[Archived] Company Accounts Til 31St March 2015

[JBiz]

Thing is Stuart it's not funny -

What's funny about the disaster the desai's caused?

[Mike Graham]

From Venkys London Ltd website TODAY:

"Venky’s London

VH Group since long has been actively involved in direct or indirect promotion of

different sport categories. A few of the prominent sport events where the group has

contributed its share are Indian Premiere League,20-20 Champions League as a sponsor

of Trinidad and Tobago, ATP Mumbai Tennis Tournament and many other sports at local

level.

Sports and health goes hand in hand and Venky’s has taken one step further by owning

one of the most popular English Premiere League Club – Blackburn Rovers. By

fructifying this deal Venky’s has become the first Indian Company to achieve this fete.

This club has a proud history as that of its owners and has won English Premiere League

for three times and FA Cup six times in total. As a part of its future strategy, the VH

Group is determined to establish Blackburn Rovers as a truly global brand and take all

efforts to ensure retaining and further upgrading its status of being one of the best run

clubs within the premier League."

[47er]

I'm assuming George Orwell wrote that?

[Mike Graham]

I wonder if they had any dealing with Jack Warner (of FIFA fame) when they were involved in Trinidad and Tobago?

[DE.]

From Venkys London Ltd website TODAY:

"Venky’s London

VH Group since long has been actively involved in direct or indirect promotion of

different sport categories. A few of the prominent sport events where the group has

contributed its share are Indian Premiere League,20-20 Champions League as a sponsor

of Trinidad and Tobago, ATP Mumbai Tennis Tournament and many other sports at local

level.

Sports and health goes hand in hand and Venky’s has taken one step further by owning

one of the most popular English Premiere League Club – Blackburn Rovers. By

fructifying this deal Venky’s has become the first Indian Company to achieve this fete.

This club has a proud history as that of its owners and has won English Premiere League

for three times and FA Cup six times in total. As a part of its future strategy, the VH

Group is determined to establish Blackburn Rovers as a truly global brand and take all

efforts to ensure retaining and further upgrading its status of being one of the best run

clubs within the premier League."

Could they not have got somebody to proof read that first? I find it amusing that they use a word like fructifying, then spell feat wrong.

[OJRovers]

So KPMG have resigned. Can't see any of the big 4 wanting to touch it. Too dodgy signing off for fear that they might be sued if there is a future administration.

[den]

So KPMG have resigned. Can't see any of the big 4 wanting to touch it. Too dodgy signing off for fear that they might be sued if there is a future administration.

.?

Have I missed something?

[Mercer]

.?

Have I missed something?

When an auditor resigns they must explain this in a notice to the Companies Registration Office - this notice should advise if there are any circumstances related to their resignation which need to be brought to the attention of the company’s members or creditors. This notice is made public.

Where the auditors’ notice specifies there are no such circumstances, they must issue a statement of the reasons for their resignation.

So watch this space over the next few days !

[Craigman]

The letter to the directors is now available to view on Companies House website.

[Dunnfc]

The letter to the directors is now available to view on Companies House website.

Same thing recently happened to Rangers.

[OJRovers]

KPMG are duty bound to state whether there were no reasons why they area resigning in that letter, they haven't done that, hence there are reasons why they are resigning. The club need to write to the ICAEW to explain these reasons now.

[Mercer]

KPMG are duty bound to state whether there were no reasons why they area resigning in that letter, they haven't done that, hence there are reasons why they are resigning. The club need to write to the ICAEW to explain these reasons now.

Rovers year end is 30 June 2015, letter of resignation is dated 14 July 2015 and effective from that date. I would therefore be very surprised that in the space of two weeks, the year end accounts have been produced, audited, finalised and signed off by KPMG.

Doesn't feel right to me.

[Roverall]

What might one infer from this Mercer?

[Mercer]

What might one infer from this Mercer?

Either Rovers have found a new administrative efficiency or there is a big issue. I will let you decide.

[perthblue02]

The letter to the directors is now available to view on Companies House website.

Link to the Letter

https://beta.companieshouse.gov.uk/company/00053482/filing-history/MzEyNzYxMzYzMWFkaXF6a2N4/document?format=pdf&download=0

[tomphil]

These lot replaced the last ones not that long ago didn't they ? Maybe another change is a foot and they've just been politely asked to resign. Or perhaps it's people within the club engineering trying to put the squeeze on the owners to sell players and boost the books.

[T J Hooker]

Have trust in the Venkys.

They are cute clever business people and Rovers is their baby.

Without the support of the V's we would be sunk.

Get down to Ewood and support your team.

GET REAL.......HAIL THE VENKYS

you know that post will be faxed straight to the poony tunes(only without the humour it was intended with)

[Bucksrover]

Well I don't know what this means, but it doesn't sound good

[yoda's brother]

you know that post will be faxed straight to the poony tunes(only without the humour it was intended with)

i think he was deadly serious

[Roverall]

Can anyone tell us the most typical reasons that auditors resign?

[pontyrover]

Can anyone tell us the most typical reasons that auditors resign?

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10621064/KPMG-quit-as-Poundworld-auditor-over-governance-concerns.html

http://www.accountingweb.com/aa/auditing/kpmg-resigns-as-herbalife-and-skechers-auditor-over-alleged-insider-trading

Dodgy.

