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.