1921 Audited Accounts for year ending 30th June 2022

[_Stefan_Kuntz]

The succinct, important parts of the accounts are on the club website here :- https://www.carlisleunited.co.uk/news/2023/january/club-audited-annual-accounts-202122/

The full accounts have arrived at Companies House and will appear within 10 days here :- https://find-and-update.company-info...filing-history

[cayambe]

My thought is that Pure pay or whatever the company is called may be holding the debt due to issues with EWM, Perhaps Laffy, if he has migrated to FM, could provide some insight.

[_Stefan_Kuntz]

There is a PDF of the full accounts :- https://www.carlisleunited.co.uk/sit...etailed-pl.pdf

[griff]

That’s useful Stefan, thanks. Any accountants on here?

[_Stefan_Kuntz]

Philip Day's Purepay Retail Limited has once again not sent a Letter Of Comfort to the Carlisle United auditors. A Letter of Comfort is a commitment to not ask for any loan repayment within 12 months.

As Neville Chamberlain would no doubt have said "No such communication has been received and consequently we are at war with Philip Day's Purepay Retail Limited".

[Crocodile_Perth]

In the year to 30th June 2022 1921 received £606,225 in transfer fees but made a profit on all business activities of only £32,778.

So on all activities excluding the transfer fee income 1921 made a loss of £573,447.

Presumably there will be no significant transfer fee income in the current 1921 company year ending 30th June 2023.

[Blackdogblue]

Haw Griff,

I am not an accountant although I do understand such documents being a senior manager in a multi billion dollar company (Mrs BDB is a Cima charted accountant though).

I have only scanned the full report & purepay debt aside (& an interest free Covid loan to pay back) assets & cash on hand look ok, so does creditors & debtors tbh)…

Yes you losing money based on last year but nowhere near as bad as Rochdale, it’s difficult to compare 2022 vs 2021 though, admin & staff expenses for example would be affected by Furlough during Covid & not read all the garb transcript… tbh, does not look that bad, you are nowhere near RIPBFC 😀

[Blackdogblue]

Reading it a bit more in depth, as Croc says, profit was circa £32k…

Page 18 mentions the £2.4 mil debt..

Page 25 states tangible assets of £7.6 mil
Also total equity drops down to £5.4 mil which is there or there abouts…

Fixed asset depreciation on page 28 is a cause for concern…

What really I cannot understand is the valuation on land & buildings…that’s a lot of money that is depreciating at a hell of a rate of knots… I do think the immediate payment of purepay will sink you sorry..

[griff]

That land and those buildings are on a flood plain and are always WELL overvalued in the accounts. Pay them no notice.

[Blackdogblue]

Maybe Griff, but they are still assets like £38k I think it was on company vehicles to be paid off memory within 12 months..

Is that the ice cream van or the hot dog stand 😎