OFFICIAL - Sports Shield annual account overdue and face compulsory strike off!

y2johnny wrote:Ffs.  The guy has just stopped us from going into admin (for now at least) and it is his first foray into club ownership.  Its been a whirlwind for fans all season and will have been exactly the same for deano and whoever else is involved.  Lets give him a chance before we berate him at every twist and turn and publicise worst case scenarios constantly.  LOV has already cornered that market.

I simply don't get the attitude of most people on this thread so far?

For years people have been alarmed (me included) about the financial set up at the club under Davies, namely it was seen as an accident waiting to happen and we were all concerned about the inevitable consequences. Well isn't this exactly the same?

Sports Shield, the business that Holdsworth set up, is the sole director of and which bought the club off Davies has not filed its accounts as it is legally required to do - fact.

Ok, he's been busy buying the club BUT the accounting period required was up to the 6th January a good TWO MONTHS before he paid his one pound for ownership of BWFC.

Sports Shield was set up NOT to specifically buy the club - at least it portrayed itself to be a more general investment company than solely put all its eggs into the Bolton basket, so why could it not get its accounts in order and submitted long before any takeover of Bolton occurred?

Is this just a trifling matter that Sports Shield didn't submit its accounts, well if SS IS the 'parent' company to which the club is tied to, then yes, it matters a great deal.

Southampton's parent company ran into financial difficulty in 2009 and that led to Southampton getting a 10 point penalty (these days the penalty is 12 points)


"The south coast outfit had hoped to avoid the punishment as they argued that it was their parent company Southampton Leisure Holdings plc (SLH) which had gone into administration on 2 April - not the football club.

But a League investigation by "independent forensic accountants" found that the football club and SLH were "inextricably linked as one economic entity" and applied their mandatory penalty.

The League also found that: "The holding company has no income of its own; all revenue and expenditure is derived from the operation of Southampton Football Club and the associated stadium company".


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I'm not sure why people now suddenly want to bury their heads in the sand about the new owners financial affairs after the shenanigans of the Davies regime but the like it or not, the way they financially run their business can and will effect the club we support directly and thus in my opinion public airing of the fact that Holdsworth has NOT submitted accounts for SS is in every Bolton fans interest to know and be concerned about.

Sluffy wrote:

I simply don't get the attitude of most people on this thread so far?

I'm not sure why people now suddenly want to bury their heads in the sand about the new owners financial affairs after the shenanigans of the Davies regime but the like it or not, the way they financially run their business can and will effect the club we support directly and thus in my opinion public airing of the fact that Holdsworth has NOT submitted accounts for SS is in every Bolton fans interest to know and be concerned about.

It's the attitude of real fans, not "fans" who haven't been to the Macron this century.

If BWFC had gone bust what difference would it have made to your Saturday afternoon? Absolutely no difference. Most real fans are happy just to have somewhere to go on match day.

The truth is you have no idea what is going on at SS, yet you have decided they're as dodgy as the last lot.

Why not give it a rest, it's clearly having an impact on the site, I've never known it so devoid of humour.

Knock knock.......

My attitude was that until recently when the shit hit the fan i never really questioned ED.  Does that make me a shit fan or just optimistic?  I was proven wrong obviously but im willing to give the benefit of the doubt again  and remain optimistic about deano.

If that makes people question my sanity then fair enough.  But without deano wed already be in admin or worse.  That is a fact.  If we still end up there, then fair enough but i for one hope we dont

Breadman wrote:Knock knock.......

Series 10 on netflix.  Smashing that while im in oxford tonight

Boggersbelief wrote:#killingthesite

 Ah, the Nat/Boggers disease strikes again. They can be as negative as they like but when anyone else dares to post actual facts they call us down and claim we're killing the site.

#totalhypocrisy

y2johnny wrote:

Breadman wrote:Knock knock.......

Series 10 on netflix.  Smashing that while im in oxford tonight

 i've watched half so far and am also listening to their podcasts which are funny, think i'm slightly obsessed with TPB

Bwfc1958 wrote:

FullofSprite wrote:

Sluffy wrote:The accounts are now almost 3 months late and steps to compulsory to strike off the company has already begun.

