Accounts Thread (Was called £1M pounds profit) (3 Viewers)

[Captain Dart]

www.coventrytelegraph.net/news/coventry-city-chairman-says-fans-12331549
Tim Fisher claimed: “The owners want success for this football club. Throwing money at it didn’t work. We were losing £15m a year when I came in, now we’re making £1m profit.”

The club accounts for the financial year ending 21 May 2016 are due out tomorrow.

They should be available here... in a day or so.
SKY BLUE SPORTS & LEISURE LIMITED - Filing history (free information from Companies House)

It will be interesting to compare Mr Fishers rhetoric about £1M profit with what is published. I think they will show an operating loss.

 

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[Nick]

Wasn't it ebit? So it won't be 1m profit?

Would get osb will get an alert so post up his views on them too

 

[singers_pore]

Fisher claimed two years ago that the club was now "cash flow positive." So however you want to spin it, Fisher is full of shit.

 

[bawtryneal]

Wasn't it ebit? So it won't be 1m profit?

Would get osb will get an alert so post up his views on them too

Will be interesting to se how much SISU/Otium etc are taking out of the club.
Also, EBIT is profit. Earnings before interest and tax.

 

[christonabike]

This Tims office?
FISHER, Timothy Donald
Correspondence address
10 Stanley Avenue, Beckenham, Kent, United Kingdom, BR3 6PX
Role ACTIVE
Director
Date of birth
October 1967
Appointed on
4 January 2012
Nationality
British
Country of residence
England
Occupation
Twat

 

[coop]

We might bein profit slightly but going down to league 2 without a fucking fight and will lose even more fans next season well done Tim.

 

[no_loyalty]

This Tims office?
FISHER, Timothy Donald
Correspondence address
10 Stanley Avenue, Beckenham, Kent, United Kingdom, BR3 6PX
Role ACTIVE
Director
Date of birth
October 1967
Appointed on
4 January 2012
Nationality
British
Country of residence
England
Occupation
Twat

I believe this is the address of his previous house he sold for around £500,000

 

[Sbarcher]

Big difference between gross and net profit. No doubt TF is referring to gross. Expect a big declared loss for net.

 

[christonabike]

I believe this is the address of his previous house he sold for around £500,000

Sounds about right as its worth about £1.5M now!
Property details for 10 Stanley Avenue Beckenham BR3 6PX - Zoopla

 

[Gosford Green]

Before the noises start about SISU taking out money, as in previous years it's not possible to state if they do or don't unless anyone here as access to the actual purchase ledger invoices.

 

[hill83]

I'm so excited. What a time to be alive.

 

[luwalla]

Before the noises start about SISU taking out money, as in previous years it's not possible to state if they do or don't unless anyone here as access to the actual purchase ledger invoices.

regardless of "SISU" actually taking out money or not, I'm sure I saw the Directors of the club took out half a million... how the hell can directors of this club justify taking half a mill out, and isn't Laura Deering ( one of our directors ) also part of SISU. So in fact they are taking money out indirectly ( although I'm sure that isn't a shock to anyone ). You can't trust a word Tim says, if you did then our new stadium would be nearly built & ready to move into by now!

 

[AFCCOVENTRY]

This Tims office?
FISHER, Timothy Donald
Correspondence address
10 Stanley Avenue, Beckenham, Kent, United Kingdom, BR3 6PX
Role ACTIVE
Director
Date of birth
October 1967
Appointed on
4 January 2012
Nationality
British
Country of residence
England
Occupation
Twat

Anyone with the name Donald in their name is a twat. Donald Trump, Donald Duck and now Donald Fisher.

 

[Otis]

I'm so excited. What a time to be alive.

What, 10 to 8?

 

[Skybluefaz]

regardless of "SISU" actually taking out money or not, I'm sure I saw the Directors of the club took out half a million... how the hell can directors of this club justify taking half a mill out, and isn't Laura Deering ( one of our directors ) also part of SISU. So in fact they are taking money out indirectly ( although I'm sure that isn't a shock to anyone ). You can't trust a word Tim says, if you did then our new stadium would be nearly built & ready to move into by now!

So Tim, Veno and Deering pocketed a cool half a mill from the football club? This has gone under the radar. Give us a link so we can verify this as a fact and get angry together.

