West Ham United’s turnover grew to a record £89.8m last season and they recorded a profit before interest payments of £1.2m.

After interest payments this equated to a loss of £3.5m. The turnover increased 94% due to our promotion to the Premier League.

Ticket sales grew to £17.9m , Broadcast income to £51.8m, Commercial activities to £13.9m and Retail sales to £6m.

The accounts for the year ending 31st May 2013 released yesterday at Companies house show they spent £26.7m in transfer fees for Matt Jarvis, Mo Diame, James Collins, Alou Diarra and Modibo Maiga. Andy Carroll is not included as a transfer fee in these accounts as he was on loan for that financial period.

An additional note claims that another £27.3m has been spent on transfers since 31st May 2013 to date. The vast majority of this sum will be Andy Carroll and Stewart Downing. The £27.3m has been broken down to £23.4m of transfer fees plus an additional £4m subject to certain events such as appearances & goals etc.

Sullivan and Gold invested another £10.5m of their own money last season. We paid £2.2m in interest on bank loans and accounted for an additional £2.3m in interest on loans from share holders which is rolled up and not paid.

The interest to share holders is charged between 6% and 7% but is deferred until the loans are repaid. £3.4m of interest is now owed to share holders but remains on the balance sheet.

West Ham paid no tax due to recording a loss £3.5m and cumulative tax losses of £122m.

Olympic stadium project costs grew to £1.35m in additional to project costs of £287,000 the season before.

Wages and salaries grew to £49.2m from £34.9m the season before. These figures include non playing staff,

Directors were paid a total of £1.96m with the highest paid director believed to be Karren Brady receiving £1.634m up from £427k the season before. This is believed to have been related to a bonus for winning the Olympic Stadium bid.

Bank loans now total £44.6m while Loans from shareholders total £45.7m. The bank loans were refinanced on 1st July and now due by the 31st December 2016.

Money owed to other clubs from transfers is £13.8m

The accounts confirm West ham borrowed £12.8m from Vibrac Corporation as a pay day loan in 2012 and a further £15m in August 2013. These loans are automatically paid back by the Premier League to Vibrac Corporation from broadcast income. It is believed they attract interest of 10%.

I will continue to analyse the accounts but this is my quick summary