SWINDON Town took a near- £1.7m hit in the year battle lines were drawn in the boardroom, according to recently released club accounts.

Abbreviated accounts for Swindon Town Football Company Limited (STFCL), which owns the County Ground club, were released by Companies House earlier this month.

The balance sheet for the year ending May 31, 2014, reveals the firm took on £1,695,883 in new, long-term debt, taking the total amount to £4,645,883.

The accounts reveal data for the financial year in which Jed McCrory and Lee Power wrestled for control ahead of their showdown in the High Court of Justice last summer.

These abbreviated accounts mean the finer details of the company’s expenditure and income streams are not available.

Government guidance for small companies explains an abbreviated account as a balance sheet from the company’s statutory accounts, along with any notes.

STFCL falls under these guidelines as a small company because it fulfils any two of the three criteria: a turnover of £6.5m or less, £3.26m or less on its balance sheet or less than 50 employees.

In terms of long-term debt owed by STFCL, the amount recorded in the accounts at the end of May 2013 was £2.95m, but that amount jumped to £4,645,883 12 months on.

The club’s fixed assets have dropped from £258,429 to £172,400 in the 12 months between May 2013 and 2014.

These are assets purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

Elsewhere, current assets, which are expected to be converted into cash within a year, also dropped from £166,721 in May 2013 to £33,797 in May 2014.

This was largely down to the significant drop in cash at the bank and in-hand, which plummeted from £166,721 to £33,797.

There were rises in stocks and assets however. The former rose from £58,515 to £62,271, whereas the latter, made up of people and organisations owing the club money, was recorded at £252,685 for 2014, up from £241,419 in 2013.

The company filed better news in terms of short-term debt, with amount expected to be paid off within a 12-month period down to £2,320,864 from £2,526,786.

The company’s next accounts are due on February 29, 2016.