The Accounts are out.

[Fuse]

Our gate receipts are hardly worth the bother - 13m?? Randy should let us all in for free :-)

[damon loves JT]

I notice that QPR's losses in 2012/13 were worse than any other English club.

[Dave Cooper please]

Harry Redknapp does like to bankrupt a club doesn't he?

[Chris Smith]

Harry Redknapp does like to bankrupt a club doesn't he?

He's a traditionalist and likes to stick to what he's good at.

[Concrete John]

It's not really him though, is it?  It's his dog.

[cdbearsfan]

No dog would be stupid enough to pay Chris Samba £100,000 a week.

[Isa]

Harry Redknapp does like to bankrupt a club doesn't he?

He wouldn't be able to if it weren't for foolish, reckless owners giving him the licence to spend unsustainably time and again let's not forget. It's amazing how often normal business sense seems to fly out the window when it comes to running a football club.

[Legion]

Okay - random thoughts on the accounts:

-  '£3.3m increase in turnover was driven largely by increased fees for players out on loan and improved on-pitch performance particularly towards the end of the season.'  Specific factors included finishing one place higher in the Premier League, higher average attendances and reaching the semi-final of the League Cup.
-  the directors report makes reference to the 'value driven approach to squad building' now employed.
-  season ticket sales for 13/14 were up 8%.
-  'The directors believe that the combination of managerial continuity, increased revenues as a result of the new three year central television deal, higher attendances and tight control of players' wages should provide a very good platform for a sustainable future for the club in the Premier League.'
-  'The directors believe that the Group will be compliant with the Premier League's recently adopted Financial Regulation, both Short Term Cost Control and Profitability and Sustainability, 2013/14.'
-  Operating loss before player transactions was £24m (2012: £33m)
-  The club spent £20m in cash on day-to-day activities and £20m (net) on player trading.  This was financed by Randy.
-  Turnover has been split in to five categories, rather than the three of last year - £13m gate receipts, £46m broadcasting, £8.5m sponsorship, £16m commercial, £0.5m UEFA solidarity and prize money.  Gate receipts were up £0.8m on last year.  Broadcasting income was up £2.3m on last year.  Sponsorship was up £0.4m on last year and Commercial income was pretty consistent.
-  Wages actually rose to £72m from £70m giving a wage to turnover ratio of 86%.
-  £2.2m was spent in termination costs - presuambly to TSM and Norwich;
-  Salaries for the 3 directors (Randy, Faulkner and Russell) totalled £423k (2012: £425k).  If you assume Randy got nothing, the accounts would suggest Faulkner got £251k.
-  No interest was charged on Randy's loan.
-  Add on payments in respect of players signed totalling £2m and which we'd previously expected to have to pay have been reversed in these accounts meaning we don't expect to have to pay them any more.
-  Total amount due to Randy at 31 May 2013 was £179m but he transferred £90m of this to share capital in December meaning he'll only realistically get that back if he sells up.
-  Potential add-on clauses on transfers could cost us £8.4m (2012: £5.2m).  These haven't yet been recognised in the numbers.
-  Since May 2013 we've spent a further £18.3m (net) on transfers.

I'm sure there's more in there but that'll have to do for now as I've ran out of time.

The accounts aren't terrible but aren't as good as I'd hoped either.  My main concern with the numbers is the substantial loss before player transactions.  That needs to be sorted or Randy will have to continue putting money in.  The directors telling us that they're compliant with FFP doesn't really comfort me as I'm fairly sure you can lose £35m a year and still be FFP compliant which I'm sure isn't how Randy wants to run the club.

Thanks. Are these comments based on the officially released accounts? If so, can you provide a link to them, please? Cheers.

[Ad@m]

Thanks. Are these comments based on the officially released accounts? If so, can you provide a link to them, please? Cheers.

Yes they are and no I can't I'm afraid.

You can get the accounts from Companies House (http://wck2.companieshouse.gov.uk//wcframe?name=accessCompanyInfo).  They charge £1 per document for downloads so I shouldn't imagine they'd be best pleased me uploading them somewhere for others to download for free.  If you click that link and search for Reform Acquisitions Limited, which is the UK holding company for the club, you can then download any document filed with Companies House, including the 2013 accounts.

[Legion]

Oh, go on...

[Legion]

Thanks, by the way.

[brian green]

I bet Carson Yeoung would let you see his.

[pauliewalnuts]

I notice that QPR's losses in 2012/13 were worse than any other English club.

I read today that QPR spend more on wages than Borussia Dortmund do.

Mindboggling.

[SoccerHQ]

86% wages to turnover is not good at all given we've been costcuting for close to 4 years now. I accept these are from a year ago and we've moved on a few since but we'll still do well to get it below 80%. My personal target would be to get it below 70% but we'll probably get there around 2050 when we're in league one.

I think we can expect more cautious spending this summer, just hopes Lambert goes for say 3 players in the 6m range who don't drain us in wages rather than the usual 7-8 on a fiver a week.

[Richard E]

I notice that QPR's losses in 2012/13 were worse than any other English club.

I read today that QPR spend more on wages than Borussia Dortmund do.

Mindboggling.

Well it's been worth it what with how managerial genius Arry, cruelly overlooked for the England job that was his by divine right, has got them 20 points clear at the top of the Championship and all that.