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palace99 New Mills 30 May 18 10.45am | |
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can't see why/how some people have downplayed this issue. It is a serious breach and one must question the running of the club. EVERY limited company must submit accounts within 9 months of year end. This rule is not new, it has been around for years. It will not be due to a simple admin error. Additionally, it is also a FA rule, and of course we are a member of the FA. So the club appears to be in breach of both company law and football rules. The fact that there has been no announcement from the club is both disappointing and worrying. Hopefully this can be sorted soon but it is likely there will be fines. The FA does have a financial regulations department so I suspect they will be onto this too.
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palace99 New Mills 30 May 18 10.48am | |
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Originally posted by bomber81
It can be quite common for a company who's accounts don't look great but are expecting improved results the following year to hold of filing the accounts until the subsequent years accounts are ready to file and then file both together not quite true Bomber - you can put a forward statement in the accounts to reflect stuff that has happened since the reporting end period however the accounting period is fixed as are the reporting deadlines
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CambridgeEagle Sydenham 30 May 18 10.56am | |
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Originally posted by palace99
can't see why/how some people have downplayed this issue. It is a serious breach and one must question the running of the club. EVERY limited company must submit accounts within 9 months of year end. This rule is not new, it has been around for years. It will not be due to a simple admin error. Additionally, it is also a FA rule, and of course we are a member of the FA. So the club appears to be in breach of both company law and football rules. The fact that there has been no announcement from the club is both disappointing and worrying. Hopefully this can be sorted soon but it is likely there will be fines. The FA does have a financial regulations department so I suspect they will be onto this too. It's not that serious. The fine is £1,500 max. Peanuts. There could be all sorts of reasons, including mundane ones such as negotiating over certain disclosures or accounting treatments with the auditors. Given the fine is so small companies who have complex accounting or disclosure matters who aren't listed regularly submit late in order to make sure they get it right! I'm not that concerned at this stage. They will file them eventually.
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bexleydave Barnehurst 30 May 18 11.08am | |
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Originally posted by CambridgeEagle
It's not that serious. The fine is £1,500 max. Peanuts. There could be all sorts of reasons, including mundane ones such as negotiating over certain disclosures or accounting treatments with the auditors. Given the fine is so small companies who have complex accounting or disclosure matters who aren't listed regularly submit late in order to make sure they get it right! I'm not that concerned at this stage. They will file them eventually. Forget about the fine for late filing; this has gone way beyond that. In five days a notice will be published in the London Gazette for a compulsory strike-off, which could result in our ceasing to exist in four months time. Is that a message we would wish to put out to those we may be seeking to do business with in the current transfer market?
Bexley Dave Can you hear the Brighton sing? I can't hear a ******* thing! "The most arrogant, obnoxious bunch of deluded little sun tanned, loafer wearing mummy's boys I've ever had the misfortune of having to listen to" (Burnley forum) |
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bomber81 Essex 30 May 18 11.20am | |
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Originally posted by palace99
not quite true Bomber - you can put a forward statement in the accounts to reflect stuff that has happened since the reporting end period however the accounting period is fixed as are the reporting deadlines I'm not saying the accounting period and filing deadline isn't fixed, although you can actually change your accounting period, what i am saying is some companies prefer to take the penalties in order to be able to file improved accounts shortly after, i have a few clients that have chosen to take this approach, it usually means there is something in the overdue accounts that they want gloss over. Once the first gazette notification is filed you usually have a couple months before the company is struck off.
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CambridgeEagle Sydenham 30 May 18 12.20pm | |
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Originally posted by bexleydave
Forget about the fine for late filing; this has gone way beyond that. In five days a notice will be published in the London Gazette for a compulsory strike-off, which could result in our ceasing to exist in four months time. Is that a message we would wish to put out to those we may be seeking to do business with in the current transfer market? They are only 2 months late. The £1,500 fine is for over 6 months late. If Companies House issue 3 notices before starting striking off proceedings, which gives the Company 3 months. This is nothing like a winding up order. I'd be amazed if the strike off noted on Companies House is anything to do with the accounts being late. I'd guess that perhaps CPFC 2010 is being restructured and they are going to form a new company for whatever reason. In last 6 months they've moved the registered address and satisfied a load of legal charges. Palace Midco UK (company set up to route Harris & Blitzer's investment into the club) has account overdue from 2016 and are now over 6 months late and no compulsory strike off is listed, but there is for Palace Holdo UK. Palace Midco UK owns CPFC 2010. I'm not particularly concerned by this at this point.
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Midlands Eagle 30 May 18 1.45pm | |
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Originally posted by CambridgeEagle
I'm not particularly concerned by this at this point.
It doesn't really matter if you are concerned or not but unfortunately other more important people including regulatory bodies and creditors will be concerned and that could have a detrimental effect on the club going forward as insurance limits will start to be withdrawn
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CambridgeEagle Sydenham 30 May 18 2.15pm | |
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Originally posted by Midlands Eagle
It doesn't really matter if you are concerned or not but unfortunately other more important people including regulatory bodies and creditors will be concerned and that could have a detrimental effect on the club going forward as insurance limits will start to be withdrawn
Parish is clearly not concerned as he's in New York living it up.
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Ginger Pubic Wig Wickham de L'Ouest 30 May 18 2.15pm | |
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For me (Clive), the later we leave it, the more I think we're hiding summat. From what Bexleydave says (which I didn't know), we'll see the numbers real soon anyway. Probably trying to renew Cabaye first :-)
If you want to live in a world full of kindness, respect and love, try to show these qualities. |
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robdave2k 30 May 18 2.48pm | |
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Originally posted by bexleydave
Forget about the fine for late filing; this has gone way beyond that. In five days a notice will be published in the London Gazette for a compulsory strike-off, which could result in our ceasing to exist in four months time. Is that a message we would wish to put out to those we may be seeking to do business with in the current transfer market? There's about as much chance of Palace being struck off as there is of me starting next season in goal.
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bexleydave Barnehurst 30 May 18 3.26pm | |
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Originally posted by CambridgeEagle
Parish is clearly not concerned as he's in New York living it up. And not concerned about any transfers either, no doubt.
Bexley Dave Can you hear the Brighton sing? I can't hear a ******* thing! "The most arrogant, obnoxious bunch of deluded little sun tanned, loafer wearing mummy's boys I've ever had the misfortune of having to listen to" (Burnley forum) |
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Midlands Eagle 30 May 18 3.30pm | |
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Originally posted by Ginger Pubic Wig
For me (Clive), the later we leave it, the more I think we're hiding summat. From what Bexleydave says (which I didn't know), we'll see the numbers real soon anyway. Probably trying to renew Cabaye first :-) The accounts that are overdue are for the year ended 30th June 2017 so anything connected to the expiry of contracts at 30th June 2018 is irrelevant
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