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June 20 2019 6.52am

CPFC 2010 Accounts Overdue

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View palace99's Profile palace99 Flag 30 May 18 10.45am Send a Private Message to palace99 Add palace99 as a friend

can't see why/how some people have downplayed this issue. It is a serious breach and one must question the running of the club.

EVERY limited company must submit accounts within 9 months of year end.

This rule is not new, it has been around for years. It will not be due to a simple admin error.

Additionally, it is also a FA rule, and of course we are a member of the FA. So the club appears to be in breach of both company law and football rules.

The fact that there has been no announcement from the club is both disappointing and worrying.

Hopefully this can be sorted soon but it is likely there will be fines.

The FA does have a financial regulations department so I suspect they will be onto this too.

 

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View palace99's Profile palace99 Flag 30 May 18 10.48am Send a Private Message to palace99 Add palace99 as a friend

Originally posted by bomber81

It can be quite common for a company who's accounts don't look great but are expecting improved results the following year to hold of filing the accounts until the subsequent years accounts are ready to file and then file both together

not quite true Bomber - you can put a forward statement in the accounts to reflect stuff that has happened since the reporting end period however the accounting period is fixed as are the reporting deadlines

 

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 30 May 18 10.56am Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Originally posted by palace99

can't see why/how some people have downplayed this issue. It is a serious breach and one must question the running of the club.

EVERY limited company must submit accounts within 9 months of year end.

This rule is not new, it has been around for years. It will not be due to a simple admin error.

Additionally, it is also a FA rule, and of course we are a member of the FA. So the club appears to be in breach of both company law and football rules.

The fact that there has been no announcement from the club is both disappointing and worrying.

Hopefully this can be sorted soon but it is likely there will be fines.

The FA does have a financial regulations department so I suspect they will be onto this too.

It's not that serious. The fine is 1,500 max. Peanuts.

There could be all sorts of reasons, including mundane ones such as negotiating over certain disclosures or accounting treatments with the auditors. Given the fine is so small companies who have complex accounting or disclosure matters who aren't listed regularly submit late in order to make sure they get it right!

I'm not that concerned at this stage. They will file them eventually.

 

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View bexleydave's Profile bexleydave Flag Barnehurst 30 May 18 11.08am Send a Private Message to bexleydave Holmesdale Online Elite Member Add bexleydave as a friend

Originally posted by CambridgeEagle

It's not that serious. The fine is 1,500 max. Peanuts.

There could be all sorts of reasons, including mundane ones such as negotiating over certain disclosures or accounting treatments with the auditors. Given the fine is so small companies who have complex accounting or disclosure matters who aren't listed regularly submit late in order to make sure they get it right!

I'm not that concerned at this stage. They will file them eventually.

Forget about the fine for late filing; this has gone way beyond that. In five days a notice will be published in the London Gazette for a compulsory strike-off, which could result in our ceasing to exist in four months time. Is that a message we would wish to put out to those we may be seeking to do business with in the current transfer market?

 


Bexley Dave

Can you hear the Brighton sing? I can't hear a ******* thing!

"The most arrogant, obnoxious bunch of deluded little sun tanned, loafer wearing mummy's boys I've ever had the misfortune of having to listen to" (Burnley forum)

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View bomber81's Profile bomber81 Flag Essex 30 May 18 11.20am Send a Private Message to bomber81 Add bomber81 as a friend

Originally posted by palace99

not quite true Bomber - you can put a forward statement in the accounts to reflect stuff that has happened since the reporting end period however the accounting period is fixed as are the reporting deadlines

I'm not saying the accounting period and filing deadline isn't fixed, although you can actually change your accounting period, what i am saying is some companies prefer to take the penalties in order to be able to file improved accounts shortly after, i have a few clients that have chosen to take this approach, it usually means there is something in the overdue accounts that they want gloss over.

Once the first gazette notification is filed you usually have a couple months before the company is struck off.

 

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 30 May 18 12.20pm Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Originally posted by bexleydave

Forget about the fine for late filing; this has gone way beyond that. In five days a notice will be published in the London Gazette for a compulsory strike-off, which could result in our ceasing to exist in four months time. Is that a message we would wish to put out to those we may be seeking to do business with in the current transfer market?

They are only 2 months late. The 1,500 fine is for over 6 months late. If Companies House issue 3 notices before starting striking off proceedings, which gives the Company 3 months. This is nothing like a winding up order.

