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NEWCASTLE DIAMONDS 2022

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8 minutes ago, Diamondboy said:

Funny how I can go on a device that has never been logged into the speedway forum and the link works.

Well how about lightening our darkness and telling us all exactly what it is... thanks in advance

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1 minute ago, Terrace Grumbler said:

Well how about lightening our darkness and telling us all exactly what it is... thanks in advance

I have posted a link that works in a post just before yours.

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It's the company records for Newspeed 2003 LTD.  Given that there are 8 people listed as being involved in the company (7 resigned) with Rob Grant being the sole director left this is the company that was bought from George English for Newcastle Speedway.

This has been the subject of a Voluntary Liquidation - which is basically the company ceasing trading and closing down.  This process began on 05/11 and completed on 07/12.

I am assuming as Newcastle Speedway has continued, there is a new company which has been created.  I don't know the name.

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2 hours ago, TotallyHonestJohn said:

It's interesting that the original company went through a Voluntary Liquidation.  Normally you would only do that if there was funds to extract.  As ever, the information about these companies stored in companies house are a master of illusion, disinformation and downright lies....

As I can testify, the main issue is that it does list your name and address, which is prime information for fraudsters to make payments on, ahem, your behalf.

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20 hours ago, Diamondboy said:

Not sure if the below was posted on here, can anyone explain it’s contents in layman’s terms?

I'm not an accountant.  But I have ran my own PLC and been a company director.

It looks to me like there was a £100k payment made to the shareholders.  Presuambly this was the payment to George English for the takeover.

There is a debt outstanding to HMRC for around £158k for Corp Tax and VAT.  Without seeing the full accounts it's difficult to work out how this is split and if it's a result of unpaid VAT or unpaid Corp Tax or both.  VAT is paid quarterly and the VAT man is very insistent that you pay your dues due to changes a few years ago that mean HMRC is not at the front of the queue when a company goes into administration (as various football clubs that have been declared bankrupt due to HMRC requesting a winding up order have found out).  The same situation with Corp Tax.  Arrangements can be made though

It could be that this is the money that was owed to the turnover in the previous working year (which can be at any time), in which case it is understandable that this was due to be paid.

There was circa £1.5k in the company account that was transferred to the liquidators and would have then been paid to the shareholders (of which there was one - Rob Grant).

Assets and Liabilities are up in the air - anything can be a claimed asset, be it Riders contracts, owed revenue, etc.  But this is very subjective, whilst you could claim a tractor is worth £10k, it might be worth £100 at auction.

My best guess at what these mean - but as per the above warning there are lots of smoke and mirrors about.

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14 minutes ago, idanthyrsus said:

I'm not an accountant.  But I have ran my own PLC and been a company director.

It looks to me like there was a £100k payment made to the shareholders.  Presuambly this was the payment to George English for the takeover.

There is a debt outstanding to HMRC for around £158k for Corp Tax and VAT.  Without seeing the full accounts it's difficult to work out how this is split and if it's a result of unpaid VAT or unpaid Corp Tax or both.  VAT is paid quarterly and the VAT man is very insistent that you pay your dues due to changes a few years ago that mean HMRC is not at the front of the queue when a company goes into administration (as various football clubs that have been declared bankrupt due to HMRC requesting a winding up order have found out).  The same situation with Corp Tax.  Arrangements can be made though

It could be that this is the money that was owed to the turnover in the previous working year (which can be at any time), in which case it is understandable that this was due to be paid.

There was circa £1.5k in the company account that was transferred to the liquidators and would have then been paid to the shareholders (of which there was one - Rob Grant).

Assets and Liabilities are up in the air - anything can be a claimed asset, be it Riders contracts, owed revenue, etc.  But this is very subjective, whilst you could claim a tractor is worth £10k, it might be worth £100 at auction.

My best guess at what these mean - but as per the above warning there are lots of smoke and mirrors about.

If true then that is a hell of a lot for nothing.

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24 minutes ago, idanthyrsus said:

I'm not an accountant.  But I have ran my own PLC and been a company director

 

LOL.   For someone claiming to have floated a company on the stock exchange, your post is rather a lot of misunderstood nonsense.  

From the limited amount of information filed at Companies House it's impossible to see the full story, but I can make a decent stab at what has happened.  Haven't got time now, but I'll try to explain some of it later unless someone else does it in the meantime.

 

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2 minutes ago, PotteringAround said:

LOL.   For someone claiming to have floated a company on the stock exchange, your post is rather a lot of misunderstood nonsense.  

From the limited amount of information filed at Companies House it's impossible to see the full story, but I can make a decent stab at what has happened.  Haven't got time now, but I'll try to explain some of it later unless someone else does it in the meantime.

 

Speaking of misunderstood nonsense.  There is no requirement to float the company on stock exchange to own a PLC.

I thought the following comments would have been enough to say this wasn't a watertight list of what has actually happened

"I'm not an accountant"

"My best guess at what these mean - but as per the above warning there are lots of smoke and mirrors about."

This is why you hire an accountant to complete these documents for you.  In this case a specialist liquidator.

 

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7 minutes ago, idanthyrsus said:

Speaking of misunderstood nonsense.  There is no requirement to float the company on stock exchange to own a PLC.

Not sure what you think a PLC is, but it's a company where its shares are traded to the public on the stock market.  

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