Watford FC have made a pre-tax loss of £4.7 million for the year ending June 2015, however, that figure includes costs of £8.1 million directly relating to the club winning promotion to the Premier League.

Watford Association Football Club Limited’s report and financial statements show the Hornets made a substantial loss compared to the previous year (£344,000) but - if those costs relating to promotion are removed - the Golden Boys would’ve made a profit of £3.3 million.

Of those promotion costs £6.7 million were paid as bonuses - a figure which meant Watford’s wage bill for the year rose to £20.7 million.

When those bonuses are excluded Watford’s wage bill increased by £2.1 from the previous year to £10m.

Wages to turnover ratio increased to 112 per cent but once again, when the promotion costs are removed, the ratio drops to 76 per cent. A small rise from 71 per cent for the year ending 2014.

Turnover has increased by £1.7 million in the past year to £18.3 million. That is partly down to commercial revenue increasing by £895,000 to £8m. However, media revenue slightly decreased by £141,000.

Match day revenue increased by £556,000. That is largely due to a rise in season and match ticket sales of £445,000.

Match day commercial revenue also rose by £41,000 while the Hornets made £70,000 from their involvement in Cup matches.

The Hornets received £553,000 in loan fees for players while player sales or sell-on clauses generated £7.3 million.

That figure is in relation to deals involving Britt Assomobalonga, William Buckley, Javier Acuna, Jonathon Hogg, Craig Forsyth, Tom Rosenthal, Panos Armenakas, Carl Stewart, Javier Sanchez and Gavin Massey.

Operating expenses have risen again to £8.9 million. £968,000 of that figure relates to money payable as the result of promotion and £798,000 was spent on football operations which includes travel, accommodation, training ground and pitch maintenance and agents’ fees. Retail costs increased by £89,000 while stadium running costs rose to £99,000.

The number of staff on the books of Watford FC has jumped to 180 from 158 from 2014. There are 53 players contracted to the club and 46 members of coaching staff - a rise from 38.

Operating income has reduced from £988,000 to just £21,000 this year.

The 2014 figure mainly related to a contribution from bondholders in order to pay £900,000 to finance firm LNOC as a result of the financial misconduct that took place under ex-owner Laurence Bassini.

Watford’s parent company - Hornets investment Limited - are now owed £6.1 million, an increase from £5.6 million in 2014.

That is partly due to a loan which helped fund the construction of the Sir Elton John Stand. £1 million of that loan is repayable on September 30, 2016, while £2.5 million is payable in five equal instalments commencing on December 31, 2015.

Other loans represent £5,638,000 in secured bonds and a further loan of £171,891. Non-executive director of the company, David Fransen, is owed £1.59 million in loan notes.

The post balance sheet events show the level of investment made by the Hornets as they prepared for life in the Premier League post June 2015.

Watford will pay an estimated £22.8 million in transfer fees with further amounts totalling £13.6 million dependant on player and club performance.

The estimated income for player sales is estimated to be £2.1 million for the same period.

The board of directors consist of executive chairman Raffaele Riva and executive director and CEO Scott Duxbury. David Fransen and Stuart Timperley are non-executive directors.

Watford legends Sir Elton John and Graham Taylor remain honorary life presidents.

To view Watford's accounts in full click here.