Re: Latest financial situation - all posts here : Mon Jul 02, 2012 5:11 pm
M@islebugs wrote:
Coulby in the League Express says the club owes(ed) 700k to HMRC with 450k overdue. In addition the club owe Andy Lynch money as well as other long creditors threatening action over long standing debts.
The club have recieved confirmation from the club's auditors of discrepancies in the 2010 accounts.
The club have recieved confirmation from the club's auditors of discrepancies in the 2010 accounts.
250k VAT on Odsal lease - as previously stated. Due 30/4, agreed mayment (before all this) by five monthly instalments.
250k tax on image rights, going back years, payable three annual instalments, first of which now likely to be overdue.
85-100k (depending on who you beleive) April PAYE due 22/5 never paid, triggering HMRC winding up proceedings.
85-100k (ditto) May PAYE due 22/6.
So that lot of figures, total approaching 700k, reconciles with what is already in the public domain. And, if so, you can surely add June's PAYE due 22/7 to that list? Maybe less VAT refunds due, since with little income I suspect the VAT is a current net refund situation?
It would have been unfair to Lynch to comment previously on him still being owed money. If I know what this was about, it would not be from the club.
Other creditors were all frozen a fair while ago, at the latest once the club was deemed to be insolvent which would be mid-March I guess.
That last one is the new one. These of course would be accounts the auditors signed a clean audit report on. Be interesting to see what transpires, and whether it is material or disingenuous comment or hindsight after the event from Coulby. If the former, then it will be squeaky bum time in quite a few offices I suspect?
There are doubtless those who would argue that the auditors, having issued a clean audit report despite the wording of the going concern note, which might have warranted an emphasis of matter in view of the accounting policy note on going concern, and only six months or so before the business fell over AFTER an exceptional £1,25m profit on sale of lease, may well have been pooing their pants for a while now?
