Jump to content

Leigh declare £395,000 profit to 20 November 2020


Recommended Posts


22 hours ago, M j M said:

 

Many companies did quite nicely out of Covid with rates rebates and huge dollops of furlough. Leigh look to be one such company. It'll be the figures for the following year when it really comes home.

I suspect Bulls may be one of those. No figures yet I don’t think. But if main expenditures are staff & stadium then furlough helped with the first and Bulls were very lucky to have handed back the Odsal lease at the end of 2019 and be on a “pay as you play” deal at Dewsbury for 2020. 
Also about 80% of ST holders were happy to leave their money in the club. Central funding stayed the same. 
 

So, income remained strong and the 2 main usual expenditures were minimal. 
 

With the losses that the SL clubs absorbed in 2020, I can see why they felt £1m to the promoted club was reasonable 

  • Like 1
Link to comment
Share on other sites

2 hours ago, Harry Stottle said:

Have a look in the mirror Oxy, tell me have your eyes turned Green by any chance?

In what sense? All that money in the bank just shows me that the chance of any club coming out of the Championship and keeping their position in SL is totally unrealistic. I also don't see Leigh being favs to go back up next season which again shows how getting the poisoned chalice of SL can set a team back no matter how much money is in the bank.

  • Like 1
Link to comment
Share on other sites

On 30/08/2021 at 13:33, Whippet13 said:

Nice headline but would like to see the accounts listing any liabilities carried forward plus interim accounts for 2020/21 before making a judgment. If DB has chucked in enough of his own cash then it's easy to declare a profit. Sustainability is the important thing, whether from trading income or DBs bank account. Not sure why Leigh would want to declare a £400k profit given the corporation tax that will need to be paid. Unless it is just a trading profit of course.

You can set off current profits against losses from previous years.

Link to comment
Share on other sites

39 minutes ago, The Blues Ox said:

In what sense? All that money in the bank just shows me that the chance of any club coming out of the Championship and keeping their position in SL is totally unrealistic. I also don't see Leigh being favs to go back up next season which again shows how getting the poisoned chalice of SL can set a team back no matter how much money is in the bank.

Well a parachute payment, plus Champ funding plus all that cash will ensure the best squad in the championship - the question to be answered is why spend the money if it goes to 2 x 10 and 8 get promoted to SL2? Surely the powers that be can see that and will tell clubs whats happening in the next few days

Link to comment
Share on other sites

18 minutes ago, sweaty craiq said:

Well a parachute payment, plus Champ funding plus all that cash will ensure the best squad in the championship - the question to be answered is why spend the money if it goes to 2 x 10 and 8 get promoted to SL2? Surely the powers that be can see that and will tell clubs whats happening in the next few days

Surely Leigh won’t get a parachute payment when they never even earned promotion in the first place 

  • Haha 4
Link to comment
Share on other sites

40 minutes ago, sweaty craiq said:

Well a parachute payment, plus Champ funding plus all that cash will ensure the best squad in the championship - the question to be answered is why spend the money if it goes to 2 x 10 and 8 get promoted to SL2? Surely the powers that be can see that and will tell clubs whats happening in the next few days

Maybe you're not the only club with a cash bonanza.

It'll be interesting to see how other well supported clubs in the Championship, like Fev and Halifax, have fared.

  • Like 1

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

1 hour ago, Griff said:

Maybe you're not the only club with a cash bonanza.

It'll be interesting to see how other well supported clubs in the Championship, like Fev and Halifax, have fared.

'fax's recent accounts (to year ending Nov 2020, issued last week) show debts down from £261k to £150k with net assets of £48k as opposed to a net deficit of £123k in 2019 and cash in hand up from £31k to £125k. Fev's accounts are due in November. 

  • Thanks 2
Link to comment
Share on other sites

2 hours ago, sweaty craiq said:

Well a parachute payment, plus Champ funding plus all that cash will ensure the best squad in the championship - the question to be answered is why spend the money if it goes to 2 x 10 and 8 get promoted to SL2? Surely the powers that be can see that and will tell clubs whats happening in the next few days

Most expense squad doesn’t always equal best 

Link to comment
Share on other sites

37 minutes ago, Les Tonks Sidestep said:

'fax's recent accounts (to year ending Nov 2020, issued last week) show debts down from £261k to £150k with net assets of £48k as opposed to a net deficit of £123k in 2019 and cash in hand up from £31k to £125k. Fev's accounts are due in November. 

Interesting.

  • Like 1

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

On the issue of cash & bank balances, apart from any support clubs have got via the RFL it's worth remembering that HMRC agreed blanket deferment of March-June 2020 VAT payments for 12 months. 

