Dom Howson ‘SWFC are under embargo’

[Freshfish]

Look, I know you might all find it difficult to understand but sorting out the financial mess and filing accounts is no easy job, given the current difficulties ...

 

 

 

 

 

 

 

 

 

[i used to be sc_owl]

We are an absolute embarrassment of a club.

[HarrowbyOwl]

Hard to know exactly what the problem is with the accounts. The EFL rules seem clear enough:

16.2  Each Club shall submit a copy of its Annual Accounts (as defined in Regulation 16.3 below) to The League, but in any event:

16.2.1  by no later than 1 March following the end of the financial year to which those Annual Accounts relate (in the case of a Championship Club); or

16.2.2  by no later than the date on which the Club is required to file its accounts at Companies House (in case of League One and League Two Clubs).

So as far as 16.2.2 is concerned we seem to be in the clear. The earlier requirement for Championship clubs is related to reporting requirements under the Championship P&S rules, which don’t apply to us any more. Or are there complex transitional rules for newly relegate clubs?

 

[Growl67]

Anybody else think that the EFL will be all over the accounts like a rash once again? Filing them late again is like putting a big red exclamation mark on the file with a note to the auditor that says. "Double check!"

[nbupperthongowl]

Just now, HarrowbyOwl said:

Hard to know exactly what the problem is with the accounts. The EFL rules seem clear enough:

16.2  Each Club shall submit a copy of its Annual Accounts (as defined in Regulation 16.3 below) to The League, but in any event:

16.2.1  by no later than 1 March following the end of the financial year to which those Annual Accounts relate (in the case of a Championship Club); or

16.2.2  by no later than the date on which the Club is required to file its accounts at Companies House (in case of League One and League Two Clubs).

So as far as 16.2.2 is concerned we seem to be in the clear. The earlier requirement for Championship clubs is related to reporting requirements under the Championship P&S rules, which don’t apply to us any more. Or are there complex transitional rules for newly relegate clubs?

 

If you play by the rules.... rather than set your own

[0742]

5 hours ago, @owlstalk said:

Wednesday are still under an embargo because of the late filing of their 2019/20 accounts. It is not do with the unpaid player wages. 
 

The embargo has held up their transfer plans.

 

They have missed out on a few players but Moore and the recruitment team are getting on with the task in hand.

 

It is far from ideal but there is nothing they can do about the embargo.

 

All they can do is keep putting in the calls and concentrate on the here and now.

 

Moore and the recruitment team are working hard behind the scenes to line up new signings.

 

I know they have spoken to a number of players but they are restricted in what they can do because of the embargo.

 

 

"It is far from ideal but there is nothing they can do about the embargo."

 

This bit infuriates me, it insinuates that what needs to be done is not within the clubs grasp. Yet all they need to do is file the accounts, which is a basic requirement for a company! 

[Guest Grandad]

4 minutes ago, HarrowbyOwl said:

Hard to know exactly what the problem is with the accounts. The EFL rules seem clear enough:

16.2  Each Club shall submit a copy of its Annual Accounts (as defined in Regulation 16.3 below) to The League, but in any event:

16.2.1  by no later than 1 March following the end of the financial year to which those Annual Accounts relate (in the case of a Championship Club); or

16.2.2  by no later than the date on which the Club is required to file its accounts at Companies House (in case of League One and League Two Clubs).

So as far as 16.2.2 is concerned we seem to be in the clear. The earlier requirement for Championship clubs is related to reporting requirements under the Championship P&S rules, which don’t apply to us any more. Or are there complex transitional rules for newly relegate clubs?

 

The accounts the EFL are waiting for are the season before - not last seasons accounts when we were relegated.

So you'd imagine we would be treated as a Championship club

[fatzooma]

He knows the consequences so why??

got to be more to it..up to no good?

 

Not for me to say of course

[Manwë]

9 minutes ago, Growl67 said:

Anybody else think that the EFL will be all over the accounts like a rash once again? Filing them late again is like putting a big red exclamation mark on the file with a note to the auditor that says. "Double check!"

 

Maybe, maybe not.

 

How difficult, really, is it for a club/business to employ an accountant, accurately detail their incomings, their outgoings, and their assets once every 12 months?  If a business is unable to achieve this rather simple task, then how does the position it's in when making purchases or whatever?

