Extension of Accounting Period to 30 June 2023

[drew]

Club have extended the accounting period by a month.

 

Wild stab in the dark is to do business early and the losses posted in the year we're in the premier league, not sure how the EFL view accounts for clubs that drop down.

[eblair]

Could be sign that everything is ducked but given they have done it straight away after they filed accounts in March don’t think anything to it. It is normally a sign of alarm bells when people do it last minute to extend time they have to return their accounts to companies house, which we have not done. 

Don’t think your wild stab in the dark would work, as the only business that we would do is selling player which would generate accounting profit so would ideally do that later. We won’t be doing any business that generates losses on transfers (except maybe Soumare)

 

Think they are just tidying up books so end of year aligns with when contracts are up.

 

*does mean that none of the prem wages will be included in our championship season though, perhaps that is worth quite a lot thinking about it 

Edited 31 May 2023 by eblair

[drew]

We could buy in June against sales in July?

 

It's all funny money and shifting of numbers, but if the EFL review accounts for the years they are in the league then this could be a reason, however yours seems more plausible.

 

[eblair]

Updated my comment, think it would also mean we don’t have to include any of the prem wages (I.e. before the relegation clauses kick in)

 

This is perhaps only sign I’ve seen that club have been preparing for the championship so has cheered me up ever so slightly 

[st albans fox]

I’m pretty sure that FFP must run end June to end June in any case. 
Otherwise you’d be making assumed adjustments for the reasons highlighted in previous posts. 
 

by aligning the two dates, the club will avoid having to do some extra work though.  Makes sense. 

[AjcW]

Just noticed the finance director has been sacked/left too.

 

Also the change in accounting period was done end of April, so not likely anything linked to our relegation.

 

 

Edited 31 May 2023 by AjcW

[moore_94]

Just now, AjcW said:

Just noticed the finance director has been sacked/left too.

 

 

Gone to Newcastle

[AjcW]

1 minute ago, moore_94 said:

Gone to Newcastle

Fair enough!

 

Someone I went to school with has just left Tigers to become our financial controller, he was head of finance at tigers so not sure if we'll also be getting a direct replacement for Capper in as well.

Edited 31 May 2023 by AjcW

[st albans fox]

3 minutes ago, AjcW said:

Fair enough!

 

Someone I went to school with has just left Tigers to become our financial controller, he was head of finance at tigers so not sure if we'll also be getting a direct replacement for Capper in as well.

Tigers have had financial issues last few years !  Out of the frying pan! 

[turlo]

cost of staff redundancies gets accounted for this FY instead of next? 

[eblair]

31 minutes ago, turlo said:

cost of staff redundancies gets accounted for this FY instead of next? 

Good shout 

[beepee1984]

It's nothing to worry about.

This is our board we are talking about - they simple didn't realise anything needed doing

Sit back - do nothing

Accounts - nah that was sorted last year, surely we don't have to do it again?

[Nalis]

Do Companies House still have that loophole where if you reduce your year end by a day (at the right time), you buy yourself almost 3 extra months to file your accounts?

[Fridgechef]

3 hours ago, AjcW said:

Fair enough!

 

Someone I went to school with has just left Tigers to become our financial controller, he was head of finance at tigers so not sure if we'll also be getting a direct replacement for Capper in as well.

yeah, head of finance left Tigers to become Financial Controller at LCFC, previous Financial Controller is now finance director, from what i gather. Straight promotion with him stepping into the freed up role of controller.

Edited 31 May 2023 by Fridgechef