BREAKING - Sheffield Wednesday under ANOTHER transfer embargo

[Guest Grandad]

4 minutes ago, hirstyboywonder said:

 

12 months.

9 months

 

[wellbeaten-the-owl]

Just now, Grandad said:

9 months

 

Usually 9 months but can apply for a 3 month extension due to covid so could be 12 months this year

[WBridgfordowl]

This is not simply a result of the pandemic or a mere technicality, it’s far more deep rooted. The club is being dreadfully mismanaged and is paying the price. It really isn’t difficult for a business to file its accounts in a timely fashion and yet we are incapable of doing so, year after year and let’s be honest here, no one will give a straight answer as to why. 
 

Covid has made things difficult financially, but accountants etc are still working. No one’s accounts are going took pretty, but that doesn’t excuse us not filing within the deadline. I hope I’m wrong but this may be the tip of a very big iceberg where the business and its finances are concerned. 
 

 

 

[Guest Grandad]

1 minute ago, wellbeaten-the-owl said:

Usually 9 months but can apply for a 3 month extension due to covid so could be 12 months this year

 

Which according to this we havent yet applied for

 

[33]

Well Run

[akbuk]

2 minutes ago, wellbeaten-the-owl said:

30 April unless we apply to use the government extension which would then be 31 July

Is that a day stipulated by the EFL, my companies accounting ended in the 28/02 each year which came about because of the date of incorporation,I can't imagine all clubs being incorporated on the same day, maybe this explains the EFL rules not being inline with the the latest Government advice

[wellbeaten-the-owl]

Just now, Grandad said:

 

Which according to this we havent yet applied for

 

 

Fed up with accounts being so topical with football, too close to my day job.

[Guest Grandad]

4 minutes ago, wellbeaten-the-owl said:

Usually 9 months but can apply for a 3 month extension due to covid so could be 12 months this year

 

The extensions were granted automatically - but you now have to apply.

 

You also have to apply before your filing date 

 

 

[Guest Grandad]

So - for example - Luton have already applied and thats why their filing date is 12 months after the accounting year.

 

[Plonk]

Not read the full thread so apologies if covered but....,

stoke have just recorded losses of 87 million but they are out because it’s not financial? WTAF? 

[Bluesteel]

The majority of clubs voted for these rules during the MM era but it was also because the alternative meant no PL solidarity money. Most clubs couldn’t afford to lose that but the few that could break those shackles are outnumbered. It’s the PL trying to close the shop

[Guest Grandad]

9 minutes ago, Plonk said:

Not read the full thread so apologies if covered but....,

stoke have just recorded losses of 87 million but they are out because it’s not financial? WTAF? 

I'd imagine Stokes problems due to FFP and cumulative losses (and not this administrative issue) will come during the summer

[Guest]

25 minutes ago, Grandad said:

9 months

 

 

Yes, my apologies, got mixed up between the companies house filing date and the company tax return filing date. 

Edited April 6, 2021 by Guest

[Guest]

10 minutes ago, Bluesteel said:

The majority of clubs voted for these rules during the MM era but it was also because the alternative meant no PL solidarity money. Most clubs couldn’t afford to lose that but the few that could break those shackles are outnumbered. It’s the PL trying to close the shop

 

Good point.

It's easy to say that the clubs should know what they are in for as they voted for these rules but that doesn't take into account what the alternatives to voting for this was. 

 

Putting 10 clubs under an embargo at the same time, whatever the reasons may be, suggests the rules aren't really having the impact that they were designed for. 

[Guest Grandad]

3 minutes ago, hirstyboywonder said:

 

 

Putting 10 clubs under an embargo at the same time, whatever the reasons may be, suggests the rules aren't really having the impact that they were designed for. 

^^ 

Exactly this

 

 

[Guest mrbluesky]

23 minutes ago, wellbeaten-the-owl said:

 

Fed up with accounts being so topical with football, too close to my day job.

How long you been working for Chansiri then?

[Sheff74]

3 hours ago, Grandad said:

Given the timing is around the time the EFL should be in receipt of the draft accounts (all clubs have to submit their projected losses and accounts before end of March) NOT FOR THIS SEASON, LAST SEASON, this is potentially even more worrying given we made a profit in the accounts after the adjustment of the stadium sale.

 

As it potentially means we lost even more money than we all assumed we would last season.

 

I very much doubt the embargo will be for THIS season - unless it is for the non-payment of players only. As the accounts for this season don't have to be with the EFL until March next year

 

Aren't our accounts due in July though?  I thought the extension to the reporting period that was granted 2 seasons ago has become permanent?

 

So on that basis, would the EFL have seen a draft of ours yet?

[Guest]

25 minutes ago, akbuk said:

Is that a day stipulated by the EFL, my companies accounting ended in the 28/02 each year which came about because of the date of incorporation,I can't imagine all clubs being incorporated on the same day, maybe this explains the EFL rules not being inline with the the latest Government advice

 

You can choose when your accounting year end date is. Most companies choose either the end of March/April to align to the financial tax year or the end of the calendar year. Some choose just to have a year-end around the month they were incorporated, some choose other reasons. Many football clubs have accounting year ends in May to align with the end of the football season.  

[Bluesteel]

7 minutes ago, Plonk said:

Not read the full thread so apologies if covered but....,

stoke have just recorded losses of 87 million but they are out because it’s not financial? WTAF? 

Im not sure they have published the accounts (could be wrong) but I think they would be subject to an action plan afterwards 

[Animis]

Bournemouth released their accounts last week stating they made a £60m pre-tax loss 2019-2020, and they don't appear to be on the list. However these things are calculated and assessed, it seems there's definitely one rule for one...