SUFC Acocunts Overdue

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  • #265517
    fans6464
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    Registered On: February 14, 2015
    Topics: 407

    ” supposed to be Quibell Park” Rumour or fact?
    “Swann was being an arse and not sorting out things that he should have sorted out for the sale to go ahead.” Proof or accusations?
    Stop living between the lines Burney

    #265528
    FerriteFerrite
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    Topics: 98

    ‘the seller then moved the goal posts.’

    Evidence? Some are keen to request evidence when it suits. Where’s the evidence for this? Someone saying it at a closed shop forum, and not publishing it after the event doesn’t count as evidence btw.

    WG does seem to be the most wonderfully credulous person on the internet.

    #265554
    SODIronSODIron
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    Topics: 21

    Anyhoo…getting this back on track; As of 11AM 5th July the accounts are *still* overdue:

    https://find-and-update.company-information.service.gov.uk/company/00123622

    #265555
    fans6464
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    Topics: 407

    I wish I’d said credulous

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    #265616
    mistertonmickmistertonmick
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    It was a administration oversight and should show on Company House in a couple of days, according to Radio Humberside

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    #265619
    cassidystashcassidystash
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    I wish I’d said credulous

    But not acocunts?

    #265625
    Interested BystanderInterested Bystander
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    It was a administration oversight and should show on Company House in a couple of days, according to Radio Humberside

    And still they keep rolling off the tongue!

    1) The club applied for an extension to the filing deadline.

    2) Hilton discussed the accounts and the filing of the same in an interview he did which was released by the club on 02/04/23. Hilton said that the accounts would be filed W/C 03/04/23.

    3) At the fans’ forum on 17/05/23, the filing of the accounts was discussed.

    4) There have been umpteen discussions on this forum when the accounts were not filed W/C 03/04/23 (as promised) that would act as a reminder to Hilton.

    It’s a shame that Radio Humberside didn’t ask Hilton why the accounts for his own business, Maxwell Cohen Ltd are 15 months overdue. Perhaps another administrative oversight, eh!

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    #265674
    SODIronSODIron
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    As of 12:37PM 6th July the accounts are *still* overdue:

    https://find-and-update.company-information.service.gov.uk/company/00123622

    #265676
    mistertonmickmistertonmick
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    Topics: 101

    He said yesterday it would be a couple of days Darren

    #266010
    sufc.not.on.toursufc_not_on_tour
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    Still marked as overdue.
    He has an excuse I suppose, he’s more pressing things to worry about now with all these burner accounts on Twitter.

    #266034
    cassidystashcassidystash
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    I was an employee all my working life and have zero knowledge of filing accounts. Can somebody who knows (not think they know) explain why accounts need to be filed for a company that Mr Hilton only took over in January.

    #266037
    Interested BystanderInterested Bystander
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    When Hilton agreed terms with Peter Swann for Scunthorpe United, it resulted in him becoming the majority shareholder of an existing business. Since incorporation, the business has a filing deadline for it’s annual accounts and annual return which the director(s) at that point are responsible for.

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    #266090
    Deereyme66Deereyme66
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    A company has 9 months after each financial year end to submit audited or examined accounts Cass (if income is above a threshold-can’t remember what it is now). Hilton took over the company before the 9 month period was up, before Swann submitted them (I have to submit them for a company and always leave it till the last minute tbh as it’s quite tedious helping to prep them with the accountant), so the responsibility became his as sole Director at the time. All incorporated companies have to do this by law to ensure they’re operating within the law and not dodgy dealing. This is why people are rightly questioning Mr Hilton / White’s past filing records for past and present businesses. Though, that is not to suggest anything outside of the law has been taking place. I’m just explaining how it works, why, and why people are asking questions.

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    #266243
    TheJuryeffsOutTheJuryeffsOut
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    Accounts no longer showing overdue on Companies House.

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    #266244
    lesgeolesgeo
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    Oh, no. What can this mean?

    #266246
    CMCCMC
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    One of the Happy Clapper Admins is an accountant, he’s called in a favour this morning.

    #266247
    Iron-aweIron-awe
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    Oh, no. What can this mean?

    It means IB is frantically looking for some fresh shite to post

    #266248
    fans6464
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    Registered On: February 14, 2015
    Topics: 407

    it means that a guy who had a record of filing late has filed late again.
    how is the truth shite?

    #266252
    Deereyme66Deereyme66
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    Great! Where’s the celebration party?

