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1:40:10, Fri, Apr 24 2026 [ Login ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, [3] ]

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Date Posted: 8:40:34, Thu, May 13 2004
Author: Ken E
Subject: Re: Annual accounts
In reply to: SteveS 's message, "Re: Annual accounts" on 4:00:25, Thu, May 13 2004

Steve,

I read the figures with interest, too.

What is disappointing is that the last year's figures were worse than expected - the expectation being set at the AGM which, like this year, was towards the end of the season. I'm sure last year there was talk of a loss of £1m, when it turns out to be £1.4m.

What really interests me (because I could find no explanation in the accounts) was why the turnover dropped so dramatically, down by almost £5m. "Cost of sales" also dropped (actually by more).

The real killer seems to be the increased cost of administration, up by well over a million.

I assume the academy accounted for the increase in the rugby department.

Pension contributions look low, as do the directors emoluments.

But an upbeat chairman's summary and additional investment was forthcoming without recourse to we (very small, as you point out) shareholders.

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Replies:

[> [> [> Re: Annual accounts -- SteveS, 9:32:33, Thu, May 13 2004 [1]

The turnover drop figure and costs of sales fall both seem odd, I wonder if they are not directly comparable figures. Maybe they were slanted in some way by a one-off item, the health club sale?

It's the fashionable thing to ask for details of directors' remuneration, but as you say, they don't seem huge.

In my earlier posting, I meant to refer to FRS3 pre-tax profit, FRS17 is all about pensions. Doh.


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[> [> [> [> Re: Annual accounts -- Alex22, 12:02:58, Thu, May 13 2004 [1]

The property sale in 2002 seems the most likely cause of the dramatic drop in turnover and costs, but as property is not the company's main business it is not normal accounting practice to show it this way. Rather the profit on disposal should be a separately identifiable line which impacts neither turnover or costs.

If the club has been turned into a profitable business, then it has joined a rare group indeed - not many profesional sports clubs do so in any sport.


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[> [> [> [> [> Re: Annual accounts -- SteveS, 17:15:02, Thu, May 13 2004 [1]

Agreed Alex. But I can't see any exceptional items listed anywhere. Very difficult to spot the property effect on any of the figures. Maybe as LI is not a public company it can do its accounting info differently.


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[> [> [> [> [> [> Re: Annual accounts -- gabriel, 20:51:06, Thu, May 13 2004 [1]

Well; thank you for the clear and informed comments on the subject. Compare and contrast with the comments in 'the other place', as they say in Westminster.


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[> [> [> [> [> [> [> Re: Annual accounts -- Ken E, 21:48:03, Thu, May 13 2004 [1]

But Im not sure how many over there are shareholders....


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[> [> [> [> [> [> [> Re: Annual accounts -- James_LI, 22:25:40, Thu, May 13 2004 [1]

a vertible hornets nest you stirred up over there. BC threw his toys right out of pram.


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[> [> [> [> [> [> [> [> Re: Annual accounts -- gabriel, 23:12:25, Thu, May 13 2004 [1]

James
I am sure you, of all people, would understand that the young gentlemen of St Malachy' were never keen on those from Barrack Street getting above themselves. Clearly talking about annual accounts is such a tetchy subject. I could understand it if it was on principled grounds such as shareholders are exploiters of the working masses and growing fat on the profits made by the labours of others. But I haven't seen any sign of profits at LI and sometimes there doesn't appear to be much productive labour. Our last three lineouts of the season were clearly a last ditch revolt of the workers against the capitalist lackies in Peter's Patch.


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[> [> [> [> [> [> [> [> [> Re: Annual accounts -- James_LI, 22:35:29, Fri, May 14 2004 [1]

Gabriel,

Oh I agree that one belongs with their own, so that is the beauty of LI.

We are one group who SHOULD all be singing from the same hymnsheet but as always the minority try to bu99er it all up.

Still, we shall remain loyal to the badge and to Peters Patch.


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[> [> [> [> [> [> [> [> Re: Annual accounts -- SteveS, 2:13:00, Fri, May 14 2004 [1]

Quite so James. I'm thinking we should christen May 11th on the Craic as "Rattle and Pram" day. I think it has quite a ring to it. ;)


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[> [> [> [> Re: Annual accounts -- JamesC, 22:30:01, Thu, May 13 2004 [1]

Call yourself a financial journalist getting your FRS' in a twitter. Next you'll be banging on about the impact of International Accounting Standards !

I prefer it when you cover the rugby


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[> [> [> [> [> Re: Annual accounts -- SteveS, 22:42:54, Thu, May 13 2004 [1]

Hah! I knew it - prompt corrections never work - I should have just bluffed it out!


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