[Archived] Company Accounts Til 31St March 2015

[imy9]

https://beta.companieshouse.gov.uk/company/07406020/filing-history

Company accounts up to 31st March.

Follow Kamy on twitter. He says Venky's put another 28.7 million into Rovers last year.

[Athlete]

https://beta.companieshouse.gov.uk/company/07406020/filing-history

Company accounts up to 31st March.

Follow Kamy on twitter. He says Venky's put another 28.7 million into Rovers last year.

Someone with more financial nous than Kamy needs to disect that

[davulsukur]

Does that state our losses for that period?

[K-Hod]

Does that state our losses for that period?

Yeah, after a quick skim read it's shown on about the 3rd page I think.

[RevidgeBlue]

Someone with more financial nous than Kamy needs to disect that

I'm not an accountant but it appears to be there in black and white on P27.

The V's put in 28, 745,000 of which 15,912,000 m was converted into share capital. There is no interest chargeable on these capital contributions nor any expectation they be repaid.

Yet some people are pushing to remove Venky's. Madness in our current situation imo.

[JHRover]

The interesting section for me is this:

"These forecasts indicate that the group will require significant funding in addition to the current facilities available to the group. The amount of additional funding required will be dependent on the net proceeds of player trading and availability of bank facilities.

In view of this the directors have received confirmation from the ultimate parent company (Venkateshwara Hatcheries Ltd) that it has sufficient funds and is willing to provide such additional financing as may be required to fund the group to the extent necessary for the group to continue to trade and to pay its liabilities as and when they become due, for the next 12 months and thereafter for the foreseeable future, regardless of whether the facility referred to below is renewed in March 2016.

In addition the directors have considered the potential impact on the group's cash flows were BRFC not to regain its FA Premier League status and have identified mitigating actions that would manage the cash flow requirements in such circumstances and in any event have received confirmation of support from its ultimate parent company as highlighted above.

The group is currently operating within its facilities, due for renewal in March 2016, provided by the State Bank of India. The directors believe there are no events or conditions which will cause the withdrawal of these facilities in the near future."

On the basis of the assessment outlined above the directors have a reasonable expectation that the group will have adequate resources to continue in operational existence for the foreseeable future.

So it seems to me reading that that promises have once again been made to the auditors that obligations will continue to be met and that the intention is for the Bank of India to continue with that. Things will be interesting in March 2016 if the Bank refuses to extend its facility, though it appears there is no suggestion they will do that, and if they did safeguards are in place.

This strengthens my belief that Venkys will not allow the club to go into administration/liquidation. They are continuing to pin their hopes on promotion as a way out of the financial black hole. If we continue to exist in the Championship then they are prepared to meet obligations but may opt for 'mitigating actions' in coming years and part of that might include player sales.

[ABBEY]

Promotion 😂hahahahHa

[tomphil]

Net debt reduced if I'm reading that correct, probably by the advance parachute loan being squared off ? Seems they are still pouring money in. At the end of the day though they are responsible for creating the mess and it's their responsibility to keep the club going as legal owners. Fair play they are doing that but they don't really have much choice apart from liquidating the assets or finding a buyer and writing most of it off.

[PeteJD13]

from my limited accounts knowledge its grim reading, what I still do not understand even with Venkys considerable wealth why they allow such losses to continue without changing the or in this case creating a proper management structure at the club. I do wonder if the losses are just absorbed as part of Venkys ltd and as such they don't feel the impact if that makes sense

[Rover_Shaun]

If promotion is the aim where's the proof?

[JHRover]

If it is indeed correct that in the last 12 months they have pumped in almost another £29 million, of which £16 million has been converted into share capital and the money is not intended to be paid back.

Why then are they prepared to pump such a huge amount in to meet obligations yet are happy to sell off one of the club's best players, seemingly without the managers approval, to a direct rival, for the relatively meagre amount of £3 million?

Surely when we're talking tens of millions of losses and capital injections of £15 million just to keep the club afloat they would first consult the manager on player sales and only allow him to go if the manager approved it? Its not as though the Cairney sale would make any real difference to those figures.

[EgyptianPete]

If it is indeed correct that in the last 12 months they have pumped in almost another £29 million, of which £16 million has been converted into share capital and the money is not intended to be paid back.

Why then are they prepared to pump such a huge amount in to meet obligations yet are happy to sell off one of the club's best players, seemingly without the managers approval, to a direct rival, for the relatively meagre amount of £3 million?

Surely when we're talking tens of millions of losses and capital injections of £15 million just to keep the club afloat they would first consult the manager on player sales and only allow him to go if the manager approved it? Its not as though the Cairney sale would make any real difference to those figures

You on about the Cairney sale

You on about the Cairney sale

Where's mercerman, probably all over the accounts, i can't wait for his prognosis, i guess we will be out of existence, in administration and Liquidated before the season starts, (only joking pal) still looking forward to your post.

[RevidgeBlue]

If it is correct that in the last 12 months they have pumped in almost another £29 million, of which £16 million has been converted into share capital and the money is not intended to be paid back.

Why if they are prepared to pump such an amount in to meet obligations are they seemingly happy to sell off one of the club's best players, seemingly without the managers approval, to a direct rival, for the relatively meagre amount of £3 million?

Surely when we're talking tens of millions of losses and capital injections of £15 million just to keep the club afloat they would first consult the manager on player sales and only allow him to go if the manager approved it?

I'm far more relaxed about the Cairney sale than you are. To me we got a great fee for a player who badly underperformed last year.

However whether you agree or disagree with the sale on a purely football level, his sale and the subsequent settlement reached with Best to me showed the faintest semblance of some joined up thinking at long last i.e. to reduce costs to a slightly more manageable level and get out of FFP.

