Hull's accountants have raised concerns over the club's "ability to continue as a going concern" should they be relegated from the Premier League.

The Tigers managed to retain their top-flight status on the final day of last season, and are currently third from bottom.

The accounts have now been filed, five months late, to Companies House.

The period covers the year ending 31 July 2008, when Hull made a loss of nearly £10million as they won promotion to the Premier League via the play-offs.

This does not include any figures from the club's first season in the top tier of English football, and the directors remain confident the next set of results will be much more positive.

However, auditors Deloitte nevertheless warn a surplus of some £23million would need to be raised just to meet current liabilities.

Should Hull stay up, they would still, according to the report which is now a matter of public record, need to produce an additional £16million, with another £7million needed should they go down.

The report read: "These forecasts demonstrate that in order to operate within the company's finance facilities Hull City AFC will need to generate a surplus £23million during the next 12 months through player trading, match day and commercial income and/or through additional finance raising.

"In the event that the club retain Premier League status for the 2010-11 season, the additional funding required for the 12 month period will be in the region of £16million. This is reduced as a result of the guaranteed level of Premier League distributions that will be received.

"As is common with all football clubs, Hull City AFC will make player purchases and sales during the course of the season to manage the company's cash flow as and when required.

"The directors acknowledge that player purchases and sales are uncertain in terms of timing and quantum and some uncertainty exists over the availability and quantum of additional facilities should such be required.

"These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern."

Hull, though, remain confident once the additional revenue from their first Premier League campaign is factored in - worth an estimated minimum of some £40million - then the results for 2008-09 will be more positive.

The directors' statement concluded: "The financial benefits arising from the Premier League's broadcasting rights are not recognised until the following financial year, where the losses incurred this year are forecast to be made good.

"The club are currently in advanced discussions with finance providers for the acceleration of known Premier League distributions for amounts of £7million. These discussions are expected to be concluded in the near future and would reduce the surplus finds required by £7million.

"The directors have a reasonable expectation that the company have adequate resources to continue in operational existence for the foreseeable future."