Accounts

[Crouchy]

Which is fair enough. Even I could tell at a glance that these weren't the "proper" accounts.
So why have United put them on the official site on this page?:-

http://www.sufc.co.uk/news/article/20131122-downloads-341951.aspx

The same page as the full Annual Report and Accounts which are normally 40 page PDF's like this one:-?

http://www.sufc.co.uk/documents/su-plc-june-2013-report-and-accounts135-1188137.pdf

When are the proper accounts going to be released? They were out earlier than this last year.
Is the change something to do with the description "Sheffield United Limited (formerly Sheffield United PLC)?
Are we going to get a lot less detail this year?

There's no obligation to publish anything but they've done this as this is the former plc company. You'll be able to get all the other company accounts from Companies House for £2 a pop if you're that interested. The accounts for Sheffield United Football Club Limited haven't been filed yet.

 

[Hartley Hare]

It's a trivial audit. One big fuck off asset. Is it there? Yep. Valued at cost, easy. Depreciation at 2% - easy. Creditor balances are mostly related parties - just get written confirmations.

There you go - that' 95% of the balance audited in an afternoon. Easiest £10k Grant Thornton ever made.

You make it sound too easy Crouchy, if only it were that simple. The administration and paperwork involved in compiling an audit file which will stand scrutiny is considerable, even though, as may be the case here the level of audit risk is low.

I agree with all your thoughts. It would be a good exercise, when the consolidated group accounts are available, to obtain all the subsidiary and associated company accounts to try and interpret the financial position overall.

No small undertaking, although I reckon we could work it out one afternoon in the pub.

HH

 

[davidpinder]

Massive difference between 2013 and 2014 accounts, all looks a bit odd to me .

 

[Foxy]

You make it sound too easy Crouchy, if only it were that simple. The administration and paperwork involved in compiling an audit file which will stand scrutiny is considerable, even though, as may be the case here the level of audit risk is low.

I agree with all your thoughts. It would be a good exercise, when the consolidated group accounts are available, to obtain all the subsidiary and associated company accounts to try and interpret the financial position overall.

No small undertaking, although I reckon we could work it out one afternoon in the pub.

HH

Next Thursday? Mines a Jaipur.

 

[Hartley Hare]

Drinking a Jaipur, just now Foxy. Enjoying a case sent from Thornbridge. One of my favourite beers, unfortunately not available round these here parts on draft, which is a blow.

When the time comes we will have that afternoon in the pub. Whilst we should analyse the group consolidated accounts, I fancy we could find something much more exciting to do.

HH

 

[billyblademan]

Next Thursday? Mines a Jaipur.

Jaipur and accounting, what a wonderful afternoon that would be.

 

[Balham]

Drinking a Jaipur, just now Foxy. Enjoying a case sent from Thornbridge. One of my favourite beers, unfortunately not available round these here parts on draft, which is a blow.

When the time comes we will have that afternoon in the pub. Whilst we should analyse the group consolidated accounts, I fancy we could find something much more exciting to do.

HH

I know it's not on draft but Jaipur is now stocked nationally at Waitrose should you ever need an emergency supply.

Massive difference between 2013 and 2014 accounts, all looks a bit odd to me .

Did you read the thread? Sheffield United plc is now a holding company for the ground and training centre. The footballing side is owned by Blades Leisure Ltd.

 

[Blade58]

Can someone kindly explain what all the debt listed on the last page refers to and the relevance

Cheers

 

[beightonblade]

Can someone kindly explain what all the debt listed on the last page refers to and the relevance

Cheers

In a nut shell it means McWobbleGob has us by the balls.

 

[Balham]

Can someone kindly explain what all the debt listed on the last page refers to and the relevance

Cheers

The £17m is a loan from another of McCabe's companies which I would assume is secured against the assets of the company (ie the ground). At the end of the year, Sheffield United Limited owed Scarborough Luxembourgh [sic] Sarl £17,375,050 and interest is being charged at 10% per annum on that loan.



The £7m is owed to the parent company, Scarborough United Ltd. Interest of 4%+LIBOR (that reliable number...!) is payable on this one.

In a nut shell it means McWobbleGob has us by the balls.

Can't disagree.

 

[Darren]

It's a loan from another of McCabe's companies which I would assume is secured against the assets of the company (ie the ground). At the end of the year, Sheffield United Limited owed Scarborough Luxembourgh [sic] Sarl £17,375,050 and interest is being charged at 10% per annum on that loan.

View attachment 9902



Can't disagree.

But he has had "us" by the balls ever since he bought the club. At any time in the last God knows how many years, he could have closed down the club and sold off the land.

 

[Blade58]

The £17m is a loan from another of McCabe's companies which I would assume is secured against the assets of the company (ie the ground). At the end of the year, Sheffield United Limited owed Scarborough Luxembourgh [sic] Sarl £17,375,050 and interest is being charged at 10% per annum on that loan.

This is what I don't understand. How can he announce to everyone that he has wiped out the debt, a criteria that had to be met in order for the Prince to arrive, when this says otherwise?

