| Company Accounts Overdue 13:27 - Jul 13 with 3938 views | tractorboy7777 |
Just noticed the club's company accounts are overdue by 2 weeks. Has anyone heard if there's a reason for this? |  |
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| Company Accounts Overdue on 16:23 - Jul 15 with 641 views | Pinewoodblue |
| Company Accounts Overdue on 19:21 - Jul 13 by PhilTWTD |
I asked about this and am told it's related to the Covid situation and not having resources to complete the return or auditors to verify. Apparently all above board and will be in by September 30th. |
A quick check with EFL Regis seems to suggest that requirements are different for a League one club compared to Championship. While a championship club has to file accounts with EFL by March of the following year League 1 and 2 clubs must file with the League by the date they have to file at company House which suggests the club are currently in breach of League regulations.
Cautionary note. I am not a bean counter. |  |
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| Company Accounts Overdue on 16:26 - Jul 15 with 639 views | PhilTWTD |
| Company Accounts Overdue on 16:23 - Jul 15 by Pinewoodblue |
A quick check with EFL Regis seems to suggest that requirements are different for a League one club compared to Championship. While a championship club has to file accounts with EFL by March of the following year League 1 and 2 clubs must file with the League by the date they have to file at company House which suggests the club are currently in breach of League regulations.
Cautionary note. I am not a bean counter. |
I assume there is going to be some leniency from the EFL on that front as I'm guessing all clubs at this level will be in a similar position with staff furloughed etc. |  | | |
| Company Accounts Overdue on 16:54 - Jul 15 with 607 views | JTRNB |
| Company Accounts Overdue on 15:48 - Jul 15 by PrideOfTheEast |
Where have they not been completely open? They've said to Phil that they'll be filed by the end of September which would be 3 months later than the extended deadline of 30 June.
The impact is what - a few hundred quid penalty. Doubt they're losing sleep. |
The accounts should have originally been filed by the end of March, the time extension for filing was introduced on 25th March. Unless there were already issues meaning the accounts would have been late, they should have been pretty much finalised 6 days before the deadline.
The delayed filing would require some adjustments to recognise the effect of Covid and shut-down, so yes there would be some additional work involved - but they have already had three months and are now saying that a further three are required, resulting in fines and red flags.
The fines may not be substantial for a first "offence" but add up across all the companies, you would think enough to warrant bringing someone back from furlough if that's the issue. |  | | |
| Company Accounts Overdue on 19:09 - Jul 15 with 579 views | TractorWood |
| Company Accounts Overdue on 19:21 - Jul 13 by PhilTWTD |
I asked about this and am told it's related to the Covid situation and not having resources to complete the return or auditors to verify. Apparently all above board and will be in by September 30th. |
Audit should have been done and dusted by the autumn last year with a March filing deadline. KPMG could smash our audit in 10 days max.
Weak. [Post edited 15 Jul 2020 19:10]
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| Company Accounts Overdue on 19:50 - Jul 15 with 559 views | Pinewoodblue |
| Company Accounts Overdue on 16:26 - Jul 15 by PhilTWTD |
I assume there is going to be some leniency from the EFL on that front as I'm guessing all clubs at this level will be in a similar position with staff furloughed etc. |
It would seem that late submission of accounts to EFL could result in an embargo on registering new players. | |
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