Margate post loss of £323,565 for financial year to May 31, 2024

Margate’s accounts show a significant six-figure loss for the past 12 months.

The club’s financial statements, published by Companies House, show a loss of £323,565 for Margate Football Club Limited during the financial year to May 31, 2024.

That period covers the 2023/24 season which saw Margate relegated from the Isthmian Premier despite appointing former Gills boss Mark Stimson as their manager for the second half of the campaign.

The accounts also disclose details about related party transactions. They state “Margate Football Club (MFC) has received loans from an individual that holds a participating interest in MFC and a UK company over which he exerts significant control. The balances at 31 May 2024 total £1,739,292 (2023: £1,738,145).

“This individual also controls a company that is owed £1,618,025 by MFC (2023: £621,425).

“The company also owns the freehold of the football ground but allows MFC to occupy it rent free.

“No interest is charged on any of the above loans.”

According to Companies House, Waterfront Property Development Ltd owns more than 50 per cent but less than 75 per cent of the club since April 2022. Evgueni Dogo owns more than 25 per cent but less than 50 per cent.

Margate chairman Ricky Owen is also the sole director of Waterfront Property Development Ltd.

The figures follow on from a loss of £260,099 in the previous 12 months, to May 31, 2023.