Hi Otis
Maybe they have to prove that they are operational for next season, as a requirement to the football league, going bust halfway through the season would cause immense havoc for the administration, so perhaps clubs need to prove they have the finance to operate properly in the coming Campagne. Just a thought
But according to the CT today, City remain in a transfer embargo and the club have said they cannot submit the accounts because they are unable to agree next year's budget because of the rent issue.
We are unable to file this year's accounts because we haven't agreed next year's budget?
Is that right?
:thinking about::thinking about:
But according to the CT today, City remain in a transfer embargo and the club have said they cannot submit the accounts because they are unable to agree next year's budget because of the rent issue.
We are unable to file this year's accounts because we haven't agreed next year's budget?
Is that right?
:thinking about::thinking about:
Can't submit them until such time as the auditors sign them off. The auditors cannot complete their audit until such time as there is a clear plan (or budget to go forward) The directors are duty bound to consider a period of at least 12 months from date of them signing the accounts in respect of the plan/budget going forward. The auditors have a responsibility to audit those budgets and assess whether the club is a going concern with sufficient financial backing before arriving at their conclusion . As it stands there is a stack of evidence that CCFC are not a going concern and very little that suggests it is. The auditors cannot even consider signing their report off with CCFC as a going concern because TF & SISU have no agreed plan forward
If the directors signed a set of accounts right now as a going concern with no budget or plan or future financial support and the auditors did like wise then both are likely to be committing a offence under the Companies Act and breaking audit regulations. Audited accounts are not just about a snap shot at the year ended.
Yes there is a due date (9 months after the year end) and yes Company House will extend time limit, but not indefinitely and there are fines for non submission which double up from last years
They could submit a set of accounts based on them not being a going concern but that would be business suicide.
First and foremost the accounts being filed at Company House is the issue - but the League has its own regulations for dealing with accounts etc.
Bottom line is yes Otis it is right
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