PLYMOUTH Argyle FC has recently filed its annual audited accounts at Companies House and has reported an operating loss of £1.46m for the year ended December 31, 2013.

This is after taking a depreciation charge of £515,000, which is merely an accounting charge and does not impact on the club’s cash resources.

The figures represent a substantial improvement on the operating loss of £2.42m sustained in the 15 months to December 31, 2012.

Whilst the losses have increased the net liabilities of the club by £964,000 in the year, the burden of the increased indebtedness has fallen largely on the existing shareholders.

The historic nature of reporting audited accounts does not reflect the excellent progress that continues to be made financially. Operating losses are being eliminated and the club is projecting a small surplus before depreciation for the current season.