matucana wrote: ↑Tue Jan 11, 2022 8:45 pm
Could well be March for the publication of the accounts and possibly beyond. The Club's financial year will have ended on 31st December 2021 and information will currently be being pulled together to make up those final accounts. Areas such as cash flow will already be known and closely monitored throughout the year and may have had some bearing on this transfer. An audit of the accounts, subsidiary companies and supporting documentation will also take place over the next three months or so. Also bear in mind the impact of Covid in the first five months of 2021 when matches behind closed doors was the norm. Could well be some losses there.
Hi matucana, I'm not sure whether you've followed this mb over the last couple of years. Burnley FC's accounting year end was 30th June for many years - a very standard date for football clubs, because the seasons run from August to May, most years. When covid-19 struck and the 2019/20 Premier League season was delayed, BFC chose to extend their accounting year end to
31st July 2020. Private limited companies are, generally, allowed 9 months to file their accounts after their year end. with covid-19 their was an extra period allowed to file accounts. However, BFC published their accounts on the club's website in early April 2021. (I guess, Premier League rules required the accounts published then, rather than the longer time granted by Companies House et al).
So far as the directors knowing the status of the club's finances, this is a duty and responsibility of all directors of all limited companies. BFC directors will do this by a combination of management accounts, budgets and forecasts. These financial statements will include balance sheets, profit and loss statements and cash flow statements and cash flow forecasts. The directors will also be looking at the risks the club is exposed to, particularly those that may negatively impact on their cash flows and balance sheet. The directors won't be waiting for the auditors to audit the accounts to know the status of the club's finances. Of course, the directors will sign off the accounts when the auditors have completed the audit.
Easiest way to find a copy of the accounts is using the Companies House search facility.
UTC