Club Accounts for year end June 2018

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Club Accounts for year end June 2018

Postby TerracingTomas » Sat Jan 05, 2019 1:08 pm

The club has lodged its accounts at Companies House for the financial year end June 2018 covering the financial scam. I’ll let the accountants amongst you try and make sense of the information but as in previous years given the number of other companies/charities involved I suspect you have to take them all into account to make any kind sense of the finances so that would include edencrest, Deeka, the Stadium company and the Community Trust and their accounts aren't available yet. Highlights from the clubs' accounts are as follows -

The final figure for the monies lost via the scam is given as £697, 257. A further note says this has been primarily offset by the sale of Docherty and Devlin.
The floating charge arranged withe AIB is acknowledged and Ronnie has given a personal guarantee of £150,000 towards this
Apparently the football club incurred £60,000 rental charges for use of the Stadium. Go figure I suspect its a tax dodge.
Mcgowans company Clean and Green Solutions received mainteneance costs of £26,500 (Nice work if you can get it)
Mcgowans company Hawkhead Developments received maintenance costs of £6,600 (If I've misinterpreted these last 2 payments please correct me)
New director S Zengin has made 2 sponsorship payments to the club via his companies Active Access and ZLG of £16,265 and £8,300. So for a total of £25,565 you get to sponsor accies shirt plus trackside advertising. Not a huge amount by any means.
The development fee for lewis ferguson is stated as £237,950 (I don think this is included in the actual accounts?)
And finally “The club hass pending litigation claim for damages against Bluefin Insurance in regards the loss of funds as a result of the vishing scam.... This case is currently ongoing.” So even the bank has insurers.

There is probably a lot more of significnae if you are financially inclined.

https://beta.companieshouse.gov.uk/comp ... ng-history
Any future sponsors should contact liningourownpockets@mcgoofeystadium.com
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Re: Club Accounts for year end June 2018

Postby porcupine » Sat Jan 05, 2019 1:45 pm

Thanks for the precis, TT.

Accounts have the usual 'snake' of inter company 'loans' to one another, probably for tax reasons. Deeka and Edencrest have benn around in the Accies accounts for years, and it is virtually impossible for an outsider to see how solvent or otherwise Accies is fairing, as a stand-alone football club. The 18 month time gap from June 2017 to now, does not help. One may speculate why the accounts could not be brought up-to-date and subnitted, as at June 2018.

However, it is interesting to see that there was bank borrowing of around £450K as at the date of the balance sheet. Seem to remember RMcD telling us at the last forum that there was no bank loans, but this may either have been my hearing, or that all borrowing had subsequently been repaid after June 2018. What did the recording of the forum say?
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Re: Club Accounts for year end June 2018

Postby Working for Cunard » Sat Jan 05, 2019 6:09 pm

Porcupine - there is no 18-month delay. Companies have 9 months from the end of their financial years to lodge accounts with Companies House.

In my experience, many companies lodge their accounts as late as possible. In Accies’ case, this would be the end of March 2019. The accounts have been lodged well within the timescale.
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Re: Club Accounts for year end June 2018

Postby porcupine » Sat Jan 05, 2019 8:54 pm

:oops: :oops: I clucked up here. All this changing of year dates is clearly getting too much for me.

Club's a/c's for 2018 submitted well ahead of time.

Have stopped drinking in the mornings now, as a result of inaccurate post :oops: :oops:
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Re: Club Accounts for year end June 2018

Postby Working for Cunard » Sat Jan 05, 2019 9:31 pm

It’s the stopping which is impairing lucidity
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Re: Club Accounts for year end June 2018

Postby porcupine » Sat Jan 05, 2019 10:50 pm

:o :o ;)
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Re: Club Accounts for year end June 2018

Postby Swift Frank » Sun Jan 06, 2019 4:02 am

porcupine wrote::oops: :oops: I clucked up here. All this changing of year dates is clearly getting too much for me.

Club's a/c's for 2018 submitted well ahead of time.

Have stopped drinking in the mornings now, as a result of inaccurate post :oops: :oops:

Drinking on an empty head is never recommended.
Trust me ,I should know.
Meanwhile,what was the biggest dent on the Club's finances?
The Pishing Scam or the Euro Pishing?
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Re: Club Accounts for year end June 2018

Postby TerracingTomas » Sun Mar 31, 2019 5:54 pm

The rest of the accounts for companies that form part of the Hamilton Accies ‘business’ structure have now been posted on line at Companies House. That’s the Stadium Company, Deeka and the ultimate holding company for both the football club and the stadium Edencrest. They have even less detail than the club’s accounts. To my non financial eye nothing jumps out other than the fact that none of them have any employees.
Any future sponsors should contact liningourownpockets@mcgoofeystadium.com
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