tisza
Well-Known Member
NEWS: Coventry City publish accounts for year ended 31st May 2022
Coventry City Football Club has published the latest set of accounts for the year ended 31 May, 2022.
www.ccfc.co.uk
Latest accounts published (2 Viewers)
- Thread starter tisza
- Start date
www.ccfc.co.uk
fernandopartridge
Well-Known Member
£2.09m for Hyam then
Nick
Administrator
Will it cover then?
fernandopartridge
Well-Known Member
Operating Lease charges £1.4m!
fernandopartridge
Well-Known Member
Losses are not that bad given a decent chunk of it is accrued interest. Definitely need to grow the club's income but turnover is around where I thought it would be, wage bill slightly lower actually.
Kingokings204
Well-Known Member
didn't we sell him in august 2022?
alexccfc99
Well-Known Member
Attachments
ha
fernandopartridge
Well-Known Member
Shipley went before the end of May didn't he?
Nick
Administrator
Other way round.
SkyblueDad
Well-Known Member
What about fee received for youth player off Villa for Thierry Katsukunya.
Or will that be next years accounts
Or will that be next years accounts
alexccfc99
Well-Known Member
We also received a (I imagine) very small fee off Newport County for Declan Drysdale
SkyBlueSoul
Well-Known Member
I love the few seconds between getting excited and clicking on the link, and realising I haven't got a fucking clue what most of it means
alexccfc99
Well-Known Member
The club do sum it up quite well in the article to be fair
Saddlebrains
Well-Known Member
@oldskyblue58 do your job
MusicDating
Euro 2016 Prediction League Champion!!
TBF, it's us lot that are on here 24/7 that generally don't do our jobs...
Happy_Martian
Well-Known Member
Accounts posted on time and in full. Another surefire guarantee that SiSu aren't around any more.
Now that we have them, could someone translate them into everyday language rather than legalese gobbledigook ?
Now that we have them, could someone translate them into everyday language rather than legalese gobbledigook ?
Dimi_Konstantflapalot
Well-Known Member
This year's accounts.
Katsukunya, Marosi and Bremang make up the £494k profit on sale of player registrations
fernandopartridge
Well-Known Member
DC REALISATIONS 1 LIMITED filing history - Find and update company information - GOV.UK
DC REALISATIONS 1 LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk
interesting reading, this is the group of Derby County related companies, massive list of creditors and HMRC got £6m of the £25m owed to them.
Earlsdon_Skyblue1
Well-Known Member
He's busy trying to find Wasps a new ground mate.
oldskyblue58
CCFC Finance Director
just going to put up bullet points really. These accounts are in a way irrelevant because it is about the old regime now gone and good riddance (or are they entirely gone)
CCFC now owned by CovCityCo Ltd
Accounts set out clearly and in a conversational manner, they are informative seeking to provide information rather than look for ways to hide it.
From the directors report it seems we are negotiating a licence not a lease with the Fraser Group - there are different rights and privileges depending on which you have, a licence being less valuable perhaps
Stating the obvious we still rely on player sales to survive, I dont expect that to change and i think parts of theses financials hint at that
King owned 100% of CovCityCo "at the time" so how much does he own now?
It seems SISU own shares in CovCityCo from the loan equity swap?
i doubt we will find out the true cost of DK's purchase as it seems to have been done behind the scenes or off balance sheet. Does it really matter though?
No interest on future loans from holding co or DK - good to see but reality is CCFC already makes losses how would it pay interest in any case
audit report although 3 pages long now a days is clean
Turnover up by 6m at £18m mainly due to attendances being allowed after Covid and an increase in commercial income
Direct costs up by 2.1m but you would expect that after Covid restrictions in previous year
Admin costs & overheads up 4.8 see previous comment plus increase in wages
Interest charges had increased indicating the loan liability had grown, and as it was a modest increase it indicates to me that the monies were put in later in the season. ie even with crowds the club couldnt pay its way
Player profits decreased
management charges due to SBS&L waived, effectively SISU waived i suspect to get the deal done. Hefty sum for one year or was it several
for the size of the company and turnover a loss of 6.7m is significant (even if you then take out the 2.4m interest accrued and added to debt in year) without player sales not sustainable. over the last two years (2022 & 2021) thats 11.4m in losses. Player sales not big enough to steady the ship
Balance sheet insolvent to the tune of 34.5m - probably better than a lot of Championship teams but cannot be ignored. DK saying all the right things about not ignoring it
The preference shares it appears are still there - 65m of rubbish. I have seen nothing to suggest they have been removed since but ownership could have changed from ARVO & SBS&L
less employees in business 153 down from 160. Less players and playing staff down from 147 to 134. But wage costs increased to 15.7m from 13.2m (big chunk of the increase in admin & overheads)
Interest charges rolled up in to debt as usual
in round terms £3m in players in and £1.7m sold (in sale value)
at year end owed 1.68m in transfer fees
EFL loans total approx 2.25m - are these still outstanding? if so the club is debt free claim doesnt quite ring true
ARVO put in 1.74m overall including interest owed approx 20.3m
SISU capital fund put in 500k and owed including interest 1.7m
SISU Capital UK put in approx 880k and owed including interest 2.27m
Total owed circa 26.1m, but by time DK took over that had climbed to 31m. So increased by interest and further capital from SISU related entities after 31/05/2022. So the owners in 2021/22 put in significant funds and in the following year, essentially just to keep the business going
operating leases will not be just the CBS - the academy will be included and any other premises not free hold
Received 2.2m after year end in player sales - Hyam ?
