QPR Dad's Comments/explanation re the accounts
qprreport.proboards.com/index.cgi?board=general&action=display&thread=11739Including as he posted on WATRB
Originally Posted by qprdad
I've reviewed the 2009 accounts as recently published and I thought that I would summarise them hopefully in an easy format so that everyone is aware of what they are saying:
QPR Football & Athletic Club Limited (Club) is a wholly owned subsidiary of QPR Holdings Limited (Holdings).
Holdings has published accounts which include both Holdings and Club - I therfore only summarise Holdings, which includes Club as follows: all values are £000 i.e. £8,600,000 (8.6 million is written as £8,600)
Turnover - £14,822
Costs of sale - £25,633
Admin costs - £6,563
Player registrations - £218 Profit (i.e. income, not a cost)
Interest received - £63
Interest paid - £1,731
Corporation tax paid - £nil
Adjustment on revaluation
of LR - £2,104* (a cost)
Overall LOSS for the year £20,928
*LR was shown in the accounts as £23,354 but was revalued at £21,250 on 31.5.09
On the balance sheet, all the assets are:
Player registrations (transfer fees paid) - £6,693 these are reduced in value on a straight line basis over the players contract. i.e. £2m paid for a 2 year contract, will be worth £1m after a year. The write off is a cost of sale.
Player Registrations - £6,693
Land and buildings - £21,250
Plant and machinery - £229
Fixtures & Fittings - £15
Stock - £269
Trade debtors - £866 ( money owed to the club i.e. sale of players etc)
Vat - £16
Other debtors - £231
Prepayments - £78
Cash in bank - £217
TOTAL of ASSETS - £29,864
On the balance sheet, all the liabilities are:
Loans - £500
Overdraft - £3,295
Trade creditors - £3,315 (money the club owes)
Transfer creditors - £1,043
Tax - £1,466 (tax on players wages etc)
Accruals and deferred income - £4,911 (mostly season tickets paid for i advance i.e. the club owes the value of the games not played)
LIABILITIES - due in less than one year - £14,530
Add to this loans due after one year - £21,103*
TOTAL LIABILITIES - £35,633
TOTAL ASSETS Less: TOTAL LIABILITIES IS - (£5,769)
Loans etc in the accounts include the following:
Sarita Capital investments - £8,600 (interest rate is 7% and is repayable on demand)
Amula Property - £10,000 (interest rate of 8.5% and is sucured by a charge on all of the assets of the club and an option over LR)
Football league - £503 (interest free)
A Caliendo - £2,000 (repayable by 28.2.11)
There are no details of who has control of the company - even though I think that it is a legal requirement!
Please feel free to ask me any questions if you are not sure about anything!
www.wearetherangersboys.com/forum/showthread.php?t=54297
