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Speedway Related Co Finances

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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      
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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!

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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

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Sorry to ask what's probably a really stupid question, but what is the significance of the brackets in the right-hand column?

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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.....

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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 by woofers
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I reckon many football clubs would show a similar situation, but for some reason, debts hit speedway harder than football. :unsure:

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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.

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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 by Skidder1

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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.

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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.

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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?

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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.

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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.

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