Plymouth Argyle made a loss

Plymouth Argyle made a loss of £118,000 in the financial year ending on December 31, 2015, according to the club's latest accounts.

However, that loss was only incurred after £420,000 in depreciation and interest was added, with the club's operating profit having gone up by £155,000 to £201,000 compared with the previous year.

The loss for year increases the club's overall deficit from £3,933k to £4,051k – a figure which totals their losses since incorporation.
 

However, it does not include the substantial investment of around £500,000 which was injected in April by new director Simon Hallett, which will be included in the club's accounts for 2016.

The 2015 accounts also show a reduction of almost £1million (£996,658) to long-term creditors. However, that is because the 'balloon' payment – from the club's time in administration – has been transferred to 'short-term creditors' as it is due this year.

Together with that payment, the 2016 accounts will also include any monies made from reaching the League Two Play-Off Final in May – but also their buy-back of Home Park.

Argyle chief-executive Martyn Starnes commented on the latest accounts via his fortnightly column in The Herald, and said they reflected an underlying financial stability.

He said: "These figures underline the club's improving financial stability and pre-date Simon Hallett's investment in April this year.

"Performances on and off the pitch are allowing us to look forward with a great deal of optimism and we are now looking to improve on everything that we do."

The club also has £81,000 less cash in hand than they did in 2014, from £288k to £207k.

They have also managed to call in payment from the debtors of £5,000 and have £37,000 more in stocks.

From Brent Rag

Six years of fourth division football is obviously a finacial winner for Jimmy and the gang, here's to another six!

Look how far we've come

trust in brent to keep us shite and very small

Angry wrote:

Look how far we've come

trust in brent to keep us shite and very small

Indeed.

Has this been mentioned over the road there ?.

Or are they scared to bring the subject up,

Nice bit of doublespeak and spin from the Herald. A debt of £4,051k looks a lot scarier if you write it out fully - £4,051,000

On the bright side, at least with brent's 10 point deduction we won't have to go through the misery of our annual play-offs failure again this season.

May be one day someone actually competent and fit to be an owner will take over at HP.

So, still £4m plus in debt, which does not take into account the £1.7m ground purchase, Hallett's £500k and the Wembley appearance. Which means next year the debt is likely to be nearer £5m.

All this with increased gates and higher turnover?

Something doesn't look quite right.

Copy from company house

13 Oct 2016 Accounts for a small company made up to 31 December 2015

View PDF ( Accounts for a small company made up to 31 December 2015 - (10 pages)


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Homeslice wrote:

Nice bit of doublespeak and spin from the Herald. A debt of £4,051k looks a lot scarier if you write it out fully - £4,051,000

Without being too precious about it that means that in the 5 years since exiting admin we've reduced the legacy of historic debt barely a jot.

Tgwu wrote:

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2nd and 3rd paragraphs from the end of [You must be registered and logged in to see this link.]!

That's a cool total of £107,897 moved out of PAFC into James Brent's wholly owned subsidiaries despite both South West Ticketing Solutions and Plymouth Pavilions Ltd being companies registered at Home Park.

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I wonder if The Pavillions or South West Ticketing has published accounts too? Maybe they pay Argyle rent or some such?

Sir Francis Drake wrote:

Homeslice wrote:

Nice bit of doublespeak and spin from the Herald. A debt of £4,051k looks a lot scarier if you write it out fully - £4,051,000

Without being too precious about it that means that in the 5 years since exiting admin we've reduced the legacy of historic debt barely a jot.

But this is nice cuddly debt owed to JB repayable at commercial rates.

Does that really say that R Holliday was paid £14,273 in interest on loans in the year? Is Nikkkk setting the interest rates??

PlymptonPilgrim wrote:

So, still £4m plus in debt, which does not take into account the £1.7m ground purchase, Hallett's £500k and the Wembley appearance. Which means next year the debt is likely to be nearer £5m.

All this with increased gates and higher turnover?

Something doesn't look quite right.

