Exiles turnover up almost 75 per cent (From South Wales Argus)
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Exiles turnover up almost 75 per cent
7:23pm Monday 20th August 2012 in Newport County
By Michael Pearlman
NEWPORT County AFC expects to operate as a going concern after revealing its accounts at the club AGM.
The Exiles forecast no significant financial changes at the club despite net current liabilities of £286,973 and net liabilities of £733,552.
The level of debt has fallen overall from £812,044 in 2010 . County made a profit of £56,602 in 2011 compared to £32,199 in 2010. And turnover was up almost 75 per cent at £903,579 in 2011, compared to £521,562 in 2010.
The directors are confident that they will not be required to repay their debtors, including directors past and present, in the foreseeable future.
However, it was also revealed that there is significant doubt over the continued availability of some of the loans and significant outlay would cast doubt over the company’s ability to continue as a going concern.
Comments(6)
Exiled Exile
says...
10:42am Tue 21 Aug 12
You start off in a very positive tone and half explain the financial figures, already in the annual return.
You then conclude with a paragraph which was taken out of context, if I remember correctly word for word, from the club's annual financial report, which is normally included in our annual return.
Apparently you weren't at the meeting last night, but did this report from papers given to you.
Stick to reporting on football in future Michael.
Missing Somerton
says...
11:18am Tue 21 Aug 12
The worrying figure to me is the net Current Liabilities of £280+ thousand because thes have to be repayed in the short term. The mayor current liability is usually to the taxman for PAYE and VAT. I'm concerned that County have got behind in paying such obligations and that is worrying!
Ranger12
says...
9:22pm Tue 21 Aug 12
Exiled Exile
says...
9:40pm Tue 21 Aug 12
Missing Somerton wrote:I didn't say at any point that they were worrying figures.
I agree with Exiled exile. These are worrying figures. It's good that County made a profit but they must get these debts down as soon as possible.
The worrying figure to me is the net Current Liabilities of £280+ thousand because thes have to be repayed in the short term. The mayor current liability is usually to the taxman for PAYE and VAT. I'm concerned that County have got behind in paying such obligations and that is worrying!
I was commenting on the quality of the report. Let's be honest not many of us can read and understand a balance sheet, but you have to read all of it and not pluck out the figures which embellish your argument, or in this case his report.
bran man
says...
9:56am Wed 22 Aug 12
Adrian Williams says...
10:06am Tue 21 Aug 12