Accounts (14 Viewers)

[skybluetony176]

Wish I had a £1 for every time you've put that over the last few days. IIRC, there was no "fanfare", just a sentence saying they had been filed. Could be wrong, of course.

What are you going to spend your £2 on?

It wasn't just on the website IIRC ML was proudly announcing it on CWR beforehand. May have been the same interview when he announced his forum that never was.

 

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[oldfiver]

Cother

Don't think it is that
[h=4]The Cother brothers[/h] The first black players in Watford FC were the Cother brothers, Edwin and John, who began playing with the team in 1898. Their father was born in India and the two dark skinned brothers became widely known as 'Darkie'.
Edwin, the younger Cother, was frequently in trouble and his career was ruined by criminal convictions. He was described as a 'versatile footballer' and also played cricket. His last days were spent in the Watford and St Albans workhouses and he lies in a pauper's grave.
John was a beefy full-back and a great favourite of the Cassio Road crowd. He was employed by Watford Council and later became a programme seller at Vicarage Road.



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[steveecov]

What should I want the outcome of this to be for the most likes please chaps?

A. They file them on time and it's all ok
B. They fuck up yet again but we all get a good chance to moan on here
C. Other

Mother

 

[steveecov]

Don't know about the Cother brothers, but in tim and steve we've got the Smother Brothers.

 

[skybluetony176]

Nope, you're more than likely correct. Tony enjoys throwing around bullshit myths. Heaven knows why. He must just be on a constant wind up.

No bullshit or myths. It was announced on the clubs website last year that they would (for the first time in a while) be posting accounts on time. I can't recall the club ever announcing on the website before that they were going to do something that they're legally required to do, so yes it was a fanfare announcement. Just pointing out that they didn't do it this year, which actually is fine with me as they really shouldn't feel the need to make such a big thing about it but when they're now listed as overdue for some funny reason as a CCFC fan I'm concerned about it and what punishment it could bring from the FL. If you're not fine.

 

[SkyblueBazza]

It's not like the accounts are that difficult to put down on a spreadsheet either is it? Every penny spent in a business with a hedge fund as it's master is surely recorded? Likewise income. Both are mostly simple chunks too. Payments to players & staff...& tickets sold. It isn't rocket science.
All that information in this age is available at the touch of a button in any switched-on organisation - that's how those running it know how solvent they are & what their cash flow is.
There is no excuse - IMO the reason is manipulation of figures to suit the owner's best interest.

PUSB

 

[torchomatic]

At least a tenner.

Due to growing speculation and comment, Coventry City would like to confirm that it has successfully filed its accounts with Companies House inside the required deadline.
Read more at http://www.ccfc.co.uk/news/article/...ounts-280214-1389568.aspx#oTyFUwWiUKhVW3SY.99

Hardly a fanfare.

What are you going to spend your £2 on?

It wasn't just on the website IIRC ML was proudly announcing it on CWR beforehand. May have been the same interview when he announced his forum that never was.

 

[oldfiver]

No bullshit or myths. It was announced on the clubs website last year that they would (for the first time in a while) be posting accounts on time. I can't recall the club ever announcing on the website before that they were going to do something that they're legally required to do, so yes it was a fanfare announcement. Just pointing out that they didn't do it this year, which actually is fine with me as they really shouldn't feel the need to make such a big thing about it but when they're now listed as overdue for some funny reason as a CCFC fan I'm concerned about it and what punishment it could bring from the FL. If you're not fine.

I have said before - why do you not read the explanations already posted? Read tem and you will find there is no "funny reason"

 

[skybluetony176]

At least a tenner.

Due to growing speculation and comment, Coventry City would like to confirm that it has successfully filed its accounts with Companies House inside the required deadline.
Read more at http://www.ccfc.co.uk/news/article/...ounts-280214-1389568.aspx#oTyFUwWiUKhVW3SY.99

Hardly a fanfare.

We do that every year do we? Well the years that they are filed on time.

 

[Deleted member 5849]

Don't know about the Cother brothers.

He should at least give the site a reference

http://watfordjunction.org.uk/

(moving soon, mind you!)

 

[skybluetony176]

I have said before - why do you not read the explanations already posted? Read tem and you will find there is no "funny reason"

CH got it wrong? Happens alot to SISU doesn't it.

 

[torchomatic]

No but as the statement says they really only put something on the website because of speculation. Like this year, i guess.

We do that every year do we? Well the years that they are filed on time.

