"We would have liked to have been able to spend money but so would a dozen other clubs," he says.
"But we still have seven or eight players that a lot - and I mean a lot - of other clubs, some of the biggest clubs in the country, would love to have in their squad.
"Although we have not made money signings I feel the ones we have got are good; Gary Breen, for instance, would have cost a significant fee from Coventry if he had not been on a Bosman.
"I really feel that what he has brought to the club in the last few weeks has been excellent, and the more I see of him, the more I am certain he will be a success for us this year.
"Raimond van der Gouw is a very good goalkeeper and he has shown me that already, and the important thing is he comes from the biggest winning culture in British football over the last seven or eight years.
"Youssef Sofiane is a highly rated young French striker, and of course he is an unknown quantity to everyone in England at the moment, which I understand.
"But I hope that in a year's time everyone will know him, and what he has brought into training in the last few weeks I have been very pleased with.
"I have seen him improve in the short period of time he has been with us.
"And, Eduouard Cisse, on a year's loan with a view to a permanent deal if he does well - what motivation he should have.
"He has fitted in very quickly and the rest of the squad enjoy having him there; he has been a pleasure to work with so far.
"He already knew Fredi Kanoute from the French U21 squad and I am sure that he will be very keen to make his move to West Ham a permanent one.
"We also have Brent Rahim on loan as well, and he is also very motivated to do well.
"People can claim they are low key signings, and I can understand what they are saying, but I feel all five we have brought in will prove to be good signings for the club.
"I would have liked to have got a striker in as well and if we had I would have said that is it for the season and that is what we have got to go to war with.
"But I still think we will be stronger than we were this time last year."