Dazzza
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« on: Monday, January 24, 2005, 22:28:00 » |
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Bit of interesting info on being wound up. If the company owes money, a creditor can ask the Court to wind it up. It will then be in 'compulsory liquidation'. The Court will appoint a 'Liquidator' to run the company's affairs. The Liquidator's main aim will be to use the company's assets to pay its creditors. The company will then be dissolved and struck off the Register of Companies. Any money left will go to the shareholders. It looks like things really are that close. In 9 days the club could become property of the appointed liquidators when it all becomes to late. |
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Whits
Morphined Up
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« Reply #1 on: Monday, January 24, 2005, 22:30:47 » |
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as soon as your in the hands of the liquidators your fooked, anything worth over a fiver is sold to make money
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Plays in midfield and his name is Tommy Miller,
signed him from Huddersfield his name is Tommy Miller,
first touch is average but his second is a killer,
heeeeeey Tommy Miller!
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Reg Smeeton
Walking Encyclopaedia
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« Reply #2 on: Monday, January 24, 2005, 22:41:58 » |
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Can we play Harry J and the Allstars......The Liquidator when the players come out on Sat......bit of class.
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Johno
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« Reply #3 on: Tuesday, January 25, 2005, 16:54:26 » |
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good idea but no.  well, apprantley it will be paid so we'll be fine. we have been 20 minutes away from liquidation... so not worried yet!  |
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mrs_spacey
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« Reply #4 on: Wednesday, January 26, 2005, 20:59:29 » |
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It doesn't make any sense. :?
The club's turnover is mostly ticket sales.
The ticket prices INCLUDE VAT and the club is merely collecting VAT to pay to Customs (less any deducticle VAT on expenses).
If you pay £15 for a ticket - £2.23 goes to the VATman and £12.77 to the club.
If you pay £23 for a ticket - £3.43 goes to the VATman and £19.57 to the club.
The more tickets they sell, the more VAT they collect - so, the fewer tickets they sell, the less VAT they collect!
Why have they been spending the VAT? They know they have to pay it.
£600K !!!! That's not a miscalculation it is impossible to miscalculate that amount. It can't be done. Well not easily because that's about 2 1/2 years worth.
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Reg Smeeton
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« Reply #5 on: Wednesday, January 26, 2005, 21:09:19 » |
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I would imagine that the money was used for paying wages etc, during the periods like the summer when there was no income, they then hoped the money could be made up from increased gate revenues as the King motivated squad mounted an assault on the top 2 places this season.
A reasonable plan on the surface with one obvious flaw.
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Dazzza
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« Reply #6 on: Wednesday, January 26, 2005, 21:17:09 » |
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VAT was calculated on previous years accounts (which the current board have yet to present to shareholders during for the past 3 years).
The club was in admin a couple of years back and was supposed to be running a tight ship so how or why they decided to project VAT amounts on previous years instead of calculating on income received is a mystery.
Can see the benefits of projecting VAT if you are a company with a healthy turnover with the assets to cover any shortfalls but at the last AGM the board claimed the club was losing around 500k a year.
Defies logic.
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mrs_spacey
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« Reply #7 on: Wednesday, January 26, 2005, 21:34:31 » |
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I understand what you are both saying - without a doubt cashflow will be tight in summer with only season ticket sales, superstore new shirt sales income (is that included?) and sponsorship coming in.
IF VAT is calculated on previous years accounts because turnover exceeds the limits for cash accounting it will then be paid in monthly instalments with a sweep-up payment at the end of the VAT year.
The figures just don't add up...
Assuming an average ticket price of say £18 (taking into account season tickets, junior and seniors tickets and kids prices etc)
The VAT on that is £2.68.
So for say 25 matches with a gate of 6,000 the annual VAT collected would be £402,000. Given the club has loads of overheads - deduct say (a not very generous) £100,000 from the VAT that needs to be paid over a year and you're left with £300k (ish).
So it looks as though we've not been paying for 2 years!! :shock:
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Johno
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« Reply #8 on: Wednesday, January 26, 2005, 21:39:46 » |
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its obvious you lot know too much!
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Sussex
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« Reply #9 on: Wednesday, January 26, 2005, 22:01:00 » |
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I understand what you are both saying - without a doubt cashflow will be tight in summer with only season ticket sales, superstore new shirt sales income (is that included?) and sponsorship coming in.
IF VAT is calculated on previous years accounts because turnover exceeds the limits for cash accounting it will then be paid in monthly instalments with a sweep-up payment at the end of the VAT year.
The figures just don't add up...
Assuming an average ticket price of say £18 (taking into account season tickets, junior and seniors tickets and kids prices etc)
The VAT on that is £2.68.
So for say 25 matches with a gate of 6,000 the annual VAT collected would be £402,000. Given the club has loads of overheads - deduct say (a not very generous) £100,000 from the VAT that needs to be paid over a year and you're left with £300k (ish).
So it looks as though we've not been paying for 2 years!! :shock: :shock: I'll have three from the top, two from the middle and one from the bottom please Carol. Da Da, Da Da, Da Da Da Da, Daaaaaaaaaaaa!!!!! |
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Reg Smeeton
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« Reply #10 on: Wednesday, January 26, 2005, 22:51:13 » |
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its obvious you lot know too much! I've always thought it is the Wiltshireman's historic duty to avoid payment to the exciseman.. |
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