 

[boo radley]

Bloody CIS. got to start messing about with that now.

 

[Wapping Blade]

This is what I don't understand. How can he announce to everyone that he has wiped out the debt, a criteria that had to be met in order for the Prince to arrive, when this says otherwise?

Have you not read the whole thread? As Crouchy says "People shouldn't waste their time on this." Stop trying to read too much into it.

 

[Crouchy]

This is what I don't understand. How can he announce to everyone that he has wiped out the debt, a criteria that had to be met in order for the Prince to arrive, when this says otherwise?

Because the debt resides in Sheffield United Limited. The football business is in Blades Leisure Limited or Sheffield United Football Club Limited or whatever and is presumably debt free. Just as well really because there will be no assets within the football club business on which to secure the debt. The assets (ie the stadium) are in Sheffield United Limited.

As I said before, these accounts are meaningless without context. Stop getting excited about them

 

[Sothall_Blade]

Because the debt resides in Sheffield United Limited. The football business is in Blades Leisure Limited or Sheffield United Football Club Limited or whatever and is presumably debt free. Just as well really because there will be no assets within the football club business on which to secure the debt. The assets (ie the stadium) are in Sheffield United Limited.

As I said before, these accounts are meaningless without context. Stop getting excited about them

Any idea when the proper accounts are out then? They should be out by now shouldn't they? They were last year.

 

[Crouchy]

Any idea when the proper accounts are out then? They should be out by now shouldn't they? They were last year.

How should I know?!??

The filing deadline is 9 months after the company's financial year end so they've no obligation to file anything until the end of March 2015.

Interestingly (or not) Sheffield United Football Club Limited was first incorporated on 18 April 1889 and has been trading ever since.

The equivalent Pig company (now called Sheffield Wednesday plc) was incorporated on 8 June 1899 and hasn't filed accounts since 2010. It's listed as being proposed to be struck off. The Pigs presumably now trade through Sheffield Wednesday Football Club Limited which was incorporated in 1990.

I think it's a bit of a shame to strike off a company that's been around for 115 years - even if it is the pigs.

 

[Sothall_Blade]

How should I know?!??

The filing deadline is 9 months after the company's financial year end so they've no obligation to file anything until the end of March 2015.

Interestingly (or not) Sheffield United Football Club Limited was first incorporated on 18 April 1889 and has been trading ever since.

The equivalent Pig company (now called Sheffield Wednesday plc) was incorporated on 8 June 1899 and hasn't filed accounts since 2010. It's listed as being proposed to be struck off. The Pigs presumably now trade through Sheffield Wednesday Football Club Limited which was incorporated in 1990.

I think it's a bit of a shame to strike off a company that's been around for 115 years - even if it is the pigs.

"The filing deadline is 9 months after the company's financial year end so they've no obligation to file anything until the end of March 2015."

See, you know more than me. I can stop holding my breath then....

Let me rephrase the question. Can anybody with an accounting background think of a reason why the club have released this "meaningless" set of accounts rather than the full Annual Report and Accounts that they normally release at this time every year?

 

[Darren]

How should I know?!??

The filing deadline is 9 months after the company's financial year end so they've no obligation to file anything until the end of March 2015.

Interestingly (or not) Sheffield United Football Club Limited was first incorporated on 18 April 1889 and has been trading ever since.

The equivalent Pig company (now called Sheffield Wednesday plc) was incorporated on 8 June 1899 and hasn't filed accounts since 2010. It's listed as being proposed to be struck off. The Pigs presumably now trade through Sheffield Wednesday Football Club Limited which was incorporated in 1990.

I think it's a bit of a shame to strike off a company that's been around for 115 years - even if it is the pigs.

United became a limited company in 1899 actually. I will assume it was a typo

 

[Crouchy]

United became a limited company in 1899 actually. I will assume it was a typo

Indeed.

 

[Crouchy]

"The filing deadline is 9 months after the company's financial year end so they've no obligation to file anything until the end of March 2015."

See, you know more than me. I can stop holding my breath then....

Let me rephrase the question. Can anybody with an accounting background think of a reason why the club have released this "meaningless" set of accounts rather than the full Annual Report and Accounts that they normally release at this time every year?

Sheffield United Limited used to be Sheffield United plc ("public limited company"). As a plc its filing deadlines were shorter and the amount of disclosure greater than those of a private company. The company has reverted to being a private limited company and so it doesn't have any obligation to publish in any way except to file accounts at Companies House.

I'm assuming that because the company was a plc for part of the period under question the shorter filing deadline (6 months not 9) still applies and that the company will have 9 months to file next year. Presumably the company is obliged to publish as well for the same reason.

I can't imagine that the football club will actively publish its accounts (it never has before, but in past years its results have been consolidated into the plc accounts). They'll be filed at Companies House in due course and because Companies House is an open resource you will be able to get a copy for a small fee.

I have no idea why you'd bother though. I won't

 

[beightonblade]

All this bollox about accounts is rubbish, they tell very little and with the small companies exemption tell even less.