Latest Accounts

Welcome to The Arab League, one of the longest established Dundee United Football forums, with many members from the old ArabFC forum.

New members are always welcomed, so to join the debate, just sign up - registration is simple, fast, and completely free.

Join The Arab League!

If you're already a member please log in:

Pages:
1
…
4
5

Latest Accounts; to Jun 14
Tweet Topic Started: Apr 1 2015, 12:13 PM (3,899 Views)
the.mule	Feb 24 2016, 09:32 PM Post #61
Ian McCall Posts: 611 Group: Members Member #35 Joined: November 23, 2010	Quite. The spend is so high because the squad is too big. The current squad has been slimmed down a bit gradually, but MacNamara must have left a very expensive wage bill. He was buying willy nilly like a madman on ebay, Thompson had given a bit of cash to spend and he just made a bit of a balls of it and that was his downfall. Quantity rather than quality, twas his expensive mistake. Current squad is still too large. I'm sure Thompson is putting pressure on Mixu to get rid of another couple in the next few months. I can see them squaring up to each other likes.



zico	Feb 24 2016, 09:37 PM Post #62
Ivan Golac Posts: 1,127 Group: Members Member #60 Joined: December 26, 2011	Naebody Feb 24 2016, 09:03 PM zico Feb 24 2016, 08:23 PM I think we need to get to grips with this massive increase in operating costs. Why aren't questions being asked as to why we went from 100k to nearly 800k in 12 months? We don't know, and guessing won't get us anywhere. Nevertheless ... The biggest operational cost for a business like United is wages. And, as we know, taking in £Xm on transfer fees triggered percentage bonus payments. It'd make sense (at least to me) if the transfer fee income was classed as exceptional whereas the bonus costs they triggered were classed as operational. If that's the case, all that's happened is that the extra income and the extra costs have fallen into different bits of the balance sheet. That might explain it, at least partly. The full accounts are in some lawyer's office right now and will be filed in about a month. Before that, an auditor will have a look to see if the sums look okay and take a fee for adding a going-concern qualification. There's no drama. All I've wanted to suggest is that we can't really take much from press releases, which are but shadows on the cave wall. For once in my life I actually agree with you. I know I'm going to sit down and await the outcome and have an after eight mint.



zico	Feb 24 2016, 09:39 PM Post #63
Ivan Golac Posts: 1,127 Group: Members Member #60 Joined: December 26, 2011	the.mule Feb 24 2016, 09:32 PM I'm sure Thompson is putting pressure on Mixu to get rid of another couple in the next few months. I can see them squaring up to each other likes. Like as in Our glorious leader Wee Jim v John Barnes style?



TheDean	Feb 24 2016, 09:52 PM Post #64
ALLEGEDLY CALICO Posts: 2,117 Group: Members Member #53 Joined: September 18, 2011	Naebs is right about the meaningless nature of the headline figs. Unless there is some transparency in the accounts notes on the reconciliation of income and actual cash receipts on the exceptional player trading line- we won't be able to reconcile the profit to the net debt reduction. Fortunately the club have recognised the need to address the cost structure and the blessing in disguise of the relegation threat is that it gives you the extra impetus to look at it with greater rigour. So, yes we'll want to look at the wage growth and ratio to total costs, and what impact commercial activities ( which is what Southern was brought in to enhance) have had. Dare say we won't see the accounts until End March as was suggested before- that, combined with the impending approach of our relegation confirmation will set off a chain of recrimination, I suspect. Edited by TheDean, Feb 24 2016, 09:54 PM.



the.mule	Feb 24 2016, 10:08 PM Post #65
Ian McCall Posts: 611 Group: Members Member #35 Joined: November 23, 2010	Aye, these account stats are all smoke and mirrors. 4 million profit sounds good but in the same sentence Thompson says the clubs in debt and losing cash. I'm running out of patience with the numptie's bad PR, spend some of your cash lined pockets on a PR advisor/lawyer like Robert Shapiro (as played by Travolta)



Hamish	Mar 25 2016, 01:53 PM Post #66
Ian McCall Posts: 786 Group: Members Member #27 Joined: September 20, 2010	They've arrived... https://beta.companieshouse.gov.uk/company/SC013690/filing-history



Setenza	Mar 25 2016, 04:44 PM Post #67
Knitting with only one needle Posts: 6,057 Group: Admin Member #7 Joined: September 10, 2010	Some details in the Courier: Quote: The report adds that the directors have planned for “a number of scenarios” and that certain forecasts indicated that “there will be a significant additional funding requirement in the next 12 months.” It stresses that the reason for this is “principally as a consequence of the direct impact on income of the current league position, the costs of changing the football management team during 2015, together with the early repayment of loan notes in the second half of 2015.” ... United, however, are already talking to “a number of existing lenders, shareholders, intermediaries and other third parties” to explore funding options.



