Fair enough, can't say I've looked.

I only looked to answer the question, not that it matters, at least it doesn't have a brand new, big, bold, underlined £100,000,000 in the creditors column eh!

That's some interest on a 'soft loan'.

the only thing soft about that loan is the people who took the money.

Well, actually, not the person who ended up with £60k of it, Willie be happy about it though, I wonder?

"So therefore, as he was signed last October and our financial year is Jan-Dec a quarter of the fee (around 35-45k) appeared in these accounts."


I would guess that they will write it off over the "4 seasons he will play" rather than the actual contract period - which in my opinion would be the correct treatment therefore there will be no charge in the figures just reported

The accounts at companies house are small company accounts and do not show turnover (which again is quite correct) so I'm afraid someone's going to be disappointed. What is mildly interesting (well it is if you're sad like me!) is that I think they've changed auditors (haven't got last years figures to hand but I think they were audited by CBE) and I wonder if there's a reason behind this. Probably nothing more than being offered a better deal but idle speculation's far more fun than knowing the actual facts.
Final point they are still over £1,000,000 away from being able to pay a dividend so any thoughts of the shareholders using dividends to "milk" the club are wide of the mark

I must learn to type more quickly, would confirm figures are to 31st October

Thought Standee said it was to 21/10/2010?

I thought that it was usually considered good practice to change the auditors every few years (providing of course it isn't because those being replaced put in some unfavourable comments) to avoid cosy relationships developing.

Quote ="east hull FC fan"Thought Standee said it was to 21/10/2010?'" Guess it was a typo. Here are the company details on the companies house website: wck2.companieshouse.gov.uk/bfafa ... ompdetails

Quote ="east hull FC fan"Thought Standee said it was to 21/10/2010?'" Guess it was a typo. Here are the company details on the companies house website: wck2.companieshouse.gov.uk/bfafa ... ompdetails

Quote ="Dnats Ynnepeerht"Guess it was a typo. Here are the company details on the companies house website: wck2.companieshouse.gov.uk/bfafa ... ompdetails'" So Westerman [iwas[/i bought in the last financial year. Not that it matters now anyway, apparently.

Quote ="Dnats Ynnepeerht"Guess it was a typo. Here are the company details on the companies house website: wck2.companieshouse.gov.uk/bfafa ... ompdetails'" So Westerman [iwas[/i bought in the last financial year. Not that it matters now anyway, apparently.

It doesn't really matter when he was purchased, as that value will go onto the balance sheet and not effect profit. As it seems Westerman's fee is being treated as an asset, the value of the fee will only be released into the P&L while he is a contract employee, or his 'economic life' (I think that's the terminology). So it will start being depreciated from November 2010 onwards. Based on the 'accruals concept' if you fancy abit of light reading

Quote ="Dnats Ynnepeerht"Guess it was a typo. Here are the company details on the companies house website: wck2.companieshouse.gov.uk/bfafa ... ompdetails'" it was a typo, apologies.

Quote ="Dnats Ynnepeerht"Guess it was a typo. Here are the company details on the companies house website: wck2.companieshouse.gov.uk/bfafa ... ompdetails'" it was a typo, apologies.

Are we using the balance carried down method for accruals? To comply with IAS.

The club has done exceptionally well making a profit for 6 years running, but they have also been saying that they would be building a custom training facility for the club over the same amount of time. Why havent they taken a hit in the profits to provide this? Having seen Wigan and Leeds facilities on sky over the years I think a club like ours needs something similar instead of a shared base such as Ionians. I'm sure that this would help improve us as a team and club.

To be fair (and you will know my thoughts on the BOD if you've been reading for a while), we were building at Hull University and that went by the way side, then we had agreed with the NHS and Hull City Council to build the facilities at The Boulevard and we all know that Minns minced all over that.

as a business i think the current BOD prove their point of existence year in year out... profitability makes life much more comfy for the club and fans

But Mr Allmas not happy because they are taking money out of the club or so he implied anyway!

Because of course we must all remember that he would "never make money from sport"
he would merely buy Hull City, Rovers, The KC and so on and run it all as a non profit making organisation ha ha

No they haven't. Used Sadofsky's for a few years now.

Apologies for being wrong about the auditors
Shows how long it is since I last looked at the accounts

Amortisation of transfer fee's is done on a straight line basis over the life of the initial contract. Simple as.

As has been pointed out, the accounts are for Oct 2010 so the fee had only just become payable and Westerman became a Hull employee from Nov 10 onwards. The fee paid for Tansey would still have been carried at a net book value at that time though.

If they are turning over less than £6.5m they are theoretically exempt from Audit (not sure if they took the exemption).

There are far too many ways to take a slice of the cake without it being in the form of a dividend

You're right, but value probably £15k ish? Think the fee was only £30k.

Hence at NBV.

Am i correct in thinking that last year was the first one when we havent had to pay off directors loans?

Rule said last year we don't owe the directors anything. In a financial sense, anyway. Obviously we owe them big time for saving our club, getting us into a sustainable financial position and winning the Challenge Cup.