I'd be amazed if the strike off noted on Companies House is anything to do with the accounts being late. I'd guess that perhaps CPFC 2010 is being restructured and they are going to form a new company for whatever reason. In last 6 months they've moved the registered address and satisfied a load of legal charges.

Palace Midco UK (company set up to route Harris & Blitzer's investment into the club) has account overdue from 2016 and are now over 6 months late and no compulsory strike off is listed, but there is for Palace Holdo UK. Palace Midco UK owns CPFC 2010.

I'm not particularly concerned by this at this point.

 

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View Midlands Eagle's Profile Midlands Eagle Flag 30 May 18 1.45pm Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by CambridgeEagle

I'm not particularly concerned by this at this point.

It doesn't really matter if you are concerned or not but unfortunately other more important people including regulatory bodies and creditors will be concerned and that could have a detrimental effect on the club going forward as insurance limits will start to be withdrawn


 

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View CambridgeEagle's Profile CambridgeEagle Flag Sydenham 30 May 18 2.15pm Send a Private Message to CambridgeEagle Add CambridgeEagle as a friend

Originally posted by Midlands Eagle

It doesn't really matter if you are concerned or not but unfortunately other more important people including regulatory bodies and creditors will be concerned and that could have a detrimental effect on the club going forward as insurance limits will start to be withdrawn



Pure speculation. They will have relationships with key stakeholders such as regulators and creditors that go beyond them fishing about on Companies House and I'm sure if any of them were worried it would be in the news. Unless you have some inside info, until we hear more I would assume this is part of a planned corporate restructuring and nothing more, or the accounts being late for an accounting reason. It would certainly be pretty lax for CPFC not to have responded to any of the two notices they would have to have received from Companies House.

Parish is clearly not concerned as he's in New York living it up.

 

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View Ginger Pubic Wig's Profile Ginger Pubic Wig Flag Wickham de L'Ouest 30 May 18 2.15pm Send a Private Message to Ginger Pubic Wig Add Ginger Pubic Wig as a friend

For me (Clive), the later we leave it, the more I think we're hiding summat. From what Bexleydave says (which I didn't know), we'll see the numbers real soon anyway. Probably trying to renew Cabaye first :-)

 

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View robdave2k's Profile robdave2k Flag Corby 30 May 18 2.48pm Send a Private Message to robdave2k Add robdave2k as a friend

Originally posted by bexleydave

Forget about the fine for late filing; this has gone way beyond that. In five days a notice will be published in the London Gazette for a compulsory strike-off, which could result in our ceasing to exist in four months time. Is that a message we would wish to put out to those we may be seeking to do business with in the current transfer market?

There's about as much chance of Palace being struck off as there is of me starting next season in goal.

 

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View bexleydave's Profile bexleydave Flag Barnehurst 30 May 18 3.26pm Send a Private Message to bexleydave Holmesdale Online Elite Member Add bexleydave as a friend

Originally posted by CambridgeEagle


Pure speculation. They will have relationships with key stakeholders such as regulators and creditors that go beyond them fishing about on Companies House and I'm sure if any of them were worried it would be in the news. Unless you have some inside info, until we hear more I would assume this is part of a planned corporate restructuring and nothing more, or the accounts being late for an accounting reason. It would certainly be pretty lax for CPFC not to have responded to any of the two notices they would have to have received from Companies House.

Parish is clearly not concerned as he's in New York living it up.

And not concerned about any transfers either, no doubt.

 


Bexley Dave

Can you hear the Brighton sing? I can't hear a ******* thing!

"The most arrogant, obnoxious bunch of deluded little sun tanned, loafer wearing mummy's boys I've ever had the misfortune of having to listen to" (Burnley forum)

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View Midlands Eagle's Profile Midlands Eagle Flag 30 May 18 3.30pm Send a Private Message to Midlands Eagle Add Midlands Eagle as a friend

Originally posted by Ginger Pubic Wig

For me (Clive), the later we leave it, the more I think we're hiding summat. From what Bexleydave says (which I didn't know), we'll see the numbers real soon anyway. Probably trying to renew Cabaye first :-)

The accounts that are overdue are for the year ended 30th June 2017 so anything connected to the expiry of contracts at 30th June 2018 is irrelevant

 

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