Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 7:19 am  

halifaxjohn wrote:

:MOTOR:
Not arguing, accountancy was never my main subject, better at English Law,
Please explain

Well ..... the accounts show net overall liabilities of £130,014, exactly the same as the year before, which is simply represented by creditors of £130,014 (whoever they may be). So the club is technically insolvent. Because the company is insolvent, I would have thought the accounting policies should include an explanation as to why the accounts have been prepared on a going concern basis, but they don't.

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 8:02 am  

Tony Fax wrote:

Well ..... the accounts show net overall liabilities of £130,014, exactly the same as the year before, which is simply represented by creditors of £130,014 (whoever they may be). So the club is technically insolvent. Because the company is insolvent, I would have thought the accounting policies should include an explanation as to why the accounts have been prepared on a going concern basis, but they don't.

As at the 30th September 2010, our companys creditors looked like this:

Amounts falling due within one year: £372,433
Amounts falling due after one year: £14,012,516


All confirmed by auditors and we are a "going concern". And no explanation needed ta very much

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 10:08 am  

littlerich wrote:

As at the 30th September 2010, our companys creditors looked like this:

Amounts falling due within one year: £372,433
Amounts falling due after one year: £14,012,516


All confirmed by auditors and we are a "going concern". And no explanation needed ta very much

Don't matter how much you owe, tricky lad, it's the net position as well you know. Have you looked at Halifax's RL accounts? As I say no going concern explanation and the Accountant reported on ht accounts which wasn't necessary as the accounts are abbreviated. Never heard of the Accountant to be honest.

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 10:26 am  

Well, our net position is £14m in debt (albeit to our US parent company) and we're still a going concern. Staggering.

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 12:23 pm  

littlerich wrote:

Well, our net position is £14m in debt (albeit to our US parent company) and we're still a going concern. Staggering.

As long as your US parent company states they will not withdraw their financial support indeed you can be classed as a going concern. I wonder who our club's creditors of £130k are? Seeing that the amount of debt is the same as last year they must be "nice" ( ) creditors who don't want their money (yet!) .... the directors perhaps? But the likes of Bubba would argue it's money we owe for the rent!

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 12:48 pm  

We do indeed have an annual comfort letter which is requested by our auditors. I reckon the creditor is Hilda

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 6:01 pm  

littlerich wrote:

We do indeed have an annual comfort letter which is requested by our auditors. I reckon the creditor is Hilda

Nice to see your "job security" hinges on a piece of A4 paper saying the 14 million is ok, dicky

Re: Anyone else worried about the Cap??? : Sun Oct 02, 2011 6:32 pm  

It's been like that for nine years. I love that piece of A4 paper!! (Actually, it's not A4 - the yanks use weird paper sizes)

Mind you, I'm very talented so I'm sure I'd walk into another job lickety split.