 

[skybluetony176]

No but as the statement says they really only put something on the website because of speculation. Like this year, i guess.

I look forward to reading that they were posted on time on the clubs website tomorrow then

 

[steveecov]

Good day to bury bad news.

 

[Tonylinc]

Oh for God's sake stop apologising for these cretins. Decent companies simply file their accounts as they are supposed to do. There is no need to announce it on any website.

 

[steveecov]

Torch couldn't spot decent company if sharing dinner for 2.

 

[Jack Griffin]

http://www.football-league.co.uk/global/section4.aspx

16 Clubs’ Financial Records

16.1 All Clubs shall keep their financial records in accordance with the provisions of The Football Association Rules and the Executive may arrange for an inspection of all such books.

16.2 Each Club shall submit a copy of its Annual Accounts (as defined in Regulation 16.3 below) to the Executive, but in any event:

16.2.1 by no later than 1st March following the end of the financial year to which those Annual Accounts relate (in the case of a Championship Club); or

16.2.2 by no later than the date on which the Club is required to file its accounts at Companies House (in case of League One and League Two Clubs).

16.3 For the purposes of this Regulation 16, Annual Accounts means the annual accounts in respect of the Club’s most recent financial year (such accounts to be prepared and audited in accordance with applicable legal and regulatory requirements) together with a copy of the directors’ report for that year and a copy of the auditors’ report (if any) on those accounts.

16.4 If the Club considers it appropriate, or the Executive so requests, the Annual Accounts required to be submitted in accordance with Regulation 16.2 shall relate to the Group of which the Club is a member.

16.5 Where a Club relies on any statutory and/or regulatory exemptions such that the Annual Accounts are either abbreviated in nature or unaudited the Club shall within 14 days of any request provide to the Executive such additional information as the Executive deem appropriate. Any information request will ordinarily be limited to information that would be disclosed if the Club was required to prepare annual accounts under the provisions of Section 396 of the 2006 Act and The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (as may be amended or replaced from time to time) other than the requirement to have an audit report prepared.

16.6 The Board shall have the powers set out in Regulation 16.7 if:

16.6.1 the Club has failed to submit to the Executive the Annual Accounts as required by Regulation 16.2;
the Club has failed to submit to the Executive Annual Accounts for the Group where requested by the Executive in accordance with Regulation 16.4; and/or

16.6.2 the Club has failed to submit to the Executive any additional information as required by Regulation 16.5, to the Board’s satisfaction.

16.7 The powers referred to in Regulation 16.6 are:

16.7.1 to require the Club to provide such further information as the Board shall determine and for such period as it shall determine; and

16.7.2 subject the Club to a registration embargo such that it shall not be permitted to register any Player with that Club without the prior written consent of the Executive until such time as the breach identified by Regulation 16.6 has been rectified in its entirety to the Board’s satisfaction.

16.8 Regulations 16.1 to 16.4 and Regulations 16.20 to 16.22 inclusive shall apply to all Clubs. Regulations 16.5 to 16.7 inclusive shall not apply to Championship Clubs and the remainder of this Regulation 16 shall apply to Championship Clubs in substitution of Regulations 16.5 to 16.7. To enable the Executive to apply Regulations 16.21 and 16.22 to all Clubs (as opposed to just Championship Clubs) each reference to ‘Championship Club’ in Regulations 16.16 to 16.20 inclusive shall be deemed to read ‘Club’ for that purpose (but not otherwise).

16.9 The Annual Accounts for a Championship Club must, in addition to the requirements of Regulation 16.3:

16.9.1 be accompanied by an auditors’ report and a directors’ report;

16.9.2 include separate disclosure within the balance sheet or notes to the Annual Accounts, or by way of supplementary information separately reported on by its auditors by way of procedures specified by the Executive, of the total sums payable and receivable in respect of Transfer Fees, Compensation Fees, Loan Fees and any subsequent payments which become due under the terms of any transfer; and

16.9.3 include a breakdown within the profit and loss account or the notes to the accounts, or by way of supplementary information separately reported on by its auditors by way of procedures specified by the Executive, of revenue in appropriate categories such as gate receipts, sponsorship and advertising, broadcasting rights, commercial income and other income.

16.10 If the auditors’ report on the accounts submitted pursuant to Regulation 16.9 contains anything other than an unqualified opinion without modification, the Championship Club shall at the Executive’s request submit such further documentary evidence as the Executive shall require (including but not limited to Future Financial Information).

