Queens Mad has obtained a copy of the Abbreviated Accounts for Queen of the South Football Club for year ending 31st May 2010 which are now available in the Public Domain on line.
An Abbreviated Balance sheet is available but unfortunately no Profit and Loss Account to indicate the wider picture.
We don't wish to discuss figures as they require further scrutiny but the following statement may be of some interest to concerned fans..
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existance for the foreseeable future. The validity of this assumption depends upon the trading performance of the company and the support,where necessary,of the company's directors,creditors and investors.
The Company has incurred significant losses in the two years ended 31st May 2010 and the unaudited results of the current year indicate there will be a further significant loss for the year ending 31st May 2011 whiach could result in the company's Balance Sheet showing net liabilities at that date.
Although the company owns property which may be valuable if it were disposed of,the directors recognise that the combination of circumstances outlined above represents a material uncertainty which casts significant doubt upon the company's ability to continue as a going concern,and that therefore the company may be unable to realise its assets and discharge its liabilities in the normal course of business.
Nevertheless, on the basis that support from directors,creditors and investors will continue in the short to medium term and that the directors have plans in place which they believe will return the company to profitabilaity and positive cash flow in the longer term.the directors believe the going concern basis to be appropriate.
The Financial statements were approved by the Board of Directors on 24th February 2011 and signed for on its behalf by:
C Paterson,Director - Queen of the South Football Club