Derby County Accounts 13/14

[Stive Pesley]

Am I right in thinking that when you say a "legal charge"  what this means in thick bloke (like me) speak is where someone lends the club money to buy land/property with the legal right to take charge/ownership of that land/property if we don't pay the money back?

Basically like the deal you have with the bank when you get a mortgage for your house?

Do companies have to register these "legal charges" then I assume (given that you were able to look them up!)

 

 

[ramblur]

Am I right in thinking that when you say a "legal charge"  what this means in thick bloke (like me) speak is where someone lends the club money to buy land/property with the legal right to take charge/ownership of that land/property if we don't pay the money back?

Basically like the deal you have with the bank when you get a mortgage for your house?

Do companies have to register these "legal charges" then I assume (given that you were able to look them up!)

 

 

[ramblur]

Apologies,I cut corners slightly in an earlier post.The items quoted by me re the Nov 14 charge should have read "The freehold property known as the Derby County Stadium",and likewise the parking spaces should have been prefixed by "the freehold property known as". Other unspecified items are included in the charge,but there is no floating charge. Still doesn't get me any nearer to working out what it was all about.

[G STAR RAM]

Accounts have now been filed at Companies House so should be available for viewing in the next day or so

[ramblur]

What hacks me off about this is that we'll almost certainly find that the accounts were signed off in late November,as had to be submitted to the League for FFP purposes on 1 Dec.Fairly sure a fine of £150 for late submission will arise,which I think will be doubled,as this will be the second year running.Small beer,I know,but every penny helps when you're making big losses (and there are also the other 2 UK companies to consider). Might make an uncomfortable question for SR to field at the Q&A.

I'm pretty sure that the 11/12 accounts were released to the public in January,and was hoping this was going to set a trend.

[ramblur]

Well,here goes......

 

Mel Morris took a minority stake in the club,and £3.7m of new equity from the ultimate parent company came in during the year.I can see no references to the legal charges I mentioned earlier,but the accounts were signed off on 26 November (the re named holding company,whose accounts are not yet submitted may shed some light).

Players' reg additions (incl League Levy and agents' fees) came in at £1.326m,and there was a profit on sale of players' regs of £635k (surprised me). There was a profit on sale of fixed assets of £98k,which appears to be mainly land and buildings.New fixed assets were bought during the year,but more of that later (and possibly tmw).

Surprisingly,because I've not seen  this kind of thing itemised in the past,they give the cost of change of management and coaching staff at £867k.

It appears that the increase in TV revenues (which also includes central distribution) of £2.5m was mainly due to the play offs,hence the £3m for the final is way off.

Wages rose from £12.059m to £16.386m (both figures including ENIC) ; the highest paid director received £433,636,and the total of directors'  emoluments came to £434k, so there was only one paid director (no prizes).

It was indicated that further funding of £5.1m for this year (14/15) came from Gellaw,but as the year is ongoing,it doesn't mean that this will be the final total.

As I'm tired,I'll check all these figures tmw.

[ramblur]

"Post Balance Sheet Events" show that there were net proceeds on the sale of players' regs of £119,077 and that purchases came in at a staggering £6,777,057,incl League levy and agents' fees. Now normally I'd point out that,because the accounts were signed off in November, this couldn't include the Jan 15 window.However,because of the magnitude of the figure,I'm guessing this was inserted after submission to League for FFP (would have no bearing on 13/14 FFP).

 

All in all,I think a big vote of thanks is in order to our owners (and I withdraw the Q&A question -would be a bit churlish).  

[ramblur]

I'd urge anyone who downloads the accounts to check out the cash flow statement,as it's far easier to understand than P/L.

 

The opening line shows that there was a cash outflow from operating activities of £1.816m. Add to this outlows of £494k for interest payments,£477k for tangible fixed assets,£2.255m for players' regs instalments,and deduct £15k for interest received,£299k proceeds from sale of fixed assets and £1.235m cash re sale of players' regs, and you get a funding requirement of £3.493m (shown as a total half way down). The c£3.7m new shares covers this and one or two minor items,including HP payment.

During the year,there were fixed asset additions as follows:-

Land&Buildings £59k,F&F £183k, Computer Equipment £196k.

This doesn't equate to the £477k above,because things may have been paid in instalments (some was owing from previous year.Please note that the L&B doesn't relate to the charge document,as it's the wrong year.

If you're wondering how I can bemoan the accounts not being released,only to start getting into production,a wily old fox like me knows CH can release these late at night.I was just going off to bed (where I'm now going) when I had one last check.

[davenportram]

"Post Balance Sheet Events" show that there were net proceeds on the sale of players' regs of £119,077 and that purchases came in at a staggering £6,777,057,incl League levy and agents' fees. Now normally I'd point out that,because the accounts were signed off in November, this couldn't include the Jan 15 window.However,because of the magnitude of the figure,I'm guessing this was inserted after submission to League for FFP (would have no bearing on 13/14 FFP).

 

All in all,I think a big vote of thanks is in order to our owners (and I withdraw the Q&A question -would be a bit churlish).  
 

wouldn't a big chunk of the post balance sheet 6.7m on transfers be Thorne? Who else have we paid money for - Shotton, Albentosa, Warnock, Christie. Seems a lot of money for those players. Im certain ive missed some though.

[ramblur]

Feck it,I'd signed out when I noticed your reply.Yeh,I'd factored in GT,but it still seemed a large figure -and fans were calling for even more to be spent!

