I think, after reading Wikipedia I am still not sure what SFC's intangible assets are?? Maybe the playing staff? are they worth ~£28M?
I think the main bottom line is to look at the Current Liabilities v Current Assets, that still shows a -ve but a much +ve -ve!!
For example SFC's Total Current Liabilities: £5,576,441 against Total Current Assets: £3,821,259, which is ~ [£1.7m]
ST MARYS SPV LIMITED (WTF is that??) don't look that clever either, but more clever is you ignore the Net Worth!!
Basically I don't know, but I don't think they are as bad as if you just look at the Net Worth