16.11 If the Annual Accounts of a Championship Club (or, if applicable, the Group) submitted pursuant to Regulation 16.2 (and 16.4 as applicable) are prepared to a date prior to 30th November in the Season of submission, such Club or Group shall by the following 31st March submit to the Executive interim accounts covering the period commencing from its accounting reference date and ending on a date between the following 30th November and 1st March.

16.12 The interim accounts shall:

16.12.1 comprise a balance sheet, a profit and loss account, a cash flow statement and relevant explanatory notes;

16.12.2 be prepared in accordance with the accounting principles adopted in the preparation of the Championship Club’s Annual Accounts;

16.12.3 be presented in a similar format to the Annual Accounts including as regards the matters set out in Regulation 16.9;

16.12.4 include in the profit and loss account and cashflow statement comparative figures for the same period in the preceding year;

16.12.5 include a balance sheet as of the end of the preceding financial year;

16.12.6 be approved in writing by the board of directors of the company to which they relate; and

16.12.7 be reviewed or audited in accordance with applicable regulatory requirements.

16.13 Regulation 16.10 shall apply to the interim accounts (with appropriate modification) if the auditors have issued anything other than an unqualified opinion without modification on them.

16.14 Each Club must by 7th April in each Season provide evidence to The League to confirm that, subject to Regulation 16.15.2:

16.14.1 it has satisfied all Transfer Fee, Compensation Fee, Loan Fee or subsequent payments which had by the 31st December (Relevant Date) become due under the terms of any transfer; and

16.14.2 it had as at the Relevant Date paid all sums due and payable to or in respect of an employee employed during the relevant calendar year (including national insurance contributions and income tax deducted under the ‘pay as you earn’ system).

16.15 For the purpose of Regulation 16.14:

16.15.1 ‘employee’ means any of the following:

(a) a Player;
(b) the Manager;
(c) the Official responsible for running the daily business of the Championship Club with the support of a sufficient number of administrative staff in suitable and appropriately equipped offices, who can be contacted during normal office hours;
(d) the Official who shall hold a nationally recognised qualification as an accountant or auditor, or who has sufficient experience to demonstrate their competence as such, who shall be responsible for the Championship Club’s finances;
(e) the press or media officer (holding a nationally recognised qualification in journalism or who has sufficient experience to demonstrate their competence as a press or media officer);
(f) the Academy Manager (appointed in accordance with Youth Development Rule 51);
(g) the Team Doctor (appointed in accordance with Regulation 35.2);
(h) the Senior Physiotherapist (appointed in accordance with Regulation 35.3); and
(i) the Championship Club’s safety officer;

16.15.2 an amount overdue as at the Relevant Date shall not be treated as such if by the following 31st March it has been paid or the date for payment has been extended by means of a written agreement with the creditor or it is the subject of current litigation or arbitration proceedings or has been submitted to a dispute resolution procedure of the League, the Football Association, the Premier League, UEFA or FIFA.

16.16 By 31st March in each Season, each Championship Club shall submit to the Executive in respect of itself (or if the Championship Club considers it appropriate or the Executive so requests in respect of the Group of which it is a member) future financial information (‘Future Financial Information’) comprising projected profit and loss accounts, cash flow, balance sheets and relevant explanatory notes commencing from its accounting reference date or, if it has submitted interim accounts pursuant to Regulation 16.11, from the date to which those interim accounts were prepared and expiring on the next accounting reference date after the end of the following Season. The projected profit and loss accounts, cash flow and balance sheets shall be prepared at a maximum of six-monthly intervals.

 

[Jack Griffin]

16.17 The Future Financial Information shall:

16.17.1 be prepared in accordance with the accounting principles adopted in the preparation of the Championship Club’s annual accounts (except where the accounting principles and policies are to be changed in the subsequent annual accounts, in which case the new accounting principles and policies should be followed);

16.17.2 be approved in writing by the board of directors of the company to which they relate;

16.17.3 include in the explanatory notes thereto principal assumptions and risks; and

16.17.4 include for comparison profit and loss accounts for the period covered by the Annual Accounts and
interim accounts submitted pursuant to Regulation 16.2 and 16.11, a forecast for the current financial year and a balance sheet as at the date of the interim accounts submitted pursuant to Regulation 16.11.

