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Re: 2016 accounts
Posted by: Aldo'smuzzy
Date: 14/09/2017 10:50
Jack of all Trades
Why has the liabilities figure shot up to £3.7 million, are there provisions included for future right offs/losses?
On this basis did we loose £1.8 Million in the financial year?

No, the 'creditors due within one year' figure shot up because the £2.1m owed to Peter Johnson is now included in the £3.7m, whereas in the previous year it was included as a long term creditor instead. The third last paragraph on page 2 explains a bit more, and this amount will be written off (rather than being physically paid to PJ) in the 2017 accounts.

We actually made a tidy profit on the sale of land at Ingleborough (reflected in the 2015 accounts). That money is largely what's been financing us at our current level over the last year or two, which is why it's critical that the club develops other sources of income because this money will obviously run out. The accounts do say that the Palios are actively seeking further investment, and I guess China is a major part of that aim going forward.

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