Morvant's Finest	Mar 25 2016, 04:52 PM Post #68
Tommy McLean Posts: 2,106 Group: Members Member #37 Joined: January 13, 2011	Knock yourself out, financially minded posters! Report and Financial Statements - June 2015 (27 pages)



reekie	Mar 25 2016, 05:31 PM Post #69
lum raker Posts: 3,201 Group: Members Member #22 Joined: September 16, 2010	That bit about, basically, building up debt again is a bit of a worry. Eastfudball must be carnage right now!



TheDean	Mar 25 2016, 09:35 PM Post #70
ALLEGEDLY CALICO Posts: 2,117 Group: Members Member #53 Joined: September 18, 2011	I'm really disappointed in the disclosure. For instance, the increase in debtors is clearly related to deferred transfer income receipts but the effect is not isolated from the calculated "gain". What's more - those thinking that £3m Gauld + £3m Robertson + £1.75m Stretch/GMS comes to less than £5m "gain" will be struggling to find out how we would have forked out between £1.5m - £2.75m on costs of registering the contracts of the players- dependent of course on what the VAT impact was. Note that there is no separate disclosure of the VAT liability in the accounts either within Trade Creditors or other taxes and social security but the liability on the transfer receipts would have been paid before 30th June anyway. There is no proper analysis of the huge numbers in "accruals and deferred income" but I suspect hidden in there and the movement therein which impacted on operating cash flow( and the calculation of the net gain on disposal )were the JackieMac and his cronies transfer development pay offs . In my view these elements within debtors and creditors should have been netted off against the book gain in showing the net pure cash effect of the transfer moneys in year. The cash flow statement borders on the misleading and the subsequent pay off of loans post year end confirms my view that the transfer cash straddled the two financial years in progress and just past. However Paul Boyle was a CA institute prizeman, so who am I to question his signature as auditor on these accounts? I note that HMRC will not be taking too much interest in the profits- with a deferred tax asset not in the balance sheet worth over £1m the "Shifty +" transfer money should come in Corporation Tax free.



vvhatsthatonyourback	Mar 26 2016, 02:44 PM Post #71
wild eyed Posts: 1,441 Group: Members Member #131 Joined: January 27, 2014	Morvant's Finest Mar 25 2016, 04:52 PM Knock yourself out, financially minded posters! Report and Financial Statements - June 2015 (27 pages) Access denied. Booo.



Hamish	Mar 26 2016, 05:32 PM Post #72
Ian McCall Posts: 786 Group: Members Member #27 Joined: September 20, 2010	vvhatsthatonyourback Mar 26 2016, 02:44 PM Morvant's Finest Mar 25 2016, 04:52 PM Knock yourself out, financially minded posters! Report and Financial Statements - June 2015 (27 pages) Access denied. Booo. Use the link I posted above.



Naebody	Mar 28 2016, 07:13 AM Post #73
Twat Posts: 5,210 Group: Members Member #20 Joined: September 13, 2010	reekie Mar 25 2016, 05:31 PM Eastfudball must be carnage right now! Curiously, there's not a word I could find. There is, however, this long post ostensibly from Arabtrust that gives details of United's AGM. It's a bit concerning. The good news is that many of the questions are reasonably sensible. The bad news comes in Thompson's answers to those questions. He seems evasive with stuff that other shareholders should know. Basic stuff, like the capital structure of the business. It should be pretty clear by now that Thompson made a complete mess of the bank debt buyout and had never assumed anything other than a future of top-six finishes and transfer income, which was complacent to the point of recklessness. He made some really awful mistakes. What's worse, though, is that he refuses to admit those mistakes. His pride's the biggest problem. Repeating a message that everything worked out and it's not his fault (which it didn't and it was) only encourages observers to think he's pulled a scam. That's probably not right. It seems much more likely that he didn't steal money, he lost it.



zico	Mar 28 2016, 07:39 PM Post #74
Ivan Golac Posts: 1,127 Group: Members Member #60 Joined: December 26, 2011	Naebody Mar 28 2016, 07:13 AM reekie Mar 25 2016, 05:31 PM Eastfudball must be carnage right now! Curiously, there's not a word I could find. There is, however, this long post ostensibly from Arabtrust that gives details of United's AGM. It's a bit concerning. The good news is that many of the questions are reasonably sensible. The bad news comes in Thompson's answers to those questions. He seems evasive with stuff that other shareholders should know. Basic stuff, like the capital structure of the business. It should be pretty clear by now that Thompson made a complete mess of the bank debt buyout and had never assumed anything other than a future of top-six finishes and transfer income, which was complacent to the point of recklessness. He made some really awful mistakes. What's worse, though, is that he refuses to admit those mistakes. His pride's the biggest problem. Repeating a message that everything worked out and it's not his fault (which it didn't and it was) only encourages observers to think he's pulled a scam. That's probably not right. It seems much more likely that he didn't steal money, he lost it. As chairman and defecto chief exec HE should know exactly where every penny has come from and where it is now. He doesn't and cannot explain or won't explain clearly Nor concisely. It looks evasive and probably is panic.


« Previous Topic · Any Football · Next Topic »

Pages:
1
…
4
5