    #266253
    sufc.not.on.toursufc_not_on_tour
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    Pleased to hear Hilton’s accountant has got over Covid.

    #266254
    Iron-aweIron-awe
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    it means that a guy who had a record of filing late has filed late again.
    how is the truth shite?

    …and still they keep rolling off the tongue. They have been filed, who cares🤔

    #266255
    Interested BystanderInterested Bystander
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    I particularly like this bit (shakes head) –

    1.2 Going concern
    These financial statements are prepared on the going concern basis. Since purchasing the shares from the former controlling party, the director has repaid the historical HMRC debt which was previously the subject of a winding up order. In a club statement, the director has said that the remaining debts will be eradicated in due course and he’ll be looking to put the football club on a sustainable model as quickly as possible.

    THE ERADICATION OF THE DEBTS WILL INVOLVE SIGNIFICANT INVESTMENT IN THE COMPANY AS EQUITY OR LOANS. DETAILED PLANS ARE IN THE PROCESS OF BEING DRAWN UP but in the meantime the going concern basis is dependent upon the continuing support of the director.

    However, based on the accumulated losses to date and the quantity of historic debt, there remains a material uncertainty as to whether all liabilities will be met as they fall due for at least 12 months from the signing of these accounts.
    ———————————————-
    The eradication of debt will involve taking out more loans, which donut came up with that cracker? LOANS ARE DEBT. Never mind the fact that Hilton categorically stated that he would not be financing the club with loans.

    #266256
    Interested BystanderInterested Bystander
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    #266259
    RichgyRichgy
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    I am skeptical of Mr Hilton , but from a balanced perspective he delivered the accounts so I would say that’s a tick in the box .

    Now Iron fans need clarity over the ground situation sooner rather than later , to avoid yet more uncertainty and divide.

    Time for Mr Hilton and Mr Swann to realise the fans and the club are far more important than them, legals and egos .

    #266260
    ironfromafarironfromafar
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    Oh, no. What can this mean?

    It means IB is frantically looking for some fresh shite to post

    As sure as night follows day ..

    Pleased the accounts issue can be ticked off the to do list ..until next year then.

    Agree with richgy its time for DH n PS to sit down n get the GP mess sorted giving the fans and players stability and hopefully a boost for the up coming season.

    Next up Winterton away later today hope its a decent game and a good turn out.

    #266265
    Deereyme66Deereyme66
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    Debts serviced by further loans. That’s a big concern as it leaves club very precarious. Or should I not be bothered about this? Happy to see sensible replies. Just a point and question. Thanks.

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    #266267
    sufc.not.on.toursufc_not_on_tour
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    I’m no businessman but from what Kieran Maguire who’s an expert in football finance we should be extremely concerned.
    The accounts show that Swann was pumping in £2 million a year of his own money to keep the club going until he pulled the plug.
    Seeing has Hilton obviously doesn’t have access to that amount of his own finance, if he had he wouldn’t be intimating he will finance it through loans surely, or perhaps that’s the way businessman operate now.

    I only see one outcome, unfortunately it’s the one none of us want.

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    #266269
    FerriteFerrite
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    There’s a pretty chunky loan on the books, do we know what it might be for?

    #266270
    AwaywegoAwaywego
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    Debt at most clubs are managed by loans if was acceptable for St Wharton it should be acceptable to Mr Hilton, as for Swanny he exchanged the 11 million pounds of debt for the ground, at the time I thought that was a fair outcome but in hindsight I would rather the club had the debt instead and had to enter administration when Swanny walked away, im sure we would be in a better position now. Heh oh.

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    #266272
    Anonymous
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    Photo of Kieran Maguires post.

    Excuse my ignorance as I am no accountant.

    If the club has net liabilities of 2 1/2 million and we have loss reserves of 11 1/2 million, then does that equate to £14M ?

    This seems to be offset by £9M in called up share capital?

    14-9 = £5M ?

    Like I said – I’m no accountant!

    Called Up Share Capital:
    Called-up share capital consists of shares that are not fully paid for upfront. The full payment for these shares will be done in the future at a later date or through installment payments.

    So, who currently holds the £9M of called up shares?

    Are we £23M in the red – if we were to owe no one anything and all the shares were owned by Hilton and not club owned?

    If I won the lottery, would I need £23M to own the entirety of the operation and to have no debts or loans?

    Not my area – but I’d like to know more.

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