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Speedway Related Co Finances

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32 minutes ago, uk_martin said:

Not one set of accounts has been audited, and only one set described as "full". 

Hardly the stuff to engender trust and confidence is it?

And of course Terry Russell's company is  running at a loss again. (shock) 

Accounts dont have to be audited unless the turnover reaches certain levels and no speedway club will be close to that position

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Could all the qualified accountants on this forum please put their hands up? That way the unqualified accountants will know what to believe.

  • Haha 1

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Hand up here. [ACA]

You can therefore trust everything I have said on this thread. ;)

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1 hour ago, arnieg said:

Hand up here. [ACA]

You can therefore trust everything I have said on this thread. ;)

Given that I cant put my hand up for Byker (:)) and you can - could you please clarify my point about when companies have to have the accounts audited

14 hours ago, dontforgetthefueltapsbruv said:

Accounts dont have to be audited unless the turnover reaches certain levels and no speedway club will be close to that position

I wouldnt want any misunderstanding as a result of my lack of qualification

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5 hours ago, dontforgetthefueltapsbruv said:

Given that I cant put my hand up for Byker (:)) and you can - could you please clarify my point about when companies have to have the accounts audited

I wouldnt want any misunderstanding as a result of my lack of qualification

 

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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.

Edited by woofers
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Am I right in thinking that riders cannot be counted as 'assets'in the accounts as they could retire at any time. So the financial position of clubs with good rider assets will look worse. For example Poole used to own about 17 riders

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18 minutes ago, toontrader said:

Am I right in thinking that riders cannot be counted as 'assets'in the accounts as they could retire at any time. So the financial position of clubs with good rider assets will look worse. For example Poole used to own about 17 riders

You can do whatever you want (within the limits of generally accepted accounting principles) with rider assets as long as you have a clearly stated and consistently applied accounting policy.

 

Normally that policy is to write off transfer fees against the P & L account in the year of acquisition but I can provide an example of a publicly listed company in a comparable business that capitalised its expenditure on transfer fees and then amortised the cost over the lifetime of the player's contract. (Tottenham Hotspur plc circa late 80s)

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