 

[Nick]

regardless of "SISU" actually taking out money or not, I'm sure I saw the Directors of the club took out half a million... how the hell can directors of this club justify taking half a mill out, and isn't Laura Deering ( one of our directors ) also part of SISU. So in fact they are taking money out indirectly ( although I'm sure that isn't a shock to anyone ). You can't trust a word Tim says, if you did then our new stadium would be nearly built & ready to move into by now!

Did they?

 

[Grendel]

So Tim, Veno and Deering pocketed a cool half a mill from the football club? This has gone under the radar. Give us a link so we can verify this as a fact and get angry together.

It's in the accounts. Been discussed on here.

 

[Skybluefaz]

It's in the accounts. Been discussed on here.

It's passed me by then, in last year's accounts?

 

[Grendel]

It's passed me by then, in last year's accounts?

Either last year or the year before. The likes of Waggott Anderson etc. Are hardly going to be free.

I'm sure honest Ray the football man wasn't free either.

 

[Nick]

No, he was on about what the SISU directors took from SISU wasn't he?

 

[skybluetony176]

Either last year or the year before. The likes of Waggott Anderson etc. Are hardly going to be free.

I'm sure honest Ray the football man wasn't free either.

I thought directors wages were lumped in with the general wages all under the one heading? If it specifically says director payments would that not be separate to wages?

 

[Gosford Green]

regardless of "SISU" actually taking out money or not, I'm sure I saw the Directors of the club took out half a million... how the hell can directors of this club justify taking half a mill out, and isn't Laura Deering ( one of our directors ) also part of SISU. So in fact they are taking money out indirectly ( although I'm sure that isn't a shock to anyone ). You can't trust a word Tim says, if you did then our new stadium would be nearly built & ready to move into by now![/QUOTE

I thought directors wages were lumped in with the general wages all under the one heading? If it specifically says director payments would that not be separate to wages?

Sometimes under management or consultancy fee's. It has been said on here so many times it is not possible to say one way or another, unless a leak from the auditor happens. (unlikely).

I do not get why people are so obsessed with SISU taking money out, it is their company they really have every right to do so. If you are that bothered about your season ticket and pie money filtering down to them adopt the NOPM method.

 

[Rodders1]

Fisher claimed two years ago that the club was now "cash flow positive." So however you want to spin it, Fisher is full of shit.

EBITDA could be positive and hence that does mean that the club is cashflow positive.

However I bet our bottom line is a loss. The thing that is misleading here is there is no investment - it's all very well being cashflow positive - but it's decreasing - we could make a 1p in cash and Tim would say we are cashflow positive - deluded

 

[skybluesam66]

EBIT +ve
tax probably zero
interest payable to themselves
therefore cash flow positive

 

[Grendel]

I thought directors wages were lumped in with the general wages all under the one heading? If it specifically says director payments would that not be separate to wages?

Director remuneration would normally be shown as a separate item.

 

[bawtryneal]

Lets hope that SISU are not taking money out of CCFC or Nick will have to stop going to matches

 

[Nick]

Lets hope that SISU are not taking money out of CCFC or Nick will have to stop going to matches

Like you did until we got a draw at Wembley?

As I've said, if it turns out all of my season ticket money goes to Joy as people make out then I may re-evaluate.

 

[Paxman II]

Who gives a flying you know what?
Profit, loss, take money out or not, it all adds up one way - our owners have destroyed a football club to near non existence.
Arguing over what or who took a few pennies won't make that go away.

If this club falls any further I might be able to afford it myself.

 

[bawtryneal]

Like you did until we got a draw at Wembley?

As I've said, if it turns out all of my season ticket money goes to Joy as people make out then I may re-evaluate.

Are we going to draw at Wembley. Was hoping for a win.
Will never be all your season ticket money, only a percentage, so don't be to despondent

 

[Nick]

Looks like they are on there now!

 

[Nick]

Loss of £1.8M down from £3.3M

You needn't bother now OSB, I've sorted it

 

[skybluebeduff]

So despite increases in revenue and decreases in costs, we still lost money? How did we lose it exactly?

 

[skybluebeduff]

Increase in interest payable from £1.37mill to £2.47mill a year... it gets better.

 

[Nick]

So despite increases in revenue and decreases in costs, we still lost money? How did we lose it exactly?

It was the interest accrued wasn't it? Otherwise it would have been a small profit.*

*As said when Fisher said about £1m profit being ebit anyway.

 

[skybluebeduff]

Efforts to progress relocating to an alternative home ground for the club continue... HA HA Fuck Off Tim!