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Post by Exkeeper on Mar 27, 2024 11:41:17 GMT 1
Does anyone have any idea when the much anticipated accounts will be published? I was told that they need to be lodged at Companies House by 31st of March and bearing in mind the Bank Holidays between now and then, I am assuming they need to be there by tomorrow. There will obviously be a penalty of some kind if there are late and that’s the last thing we need. Mind you, it is probably the only “penalty” we get between now and the end of April. When is the AGM ? I am sure the Chairman’s Report will be interesting, to put it mildly.
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Post by Pilch on Mar 27, 2024 11:59:23 GMT 1
Does anyone have any idea when the much anticipated accounts will be published? I was told that they need to be lodged at Companies House by 31st of March and bearing in mind the Bank Holidays between now and then, I am assuming they need to be there by tomorrow. There will obviously be a penalty of some kind if there are late and that’s the last thing we need. Mind you, it is probably the only “penalty” we get between now and the end of April. When is the AGM ? I am sure the Chairman’s Report will be interesting, to put it mildly. There is no fine if it's late
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Post by martinshrew on Mar 27, 2024 12:04:16 GMT 1
"If you fail to file, criminal charges and/or fines of up to £5000 may be brought against the director, with the possibility of making them personally liable.
Ultimately, directors are responsible for the filing of a company’s accounts."
Whilst a fine isn't guaranteed, it's possible. However, they won't be overdue, they'll go in last minute I'd assume.
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Post by Pilch on Mar 27, 2024 12:06:08 GMT 1
being late and not filing are two different things
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Post by Scarecrow on Mar 27, 2024 13:08:30 GMT 1
The accounts should hopefully provide some clarity to questions yet unanswered. Is there a massive black hole or is it a storm in a teacup?
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Post by Pilch on Mar 27, 2024 13:25:45 GMT 1
The accounts should hopefully provide some clarity to questions yet unanswered. Is there a massive black hole or is it a storm in a teacup? lets stop kidding, do you seriously think it will point fingers at anyone, our accounts never go into fine details, it will likely give the gist of overspending, but bottom line it will show how much much we spent and how much we were left with, rest assured those who like to big up BC & SC can probably breathe a sigh of relief and continue to blame anyone else but them. ;-)
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Post by venceremos on Mar 27, 2024 13:28:34 GMT 1
Accounts with a 30 June year end are due for filing by 31 March, but online filing means they could be filed a minute before midnight that day.
The initial late filing penalty is £150 and increases depending on how long the delay continues.
It's a red flag commercially to file late, as banks, suppliers and others a company might do business with (including potential buyers) take it as a sign of poor management or financial concern that a company isn't able to file on time. That said, I've known some companies deliberately file late because they judged the consequences to be less damaging than revealing their poor financial state, or because their next set of accounts will show a significant improvement and will be ready to file very soon after the bad one.
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Post by venceremos on Mar 27, 2024 13:34:09 GMT 1
The accounts should hopefully provide some clarity to questions yet unanswered. Is there a massive black hole or is it a storm in a teacup? lets stop kidding, do you seriously think it will point fingers at anyone, our accounts never go into fine details, it will likely give the gist of overspending, but bottom line it will show how much much we spent and how much we were left with, rest assured those who like to big up BC & SC can probably breathe a sigh of relief and continue to blame anyone else but them. ;-) Accounts have a standard format so they'd never reveal what's behind the numbers, good or bad. If there is a black hole in the finances, it won't be possible to hide it. That's what matters. Why would anyone be relieved or otherwise by anything except what the numbers show about the club's financial condition? The time for finger pointing has long gone; it didn't achieve anything at the time and it certainly can't now.
