Interested in the financial details of the website. What were the set up costs? WHats the revenue?
I remeber talking to Bandage a while ago who said it was loss making. Is this still so, i noticed moe and more ads have been posted? Just some general info on how its looking financially at the moment, and what you expect financially in the long term.
PS if this is deemed too gay a subject, please feel free to delete
It is indeed loss making Ball Ox. To the best of my knoweldge a set of accounts might look like:
THEFREEKICK.COM - (All amounts in US Dollars)
Profit and Loss Account
Income
Advertising Revenue 2.94
Membership Subscriptions 0.00
Royalty fees from articles 0.00
Expenses
Domain Name 14.00
Webhosting (Note 1) 55.00
Advertising 0.00
Lawsuits (Note 2) 0.00
Net Profit/(Loss) (66.06)
Balance Sheet
Assets 0.00
Advertising Debtors 2.94
Liabilities
Bank -69.00
Reserves
P&L 66.06
Note 1: Being a nerd I had webhosting anyway because I wanted to setup a Joomla website for the craic as it were.
Note 2: Lawsuits are expected to come from Ball Ox’s comments and Tommymoore naming and shaming a player in the Galway hurling final before leaving the board altogether.
dont you have an amortisation policy for formation costs?
Seriously, i was just curious to see how much it costs to run and if you are going to be making a few bob or not (didnt need an audited set of accounts!)
PS that law suits figure could change!
Did you employ an accountant to do those accounts?
He/she got them wrong as well. P&L amount in the balance sheet should be -66.06. Your balance sheet is not balancing as it stands
How is my balance sheet not balancing? The P&L reserve is a negative reserve so it’s a debit balance.
Thought long and hard about capitalising the domain name but in the end I’ve decided to take the hit up front.
Not much chance of making a few bob from it but the aim is to get more members and more articles and more people looking at ads so it covers the expenses of webhosting etc. Next time I get a day off I’m going to setup the merchandising side of things. That’s where the big bucks will come rolling in.
I’m seeing a negative 66.06 on the top half and a positive 66.06 on the bottom - since when does that balance. That accountant you employed must not know that the balance sheet is merely a tabular version of the trial balance hence, dare I say it, you do not think in terms of debits and credits - all that work is done beforehand
the reserves are negative, it does balance
Then put a minus in front of it