With the restructuring the negative balance sheet of £34m in 2022 will have improved by 31m of the loans moving to CovCityCo, but then you need to add in the 2022/23 losses. looks like it is still going to be best part of £10m negative for 2023 financials to me
hopefully that helps explain some things without being too complicated
CCFC now owned by CovCityCo Ltd
Accounts set out clearly and in a conversational manner, they are informative seeking to provide information rather than look for ways to hide it.
From the directors report it seems we are negotiating a licence not a lease with the Fraser Group - there are different rights and privileges depending on which you have, a licence being less valuable perhaps
Stating the obvious we still rely on player sales to survive, I dont expect that to change and i think parts of theses financials hint at that
King owned 100% of CovCityCo "at the time" so how much does he own now?
It seems SISU own shares in CovCityCo from the loan equity swap?
i doubt we will find out the true cost of DK's purchase as it seems to have been done behind the scenes or off balance sheet. Does it really matter though?
No interest on future loans from holding co or DK - good to see but reality is CCFC already makes losses how would it pay interest in any case
audit report although 3 pages long now a days is clean
Turnover up by 6m at £18m mainly due to attendances being allowed after Covid and an increase in commercial income
Direct costs up by 2.1m but you would expect that after Covid restrictions in previous year
Admin costs & overheads up 4.8 see previous comment plus increase in wages
Interest charges had increased indicating the loan liability had grown, and as it was a modest increase it indicates to me that the monies were put in later in the season. ie even with crowds the club couldnt pay its way
Player profits decreased
management charges due to SBS&L waived, effectively SISU waived i suspect to get the deal done. Hefty sum for one year or was it several
for the size of the company and turnover a loss of 6.7m is significant (even if you then take out the 2.4m interest accrued and added to debt in year) without player sales not sustainable. over the last two years (2022 & 2021) thats 11.4m in losses. Player sales not big enough to steady the ship
Balance sheet insolvent to the tune of 34.5m - probably better than a lot of Championship teams but cannot be ignored. DK saying all the right things about not ignoring it
The preference shares it appears are still there - 65m of rubbish. I have seen nothing to suggest they have been removed since but ownership could have changed from ARVO & SBS&L
less employees in business 153 down from 160. Less players and playing staff down from 147 to 134. But wage costs increased to 15.7m from 13.2m (big chunk of the increase in admin & overheads)
Interest charges rolled up in to debt as usual
in round terms £3m in players in and £1.7m sold (in sale value)
at year end owed 1.68m in transfer fees
EFL loans total approx 2.25m - are these still outstanding? if so the club is debt free claim doesnt quite ring true
ARVO put in 1.74m overall including interest owed approx 20.3m
SISU capital fund put in 500k and owed including interest 1.7m
SISU Capital UK put in approx 880k and owed including interest 2.27m
Total owed circa 26.1m, but by time DK took over that had climbed to 31m. So increased by interest and further capital from SISU related entities after 31/05/2022. So the owners in 2021/22 put in significant funds and in the following year, essentially just to keep the business going
operating leases will not be just the CBS - the academy will be included and any other premises not free hold
Received 2.2m after year end in player sales - Hyam ?
With the restructuring the negative balance sheet of £34m in 2022 will have improved by 31m of the loans moving to CovCityCo, but then you need to add in the 2022/23 losses. looks like it is still going to be best part of £10m negative for 2023 financials to me
hopefully that helps explain some things without being too complicated
fernandopartridge
Well-Known Member
Some of the losses in other championship clubs are just staggering really, look at QPR for example
SkyblueDad
Well-Known Member
Suppose it helps having Lakshmi Mittal as a part owner.
Nick
Administrator
Some of the losses in other championship clubs are just staggering really, look at QPR for example
AmBiTiOn