Exiles turnover up almost 75 per cent

First published in Newport County South Wales Argus: Photograph of the Author by

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)

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10:06am Tue 21 Aug 12

Adrian Williams says...

Quite conflicting this Mr Pearlman - seems like you could only be bothered to write half the story
Quite conflicting this Mr Pearlman - seems like you could only be bothered to write half the story Adrian Williams
  • Score: 0

10:42am Tue 21 Aug 12

Exiled Exile says...

That's a bad report MP.
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.
That's a bad report MP. 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. Exiled Exile
  • Score: 0

11:18am Tue 21 Aug 12

Missing Somerton says...

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 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! Missing Somerton
  • Score: 0

9:22pm Tue 21 Aug 12

Ranger12 says...

What a very poorly written report which the Argus shoud be ashamed to print. I agree with the above comments and in particular PAYE and VAT could be a concern. Mr Pearlman you owe money and therefore repay money to creditors - debtors owe you money!
What a very poorly written report which the Argus shoud be ashamed to print. I agree with the above comments and in particular PAYE and VAT could be a concern. Mr Pearlman you owe money and therefore repay money to creditors - debtors owe you money! Ranger12
  • Score: 0

9:40pm Tue 21 Aug 12

Exiled Exile says...

Missing Somerton wrote:
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 didn't say at any point that they were worrying figures.
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.
[quote][p][bold]Missing Somerton[/bold] wrote: 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![/p][/quote]I didn't say at any point that they were worrying figures. 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. Exiled Exile
  • Score: 0

9:56am Wed 22 Aug 12

bran man says...

All business have creditors. The amount shown in the article means nothing unless you have the rest of the balance sheet to compare it to. Just an attempt to put negative spin on figures in isolation.
All business have creditors. The amount shown in the article means nothing unless you have the rest of the balance sheet to compare it to. Just an attempt to put negative spin on figures in isolation. bran man
  • Score: 0

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