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Post by Pilch on Mar 27, 2024 13:38:29 GMT 1
Accounts with a 30 June year end are due for filing by 31 March, but online filing means the could be filed a minute before midnight that day. The initial late filing penalty is £150 and increases depending on how long the delay continues. It's a red flag commercially to file late, as banks, suppliers and others a company might do business with (including potential buyers) take it as a sign of poor management or financial concern that a company isn't able to file on time. That said, I've known some companies to deliberately file late because they judged the consequences to be less damaging than revealing their poor financial state, or because their next set of accounts will show a significant improvement and will be ready to file very soon after the bad one. Exactly , I was initially trying to say don't panic , it might not happen until Tuesday
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Post by Pilch on Mar 27, 2024 13:39:44 GMT 1
lets stop kidding, do you seriously think it will point fingers at anyone, our accounts never go into fine details, it will likely give the gist of overspending, but bottom line it will show how much much we spent and how much we were left with, rest assured those who like to big up BC & SC can probably breathe a sigh of relief and continue to blame anyone else but them. ;-) Accounts have a standard format so they'd never reveal what's behind the numbers, good or bad. If there is a black hole in the finances, it won't be possible to hide it. That's what matters. Why would anyone be relieved or otherwise by anything except what the numbers show about the club's financial condition? The time for finger pointing has long gone; it didn't achieve anything at the time and it certainly can't now. I totally agree , but finger pointing will likely be the order of the day in here 😝
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Post by Exkeeper on Mar 27, 2024 14:02:22 GMT 1
I wouldn’t imagine the “new” CEO would like a late filing of accounts on his CV.
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Post by davycrockett on Mar 27, 2024 14:07:27 GMT 1
Accounts have a standard format so they'd never reveal what's behind the numbers, good or bad. If there is a black hole in the finances, it won't be possible to hide it. That's what matters. Why would anyone be relieved or otherwise by anything except what the numbers show about the club's financial condition? The time for finger pointing has long gone; it didn't achieve anything at the time and it certainly can't now. I totally agree , but finger pointing will likely be the order of the day in here 😝 Any unproved accusations will be dealt with. The clubs keeping stum so no rumours 👍
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Post by davycrockett on Mar 27, 2024 14:08:46 GMT 1
I wouldn’t imagine the “new” CEO would like a late filing of accounts on his CV. It will be filed by 31/03 we’ve had confirmation 👍
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Post by gainsparkshrew on Mar 27, 2024 14:45:57 GMT 1
So Monday 1st April is April Fools Day plus a Bank Holiday.Going to be all sorts of fun and games on here😁
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Post by suttonshrew on Mar 27, 2024 15:09:36 GMT 1
i have absolutely no doubt the accounts will be horrendous and show why we have had to change our direction. I may be wrong but at the end of the day these are figures from 12 months ago, im more interested in the fact we saw the issue, acted and are trying to get back on a stable footing
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Post by gainsparkshrew on Mar 27, 2024 15:34:15 GMT 1
i have absolutely no doubt the accounts will be horrendous and show why we have had to change our direction. I may be wrong but at the end of the day these are figures from 12 months ago, im more interested in the fact we saw the issue, acted and are trying to get back on a stable footing Not exactly correct as they are for the 12 months ending 30 June 2023,so up to and including only 9 months ago. They will give us a perfect financial view on how last season panned out and where the overspend happened. I reckon there's been a massive overspend on replica kit, which is referred to under "stock" on the accounts. The club has had massive sales of Umbro kit to clear,which suggests that someone??ordered too much. I note from the last accounts showed £111k in stock, £73k in shirts etc and the remaInder in food and drink
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Post by venceremos on Mar 27, 2024 15:56:36 GMT 1
i have absolutely no doubt the accounts will be horrendous and show why we have had to change our direction. I may be wrong but at the end of the day these are figures from 12 months ago, im more interested in the fact we saw the issue, acted and are trying to get back on a stable footing I reckon there's been a massive overspend on replica kit, which is referred to under "stock" on the accounts. The club has had massive sales of Umbro kit to clear,which suggests that someone??ordered too much. I note from the last accounts showed £111k in stock, £73k in shirts etc and the remaInder in food and drink There certainly seems to have been a loss of control over the stock of clothing & other merchandise - up 81% from £52k to £94k at 30 June 2022. If that cost is higher than the amount it can be sold for (and this weekend's sale suggests overstocking could still be an issue), the stock should have been written down in the balance sheet to its "realisable value", rather than its cost. The resulting loss on that stock would be in the profit and loss account but, since the club isn't required to publish a detailed profit and loss, the financial hit would be hidden in the overall figures.