Yep job for city of london polices fraud squad to stick there noses in for a quick butchers at these accounts

The unpleasant, bitter irony of this: "They have also managed to call in payment from the debtors of £5,000". And how many p in the £ did the people & companies Argyle owed to get again. Disgusting.

The level of 'debt' stated in the PAFC accounts has increased from £2,449,205 in the 2012 accounts to £4,230,379 in the 2015 accounts. This 'debt' is largely the accumulated 'debt' since the incorporation of the Football Club in October 2011. Virtually all that 'debt' is owed to other companies under the Natatomisam group umbrella who between them effectively underwrote the losses in the formative years of the club Natatomisam is the ultimate parent company of PAFC although Akkeron Leisure Limited owns the majority of PASFC shares (this was 93% but that has now been reduced to around 61% since Simon Hallett came on board). The 2015 PAFC accounts confirm that the amounts of 'debt' owed are not repayable within the next five years.

The level of 'debt' is only becomes an issue if there is an inherent inability to repay it within the requisite timescale. A minority proportion of the 'debt' is to PCC for the Football Creditor loan and to other shareholders. So the level of debt is not a concern as it is owed to James Brent as the majority shareholder and owner, not repayable within the next five years and the only secured element is on the HHP land and not PAFC or soon to be the stadium.

In the Natatomisam 2015 accounts it stated that an investor (Simon Hallett) subscribed £500,000 new shares in PAFC Ltd AND repaid a proportionate share of the inter-company loans to the Group. This would indicate that the level of 'debt' referred to above will be consequently reduced.

PAFC ltd are unusual for a football club in as much as their accounting year is 1st January - 31st December (to be in line with other companies within the group).. Most football clubs have year ends in May or June to coincide with the relevant football season. In the 'Never Again' debate the club confirmed in a statement a turnover of £6m and a 'surplus' of £800,000. It is reasonable to assume that this improvement in turnover and the generation of a 'surplus' was largely from 1st January 2016 onward which coincided with increased gate income, play-off income and possibly the beneficiary add-ons from the Hourihane and Mason transfers.

One other related matter is that the recently published group accounts appear to reveal that the freehold of an investment property was revalued in the 2015. That property is the Plymouth Pavilions, bought for £1 in 2012 and revalued at £4m in 2013, revalued again at £4.5m in 2014 and revalued again at £5.5m in 2015. It will be most interesting to see if the same approach to revaluation is taken for what will soon be another freehold property within the Group - Home Park.

What interest rate is paid by PAFC to James Brent for this £4 Million debt?

PatDunne wrote:

What interest rate is paid by PAFC to James Brent for this £4 Million debt?

None, according to the 2015 accounts. The only interest payment made was to a Director, Richard Holliday, for convertible loan notes

Look on the brightside we will be massive in the southern league, with loads of big local derbies.

PAFC actually have debts of £5.6million - add up the short term and long term creditors on the Balance Sheet.

The 4million quoted as being the P & L account is not debt, its the accumulated negative retained earnings, which is the total losses since incorporation.

The P&L (aka Income Statment) for the year ending 31/12/15 is a £118k loss (£4,051-£3,933).

Why does the Brerald not mention the total debt of £5.6million?

Instead mentions the piffling £118k loss and the rather meaningless accumulated negative retained earnings of £4m

Collusion between Herald and Starnes to hide the £5.6m debt from the thick compliant Janners lol

There's a topic on free chat with 35 replies and they all seem to think the debt is as low as £4m, one tardo reckons it's as low as £2.6 and telling others to do their home work lol

Well played Starnes you sly blighter.

£2.8m of long term creditors (loans? Football creditors?) is quite servicable but another 2.8m in short term creditors... means total liabilities is £5.6m :O

Can I really believe that some of you are doubting the validity of our glorious owners, accounting figures for PAFC?

The figures are 'valid', don't think anyone is disputing that, they are a published set of financial statements that have been signed off and audited.

What amuses me is the smoke and mirrors talking about the small loss of -£118k hailing it as a triumph, and the relatively meaningless negative retained earnings of -£4m, letting the masses believe that is debt when its not.

The total liabilities of PAFC split between long and short term creditors is actually £5.6m!