The 2009 Accounts - a review

[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!

[qprdad]

P.S. thanks to Scott for the download - and yes I have sponsored him

[W12_Ranger]

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!

QPRDad

Appreciate you taking the time to post these figures.

You indicate the Total Loss is actually closer to £21m for the club which is practically offset by our biggest asset which is the ground, is that correct?

Can you expand on what Admin Costs refer to?

Thanks W12

[Bluehoop]

Good summary - for those of us unable to understand the net effect of all this Dad, can you put a number on the current net annual loss?

I would ask my own accountant to give me the bottom line but he's a Palace fan so I think I'm doing my own tax returns this year!!

[qprdad]

QPRDad

Appreciate you taking the time to post these figures.

You indicate the Total Loss is actually closer to £21m for the club which is practically offset by our biggest asset which is the ground, is that correct?

Can you expand on what Admin Costs refer to?

Thanks W12

Thanks for that!............. you are correct the loss is near as damn it £21m!

However, this is not offset by our biggest asset. LR is one part of the assets of the holding company. All of the assets less all of the liabilities come to a negative £5.8m.... so this means if we ceased to trade, the net cost owuld be just under £6m. Hope this makes sense.

Also - there is no breakdown for Administration, but it will include rates, light, heat, wages, telephone, advertising etc etc

[Bluehoop]

Thanks for that!............. you are correct the loss is near as damn it £21m!

However, this is not offset by our biggest asset. LR is one part of the assets of the holding company. All of the assets less all of the liabilities come to a negative £5.8m.... so this means if we ceased to trade, the net cost owuld be just under £6m. Hope this makes sense.

Thanks Dad

[qprdad]

Good summary - for those of us unable to understand the net effect of all this Dad, can you put a number on the current net annual loss?

I would ask my own accountant to give me the bottom line but he's a Palave fan so I think I'm doing my own tax returns this year!!

BlueHoop - how dare you use a Palarse fan as an accountant! - any problems and you can PM me!

To answer your question, the operating loss was £17.3m, and the total loss, after interest paid and loss on revaluation of LR was £20.9m

[W12_Ranger]

Thanks for that!............. you are correct the loss is near as damn it £21m!

Also - there is no breakdown for Administration, but it will include rates, light, heat, wages, telephone, advertising etc etc

However, this is not offset by our biggest asset. LR is one part of the assets of the holding company. All of the assets less all of the liabilities come to a negative £5.8m.... so this means if we ceased to trade, the net cost owuld be just under £6m. Hope this makes sense.

Cheers mate any clarification on what makes up Admin fees?

[stanistheman]

Oh what a great job of mismanaging the club FB & GP have made.

They could have spent wiser, by not offering stupid basic wages to ordinary players, but offer bigger bonuses based on success on the pitch.

Also, reducing ticket prices, would probably have generated a bigger income via bigger crowds and more expenditure on matchday sales of food, drinks, programmes etc.

Success on th pitch, could also have produced increase in sponsorship & other commercial monies, never mind the bigger TV revenues from more live games on SKY.

[Bluehoop]

BlueHoop - how dare you use a Palarse fan as an accountant! - any problems and you can PM me!

To answer your question, the operating loss was £17.3m, and the total loss, after interest paid and loss on revaluation of LR was £20.9m

I know, it really is a bit of a conflict but he is a damn good accountant and business wins over my dislike of Palarse I'm afraid!!

Thanks for the clarification on the figures, pretty much how I read but always important to get a qualified opinion I think

[qblockpete]

qprdad

Can you please clarify the loss in last 12months, am I reading it right?

Is it 5 million and some change? Though overall debt is much higher (21 million)

QPR FC itself made a light profit?

QPR Holdings made the loss?

[pc1401]

Think they relate to years 08/09 so nothing about the last 12 months till next year i would imagine

[qprdad]

qprdad

Can you please clarify the loss in last 12months, am I reading it right?

Is it 5 million and some change? Though overall debt is much higher (21 million)

QPR FC itself made a light profit?

QPR Holdings made the loss?

These Accounts are for the year to 31 MAY 2009

QPR F&A CLUB LIMITED s a wholly owned subsidiary, and yes this company made a profit of £418,000.

HOWEVER, this profit is included within the Holding company figues, so the Holding company on its own made a loss of £21,346, but a net loss of £20,928 after taking the subsidiary's profit off.

Total assets are £29,864 and total liabilities are £36,633.

So, if the club ceased to trade at 31.5.09, there would be a deficiency as regards to the creditors of £5,769.

Hope this makes sense!

[qprdad]

Re: the last post, putting it another way:


Loss for the year (£18,824)
Adjustment on LR (£ 2,104)

New shares issued £15,000

Opening shareholder funds for 2008 £ 159

All added together makes:Closing funds / balance sheet value (£ 5,769)


Howsthat?

[qblockpete]

What kind of things would QPR FC include?

(not talking holdings)