QPR's debt has rocketed to £177million after the club lost £65.4million last season, when it was relegated from the Premier League.
The figures mean that QPR could find themselves facing a large fine and a transfer embargo under the Football League's financial fair play rules, unless the club wins promotion back to the Premier League.
QPR chairman Tony Fernandes said in a statement in the accounts: "Clearly in 2012-13 the club did not meet its performance targets and was relegated from the Premier League.
"A critical driver of any club's value is its presence in the Premier League, and the club is focused on regaining its Premier League status as quickly as possible.
"The financial results reflect the club's focus on trying to achieve on-pitch success."
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