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Post by venceremos on Mar 27, 2024 16:02:09 GMT 1
i have absolutely no doubt the accounts will be horrendous and show why we have had to change our direction. I may be wrong but at the end of the day these are figures from 12 months ago, im more interested in the fact we saw the issue, acted and are trying to get back on a stable footing Fair point. There'll be a lot of comment on here in a few days no doubt, but it's important to remember that the accounts will show the position 9 months ago, not today - they could be out of date as soon as they're published. Who looks at last year's June bank statement to assess their finances in March? What's more important is what the internal management accounts are saying now, but we'll never get to see those!
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Post by dannylad01 on Mar 27, 2024 16:12:38 GMT 1
As has already been said, £150 late filing penalty if the accounts are filed late. It's fairly standard practice to file accounts as close to the deadline as possible. Wouldn't surprise me if the accountants click the online filing button late tomorrow afternoon before the Easter break. Accounts don't always show up on Companies House the day that they are submitted and appear a few days later.
If Ant has done a synopsis as in previous years, I think that it will appear in the morning
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Post by dibblydobbly on Mar 27, 2024 18:22:59 GMT 1
Does anyone have any idea when the much anticipated accounts will be published? I was told that they need to be lodged at Companies House by 31st of March and bearing in mind the Bank Holidays between now and then, I am assuming they need to be there by tomorrow. There will obviously be a penalty of some kind if there are late and that’s the last thing we need. Mind you, it is probably the only “penalty” we get between now and the end of April. When is the AGM ? I am sure the Chairman’s Report will be interesting, to put it mildly. They are filed online by the Auditors and as it is an Audited company they sometimes take a few days to show.
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Post by dibblydobbly on Mar 27, 2024 18:23:39 GMT 1
Does anyone have any idea when the much anticipated accounts will be published? I was told that they need to be lodged at Companies House by 31st of March and bearing in mind the Bank Holidays between now and then, I am assuming they need to be there by tomorrow. There will obviously be a penalty of some kind if there are late and that’s the last thing we need. Mind you, it is probably the only “penalty” we get between now and the end of April. When is the AGM ? I am sure the Chairman’s Report will be interesting, to put it mildly. There is no fine if it's late FIne if less than three months late is tiny, but we will file on time as our Auditrs will make sure of that
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Post by dibblydobbly on Mar 27, 2024 18:25:13 GMT 1
I wouldn’t imagine the “new” CEO would like a late filing of accounts on his CV. :-) They will not be late for other reasons also.
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Post by dibblydobbly on Mar 27, 2024 18:27:32 GMT 1
I reckon there's been a massive overspend on replica kit, which is referred to under "stock" on the accounts. The club has had massive sales of Umbro kit to clear,which suggests that someone??ordered too much. I note from the last accounts showed £111k in stock, £73k in shirts etc and the remaInder in food and drink There certainly seems to have been a loss of control over the stock of clothing & other merchandise - up 81% from £52k to £94k at 30 June 2022. If that cost is higher than the amount it can be sold for (and this weekend's sale suggests overstocking could still be an issue), the stock should have been written down in the balance sheet to its "realisable value", rather than its cost. The resulting loss on that stock would be in the profit and loss account but, since the club isn't required to publish a detailed profit and loss, the financial hit would be hidden in the overall figures. If you look at old accounts while the stock point may be valid the figures simply are not big enough to be the epicentre of a problem whirlwind - compare cash at hand to stock and you will see the point
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Post by dibblydobbly on Mar 27, 2024 18:28:03 GMT 1
As has already been said, £150 late filing penalty if the accounts are filed late. It's fairly standard practice to file accounts as close to the deadline as possible. Wouldn't surprise me if the accountants click the online filing button late tomorrow afternoon before the Easter break. Accounts don't always show up on Companies House the day that they are submitted and appear a few days later. If Ant has done a synopsis as in previous years, I think that it will appear in the morning I am sure he will have, and it will be insightful as ever
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Post by martinshrew on Mar 27, 2024 18:29:03 GMT 1
There is no fine if it's late FIne if less than three months late is tiny, but we will file on time as our Auditrs will make sure of that Thanks for clearing that up, was certain there's a fine.