It's not quite as bad as it sounds though as there is plenty time for SS to get their house in order but it hardly inspires confidence in the future!

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 Think we need to be careful that we don't go into panic mode all the time.

Sports Shield need to be given time to get themselves sorted before fans start kicking them in the goolies. Give em a chance

Yes. I'm with Spritey. 

I understand the negativity, I'm just bored of it. We were pissed off and negative before the takeover and everyone's just the same now. 

I'm past giving a shit now and I'm willing to just sit back and see how it pans out. 

#allhaildeanothesaviour

Yes but when rumors of Billionaires/other parties buying us were rampant a lot of us were seeing another Barca ..... so the misery is due partly to the fact that most of us think SS hadn't got a pot to piss in and it seems to be that way......until further notice.

terenceanne wrote:

Bwfc1958 wrote:

FullofSprite wrote:

Sluffy wrote:The accounts are now almost 3 months late and steps to compulsory to strike off the company has already begun.

It's not quite as bad as it sounds though as there is plenty time for SS to get their house in order but it hardly inspires confidence in the future!

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 Think we need to be careful that we don't go into panic mode all the time.

Sports Shield need to be given time to get themselves sorted before fans start kicking them in the goolies. Give em a chance

Yes. I'm with Spritey. 

I understand the negativity, I'm just bored of it. We were pissed off and negative before the takeover and everyone's just the same now. 

I'm past giving a shit now and I'm willing to just sit back and see how it pans out. 

#allhaildeanothesaviour

Yes but when rumors of Billionaires/other parties buying us were rampant a lot of us were seeing another Barca ..... so the misery is due partly to the fact that most of us think SS hadn't got a pot to piss in and it seems to be that way......until further notice.

Now Sun reporting that club still owes creditors some money and it could be back to the courts again. Don't know whether it's Uncle Eddie getting one over Deano or Deano's lack of due diligence or these are cowboys trying it on.

Does this mean that BWFC will be owned by the crown in 2 months time - like Royal Bank of Scotland


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Can't read that mate.

Filed under least surprising news of the year. 

#amateurhour.

Hipster_Nebula wrote:Filed under least surprising news of the year. 

I'm pretty sure you confirming your single status had already taken that title.

Ok second. Bit pedantic.

Society descends into chaos without rules.

Breadman wrote:Can't read that mate.

Apologies

Try Companies house link go into 'filing' and then the pdf alongside 'first gazette'

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Cheers bud.

Hardly encouraging, is it?

So have they formed another company? Sports Shield Holdings/Investments/Equity/Breakers and Spare Parts Ltd or similar?
Deano must be furiously juggling.

Sluffy, correct me if I'm wrong but if the year end is January then corporation tax is due October and as such accounts will only need to be at Companies House by September?
Therefore all accounts are overdue immediately after the day of the year end?
Now a return is another thing which is what is overdue if you look.

To be honest I've read your post a number of times and still can't really follow what you are saying - sorry.

In simple terms, in law, business are required to complete their accounts annually up to a certain date (in agreement with HMRC) and have a set period of time thereafter to submit them to companies House.

So for example many business will use the Governments year end tax date of the end of March to calculate their accounts to but because it is often too complex and difficult for business to draw a line under their trading that day and submit their accounts the following day, they are granted several months in which to calculate them and submit them by.

My original post on this thread showed that Holdsworth 'original' business Sports Shield had to have its annual return for the year up to 6th January, worked out and submitted to Companies House by the 3rd Feb, 2016.

It is only when the accounts become 'overdue' that initial steps are taken to 'strike off' the company.

So that is why in the case action to close down Sports Shield was commenced  several months AFTER the date when the accounts became due and not the day after they were due.

Does that answer your question?


Rather more perturbing is that the accounts for the club itself - Bolton Wanderers Football and Athletic Company, as well as Burnden Leisure, Bolton Whites Hotel, Bolton Sports Village and Bolton Sporting Ventures - all of which needed to provide their accounts up to 30th June 2015 to be submitted by the 31st March, 2016, are all now outstanding and if Holdsworth doesn't get his act together in the next few months 'striking off' action will be started against all of them!

Just to add a bit more spice -

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You can see why the 'ego's' at the ST are going back on their words not to stand in their elections now can't you!