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Accounts 31 May 2011
  • nypdblues
    Posts: 123
    Its now almost 4 months since our financial year end and no sign of the accounts being signed off yet. Does anyone know why it takes so long to finalise them? Think it was January 2011 before the May 2010 accounts were signed off. This isnt good enough given the huge fees paid to these auditors.
  • sambo applecart
    Posts: 24,188
    It the same with most clubs mate, its usually 6months+ after that everyone gets to find out. 
  • koolhandluke8
    Posts: 3,003
    it normally takes up to 6 months to get accounts signed off to be fair...which is why you see most AGM's held around september/october time...
  • blacktoffee
    Posts: 38
    nypdblues said:

    Its now almost 4 months since our financial year end and no sign of the accounts being signed off yet. Does anyone know why it takes so long to finalise them? Think it was January 2011 before the May 2010 accounts were signed off. This isnt good enough given the huge fees paid to these auditors.



    Explanation as follows:

    May 2011 represents the year end. You can't analyse the year until it is complete (obviously). You then have to gather that information which takes some time. Dependant on the complexity of the finances, various drafts will be produced before a final report. The upshot is that this takes time as others have said and is not something that the BU would need to worry about as all clubs go through the same process which is why many clubs hold their AGM around September onwards.

    In short, nothing to see here, no conspiracy.
  • ToffeeCup
    Posts: 2,959


    You could hold a seance while you're waiting.... in the hope of finding out if there is anything within the confines for your skulls...'Is there anybody in there?'
  • IhateRS
    Posts: 1,091
    Won't find much of relevence to where we are now anyway, since the transfers from the summer and therefore wages decrease won't show till next years accounts, it doesn't really show where we stand. We are better now than the year just gone though, I think it goes without saying.
  • Beano
    Posts: 3,267
    Accounts up to May 2011 will show a bigger loss as it will include pay rises for Arteta, Cahill, Jags, Rodwell, Baines, Coleman. It will also include getting Yobo & Yak off the wage bill for a few months, but on balance, costs will be higher - and considering we had finished 8th and ha no Europa League, income will be lower.

    My guess!
  • IhateRS
    Posts: 1,091

    Beano said:

    Accounts up to May 2011 will show a bigger loss as it will include pay rises for Arteta, Cahill, Jags, Rodwell, Baines, Coleman. It will also include getting Yobo & Yak off the wage bill for a few months, but on balance, costs will be higher - and considering we had finished 8th and ha no Europa League, income will be lower.

    My guess!



    Probably right mate, and a lot of people will jump on the desparate circumstances of our club band wagon when in fact we sold 20mil of players and shed 10mil of our wage budget so we're probably looking better financially than we have done in years in real time.
  • nypdblues
    Posts: 123
    so we'll have to wait till january 2012 for the May 2011 accounts, 8 months after the year end or 4 months before the May 2012 accounts year end, whichever way you look at it makes it all very confusing, you'd imagine there should be a team of accountants working in the club week in week out producing monthly accounts etc and a final set should be out within a minimum of 3 months in my opinion, ie just at the start of the new season, cant be rocket science like!!!
  • sambo applecart
    Posts: 24,188
    Yeah good idea, tell all the other clubs that do the same as us to change there ethic aswell!
  • ToffeeCup
    Posts: 2,959



    Quick someone phone deloittes, this chaps a genius!
  • nypdblues
    Posts: 123
    even utd report faster than 8 months lid! and they have a lot more transactions!
  • ToffeeCup
    Posts: 2,959
    no.....lid.

    They were, and are about to be again...quoted on a stock exchange.
  • sambo applecart
    Posts: 24,188
    Maybe if you ask them nicely they will change it to suit you lid! ;)
  • the parkendkid
    Posts: 65
    nypdblues said:

    so we'll have to wait till january 2012 for the May 2011 accounts, 8 months after the year end or 4 months before the May 2012 accounts year end, whichever way you look at it makes it all very confusing, you'd imagine there should be a team of accountants working in the club week in week out producing monthly accounts etc and a final set should be out within a minimum of 3 months in my opinion, ie just at the start of the new season, cant be rocket science like!!!



    as you've already been told by people with a modicum of financial expertise..IT'S USUALLY ABOUT 6 MONTHS AFTER YEAR END...(ABOUT SEPTEMBER TIME) so why have you stretched it to 8 months and january ????

    all businesses that are limited companies with a turnover in excess £35ok have to post their accounts at companies house or they incurr a fine...to ensure the posted accounts are correct..they have them audited..the auditors have to investigate all transactions audit them then have them cleared...after all this is done they need verifying by the board..then they are anounced at AGM then subsequently posted at companies hse......

    hope this put your mind at rest so you can go find something else to conspire about now



  • nypdblues
    Posts: 123
    ive never mentioned anything about conspiracy theories, our last set of accounts took 8 MONTHS to sign off, one of the major banks for example have a year end of 31 December and they can have their AGM by the end of March. For a company with a turnover of 70/80m 8 months seems excessive to sign them off. Hopefully we'll get to see them quicker this year, always find them an interesting read.
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