The clubs' accounts for the year ending 30 June 2020 are now available via Companies House.
https://find-and-update.company-informa ... 20/charges
As always there is a health warning to anyone trying to understand the true financial position.
1) The accounts are published subject to the small companies regime which means you aren't see the full details like salaries, pensions costs etc.
2) They are only part of a complicated accounting jigsaw, given there are so many companies/charity involved in the set up that is Accies. Money flows through the stadium company, Deeka which owns the stadium company, Edencrest the ultimate controlling company which owns 90%+ of the football clubs' shares and a controlling interest in Deeka therefore the stadium and dont forget the Accies Community Trust through which flows all the monies for the Youth Academy.
The accounts only cover the first four months of the coved impact and so obviously can't account for the next nearly 12 months to June 21 nor the impact of relegation and loss of £400,000 stadium rental. The full impact of that won't show until at least the accounts for June 22.
But the following is of interest.
Para 14 of the accounts - Post Balance Sheet Accounts
“After the financial year end the company has obtained an interest free loan from the Scottish Government for £1,151,000 which is due to commence repayment from 1 September 2022 until August 2042. This loan is to assist with the additional costs and lost revenue which the company has suffered as a result of matches being played behind closed doors as a result of the Coved- 19 pandemic. The company has also repaid in full the balance due to AIB UK PLC (as noted at note 9 of the financial statements) post year end.”
So we have used part of the Government loan to repay the £352,441 due to AIB. Thats' nothing to do with the stadium mortgage with AIB but I assume are monies we borrowed from AIB post the financial scam. That makes sense as the rate charged by the Government is minimal compared to what we would be paying AIB. However we are now saddled with a million pound in debt and the club and the stadiums' income going forward will be severely reduced.
There are other little nuggets. Mcgowan received an advance/credit of £4,569 personally. The previous year a similar amount (£4,950) was made not to him but one of his companies Hawkhead Developments. The football club again pays the stadium company £60k in rent but is owed£91,871 by the stadium company. Tax dodge IMO.