SWFC late to file accounts again

[BARMYARMY2010]

7 minutes ago, billyblack said:

Why do i have to explain anything to you?

No, No, it's an explanation to others as well, you seem to be really, really angry about bits of paper not being filed, the question is why, the reason for them being filed  late was given, you've chosen to ignore it, and are just ranting angrily at.......... Well nothing really,it's not your company, its not your money and it certainly isn't your reputation on the line again. 

[billyblack]

1 minute ago, mkowl said:

Because the company has to assess whether it is a going concern for a period of 12 months from the date of signing the accounts.

 

The auditor has to assess that assessment of going concern.

 

The accountancy regulators have already issued detailed guidance for how auditors re-assess this with covid - which we know will impact football club revenues.

 

But that review will assess budgets for that 12 months henceforth, so relegation would reduce that by 6m so would be incredibly significant 

 

An auditor has to continually assess the company upto the date of signing the accounts.

 

So as you rightly say it does not directly impact the numbers but it absolutely impacts the finalisation process

How can it affect our budget for the past 12 months when we cant be relegated until now?

[Guest mkowl]

1 minute ago, daveyboy66 said:

Absolute nonsense banks do not insist on businesses forwarding accounts on time unless it means they will not get paid...and banks usually get paid first regardless.. Straws regardless at clutching methinks   

 

Yes they do, often a condition in any loan documents and you would be in breach of the covenants if accounts are filed late 

[billyblack]

Just now, BARMYARMY2010 said:

No, No, it's an explanation to others as well, you seem to be really, really angry about bits of paper not being filed, the question is why, the reason for them being filed  late was given, you've chosen to ignore it, and are just ranting angrily at.......... Well nothing really,it's not your company, its not your money and it certainly isn't your reputation on the line again. 

i dont have to explain myself to you or anybody else so just keep asking

[BARMYARMY2010]

Just now, billyblack said:

i dont have to explain myself to you or anybody else so just keep asking

OK angry man, you carry on with ya fake outrage. 

[billyblack]

Just now, BARMYARMY2010 said:

OK angry man, you carry on with ya fake outrage. 

Cheers i will. Its not fake though

Edited August 5, 2020 by billyblack

[Guest mkowl]

Just now, billyblack said:

How can it affect our budget for the past 12 months when we cant be relegated until now?

I said the auditor has to assess the Budget for the 12 months from the date of signing the accounts as part of its going concern review. So for the 12 months to 31st July 2021 

 

 

[BARMYARMY2010]

Just now, billyblack said:

Cheers i will

Fancy being that guy tho eh. 

[Guest]

Why would we file accounts until we know which accounts the ground sale can go into ?  Surely the appeal process needs to be settled first

 

 

[Guest mkowl]

3 minutes ago, Royal_D said:

Why would we file accounts until we know which accounts the ground sale can go into ?  Surely the appeal process needs to be settled first

 

 

I am still not convinced they would change them. This panel has no official power to change submitted accounts 

[billyblack]

18 minutes ago, mkowl said:

I said the auditor has to assess the Budget for the 12 months from the date of signing the accounts as part of its going concern review. So for the 12 months to 31st July 2021 

 

 

Ok yes i get that, but what has that got to do with the accounts for 2018/2019

[billyblack]

25 minutes ago, daveyboy66 said:

Absolute nonsense banks do not insist on businesses forwarding accounts on time unless it means they will not get paid...and banks usually get paid first regardless.. Straws regardless at clutching methinks   

 

hey daveyboy

 

Methinks you may have been wrong

 

 

[kobayashi]

2 minutes ago, Royal_D said:

Why would we file accounts until we know which accounts the ground sale can go into ?  Surely the appeal process needs to be settled first

 

 

Whilst the EFL can decide whether to accept or not accept the accounts for the purpose of the P&S calculation the accounts remain the sole responsibility of he Directors and the EFL have no authority to tell the Directors of SWFC what can or cannot be in their statutory accounts. 

[wellbeaten-the-owl]

24 minutes ago, mkowl said:

Because the company has to assess whether it is a going concern for a period of 12 months from the date of signing the accounts.

 

The auditor has to assess that assessment of going concern.

 

The accountancy regulators have already issued detailed guidance for how auditors re-assess this with covid - which we know will impact football club revenues.

 

But that review will assess budgets for that 12 months henceforth, so relegation would reduce that by 6m so would be incredibly significant 

 

An auditor has to continually assess the company upto the date of signing the accounts.

 

So as you rightly say it does not directly impact the numbers but it absolutely impacts the finalisation process

Not to mention even before covid auditors were having to look at going concern closer

[billyblack]

25 minutes ago, BARMYARMY2010 said:

No, No, it's an explanation to others as well, you seem to be really, really angry about bits of paper not being filed, the question is why, the reason for them being filed  late was given, you've chosen to ignore it, and are just ranting angrily at.......... Well nothing really,it's not your company, its not your money and it certainly isn't your reputation on the line again. 

.... Well nothing really,it's not your company, its not your money and it certainly isn't your reputation on the line again. 

 

As above, results shouldnt mean anything to you either. You have no vested interest so none of it matters really does it

[Chewy24]

30 minutes ago, daveyboy66 said:

Absolute nonsense banks do not insist on businesses forwarding accounts on time unless it means they will not get paid...and banks usually get paid first regardless.. Straws regardless at clutching methinks   

 

 

[wellbeaten-the-owl]

6 minutes ago, billyblack said:

Ok yes i get that, but what has that got to do with the accounts for 2018/2019

Because the auditors are looking at the period following signing the audit report, so if July 2019 accounts are signed July 2020 the auditors want reassurance and evedence on the company's finances / budgets / forecast for period from July 2020 forward

Edited August 5, 2020 by wellbeaten-the-owl

[Guest]

3 minutes ago, mkowl said:

I am still not convinced they would change them. This panel has no official power to change submitted accounts 

Interesting,  so all we’ve done is broke the EFL’ s rules ? Not particularly anything illegal ?  All this backdating accounts stuff had me thinking we’ve literally broken the law 

 

Over my head any of this to be fair , and fed up of discussing Over football !

[Guest mkowl]

3 minutes ago, billyblack said:

Ok yes i get that, but what has that got to do with the accounts for 2018/2019

It has no impact on the figures within the accounts.

 

However the process of finalising the accounts and the auditor signing their report they have to consider what has happened in the period since the year end date and the Budget for the next 12 months. 

 

So all that was happening with the EFL and indeed is still happening is highly relevant to the wording in the accounts on going concern

[Chewy24]

As MKowl says. Late filing of accounts can often result in a breach of financial covenants and thus make all debt repayable on demand. Whilst the club may not have any bank debt it still can reflect badly on how a business is managed. Banks often expect audited accounts to be filed within 270 days of the financial year end. Similar to when banks request any information from a customer. If it is not produced in a timely manner or even worse, if there is no response, the confidence in the management of said company is often thought to be weak.