 

Wednesday employ close to 300 people, it's not a one-man band.

[fatzooma]

Ground purchased then free fall through the leagues....I’m no expert which I’m sure will be pointed out..but..

[areNOTwhatTHEYseem]

19 minutes ago, 0742 said:

"It is far from ideal but there is nothing they can do about the embargo."

 

This bit infuriates me, it insinuates that what needs to be done is not within the clubs grasp. Yet all they need to do is file the accounts, which is a basic requirement for a company! 

 

I read it as referring to Moore and the recruitment team.

 

They have missed out on a few players but Moore and the recruitment team are getting on with the task in hand.

 

It is far from ideal but there is nothing they can do about the embargo.

[HarrowbyOwl]

18 minutes ago, Grandad said:

The accounts the EFL are waiting for are the season before - not last seasons accounts when we were relegated.

So you'd imagine we would be treated as a Championship club

It’s the accounts to July 2020 that are still not filed, when we were still Championship. But the League 1 reporting rule says accounts to EFL are due in the year following, at the time they are due at Companies House - July 2021. So whats’s the promble?

[bigdan2003]

Is…is this the good news?? 

[prowl]

2 hours ago, Beauchief Owl said:

Get new accountants. They've had months to sort this out. If they can't get the accounts done on time, even with an extended deadline, then what use are they?

It's probably not the accountants who are the problem. More likely DC won't let them submit the accounts because they would show we are broke. He needs to be able to fund outstanding overdue debts before he can promnise to cover any shortfall that may occur next season.

 

I do have a bit of sympathy because no one foresaw covid. BUT other clubs are managing and we wouldn't be in this situation if he hadn't wasted so much money.

 

We are where we are, now it's just waiting to see if he can sort things out, sell us or if we go into admin.

[Guest Grandad]

16 minutes ago, HarrowbyOwl said:

It’s the accounts to July 2020 that are still not filed, when we were still Championship. But the League 1 reporting rule says accounts to EFL are due in the year following, at the time they are due at Companies House - July 2021. So whats’s the promble?

Because we were still a Championship club when the rules said they had to be there March 1st - which presumably is why we are embargoed

[daveyboy66]

58 minutes ago, HarrowbyOwl said:

Hard to know exactly what the problem is with the accounts.

We know what's wrong with the accounts DC used the 30th July deadline that was decided on during the pandemic...that shouldn't be the reason not to have the accounts ready before then JUST in case the EFL might decide to embargo any team that didn't file them at the correct time. Given how the EFL have dealt with us previously I would have thought that was the reason to make sure it didn't happen so we couldn't be left in the mess we're in now. Mind you that would take forethought and planning so it was never on the cards anyway FFS

[Sham67]

6 hours ago, @owlstalk said:

Wednesday are still under an embargo because of the late filing of their 2019/20 accounts. It is not do with the unpaid player wages. 
 

The embargo has held up their transfer plans.

 

They have missed out on a few players but Moore and the recruitment team are getting on with the task in hand.

 

It is far from ideal but there is nothing they can do about the embargo.

 

All they can do is keep putting in the calls and concentrate on the here and now.

 

Moore and the recruitment team are working hard behind the scenes to line up new signings.

 

I know they have spoken to a number of players but they are restricted in what they can do because of the embargo.

 

 

Got to say it’s more than annoying that we’re in an embargo yet again for the same reason.  DC’s inability to learn from his mistakes is the main reason I want him out of the club.

[Guest Hornsby]

2 hours ago, Manwë said:

Happy to be corrected, but the Sheffield 3 Ltd accounts are overdue I believe.  Only a few days, but still they are overdue.

Oh year forgot about that, 21 June I recall.

 

Have a Co House watch list for when submitted. Don't hold yer breath.

[nbupperthongowl]

1 hour ago, areNOTwhatTHEYseem said:

 

I read it as referring to Moore and the recruitment team.

 

They have missed out on a few players but Moore and the recruitment team are getting on with the task in hand.

 

It is far from ideal but there is nothing they can do about the embargo.

Does this intimate that we wanted to pay a fee, or pay the player more than £12k p.w. which I think the embargo stipulates you can't do

 

Or is it just a smokescreen for the wages issue

 

[Spuddy01]

Cheers Chancer, you incompetent moron! 

 

Do us all favour and please fizz off!!!