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JoePublic
27-02-2014, 09:00 AM
For as much info as I can get, here is a summary of Hull City's Finances as accounts filed Dec 13.

Cash - 735K
Assets - 10.5 Mil
Net worth - (Minus)87.9 Mil
Liabilities - 98.4 Mil (36 Mil up from 2012)

3 Directors, Assem, Ehab and Nick Thompson

150 employees

Turnover 11/12 - 64.5 Mil which was 18 Mil up from 09/10

Interestingly...The cash in the bank over the years are as follows

2009 - 315K
2010 - 155K
2011 - 520K
2012 - 79K
2013 - 735K (to Dec 13)

Flatline considering the turnovers!

Over the last 5 years our assets have maintained between 6.5M and 10.5M but will now have increased due to Jan signings and any other assets Allam has bought.

So considering our T/O is 18 Mil up in 2 years (doesn't include Year end 2013 / 14), In 4 years we have never had more than a mill in the bank (Hull City Tigers Ltd), the assets have never topped 11 Mil we have one hell of an overhead / wage bill cost !?!

tiger1971
27-02-2014, 09:05 AM
Hardly a surprise that a football club has high overheads / wage bill. I'd like to think that we have learnt our lesson from last time though!

Obviously Nick Thompson has now left City so we are left with two Directors as I don't think he has been replaced.

Hull, Yorkshire & England

JoePublic
27-02-2014, 09:16 AM
Hardly a surprise that a football club has high overheads / wage bill. I'd like to think that we have learnt our lesson from last time though!

Obviously Nick Thompson has now left City so we are left with two Directors as I don't think he has been replaced.

Hull, Yorkshire & England

Nick is still registered as a director from 1 /2 / 13 and as to date no resignation notice.

We are however without a company secretary which I didn't think was allowed by law so I'm going to look into that.

If you note the !?! at the end it's a sort of "yeah right"

The Liabilities will be Allams loan, sorry..."Gift" and also outstanding contract payments and obligations.

Compared with the 900M or so that Man U are tied into Glazers debt management contract we are doing OK.

Allams are worth about 500M so he's got good credit.

tiger1971
27-02-2014, 09:58 AM
I thought a Company Secretary was a legal requirement too.

Could it be that Nick Thompson was acting in that role? And that is why he is still listed?

Hull, Yorkshire & England

tiger1971
27-02-2014, 09:59 AM
Nick Thompson is now COO of Gradwell Communications, according to his LinkedIn profile.

Hull, Yorkshire & England

southbankirregular
27-02-2014, 02:04 PM
Speaking with my company directors hat on, a company's filed results should always been treated with caution, especially a private company which does not have shareholders. It's usually the notes appended to these the are more relevant, rather than the bald figures.

They are only a snap-shot of one particular day in time. Most companies move figures around to help make the figures look as good or bad as they want.

Cash in hand, i.e.at the bank, is largely irrelevant. Most companies keep this to a minimum needed for day to day business. There will be cash flows in and out all the time, they are the more interesting figures, and would give a better understanding of how the club is being run.

Companies House are notoriously slow at updating directors records, and companies are slow in informing them of changes. There is a time line to do this in, but it's quite a long one.

In short, don't try to over analyse published figures, they don't give a full picture of how a business is being

TiDa
27-02-2014, 02:21 PM
Have to agree with SBI, as a director of a Ltd company, it is so easy to make the finances look exactly how you want them to look. Theres nothing to learn from these accounts.

killercbrn
27-02-2014, 02:54 PM
Speaking as someone who isnt really interested or that knowledgeable, but isnt it better to have very little cash showing as available, or to produce very little if any profit for "Tax" purposes so to speak..

JoePublic
27-02-2014, 04:16 PM
[quote="killercbrn" purposes so to speak..[/quote]

I have 3 companies and your right. The figures shown look like the latest quarterly figures and we wont even see this years audited accounts until 2015.

Allams company loan to city is tax free (as it's not a personal drawing)and city are operating at a loss so the tax implecations are good for the businesses and not so good for HMRC. The clever bit is never to draw any money and just keep refinancing the debt and keep his companies loaning to itself.

The cash in the bank is in effect "petty cash"

It's the company "Allamhouse" that will make more interesting reading.

This is why Hull City will never ever be worth anything. The club could be sold for one pound and you would be picking up 90M debt for it.

I also noticed th