16.18 Each Club relegated into the Championship from the Premier League shall by 30th June in the years of its relegation submit to the Executive:

16.18.1 copies of the documents and other information that it would have been required to submit to the Executive pursuant to Regulations 16.2, 16.11 and 16.14 by 7th April in that calendar year had it then been a Championship Club;

16.18.2 Future Financial Information commencing from 1st August in the year of its promotion and expiring at the Club’s next accounting reference date after the end of the following season; and

16.18.3 any further documentary evidence required pursuant to Regulations 16.10 and 16.13.

Each Club promoted into the Championship from League One shall comply with this Regulation 16.18 by 31st July in the year of its promotion.

16.19 The Executive shall have the powers set out in Regulation 16.20 if:

16.19.1 the Championship Club has failed to submit to the Executive annual accounts as required by Regulation 16.2 and 16.3; or

16.19.2 the Championship Club has failed to submit to the Executive interim accounts as required by Regulation 16.11; or

16.19.3 the Championship Club has failed to submit to the Executive the Future Financial Information as required by Regulation 16.16; or

16.19.4 the Executive has asked the Championship Club to submit further documentary evidence pursuant to Regulation 16.10 or Regulation 16.13 and the Championship Club has failed to do so; or

16.19.5 the Championship Club has failed to provide the evidence set out in Regulation 16.14 or the Executive is satisfied that (subject to Regulation 16.15) sums of the kind set out in Regulation 16.14 were overdue as at the preceding Relevant Date;

16.19.6 the auditors’ report on the Annual Accounts or interim accounts of the Championship Club or the Group submitted pursuant to Regulation 16.2 (and Regulation 16.4 as applicable) and Regulation 16.11 respectively contains anything other than an unqualified opinion without modification; or

16.19.7 a newly promoted or relegated Championship Club has failed to submit to the Executive the financial information as required by Regulation 16.18;

16.19.8 as a result of its review of all the documents and information submitted by the Championship Club pursuant to Regulations 16.2 to 16.18, and having taken into account any failure of the Championship Club to supply any such documents or information, in its reasonable opinion it determines that the Championship Club will not over the course of the following Season be able to:

(a) pay its liabilities to the creditors listed in Article 80.1 of the League’s articles of association and to any foreign Transferor Club (in so far as they are or will become creditors of the Championship Club) and to its employees as they fall due; or
(b) fulfil its obligations to play fixtures under the jurisdiction of the League; or
(c) be able to provide such rights, facilities and services as are required to enable the League to fulfil its commercial and broadcasting contracts.

16.20 The powers referred to in Regulation 16.19 are:

16.20.1 to require the Championship Club to submit, agree and adhere to a budget which shall include, but not be limited to, Transfer Fees, Compensation Fees, Loan Fees or subsequent payments which become due under the terms of any transfer, players’ remuneration and fees payable to Agents;

16.20.2 to require the Championship Club to provide such further information as the Executive shall determine and for such period as it shall determine;

16.20.3 to refuse any application by that Championship Club to register any Player or any new contract of an existing Player of that Club if the Executive reasonably deems that this is necessary in order to secure that the Championship Club complies with its obligations listed in Regulations 16.19.8(a) to 16.19.8(c).

16.21 If any Person proposes to acquire Control of a Club:

16.21.1 the Club shall submit to the Secretary up to date Future Financial Information prepared to take into account the consequences of the change of Control on the Club’s future financial position as soon as reasonably practicable prior to the change of Control or, if such submission is not reasonably practicable prior to the change of Control, no later than 10 Normal Working Days thereafter; and

16.21.2 the Executive shall have the power to require the Person who proposes to acquire or has acquired Control to appear before it and to provide evidence of the source and sufficiency of any funds which that Person proposes to invest in or otherwise make available to the Club.

16.22 If the Executive determines, in its reasonable opinion, and having considered any information provided to it pursuant to Regulation 16.21, that the Club will not be able to fulfil its obligations as set out in Regulations 16.19.8(a) to 16.19.8(c), then the Executive shall have the powers set out in Regulation 16.20.

 

[Nick]

Oh for God's sake stop apologising for these cretins. Decent companies simply file their accounts as they are supposed to do. There is no need to announce it on any website.

Surely this thread shows there is?

 

[Tonylinc]

Surely this thread shows there is?

No there is not. The only reason that it was announced on the website was because of "speculation". Why was there speculation.......because they are dodgy. As I said a decent company would have absolutely no need to resort to a website. Did we hear of this sort of thing before the cretins arrived????? NO

 

[covmark]

The Tony's and council Jack were funnily enough absent from yesterdays match thread. As soon as a bit of a Sisu bash comes up they're all over it.
Interesting.

