Jump to content

Kieran Maguire on Sheffield Wednesday accounts


Recommended Posts

2 hours ago, swfc1983 said:

Suppose it’s a sign of modern football that fans get so hung up on club accounts nowadays...games become governed by money, profit and loss. Remember the good old days when all you were bothered about was how many Hirst was gonna smash in that weekend?

Bring em back I say.

It's only since our chairman got us into all this financial mess that people have started to get interested in this subject matter.

  • Like 1
Link to comment
Share on other sites

10 minutes ago, kirksandallowl said:

What is the point of this tweet, who is it for?

 

everybody who needs to know about whether we’ve filed out accounts or not, already knows. 

 

"Wait. What? We haven't filed the accounts?"

:Chansiri:

  • Haha 2
Link to comment
Share on other sites

Perhaps the auditors printer has run out of paper or summat.

 

I always suspect the reason is a technicality and the auditors making sure all the t's are dotted and i"s crossed 

Link to comment
Share on other sites

28 minutes ago, Manwë said:

Anyone noticed that as soon as the transfer window closed, Jeff Bezos left Amazon to concentrate on new projects?

 

That's probably why the accounts are running late.

Going to turn Hillsborough in to a distribution warehouse 

Link to comment
Share on other sites

It depends upon what communications are taking place between SWFC and Companies House/HMRC. There can be many reasons why accounts are justifiably late and shouldn't raise the alarm. Investors would need detailed clarification if they were buying shares in a business but not necessarily put off by it.

 

Not paying wages is the more serious event as it suggests that the company is insolvent under the 'ability to pay bills as and when they fall due' liquidity test. As the business doesn't now own its own assets, the stadium, it could also be subject to a Balance Sheet test where the liabilities are considerably greater than the assets owned to secure the debt. There is also a sunshine clause where it might appear to be irretrievable under these first tests but there is light at the end of the tunnel (sunshine test) which could rescue the situation. The introduction of more funds or a sale of the business can been seen as the light at the end of the tunnel.

 

So, to publish accounts that fail the first two tests may trigger any one of the creditors to make SWFC insolvent and put it in administration. Not publishing if there is light at the end of the tunnel works for SWFC and HMRC.

 

It could also be that DC is poo at running a business and it's just symptomatic of the mess...

 

Can somebody pay me £250 for this info please...?

Link to comment
Share on other sites

Guest Hornsby
1 hour ago, toooldforthis said:

It depends upon what communications are taking place between SWFC and Companies House/HMRC. There can be many reasons why accounts are justifiably late and shouldn't raise the alarm. Investors would need detailed clarification if they were buying shares in a business but not necessarily put off by it.

 

Not paying wages is the more serious event as it suggests that the company is insolvent under the 'ability to pay bills as and when they fall due' liquidity test. As the business doesn't now own its own assets, the stadium, it could also be subject to a Balance Sheet test where the liabilities are considerably greater than the assets owned to secure the debt. There is also a sunshine clause where it might appear to be irretrievable under these first tests but there is light at the end of the tunnel (sunshine test) which could rescue the situation. The introduction of more funds or a sale of the business can been seen as the light at the end of the tunnel.

 

So, to publish accounts that fail the first two tests may trigger any one of the creditors to make SWFC insolvent and put it in administration. Not publishing if there is light at the end of the tunnel works for SWFC and HMRC.

 

It could also be that DC is poo at running a business and it's just symptomatic of the mess...

 

Can somebody pay me £250 for this info please...?

May have trouble finding an ethical auditor after what panel said Chansiri did to last lot. 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...