if he's somehow been able to take take control of James pension pot of the same amount with his companies as a straight swop with the PBP loan to FV???

Just pure speculation from me based solely on the reference to Note 18.

According to Company Balance Sheet page 11, FV was in minus equity by £3m on the 30th June 2023 and BMLL Ltd put in equity of £2.25m on the 4th July - and and £2.35m since.

It's interesting to note (well it is to me) that Related party transactions (page 32) notes that The Group has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with wholly owned members of the Group.

I read that as transactions (shares?) have taken place between shareholding individuals and if so it would support my theory as to why Sharon was for a time became a person of significant Interest (Mason underwrote the new share issue which was later resold to BMLL, Sharon had legal power over Mason shares (those triggering the 'significant interest', and once the BMLL money cleared all required checks, Sharon sold on these shares at cost to BMLL and ceased having significant interest.

It all amounts to nothing much but does I suggest explain the rather random filing the other day of documents showing Sharon having significant control, then not having significant control.

Sluffy wrote:According to Company Balance Sheet page 11, FV was in minus equity by £3m on the 30th June 2023 and BMLL Ltd put in equity of £2.25m on the 4th July - and and £2.35m since.

It's interesting to note (well it is to me) that Related party transactions (page 32) notes that The Group has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with wholly owned members of the Group.

I read that as transactions (shares?) have taken place between shareholding individuals and if so it would support my theory as to why Sharon was for a time became a person of significant Interest (Mason underwrote the new share issue which was later resold to BMLL, Sharon had legal power over Mason shares (those triggering the 'significant interest', and once the BMLL money cleared all required checks, Sharon sold on these shares at cost to BMLL and ceased having significant interest.

It all amounts to nothing much but does I suggest explain the rather random filing the other day of documents showing Sharon having significant control, then not having significant control.

Great analysis. Lead football writer refers to them as being stable which I find surprising. Comments on the story are interesting. Bottom line is the club are losing around £110k a week which has to be a worry.

Thanks Terry, please always take what I say with a fair degree of caution as I'm not an accountant by profession and do get things wrong from time to time.

I think we also need to take into account we are also talking about FV and not simply BWFC.

What I mean is that there is something going on with the PBP loan that I simply haven't understood yet.

In simple terms PBP loaned Burnden Leisure £5.5m secured on the hotel and that amount plus interest has been outstanding ever since, the security being transferred over from BL to FV.

Now something happened on the 9th November, 2022 namely the agreement was amended.

See Note 14 on the hotel's account - Loans and Overdraughts - page 19.
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We know that all the accrued interest was written off on the accounts last year that had the net effect of reducing the loss declared by FV.

So far so good.

Now the following is shown on FV's accounts - Turnover and other Revenue page 23

As detailed within note 18 of these financial statements, following the refinance of other loans that are due to Prescot Business Park Limited, interest that had previously been accrued amounting to £1,688,258 was released to the profit and loss account during the prior reporting period.

The thing is note 18 doesn't seem give any details about this at all it just relates to the Retirement Benefit Scheme...

And if you look on the Hotel accounts it does the same thing but this time Note 18 is for Related Party Transaction, and refers to NOTE 15 for details which again is for the Retirement Benefit Scheme - and shows NO detail???

Now if we look at the text from the hotel accounts Note 14 - Loans and Overdraughts - page 19. it states this -

Other loans were refinanced during the accounting period with four equal instalments of £1,375,000 being due from 1st August, 2023 and annually thereafter.  The loan attracts an interest at a rate of 5% on the original capital element of £5.5m as per the amended agreement dated 9th November, 2022 with PBP

So it seems to me that FV has started to repay PBP over four years but the first payment of £1.4m as fallen into the current years account, not the one we are looking at posted today up to 30th June 2023.

If so where are FV going to find that money from, I wonder?

I'm also a bit shaky on how we actually arrive at what FV as a company lost.

I think it goes something like this -

The football club made a PROFIT of £1.7m (see profit and loss account page 8 )
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BUT it only made a profit because FV wrote off a £6,770,937 loan to it.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and elated notes. The company’s loss for the year was £6,770,937 (2022 - £8,145,076 loss).

The hotel made a loss of £421k according to the Statement of Comprehensive Income (?) page 7 - which I assume is the Profit and Loss account as a note at the bottom states -

The profit and loss account has been prepared on the basis that all operations are continuing operations


The groups profit and loss was a loss of £5,460,508

So if FV loss was £6,770,937 and the hotel loss of £421k was added to it - becomes £7,191,937 and we deduct the £1.7m 'profit' the club made we arrive at the £5,460,508 (allowing for my slight rounding up/down).

I'm not sure what I've proved other that I now understand how the numbers fit together but I guess it does show that in the financial year we have now seen the accounts for both business, the club and hotel made losses.

Great analysis.

I see Trafigura have been fined £125m for their business dealings. Simple search will allow you to read the stories via the financial press online.

Thanks for the kind words Terry

The Trafigura article is here...

Trafigura bribery details laid out in $127mn guilty plea agreement
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...but I don't really think it has great relevance to BWFC as it is individuals who work at Trafigura who buy FV's shares and not the company.

I'm not aware Trafigura being a current (or even a recent) sports sponsor - this article from 2009 is the only thing I can find...

