woofers Posted February 13, 2019 Report Share Posted February 13, 2019 The subscribers to the new company, British Speedway Promoters Ltd, are listed below with details from their latest available financial statements on Companies House. These financials are basically the value of the company at the end of the 2017 season, the accounts for 2018 will not be filed until much later this year. Net worth Company Club Accounting date Audited Form 2017 Belle Vue Speedway 2017 Belle Vue 31.12.17 No Micro Entity (270,730) Berwick Speedway Promotions Berwick New Co Birmingham Speedway Company Birmingham New Co Edinburgh Speedway 1986 Edinburgh 31.12.17 No Micro Entity (164,226) Glasgow Tigers Speedway Glasgow 30.11.17 No Abridged 598,136 Wight Warriors Speedway IOW 31.12.17 No Abridged (54,841) Cearnsport Kent 30.6.17 No Abridged 143,509 Newspeed 2003 Newcastle 30.11.17 No Micro Entity 22,302 South West Power Promotions Plymouth 31.12.17 No Micro Entity (73,946) Poole Speedway Poole 28.2.18 No Micro Entity 76,881 Redcar Borough Bears Redcar 28.2.18 No Abridged (202,501) Somerset Speedway 2011 Somerset 28.2.18 No Micro Entity (21,831) Crewsline Stoke 30.4.18 No Micro Entity (580) Swindon Speedway 2013 Swindon 30.11.17 No Micro Entity (103,033) Slade Tipton Wolves 28.2.17 No Abridged 20,600 LJM Asset Manangement Workington 31.12.17 No Micro Entity 217,598 Scunthorpe Raceway Scunthorpe 31.12.17 No Abridged 8,110 Heathens Speedway Club Cradley 30.11.17 No Full (33,791) MFT Team Mildenhall New Co 1 Quote Link to comment Share on other sites More sharing options...
Sings4Speedway Posted February 13, 2019 Report Share Posted February 13, 2019 Much appreciated although not sure how accurate it is? Stoke valued at a whopping £580 is clearly a huge over valuation or some dodgy accountancy! Quote Link to comment Share on other sites More sharing options...
arnieg Posted February 13, 2019 Report Share Posted February 13, 2019 2 hours ago, Sings4Speedway said: Much appreciated although not sure how accurate it is? Stoke valued at a whopping £580 is clearly a huge over valuation or some dodgy accountancy! That's the value of the pies, they're down as antiques 1 Quote Link to comment Share on other sites More sharing options...
Chadster Posted February 13, 2019 Report Share Posted February 13, 2019 Sorry to ask what's probably a really stupid question, but what is the significance of the brackets in the right-hand column? Quote Link to comment Share on other sites More sharing options...
woofers Posted February 13, 2019 Author Report Share Posted February 13, 2019 3 hours ago, Sings4Speedway said: Much appreciated although not sure how accurate it is? Stoke valued at a whopping £580 is clearly a huge over valuation or some dodgy accountancy! Just to be clear, that's minus £580..... 1 Quote Link to comment Share on other sites More sharing options...
woofers Posted February 13, 2019 Author Report Share Posted February 13, 2019 (edited) 5 minutes ago, Chadster said: Sorry to ask what's probably a really stupid question, but what is the significance of the brackets in the right-hand column? No problem, questions aren't stupid if you don't know the answer. It's a minus, so it's a net deficit. The company has more liabilities than assets. And they are the majority. Edited February 13, 2019 by woofers 1 Quote Link to comment Share on other sites More sharing options...
Ray Stadia Posted February 13, 2019 Report Share Posted February 13, 2019 I reckon many football clubs would show a similar situation, but for some reason, debts hit speedway harder than football. Quote Link to comment Share on other sites More sharing options...
Chadster Posted February 13, 2019 Report Share Posted February 13, 2019 18 minutes ago, woofers said: No problem, questions aren't stupid if you don't know the answer. It's a minus, so it's a net deficit. The company has more liabilities than assets. And they are the majority. Thanks! Interesting that one of the teams with more assets than liabilities (Workington) have closed down. Glasgow seem in a healthy position but there's been a lot of talk of retrenchment there this winter. Quote Link to comment Share on other sites More sharing options...
SteveLyric2 Posted February 13, 2019 Report Share Posted February 13, 2019 (edited) No Kings Lynn, Ipswich or Peterborough??? Bit of a surprise!! PS, I would imagine that Poole's £78k was virtually wiped out with the lost 70th Anniversary meeting at the start of the 2018 season!! Edited February 13, 2019 by Skidder1 Quote Link to comment Share on other sites More sharing options...
woofers Posted February 13, 2019 Author Report Share Posted February 13, 2019 25 minutes ago, Chadster said: Thanks! Interesting that one of the teams with more assets than liabilities (Workington) have closed down. Glasgow seem in a healthy position but there's been a lot of talk of retrenchment there this winter. The table is only a snapshot of accounts at a certain point in time. Workington had assets of £323,575 at 31.12.14 with reductions of £37k, £37k and £32k in the following 3 years, and who knows what last year looked like, you can't keep incurring loses like that each year, the funds will soon dry up, I guess they said enough is enough. The position at Glasgow is interesting (less clear) as they have transactions with another company under common control as well as their parent company. The company under common control was very generous in providing sponsorship to the tune of £350,000 as well as writing off loans of £424,439. Quote Link to comment Share on other sites More sharing options...
woofers Posted February 13, 2019 Author Report Share Posted February 13, 2019 15 minutes ago, Skidder1 said: No Kings Lynn, Ipswich or Peterborough??? Bit of a surprise!! Hmmm, wondered if anyone would pick that up. These 3 clubs haven't signed up as subscribers to British Speedway Promoters Ltd, although Mr Keith Chapman has in his own right. As each subscriber has pledged £1, that should could save him £2 if things go very wrong. A new company, Peterborough Speedway Ltd was incorporated on 16 November 2018, the same day as another one with the same directors, Poppy Sports Ltd. Quote Link to comment Share on other sites More sharing options...
teaboy279 Posted February 13, 2019 Report Share Posted February 13, 2019 No Budgies? Quote Link to comment Share on other sites More sharing options...