 

[Sky Blues]

To those arguing they might appear next week once processed, I ask: Do the accounts need to be filed on February 28 or by February 28? Is it normal business practice to wait until the very last moment to file accounts?

 

[skybluetony176]

Surely this thread shows there is?

If the club filed it's accounts like it's legally required too every year threads like this wouldn't happen in the first place thus eliminating the need to announce on your web site on the rare occasion you do submit them on time. But we all knew you'd turn it onto the people who are concerned rather than the people causing the concern.

 

[Nick]

If the club filed it's accounts like it's legally required too every year threads like this wouldn't happen in the first place thus eliminating the need to announce on your web site on the rare occasion you do submit them on time. But we all knew you'd turn it onto the people who are concerned rather than the people causing the concern.

I haven't turned it on anybody.

People make a big deal about them not being filed or the risk of them not, they put out an announcement to say they are filed, people make a big deal about them making an announcement about it to clear it up.

 

[Tonylinc]

The Tony's and council Jack were funnily enough absent from yesterdays match thread. As soon as a bit of a Sisu bash comes up they're all over it.
Interesting.

Perhaps that is because we were all at the game?????

 

[skybluetony176]

The Tony's and council Jack were funnily enough absent from yesterdays match thread. As soon as a bit of a Sisu bash comes up they're all over it.
Interesting.

It's got more to do with a potential transfer embargo than"SISU" bashing. You may have missed it but we have a new manager about to arrive who may want to bring some players in so we don't end the season in a relegation dog fight or worse.

PS stop stalking me. I've told you before I'm not interested.

 

[duffer]

It doesn't seem like great business practice leaving it as late as possible before filing, but it's hardly unique as I recall - it could well be the usual last-minutery that SISU seem to enjoy, and they are actually at Companies House now.

Having said that, I also wouldn't be surprised if Otium are late filing; I can't see that they'll be worried about a transfer embargo and everything about SISU's business practices seems designed to be as obscure and frustrating as possible.

When they are filed, my prediction is the following:

Low turnover, reduction in player's salaries, and increase in debt to another part of the SISU empire. I'll be amazed if they really show that we're cash-flow neutral. There will also be something vague about progress on a new ground.

 

[skybluetony176]

I haven't turned it on anybody.

People make a big deal about them not being filed or the risk of them not, they put out an announcement to say they are filed, people make a big deal about them making an announcement about it to clear it up.

You're doing it again. "people" do this, "people" do that. It's not about what the "people" do, it's about what "SISU" do.

I'll say it again. If the accounts were filled on time year in year out as they're required to there wouldn't be a need for any of this. That's down to SISU not the "people".

 

[Deleted member 5849]

I'll be amazed if they really show that we're cash-flow neutral.

In their 'defence', these aren't the accounts that's supposed to refer to, mind you.

 

[stupot07]

How long does it take for them to put it on their website?


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[duffer]

In their 'defence', these aren't the accounts that's supposed to refer to, mind you.

Aren't we talking about Otium here?

 

[Deleted member 5849]

Aren't we talking about Otium here?

Yup, they won't show the Wilson transfer fee, nor the bonus season ticket sales from the move back, will they?

And they'll be why, for a brief halcyon moment, we were cash flow neutral.

 

[stupot07]

Yup, they won't show the Wilson transfer fee, nor the bonus season ticket sales from the move back, will they?

And they'll be why, for a brief halcyon moment, we were cash flow neutral.

They'll have the arsenal money and clarke transfer. I can't wait to see what the wage bill was, given the squad we had last season, I think it's going to show that we're grossly overpaying people


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[duffer]

Yup, they won't show the Wilson transfer fee, nor the bonus season ticket sales from the move back, will they?

And they'll be why, for a brief halcyon moment, we were cash flow neutral.

Good point - I hadn't thought about the period covered. It's been ages since I had to submit accounts, isn't it something like nine months after the close of the financial year - in which case we're talking Jun 13 to May 14 (ish) off the top of my head. The Northampton period won't tell us much I'd guess...

 

[duffer]

You're doing it again. "people" do this, "people" do that. It's not about what the "people" do, it's about what "SISU" do.

I'll say it again. If the accounts were filled on time year in year out as they're required to there wouldn't be a need for any of this. That's down to SISU not the "people".

They may have been filed, before we all get too excited...