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woofers

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woofers last won the day on January 20 2012

woofers had the most liked content!

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    Finance professional

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    Eastbourne

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  1. woofers

    2019 season starts and ....

    2019 season starts and ....still nothing from the SCB on the outcome of their full investigation surrounding the cancellation of the Eastbourne v Mildenhall match last October. "The SCB are very disappointed with this outcome, and the circumstances of Mildenhall failure to raise a team for this National Development League fixture.Due to this cancellation the SCB will be making a full investigation in to this matter." Why should I bother having any faith is this organisation or belief in what they say ?
  2. woofers

    Speedway Related Co Finances

    From Gov.uk : For accounting periods beginning on or after 01/01/2016 to qualify for audit exemption, a company must qualify as small, in relation to that financial year. In other words it must meet any two of the following: annual turnover must be not more than £10.2 million the balance sheet total must be not more than £5.1 million the average number of employees must be not more than 50 So that criteria will cover many, many companies in the UK. However lenders and shareholders, if different from the directors, will usually require an annual audit.
  3. woofers

    BSPA Ltd.

    More confusion from the Articles of Association : 4 MEMBERS 4.1 Members (whether a company or individual(s)) shall all be a club and have a promoter. Am I missing something here ? How can an individual be a club and have a promoter ? 8 COMPOSITION OF THE BOARD 8.2 The Board shall consist of not less than four (5) Directors, but shall not be more than five (5). No wonder the Speedway Regulations (rules) are difficult to understand at times and open to various interpretations. As I said the attention to detail is worrying.
  4. woofers

    Speedway Related Co Finances

    True, you don't hear of many football clubs ceasing......and that is probably where the analogy with speedway ends.
  5. woofers

    Speedway Related Co Finances

    Who knows? You will note that all of the accounts are unaudited. That’s not to say there is anything wrong in that or anything underhand is taking place but I’m pretty sure that there is different accounting treatment from club to club. The Micro Entity accounts show the bare minimum whilst the Abridged accounts at least show some detail of the assets. In some cases rider registrations are referred to and are being written off over a number of years.
  6. woofers

    Speedway Related Co Finances

    Not signed up as a subscriber as yet. Perhaps later ? Think they are setting up a new company as there is a lot of change going on at Arlington together with the move up to the Championship.
  7. woofers

    Speedway Related Co Finances

    Hmmm, wondered if anyone would pick that up. These 3 clubs haven't signed up as subscribers to British Speedway Promoters Ltd, although Mr Keith Chapman has in his own right. As each subscriber has pledged £1, that should could save him £2 if things go very wrong. A new company, Peterborough Speedway Ltd was incorporated on 16 November 2018, the same day as another one with the same directors, Poppy Sports Ltd.
  8. woofers

    Speedway Related Co Finances

    The table is only a snapshot of accounts at a certain point in time. Workington had assets of £323,575 at 31.12.14 with reductions of £37k, £37k and £32k in the following 3 years, and who knows what last year looked like, you can't keep incurring loses like that each year, the funds will soon dry up, I guess they said enough is enough. The position at Glasgow is interesting (less clear) as they have transactions with another company under common control as well as their parent company. The company under common control was very generous in providing sponsorship to the tune of £350,000 as well as writing off loans of £424,439.
  9. woofers

    Speedway Related Co Finances

    No problem, questions aren't stupid if you don't know the answer. It's a minus, so it's a net deficit. The company has more liabilities than assets. And they are the majority.
  10. woofers

    Speedway Related Co Finances

    Just to be clear, that's minus £580.....
  11. The subscribers to the new company, British Speedway Promoters Ltd, are listed below with details from their latest available financial statements on Companies House. These financials are basically the value of the company at the end of the 2017 season, the accounts for 2018 will not be filed until much later this year. Net worth Company Club Accounting date Audited Form 2017 Belle Vue Speedway 2017 Belle Vue 31.12.17 No Micro Entity (270,730) Berwick Speedway Promotions Berwick New Co Birmingham Speedway Company Birmingham New Co Edinburgh Speedway 1986 Edinburgh 31.12.17 No Micro Entity (164,226) Glasgow Tigers Speedway Glasgow 30.11.17 No Abridged 598,136 Wight Warriors Speedway IOW 31.12.17 No Abridged (54,841) Cearnsport Kent 30.6.17 No Abridged 143,509 Newspeed 2003 Newcastle 30.11.17 No Micro Entity 22,302 South West Power Promotions Plymouth 31.12.17 No Micro Entity (73,946) Poole Speedway Poole 28.2.18 No Micro Entity 76,881 Redcar Borough Bears Redcar 28.2.18 No Abridged (202,501) Somerset Speedway 2011 Somerset 28.2.18 No Micro Entity (21,831) Crewsline Stoke 30.4.18 No Micro Entity (580) Swindon Speedway 2013 Swindon 30.11.17 No Micro Entity (103,033) Slade Tipton Wolves 28.2.17 No Abridged 20,600 LJM Asset Manangement Workington 31.12.17 No Micro Entity 217,598 Scunthorpe Raceway Scunthorpe 31.12.17 No Abridged 8,110 Heathens Speedway Club Cradley 30.11.17 No Full (33,791) MFT Team Mildenhall New Co
  12. woofers

    BSPA Ltd.

    So the first things to notice are that most clubs are listed as subscribers in the Memorandum Of Association with the exception of Leicester, Sheffield and Eastbourne. Kings Lynn, Peterborough and Ipswich aren't listed, but Keith Duncan Chapman is, so presumably he covers these three. The company is registered as British Speedway Promoters Limited however in the interpretations of the Articles of Association, (1.1) it states the following ; BSPA: means the Company Company: means British Speedway Promoters' Association Limited you will notice, that even in setting up a legal document, the attention to detail is worryingly lacking......
  13. woofers

    BSPA Ltd.

    Up and running now ....... https://beta.companieshouse.gov.uk/company/11808346/filing-history
  14. woofers

    Eastbourne 2019

    Oh yes !
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