Often Partisan

Accounts Delayed… Again

News has broken in the last hour that the already overdue accounts for Birmingham International Holdings are to be delayed once again – for another three months until April 30th.

BIHL have released a statement to the Hong Kong stock exchange that additional time was required to finalise the accounts, which are already four months overdue.

Accounts for Birmingham City Football Club are due to be filed by March 31 2012, and with BCFC and BIHL so intrinsically linked the question has to be now whether the club can file it’s accounts with Companies House in time – and if not, what sanctions they may face for not meeting the March deadline.

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36 Responses to “Accounts Delayed… Again”

  • bluenoseneil says:

    Can anyone honestly say they are really surprise by this???

  • poppa999 says:

    What happens if the Club is bought again within that time, can it affect whatever sanctions are incumbent on the current owners?

  • Baloos says:

    The penalties for late filing for a private company are £150 for a one month delay rising to £1500 for over 6 months. Even if Blues were still a plc the penalty for over 6 months is only £7500.

    I don’t think BIHL are going to lose much sleep over it.

  • Kaje says:

    I can’t help but feel they’ve delayed in order to take into account the revenue generated by BCFC this transfer window. Parasites.

  • Oby says:

    anyone know if the HKSE have to agree the delay?

  • BluePenguin 76 says:

    If any poor souls had any lasting positive thoughts about the business acumen of these people( and the state of our club)…..please let this further delay enlighten you!!! I hope they do they “honorable” thing and sell up whenever they can.

    I am sure they have tried, in difficult circumstances, but they’re are falling short in running Birmingham city effectivel!y!.


  • BluePenguin 76 says:

    If any poor souls had any lasting positive thoughts about the business acumen of these people( and the state of our club)…..please let this further delay enlighten you!!! I hope they do they “honorable” thing and sell up whenever they can.
    I am sure they have tried, in difficult circumstances, but they’re are falling short in running Birmingham city effectivel!y!.

  • prewarblue says:

    Correct me please if I am wrong,,, dictionary definition,,,,A parasite is something that sucks the life blood out of a usually un willing host,,,,,,,,my opinion that souds familiar to Blues fans

  • gary says:

    The accounts can only reflect what has already happened in the previous financial year and not what is happening at the moment in this current financial year, so perhaps the answer to why anouncements and filing are being delayed is for fear of mass panic and a sell sell sell situation which would result in the valuation of shares dropping to a level where someone could slip in on the cheap or financial backers pulling out. Could even be a meltdown. We will be the last to know but be afraid,.these things happen for a reason and if it was good news I have no doubt it would have been sung from the hills by now and not put off.

  • mickey07 says:

    I bet the inland revenue are getting the right hump with blues now,no accounts= no tax for them,not long before they serve a winding up order on us now just like they did on pompey….plus im sure pannu and co are waiting for a last minute £6/7 million bid on redmond so they will be able to hide the money somewhere…it wont be long before pannu and a few others ride off into the sunset……pannu out

  • bluenose11 says:

    bcfc website has just released that ridgewell has gone for an undisclosed fee

  • DoctorD says:

    So “more additional time is required by the company’s subsidiaries in finalising its financial statements and preparing the final results of the group”. How much time do they need? It looks like things must be, ahem, rather complicated and presumably linked to Carson’s court case.

    • DoctorD says:

      And another thing, I see the club’s praise of Ridgewell leaving is a bit more emphatic than when Beausejour left:

      “The club accepts that it is not in anyone’s best interests to keep a player who wishes to take up a new challenge elsewhere and so, although reluctant to lose his services, did not stand in Ridgewell’s way. We wish him all the best in the next chapter of his career.”

  • gary says:

    You dont pay tax on losses. As long as the staff are getting paid and HMRC are getting the PAYE and NI contributions in relation to the staffs salaries, plus the quarterly VAT returns I doubt we will have a situation the same as Pompey or a few others who have gone down the same road.
    I believe we are ok financially at the monent but it wont last forever unless we get promoted, Carson gets cleared so he can get to his money??? or a cash injection/buyout comes from somewhere. Like I said “be afraid”

  • alexjhurley says:

    Delaying the accounts feels like a perfectly sensible thing to do – the sale of Beasejour and Ridge (neither of whom have pulled up any trees this season) can now be included, as can additional revenues from the cup run and more TV games given our league postion. (Chelsea away has got to be worth getting on for half a mil).

    The money from Ridge and Beausejour will be spent wisely on loans by the excellent manger that Pannu recruited

    Admittedly it’s frustrating that we can’t see the financial position as we’d all like to – but anyone who jumps straight the conclusion that the delay automatically means we are doomed to oblivion is, frankley, a moron.

    • almajir says:

      Thing is, these are the accounts from last season – the figures are pretty much set in stone, they’ve happened. I suspect (I don’t know for sure) that the auditors want proof that there is a plan in place to deal with things if things go badly for Carson in court etc. Unfortunately, until someone tells us, we don’t know.

      • DoctorD says:

        But isn’t getting the accounts done and satisfying the auditors two separate things? If, as you say, the numbers are set in stone, then why the delay? Presumably the numbers are not set in stone — that’s the thing. They’re jelly.

        • almajir says:

          My understanding is thus: for the accounts to be approved, the auditors have to be satisfied that the company is a going concern and that there are future financial plans in place to make up for a previous deficit.

          Now, this is speculation but my worry is that the auditors don’t feel that they can do that and until sufficient money is in the bank that they think we’re okay for the next year, they won’t sign the accounts off.

  • gary says:

    Thats about it Almajir. These sales are just keeping the bailiffs at bay and keeping the investors in place rather than causing a panic. The accounts we are waiting for are history and there is nothing that can happen now to change them. Its quite possible the the current accounts would look better than the old ones, given we are selling and not buying, plus hopefully paying our way. We have to be thankful for this as the alternative would be to let the ship sink.
    Just keep us above water until the Carson situation is sorted out and then we should have plenty to talk about. All we can hope for is that its happy talk..

    • DoctorD says:

      That sounds about right, mate. If there’s one thing to be grateful for, it’s that we’re at least tightening our belts and turning the spending tap. I’m just so glad we have CH In charge — with anyone else it could have gone horribly tits up. Appointing CH was a masterstroke.

  • Denis Thwaites says:

    I assume that the accounts of BIH are not being published again as a result of the auditors requesting more information from the Directors which they are not as yet able to provide. The outcome of litigation against CY is a logical presumption for the auditors being reluctant to sign off last years accounts. My question is what happens if this is still not resolved by April 30th? Does the situation just carry on ad infinitum?

    • almajir says:

      That’s a very good question Denis, and hence why in my own thoughts I said that the board need to reassure us that Carson’s legal woes aren’t an issue.

  • Pete says:

    Almajir, why is it that all the players we’ve sold are going for ‘undisclosed’ bids?

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