[ramblur]

At the year end other club/s owed us £187k in respect of players' regs,whilst we owed £2.069m.If you add this latter figure to the £6.77m from PBSE,then you can see we now owe rather a lot (though I imagine much,if not all,of the PBSE figure would be instalment based.)

c£18.5m of previous loan capital was converted to equity,as previously signalled (along with the £3.7m new equity).

Because of the new equity,net assets increased from £11.967m to a very healthy £27.183m,at a time when it's not uncommon to see clubs in a negative equity situation.

The debt is now £15.634m - £15m stadium loan,£434k preference shares (classed as debt) and £200k HP.

The P/L account shows impairment of player/s regs of £581k.I suspect (only) that this may be Sammon.However,one would hope that this,together with the £867k compo re previous management won't recur this year,so you already have c£1.4m of losses from last year unlikely to recur,which will be needed to offset a hefty jump in amortisation for this year!

 

A brief look at the Gellaw accounts shows that just over £1m of interest in respect of former loan capital has been waived.I mentioned that the £5.1m of funding from Gellaw for this year (14/15) might not be the final figure,and sure enough the Gellaw accounts show that an impressive £9.42m of new funding has come through to DCFC this year (the Gellaw accounts were signed off 4 months later than the DCFC ones,and therefore give a more up to date figure). This again may seem to confirm a land purchase,as this funding looks high otherwise (in spite of the hefty transfer spend).

[G STAR RAM]

"Post Balance Sheet Events" show that there were net proceeds on the sale of players' regs of £119,077 and that purchases came in at a staggering £6,777,057,incl League levy and agents' fees. Now normally I'd point out that,because the accounts were signed off in November, this couldn't include the Jan 15 window.However,because of the magnitude of the figure,I'm guessing this was inserted after submission to League for FFP (would have no bearing on 13/14 FFP).

 

All in all,I think a big vote of thanks is in order to our owners (and I withdraw the Q&A question -would be a bit churlish).  

​What date was the audit report signed off? The PBE should run up to this date

[ramblur]

GSE management fees came in at £42k,compared to the £60k from the previous year.All of this,plus arrears, has now been paid.

[ramblur]

​What date was the audit report signed off? The PBE should run up to this date

​From memory,only one day after the directors' report.The auditors would have to sign off before 1 Dec because the accounts were needed to support the FFP submission.

Having now looked,I can confirm it was 27 Nov.I'm a bit surprised at this,as anyone looking at the accounts would be entitled to assume that PBSE couldn't go beyond 27 Nov,yet I find it hard to believe we spent £6.77m solely in the summer window.

[ramblur]

Must have been some very expensive development squad signings! I've a feeling our owners mightn't be too well pleased if we don't go up this year.Bit worrying actually.

Everyone please note that I haven't yet checked my figures,and am unlikely to do so until later today,so E&OE applies.

[G STAR RAM]

Must have been some very expensive development squad signings! I've a feeling our owners mightn't be too well pleased if we don't go up this year.Bit worrying actually.

​Or the West Brom fans may be right about Peace playing hard ball over Thorne?!

Wonder if there are a couple of 'loan fees' for Best and Ibe in there too?

[ramblur]

PBSE stipulates "purchases" and we didn't buy loaned players (unless the word is being used loosely)

We won't find the truth until the next accounts,when intangible asset additions for the year will firm up the figure.

[ramblur]

One thing that did strike me was that I seem to remember the club claimed a £3m increase in wages,yet the accounts show £4m. Given that compensation for unfulfilled contracts really represents wages in advance,I think this £867k may explain the difference.The club may have given a figure excluding exceptional items.

[ramblur]

"Post Balance Sheet Events" show that there were net proceeds on the sale of players' regs of £119,077 and that purchases came in at a staggering £6,777,057,incl League levy and agents' fees. Now normally I'd point out that,because the accounts were signed off in November, this couldn't include the Jan 15 window.However,because of the magnitude of the figure,I'm guessing this was inserted after submission to League for FFP (would have no bearing on 13/14 FFP).

 

All in all,I think a big vote of thanks is in order to our owners (and I withdraw the Q&A question -would be a bit churlish).  

​Think I was talking tired nonsense here.I don't see any way the club could have put in a revised figure after the auditors had signed off the accounts,so it looks to me that the £6.77m must relate to the summer window only.Frightening.

From memory,if what I've said is true,then Mac's net spend in one window would equal Clough's net spend during the whole of his tenure.

[davenportram]

http://www.transfermarkt.co.uk/derby-county/transfers/verein/22/saison_id/2014/pos//detailpos//plus/1#zugaenge

 

These both gives outgoings - including Albentosa and Shotton who signed in January as around £2.5  Take out there fees and its around £2m plus Santos and Christie's compensation. Thats a lot of compensation.

Would signing on bonusses - if paid - for players signing new contracts be included in this figure?

http://www.transferleague.co.uk/derby-county/english-football-teams/derby-county-transfers

(from the second website)

	Season 14/15
	Jonathan Mitchell	Free
	Alban Bunjaku	Free
	Zak Whitbread	Free
	Alefe Santos	Compensation
	Cyrus Christie	Compensation
	Iván Calero	Free
	George Thorne	£2,000,000
	Tom Koblenz	Free
	Ryan Shotton	£500,000
	Isak Ssewankambo	Free
	Stephen Warnock	Undisclosed
		£2,500,000