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Post by dibblydobbly on Mar 27, 2024 18:30:25 GMT 1
Accounts have a standard format so they'd never reveal what's behind the numbers, good or bad. If there is a black hole in the finances, it won't be possible to hide it. That's what matters. Why would anyone be relieved or otherwise by anything except what the numbers show about the club's financial condition? The time for finger pointing has long gone; it didn't achieve anything at the time and it certainly can't now. I totally agree , but finger pointing will likely be the order of the day in here 😝 Just checked and if I try I can get my fingers to point in ten different directions at once, is that enough :-) (Or do thumbs not count?)
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Post by dibblydobbly on Mar 27, 2024 18:33:07 GMT 1
i have absolutely no doubt the accounts will be horrendous and show why we have had to change our direction. I may be wrong but at the end of the day these are figures from 12 months ago, im more interested in the fact we saw the issue, acted and are trying to get back on a stable footing Not exactly correct as they are for the 12 months ending 30 June 2023,so up to and including only 9 months ago. They will give us a perfect financial view on how last season panned out and where the overspend happened. I reckon there's been a massive overspend on replica kit, which is referred to under "stock" on the accounts. The club has had massive sales of Umbro kit to clear,which suggests that someone??ordered too much. I note from the last accounts showed £111k in stock, £73k in shirts etc and the remaInder in food and drink I think it is clear from club statements that a change of direction happened towards the end of those accounts and would have started to stop the rot then, long process in a business this big. Overspend on replica sounds likely from your analysis but as said earlier it cannot be the epicentre of the storm alone, there has to be more.
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Post by dibblydobbly on Mar 27, 2024 18:34:49 GMT 1
The accounts should hopefully provide some clarity to questions yet unanswered. Is there a massive black hole or is it a storm in a teacup? Out of interest, before the figures are public, what does a black hole look like in terms of size from your perspective? And what would be a storm in a teacup? Just looking for calibration if that is OK
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Post by venceremos on Mar 27, 2024 18:47:22 GMT 1
The accounts should hopefully provide some clarity to questions yet unanswered. Is there a massive black hole or is it a storm in a teacup? Out of interest, before the figures are public, what does a black hole look like in terms of size from your perspective? And what would be a storm in a teacup? Just looking for calibration if that is OK Another hefty whack to the cash reserve (£800k down in the last accounts) would be a black enough hole for me. Storm in a teacup if we've still got £1.5m in cash.
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Post by venceremos on Mar 27, 2024 18:49:23 GMT 1
There certainly seems to have been a loss of control over the stock of clothing & other merchandise - up 81% from £52k to £94k at 30 June 2022. If that cost is higher than the amount it can be sold for (and this weekend's sale suggests overstocking could still be an issue), the stock should have been written down in the balance sheet to its "realisable value", rather than its cost. The resulting loss on that stock would be in the profit and loss account but, since the club isn't required to publish a detailed profit and loss, the financial hit would be hidden in the overall figures. If you look at old accounts while the stock point may be valid the figures simply are not big enough to be the epicentre of a problem whirlwind - compare cash at hand to stock and you will see the point The point is they could be symptomatic of a slackening of financial control, a temporary one hopefully.
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