On top of that getting deferrals on other HMRC debts was very easy in my experience.

So it's more than likely at the least that clubs will not have paid their March 2020 VAT bills, although I've no idea how large that would be for an RL club.

Link to comment
Share on other sites

43 minutes ago, M j M said:

On the issue of cash & bank balances, apart from any support clubs have got via the RFL it's worth remembering that HMRC agreed blanket deferment of March-June 2020 VAT payments for 12 months. 

On top of that getting deferrals on other HMRC debts was very easy in my experience.

So it's more than likely at the least that clubs will not have paid their March 2020 VAT bills, although I've no idea how large that would be for an RL club.

Well, they should have by now, maybe not by 30 Nov, though.

Still - easy to spot. Tax debts are disclosed in the notes. How much have they gone up by?

Edited by Griff

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

Having looked at about a dozen clubs now, it seems that substantial profits are not out of the ordinary for 2020.  The lowest profit I've found was around £70,000.

Despite the OP's claim of fantastic management by his club's BoD, it looks like Covid has been a bit of a financial windfall for clubs below Superleague level.

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

19 hours ago, Les Tonks Sidestep said:

'fax's recent accounts (to year ending Nov 2020, issued last week) show debts down from £261k to £150k with net assets of £48k as opposed to a net deficit of £123k in 2019 and cash in hand up from £31k to £125k. Fev's accounts are due in November. 

As per this, Leigh are not the only club that did quite well out of covid. A full seasons worth of season ticket money that for the most part sat in the bank with no expenses should have meant every team did pretty well. SC thinking Leigh are the only team with a bit of cash to splash next season may be in for a surprise. Leigh might have the most cash in bank but they will have a right battle on for the top spot in the league next season.

Link to comment
Share on other sites

9 minutes ago, Griff said:

Having looked at about a dozen clubs now, it seems that substantial profits are not out of the ordinary for 2020.  The lowest profit I've found was around £70,000.

Despite the OP's claim of fantastic management by his club's BoD, it looks like Covid has been a bit of a financial windfall for clubs below Superleague level.

Less so for the top flight. Of the Big Four who've filed so far:

Saints loss before tax was £1.1m (LBITDA (£715k)). Government support (presumably all furlough) recognised in the P&L of £976k.

Leeds loss before tax was £1.2m (EBITDA £27k). Furlough claims £897k.

 

Link to comment
Share on other sites

45 minutes ago, M j M said:

Less so for the top flight. Of the Big Four who've filed so far:

Saints loss before tax was £1.1m (LBITDA (£715k)). Government support (presumably all furlough) recognised in the P&L of £976k.

Leeds loss before tax was £1.2m (EBITDA £27k). Furlough claims £897k.

 

It's what I expected.

The top flight played behind closed doors.  So reduced income, full wages from the time they recommenced the season, with no Government furlough money from then on.

Championship clubs, on the other hand, had reduced income but no wage costs.  Typically.  You can't squeeze everybody into the same pattern, obviously.

  • Like 1

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

On 31/08/2021 at 15:30, Sir Kevin Sinfield said:

Surely Leigh won’t get a parachute payment when they never even earned promotion in the first place 

Your right, Leigh won't get a parachute payment. 

Degsy will ensure he will get a large chunk of the 700 k the club is owed for accepting the poisoned chalice this season. 

Good Business if you ask me! Why should he be denied and why should Leigh bail out the dodgy Equity deal? 🤔 

  • Like 1
Link to comment
Share on other sites

On 31/08/2021 at 17:37, Les Tonks Sidestep said:

Fev's accounts are due in November. 

Filed today. They didn't do as well as Leigh or Fax, which was unexpected.

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

8 hours ago, Griff said:

Filed today. They didn't do as well as Leigh or Fax, which was unexpected.

As the only one of the three who own their ground, I'd suspect that stadium running costs and lost revenue from sales other than match day tickets would impact more than for Leigh or Fax. 

  • Like 2

Please view my photos.

 

http://www.hughesphoto.co.uk/

 

Little Nook Farm - Caravan Club Certificated Location in the heart of the Pennines overlooking Hebden Bridge and the Calder Valley.

http://www.facebook.com/LittleNookFarm

 

Little Nook Cottage - 2-bed self-catering cottage in the heart of the Pennines overlooking Hebden Bridge and the Calder Valley.

Book now via airbnb

Link to comment
Share on other sites

23 minutes ago, gazza77 said:

As the only one of the three who own their ground, I'd suspect that stadium running costs and lost revenue from sales other than match day tickets would impact more than for Leigh or Fax. 

Fair point.

"We'll sell you a seat .... but you'll only need the edge of it!"

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...