Danny Graham (from a toon fan)

Accountants!

 

I suppose to catch a thief ......... Leo when the next report comes to light ,your the man to have a nosey

 

So Norway's story about Newcastle might not be true then?

 

Well I used to go through the old accounts in some detail but am not expecting to be able to read anything of value in the next ones. Pulling the wool ( another sheep thing Norway ) over the eyes of Auditors was too easy a sport

Some of them were so pathetic and naive - at one place an auditor was found wandering around looking at the pictures on the walls. When asked why he said the accoutns showed "Painting £300,000" and he wondered which was the valuable one - and I swear this is a true story

 

I don't think watford will qualify as a small company - these are the rules:

Small Company Limits

A small company is entitled to deliver abbreviated accounts to Companies House and also has various accounts disclosure exemptions under the CA 1985 and also under the FRSSE (Financial Reporting Standard for Smaller Enterprises).

In order to qualify as a small company two of the following:

· Turnover < £5,600,000

· Balance sheet total < £2,800,000

· Number of employees < 50

Balance sheet total equals fixed and current assets totals.



Small Company Limits (Audit Limits)



A company is exempt from the requirement to have an audit if its turnover is less than £5,600,000 and its balance sheet total is less than £1,400,000. Small charitable companies with gross income less than £250,000 do not require an audit, although an independent accountants report is required if the gross income of the charity exceeds £90,000 but is less than £250,000.

Friendly & Industrial and Provident Societies previously required an audit if their turnover exceeded £350,000 but this has recently been revised by Statutory Instrument SI 2006/265 effective for financial periods ending on or after 6th June, 2006 which increases the turnover threshold to £5,600,000 in order to align it with other small entities. The balance sheet total is also increased from £1,400,000 to £2,800,000.



Medium Size Companies (Filing Requirements)

A medium sized company is entitled to deliver abbreviated accounts to Companies House which are almost identical to full accounts apart from the fact that the Profit & Loss account need not disclose turnover and cost of sales but may combine these in one category as gross margin.

In addition the particulars of turnover need not be given. In order to qualify as a medium sized small company two of the following three limits must apply :

· Turnover < £11,200,000

· Balance sheet total < £5,600,000

· Number of employees < 250

Balance sheet total equals fixed and current assets totals.

Watford will be a medium company on balance sheet and employees.

 

Leo your sacked, Harrow your hired as our new legal eagle accountant type

 

Well Danny Graham has done himself and watford a great service this year, he's a down to earth kind of guy, however I think with 4 million pounds we can do the same as we did with Graham, bringing a striker from the lower leagues up, He was good, but not irreplaceable, with this money we could buy Wiggins and another good striker.

 

VGS must be medium to large and I couldnt dig a cucumber out of their disclosures

 

http://www.watford.vitalfootball.co.uk/article.asp?a=241830

 

Yep that was yesterdays tweet, as the man says don't believe anything until he says so and he will on twitter

 

My bets now on 45 million from Real Madrid.....................

 

I think we all expect Graham to go now, am a lot more worried about Eustace though, Graham can be replaced (although not by someone as good) Jenkins is not in the same league as Eustace

 

Unless of course MM `has someone else in mind , I agree though we need to keep the skipper!

 

Apologies but I was not really referring to "size" of company when I loosely used the term "small" - I was referring to the disclosure requirements of non public companies (most of which are small). By de-listing and taking the company private - and no doubt putting in walls of holding companies it makes finding the truth behind accounts difficult if not impossible.

 

Should be made illegal all these holdings companies , that would also start to make things more transparent for the man on the street to find out!

 

That is not what companies want - and you would never be able to stop international companies - there is no world wide ruling

 

There must be away to clean up the mess you accountants have so effectively hidden!

 

Not if we do it well

 

With some of todays technology available and some quality ex accountants! hunting around ,it should be possible! Failing that the ultimate weapon......the tax man!!!