Most Rangers fans have had some time to digest the headlines of the accounts, albeit we know not everyone is an accountant out there, so understanding the jargon is much tougher.

Ibrox Noise’s resident accountant takes a look at the numbers for you properly to translate the core data into something hopefully you’ll understand:

“Current ratio” of the group balance sheet is 0.41. This suggests we aren’t readily able to pay our debts as the fall due. Anything below 1 is bad, closer to 0 the worst. Net current liabilities of £49m paints the same picture.

If you remove player registrations, we would have negative net assets. Kind of like saying if my aunt had balls she’d be my uncle. However, I would suggest that there are not many players we would be able to recoup our cost on.

The statement seemed to suggest that a lot of the loss was due to exceptional costs, IE our legal cases etc. There were only £3.3m of non-recurring costs, despite a loss of £17.1m. So in essence we are losing £14m just to operate.

Profit on player sales is down from £23.6m to a rather abysmal £5.6m. That’s more than our whole loss, showing how important it is for us to uncover cheap talent and sell for large profits. That is Clement’s plan but it is going to take time whoever the manager. We need more Basseys etc. If we sold those level of players every year we’d break even. But unfortunately just that one spell of Gerrard, Patterson, Aribo and Bassey has materialised. Since then our sales have been poor.

Assuming staff costs are spread evenly over the year (£61.1m), we don’t have enough cash in the bank to cover one month’s wages (£1.7m at end of year).

Our gross profit was a loss of £7.9m. Terrible, however still a (slight) improvement in the prior year of £11.4m. The gross profit is essentially the income and expenses of running a football club before non-operational costs come in. A loss here suggests we aren’t operating a sustainable model.

We owe directors £22m which is a lot and I don’t see a plan to repay this.

All in all it’s not a good picture, and paints an image of financial mismanagement, overspending and not putting in place any real tangible financial plan going forward – far too many loans and director bail-outs, and we already know we’re planning to borrow yet more.

Rangers, simply put, can’t continue like this.

The club, James Taylor (Chief Financial Officer) in particular, has to put together a strategy for a much stronger outlook in the next accounts.

The problem is Rangers have no players we’d call valuable assets, and no plan in place to repay the £22M director debt we’re currently in.

Missing out on Champions League the past two seasons has really hurt our finances, and the fact we even had £16M to spend this summer is either impressive or risky depending on your point of view.

That the best thing to report was record revenue (despite the even higher overheads) and that loss has fractionally reduced shows it’s slim pickings.

And that’s where we’re at.