PHILIPRISING Posted February 13, 2019 Report Share Posted February 13, 2019 1 hour ago, woofers said: The table is only a snapshot of accounts at a certain point in time. Workington had assets of £323,575 at 31.12.14 with reductions of £37k, £37k and £32k in the following 3 years, and who knows what last year looked like, you can't keep incurring loses like that each year, the funds will soon dry up, I guess they said enough is enough. The position at Glasgow is interesting (less clear) as they have transactions with another company under common control as well as their parent company. The company under common control was very generous in providing sponsorship to the tune of £350,000 as well as writing off loans of £424,439. WHAT assets? Does that include riders? Quote Link to comment Share on other sites More sharing options...
woofers Posted February 13, 2019 Author Report Share Posted February 13, 2019 35 minutes ago, teaboy279 said: No Budgies? Not signed up as a subscriber as yet. Perhaps later ? Think they are setting up a new company as there is a lot of change going on at Arlington together with the move up to the Championship. Quote Link to comment Share on other sites More sharing options...
woofers Posted February 13, 2019 Author Report Share Posted February 13, 2019 1 minute ago, PHILIPRISING said: WHAT assets? Does that include riders? Who knows? You will note that all of the accounts are unaudited. That’s not to say there is anything wrong in that or anything underhand is taking place but I’m pretty sure that there is different accounting treatment from club to club. The Micro Entity accounts show the bare minimum whilst the Abridged accounts at least show some detail of the assets. In some cases rider registrations are referred to and are being written off over a number of years. Quote Link to comment Share on other sites More sharing options...
chunky Posted February 13, 2019 Report Share Posted February 13, 2019 1 hour ago, woofers said: Who knows? You will note that all of the accounts are unaudited. That’s not to say there is anything wrong in that or anything underhand is taking place but I’m pretty sure that there is different accounting treatment from club to club. The Micro Entity accounts show the bare minimum whilst the Abridged accounts at least show some detail of the assets. In some cases rider registrations are referred to and are being written off over a number of years. I'm not a financial expert by any means, but I followed everything from the initial post. That was the thing, you have access to "records", but without a detailed breakdown, it is very difficult to gauge each individual situation. Even without doing anything fraudulent - or even devious - it is usually possible to make the books read they way you want, based on a particular time-frame. With regard to Ray Stadia's comment about football, I am sure that many of the clubs (even smaller clubs) deal in much larger amounts than speedway when it comes to cash flow. They may be in the red right now, but they have 200 grand due in next week! Look at my own team, AFC Wimbledon. I was reading how, if we can just beat Millwall in the FA Cup at the weekend, that will earn us close to a million! Of course, that involves a number of factors, but for a small and poor League One team like us, one win against a team like Millwall can make us that sort of money? We know that speedway clubs can't be dealing in anywhere near those amounts... Steve Quote Link to comment Share on other sites More sharing options...
Tsunami Posted February 13, 2019 Report Share Posted February 13, 2019 4 hours ago, woofers said: The table is only a snapshot of accounts at a certain point in time. Workington had assets of £323,575 at 31.12.14 with reductions of £37k, £37k and £32k in the following 3 years, and who knows what last year looked like, you can't keep incurring loses like that each year, the funds will soon dry up, I guess they said enough is enough. The position at Glasgow is interesting (less clear) as they have transactions with another company under common control as well as their parent company. The company under common control was very generous in providing sponsorship to the tune of £350,000 as well as writing off loans of £424,439. In the case of Workington I think the company quoted will be Laura's own business account with Worky being only one of them included. Quote Link to comment Share on other sites More sharing options...
Humphrey Appleby Posted February 13, 2019 Report Share Posted February 13, 2019 5 hours ago, Ray Stadia said: I reckon many football clubs would show a similar situation, but for some reason, debts hit speedway harder than football. In football, there's almost always another sucker/gloryhunter who'll come along and pay off the debts of the previous sucker/gloryhunter. 1 Quote Link to comment Share on other sites More sharing options...
greyhoundp Posted February 13, 2019 Report Share Posted February 13, 2019 Also no Sheffield or Leicester though we do have a Damian Bates, and Neil Machin that are part of the British Speedway Promotions.. along with Colin Pratt, Buster, and Rob Godfrey of Scunthorpe fame.. the only Team that appear to be missing totally are Eastbourne, however im sure they will be added sooner rather than later. Quote Link to comment Share on other sites More sharing options...
woofers Posted February 14, 2019 Author Report Share Posted February 14, 2019 12 hours ago, Humphrey Appleby said: In football, there's almost always another sucker/gloryhunter who'll come along and pay off the debts of the previous sucker/gloryhunter. True, you don't hear of many football clubs ceasing......and that is probably where the analogy with speedway ends. Quote Link to comment Share on other sites More sharing options...
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