Thetownend.com

Noticed that Coventry face an embargo for failing to file accounts on time. Ours were also due yesterday and haven't been filed. More bad news?

Do we actually know the structure of our ownership at the momeent, did the new co buy Swindon Football Holdings Ltd or just buy the club from them?

Also is there and leeway in filing if you are mid takeover or within the due dilligence period?

Not with Companies House, I don't know if the accounts are submitted to the Football League with a budget for next season and this is what the issue with Coventry is, or if it's purely down to not having them filed.

There's no real reason they couldn't have been filed pre-takeover, now the takeover is complete it will only lead to more work for the accounts as the takeover, loan write offs and such will need disclosing (post-balance sheet events).

Hopefully it's just a case of Companies House taking a few days to acknowledge receipt of them.

I like to be optimistic, but it is possible.

We don't have a Finance Director, as such - so I would imagine that the filing would be the responsibility of the Financial Controller (Joanna Page?) reporting to the Chief Exec?  I'd have thought Nick Watkins would have made it a priority to complete the filing before clearing his desk.

Well we did have an FD, didn't we? Pretty sure that was Russell Backhouse's role - it certainly was when they first came in and don't remember him standing down in the meantime. He was on the board till the end. The same comment as per NW applies - i.e. surely he'd have had it all ready and made sure it was filed where it needed to be before standing down?

The FC has usually filed all of the documents. I guess the issue is who actually compiles them, we don't use external accountants anymore, or at least haven't for some years.

Accounts have now been filed, but not currently available to view from Cos House.

They'll probably be available for me to see from Tuesday or Wednesday, depending on when the database I use has them available. I'll do my usual geeky analysis and try to do a plain English version of the key points too.

An application for the holding company to be struck off has also been made. This would indicate the loans into and out of the holding company have been fully written off/paid up, though it may be the case some or all of it is transferred into newco (Seebeck 87).

Can you look at the charges against the club as well? Looks like one was (part) satisfied last week but four outstanding.

Which I guess maybe means some of the money owed directly by the club to Black is still outstanding?

Yes, it’s the debenture between the club and the holding company which has been fully satisfied. No evidence to suggest that the club doesn’t still owe Black and Arbib anything (4 outstanding charges), though it could  be the case these are satisfied and the documentation isn’t yet completed.

I expect the accounts will give us a more meaningful picture – I hope there is sufficient detail in the post-balance sheet events disclosed.

Boring Si.

It’s all fun and games when you’re sat in a bathtub full of beans for the Pudsey kids. But those beans have got to be paid for.

Having been a local football club secretary/treasurer for many years doing the balance sheet was a real pain at very local level so fair play to whoever sorts the Towns financials out!

Done is done, fam.

The umbungo hasn't even been lifted yet, so Morshead understands.

Sam Morshead ‏@SamMorshead_SA
For those asking, I'm not anticipating any loan signings this week.

David Haydon ‏@davehaydon1
@SamMorshead_SA still an embargo I beleive!

Morshead ‏@SamMorshead_SA
@davehaydon1 yep there is. Leftovers from previous regime. Should be sorted next week

Collins?

Bournemouth have made 7 staff redundant today according to Sam on twitter....

is one of them the nice lady that does their half time team talks?

I'm not surprised to hear that. Apparently Bournemouth have one the highest paid squads and managers in L1 history.

Makes you wonder why they came in for Ritchie and added to the wage bill.  Their blip also coincides with his arrival.  Who was playing at left back, he must be a bit peeved?

Their results have taken a turn for the worse since he started playing for them as well.

On Bournemouth: their first choice left-back Charlie Daniels got injured. They signed Seaborne on loan from Soton and played him there - until a centre-half got crocked at Franchise and they moved him across.

Originally Ritchie was meant to fill in at LB for a couple of games, then they signed Marcos Painter off Brighton. But he's played two games, been hauled off at HT twice and not even on the bench now. So Ritchie has been there by default. And played pretty well there to be honest.

Ritchie was turned inside out for one of the Orient goals on Saturday. Feel sorry for the guy, he's wasted at LB.

Bubble bursting there?

Hope so.

We should offer them 50k for Ritchie, help them out a bit.

Fuck Coventrys embargo I'm more concerned about ours, anyone know why we are under a transfer embargo, is it because of the 20K owed for Collins or because of the wage cap? or possibly both?

Are we under an embargo? KMac was talking about bringing players in.

Coventry in deep financial shit now, their deputy chairman resigning and now they face a real threat of insolvancy and according to the Coventry forum possible liquidation, bad times for them indeed.

http://www.bbc.co.uk/sport/0/football/21662024


The owners of the Ricoh have just doubled its profits as rumours of insolvancy increase.

http://www.coventrytelegraph.net/coventry-city-fc/coventry-city-fc-news/2013/03/05/ricoh-arena-owners-double-profits-92746-32925361/

We arent under an embargo.

Apparently so.

I saw that and the chairman was also speaking of getting players in, but Morshead has appeared to confirmed on twitter that we are sill under embargo from the last lot.

I know you werent speaking directly to me but may I interject with a comment please?

I have checked through the last 2 weeks of Sam Morsheads tweets and not once does he mention anything about an embargo on there, I think you could be either guessing that one or making it up.

Willing to be proved wrong though.

    Sam Morshead ‏@SamMorshead_SA

    For those asking, I'm not anticipating any loan signings this week.
    Expand
    12 hrs David Haydon David Haydon ‏@davehaydon1

    @SamMorshead_SA still an embargo I beleive!
    Expand

12 hrs Sam Morshead Sam Morshead ‏@SamMorshead_SA

@davehaydon1 yep there is. Leftovers from previous regime. Should be sorted next week
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10:00 p.m. - Mar 4, 2013 · Details

He did last night mate. I put it up on page 1 of this thread

I apologise I have looked and seen nothing.

It must be from the Collins transfer fee which I am sure will be settled.

it may just be paperwork and stuff from the takeover. I vaguely remember us having to wait a while once Black et al first took over, or something. Although I may have recalled that wrong.

carry on...

Not the end of the world if it is only a week, and it feels slightly more palatable off the back of a great win. No doubt MacDonald can now assess what he has a make his move next week, or just get on the phone to Phil Spencer to see what he has up his sleeve. Oh.

Just been reported that Bournemouth are considering administration.  Has the russian fucked off?

That's Tans at work, numbnuts.

Tans is a cunt. Shouldn't he be sliding down a pole somewhere, or playing with matches?

 :D

Fucking hell Steve haha

I'm having a bad day.

At least you still have your looks though eh Steve

so am i, someone reported the account and it is now blocked

That's true. I suddenly feel blessed.

The accounts were filed on deadline day, but are only abbreviated accounts (don’t have a profit and loss accounts attached). There’s no breakdown of how much last season cost us. This is standard practice and perfectly legal under the Companies Act 2006; in previous years we have over-disclosed information in the accounts.

There are few blanks I can fill in, but basically we nearly made a loss of nearly £3m last season and it's impossible to find out why from the abbreviated accounts.

Exciting :/

This deserves its own thread, when (if?) they release the full accounts.

It may be the case that they never are. Although a shareholder would be able to get hold of them.

I suggest it was due to:
Huge Management costs ... Paolo and his gang but the bonuses that would have been as a result of success.
Agents Fees and the cost of moving players on etc.
Would we have been entitled to a smaller piece of the TV money pie as a result of being in league 2?

And other stuff!