Trafigura Sponsors Lions Tour of South Africa
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...and in light of today's news about them, it immediately crossed my mind about South Africa and bribery culture - free corporate tickets for Trafigura's targeted businessmen and government officials to see the Springboks play the Lions - perhaps (wink, wink!).

Of course if Luckock's brother or other managers have got their fingers burned today, it probably may well effect their future disposable incomes but hopefully all of them have been good boys and girls!

I tend to think seeing the published accounts today may have a bigger impact on their current eagerness to keep buying FV shares myself!



I'm more interested in the PBP loan and if I've understood it correctly - namely FV are committed to paying it off in four instalments over consecutive years?

If so they have budgeted £1.375m for 2023 (paid?), 2024, 2025 and 2026 (whilst the club can NEVER breakeven according to BWFC's CEO - where's that money going to come from (the Swiss?) - but FV will then have to more than triple their budget in 2027 in order to settle the £4.2m Bond!!!

I just can't see how they can do that myself?

Certainly not being exclusively financially dependant on the Swiss as they were during last season and this!

I'm not a doom monger as my mate Lusty calls me but simply someone who plans ahead - you know like that old saying - look before you leap!

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PS Where is he today, I see he's posted on ww but conspicuously not about the accounts.

I thought he might have popped on here to congratulate me on being bang on about the trading loss, maybe he will call in later to do so...

I won't hold my breath though!

Congratulations on your forecasting, Sluffy.

I haven't actually seen the accounts yet. The emails that arrived from Companies House were strangely timed at:

FVWL Hotel Ltd  11:39 PM yesterday
FVWL Football Ltd 11:56 PM yesterday 
Football Ventures (Whites) Ltd 12:47 AM today.

By which time, I had been asleep for a good hour or more having spent most of the day toiling in the Bobsworth gardens.

Is there such a thing as 12:47 AM btw?

Oh and Fleetwood Wanderers Ltd (same auditors) arrived at 12:20 AM (!) today

P.S. It seems that the club's auditors, Cowgills, became part of the Sumer Group last month. Tbh I had never heard of the Sumer Group until my first quick look at the accounts this morning.

Thanks Bob but I think most people that had some inkling of where the financial indicators we knew about in respect of FV were pointing and would have clearly predicted a loss similar or greater than the previous years accounts - and those account were artificially low due to the interest write off from PBP - and I simply put a number against it where you and others would have said around the same or similar amount, if you were to have committed yourselves.

I'm more interested in your views of the PBP loan.

As I made mention some weeks back, something indeed happened to the loan and more details of what have emerged in the accounts this time.  

It was indeed renegotiated (despite your comments poo-pooing me otherwise) but I simply don't understand the reference to the explanation being contained in Note 18 as stated in the current accounts of FV (note 18 is in respect of pension contributions?)

The same thing is echoed again in the Hotel accounts, this time the explanation of the loan restructure terms is stated to be in note 15 - which once again leads you to the pension contribution section???

It doesn't make any sense to me - but if it is an error - then why is it repeated exactly the same leading to the pension contribution note on both the FV accounts (note 18) and hotel accounts (note 15) - and neither showing any explanation???

I took the trouble to look back in the previous years accounts and there WAS an explanation on note 18 on the FV accounts but the explanation on the hotel was in note 17 NOT note note 15 - and neither were linked to the pension contribution section???

It is worth noting what this note 17 (page 20) of the 2022 hotel accounts actually says (or at least I understand it to say) that the revised payment date being on or before the 1st August 2024 providing an initial payment of £1,375,000 is made before the 1st August, 2023.

That to me is it saying pay a quarter of the loan now (August 2023) and settle it in full the same time next year (August 2024 - whilst the current accounts talks of four annual equal instalments (I'm guessing there was a further renegotiation?).

I don't believe the repayment of the loan has anything to do with the company pension scheme - but why do the FV AND hotel accounts refer the reader to look for an explanation for them there on both accounts and direct you to the pension section of both the respective accounts?

The bigger question is that IF FV have agreed to eventually settle the loan over a four year period, then where is the money coming from if the football club generates no profit and the principal owners have seemingly frozen putting their own money into FV?


PS - I believe 12:47AM is quarter to 1 in the morning.

If it was a 24 hour clock it would be 0:47 but if you note the other timings from Companies House they are clearly using the 12 hour AM/PM system.

So 12:47 PM is quarter to 1 in the afternoon (the 24 hour clock simply showing 12:47 - and no AM or PM).

If we don’t get promoted the fire sales will begin. 

Good bye Santos Charles Toal etc etc. 

Evatt will go as well he looks throughly pissed off.

Hipster_Nebula wrote:If we don’t get promoted the fire sales will begin. 

Good bye Santos Charles Toal etc etc. 

Evatt will go as well he looks thoroughly pissed off.

Maybe, but as long as the bills are being paid, I think they will keep most of the band together for another promotion crack next season.

I actually still think we are the best team in the play-off places, even on current form, and there's no reason not to think we will be promoted via the play-offs.

Debt is not a problem as long as you can service it - and it seems (if we believe Hart) that funds are in place already for next season - if so we probably don't need to sell unless we want to finance incoming transfers.

One thing that should be obvious to all by now is that we can't rely on just one keeper all the time - it didn't work with Crellin and the wheels have fallen off since Baxter was injured.

It's not really rocket science to spot that is it?