[47er]

Bowyer's remit is not to get promotion but to sign young players who can be sold on for a profit. That's why we are signing obscure young French lads. If they don't work out, not much lost. If they do work out, then they'll be sold on.

How long Venkys will keep this farce going I have no idea but will there be any spectators left after say 4 more years of this?

[Rover_Shaun]

Tbf Koita isn't obscure when you research it. Petshi is totally a strange conference north owngoal. Especially as its likely Bowyer will think CM is now covered,........gulp!!!!!!!!!!!

[RevidgeBlue]

Bowyer's remit is not to get promotion but to sign young players who can be sold on for a profit. That's why we are signing obscure young French lads. If they don't work out, not much lost. If they do work out, then they'll be sold on.

How long Venkys will keep this farce going I have no idea but will there be any spectators left after say 4 more years of this?

I've said this before but that theory surely has to be rubbish.

What's the point in losing 25m a year and gaining 6 or 7m at best in player sales?

[Amo]

What's the point in losing 25m a year and gaining 6 or 7m at best in player sales?

What's the point standing by a manager who's patently not taking us up?

[Stuart]

I'm not an accountant but it appears to be there in black and white on P27.

The V's put in 28, 745,000 of which 15,912,000 m was converted into share capital. There is no interest chargeable on these capital contributions nor any expectation they be repaid.

Yet some people are pushing to remove Venky's. Madness in our current situation imo.

You are looking through a different lens.

Rovers are hooked on a drug that is killing them. Recovery is possible but we will need to go cold chicken. You seem to be suggesting that we should not only continue to rely on the dealer but be grateful. The alternative hope is that our dealers will continue to supply the drug free of charge indefinitely.

Even worse, we've never experienced a single high under Venkys, only a series of lows, each one lower than the last and we need their cash just to continue feeling crap.

Yay for Venkys.

[ABBEY]

You are looking through a different lens.

Rovers are hooked on a drug that is killing them. Recovery is possible but we will need to go cold chicken. You seem to be suggesting that we should not only continue to rely on the dealer but be grateful. The alternative hope is that our dealers will continue to supply the drug free of charge indefinitely.

Even worse, we've never experienced a single high under Venkys, only a series of lows, each one lower than the last and we need their cash just to continue feeling crap.

Yay for Venkys.

Here here

[yoda]

If it is indeed correct that in the last 12 months they have pumped in almost another £29 million, of which £16 million has been converted into share capital and the money is not intended to be paid back.

Why then are they prepared to pump such a huge amount in to meet obligations yet are happy to sell off one of the club's best players, seemingly without the managers approval, to a direct rival, for the relatively meagre amount of £3 million?

Surely when we're talking tens of millions of losses and capital injections of £15 million just to keep the club afloat they would first consult the manager on player sales and only allow him to go if the manager approved it? Its not as though the Cairney sale would make any real difference to those figures.

You have to question who's advice they are taking

You are looking through a different lens.

Rovers are hooked on a drug that is killing them. Recovery is possible but we will need to go cold chicken. You seem to be suggesting that we should not only continue to rely on the dealer but be grateful. The alternative hope is that our dealers will continue to supply the drug free of charge indefinitely.

Even worse, we've never experienced a single high under Venkys, only a series of lows, each one lower than the last and we need their cash just to continue feeling crap.

Yay for Venkys.

Mass Stockholm syndrome abounds me thinks

[RevidgeBlue]

What's the point standing by a manager who's patently not taking us up?

They might still be labouring under the misapprehension that G can get us promoted. I think there's a big difference between the two things.

[tomphil]

The top and bottom of it is that Blackburn Rovers Fc desperately needs money, tens of millions of it but the owners themselves do not need money. Therefore we'll just continue in this paralised state as long as they underwrite the losses being swallowed up by the money making parent company. Even next year the losses will still likely be way over the FFP so the embargo will probably stay another season.

Meanwhile those at Ewood plod along in a lovely little comfort zone, Derek says look Madame we've saved a million or two again. Gaz says lookn Madame I've got a French trialist on a free , given him 15 games and we've sold him to a French second div club for 150k, I'm making us money. Meanwhile the Comunicommercial man phones and says I might be in tomorrow...or next week..or the week after.

[ABBEY]

How many on here are actually qualified to officially understand the report ?

[JHRover]

Bowyer's remit is not to get promotion but to sign young players who can be sold on for a profit. That's why we are signing obscure young French lads. If they don't work out, not much lost. If they do work out, then they'll be sold on.

How long Venkys will keep this farce going I have no idea but will there be any spectators left after say 4 more years of this?

But Petschi has only signed a 1 year deal and the Koita has only signed a 2 year deal.

So even if Petschi comes in and sets the world alight next season, by January he is going to be able to talk to whoever he wants about a contract. If he impresses he will be off on a free transfer. That doesn't really point towards signing young players, developing them over a few seasons and then selling them on at a massive profit.

To do that you need to sign youngish players on 3-5 year contracts who will stay at the club for 2-3 years minimum and then can be sold for millions later on if necessary/if a top flight club comes knocking.

[RevidgeBlue]

You are looking through a different lens.

Rovers are hooked on a drug that is killing them. Recovery is possible but we will need to go cold chicken. You seem to be suggesting that we should not only continue to rely on the dealer but be grateful. The alternative hope is that our dealers will continue to supply the drug free of charge indefinitely.

Even worse, we've never experienced a single high under Venkys, only a series of lows, each one lower than the last and we need their cash just to continue feeling crap.

Yay for Venkys.

Alternatively you might say that if we come off the drug immediately we die. Whereas if we stay on it for the time being, there is at least a glimmer of hope that a cure might eventually be found, either in the form of promotion or new owners.

That can't happen if we've "died" i.e. ceased to exist.