[AllRoverAsia]

From Venkys London Ltd website TODAY:

"Venky’s London

VH Group since long has been actively involved in direct or indirect promotion of

different sport categories. A few of the prominent sport events where the group has

contributed its share are Indian Premiere League,20-20 Champions League as a sponsor

of Trinidad and Tobago, ATP Mumbai Tennis Tournament and many other sports at local

level.

Sports and health goes hand in hand and Venky’s has taken one step further by owning

one of the most popular English Premiere League Club – Blackburn Rovers. By

fructifying this deal Venky’s has become the first Indian Company to achieve this fete.

This club has a proud history as that of its owners and has won English Premiere League

for three times and FA Cup six times in total. As a part of its future strategy, the VH

Group is determined to establish Blackburn Rovers as a truly global brand and take all

efforts to ensure retaining and further upgrading its status of being one of the best run

clubs within the premier League."

I might have had a stomach ache all day but reading that made me chuck up. Do they still think we are still an English Premiere League Club.

Mind you they have succeeded in establishing Blackburn Rovers as a truly global brand in Football Club mismanagement

Feckin KNOBS

[tomphil]

If that website is anything like their main company one then no wonder. Last time I looked it hadn't been updated for about two years. Really on the ball this lot.

[philipl]

Just read through the complete thread. Mercerman has given the detail as it is in all its sickening gory mess. Den pretty well summed up our situation.

With regards to ownership of Brockhall and Ewood, these both transferred 100% on the sale to VLL Limited as they are integral assets of Blackburn Rovers (plc as was).

The resignation of KPMG is a turn up as auditors usually soldier on even if the business is going bust. The extreme abruptness of the letter is also an eye-opener. These things usually have some political finesse about them but this letter is so blunt it is as close to the equivalent of telling Rovers to "F off and die" as any professional would ever write.

Why have they done this? Well these are guesses:

- Audit/accounting/consulting fees not having been paid but I understand that apart from a few ex Managers, Rovers under Venky's have been reasonable payers.

- There has been a singularly unprofessional request from BRFC which the auditors simply cannot comply with. This might be a comfort letter requested by a bank or a request not to qualify accounts in the absence of confirmed support from Pune in the form the auditors require but even these sorts of things would not elicit such a blunt resignation 14 days after the financial year end at a time when the audit work is planned if not already under way.

- KPMG might have grown so frustrated with the management at Ewood that they consider the personnel to be a material risk to the business, have made recommendations for change and had them rejected. The shelf stacker comes with a Court disownment and rogue label from his own employers.

- KPMG are auditors to FIFA and quite a few organisations in the wings of that horror story overlap with Rovers' own very private nightmare. There might have been a decision at KPMG group level to exit as many messy football accounts as they possibly can. If I remember correctly, the appointment of KPMG was explained at the time as bringing a number of linked clients together under the same auditor.

- something nasty has been found and the auditors have found a professionally-feasible way to resign.

The precipitate nature of the letter and the timing are what bother me far more than the resignation per se. It is almost as though KPMG are using their resignation to tell the world something they are bound by client confidentiality not to divulge.

Rovers have some serious damage limitation to do. Letting this get announced by Companies House filing ten days after it happened without making their own announcement with a statement about a selection process for replacement auditors is under way suggests that headless chickens rule the Ewood roost.

[Amo]

Just read through the complete thread. Mercerman has given the detail as it is in all its sickening gory mess. Den pretty well summed up our situation.

With regards to ownership of Brockhall and Ewood, these both transferred 100% on the sale to VLL Limited as they are integral assets of Blackburn Rovers (plc as was).

The resignation of KPMG is a turn up as auditors usually soldier on even if the business is going bust. The extreme abruptness of the letter is also an eye-opener. These things usually have some political finesse about them but this letter is so blunt it is as close to the equivalent of telling Rovers to "F off and die" as any professional would ever write.

Why have they done this? Well these are guesses:

- Audit/accounting/consulting fees not having been paid but I understand that apart from a few ex Managers, Rovers under Venky's have been reasonable payers.

- There has been a singularly unprofessional request from BRFC which the auditors simply cannot comply with. This might be a comfort letter requested by a bank or a request not to qualify accounts in the absence of confirmed support from Pune in the form the auditors require but even these sorts of things would not elicit such a blunt resignation 14 days after the financial year end at a time when the audit work is planned if not already under way.

- KPMG might have grown so frustrated with the management at Ewood that they consider the personnel to be a material risk to the business, have made recommendations for change and had them rejected. The shelf stacker comes with a Court disownment and rogue label from his own employers.

- KPMG are auditors to FIFA and quite a few organisations in the wings of that horror story overlap with Rovers' own very private nightmare. There might have been a decision at KPMG group level to exit as many messy football accounts as they possibly can. If I remember correctly, the appointment of KPMG was explained at the time as bringing a number of linked clients together under the same auditor.

- something nasty has been found and the auditors have found a professionally-feasible way to resign.

The precipitate nature of the letter and the timing are what bother me far more than the resignation per se. It is almost as though KPMG are using their resignation to tell the world something they are bound by client confidentiality not to divulge.

Rovers have some serious damage limitation to do. Letting this get announced by Companies House filing ten days after it happened without making their own announcement with a statement about a selection process for replacement auditors is under way suggests that headless chickens rule the Ewood roost.

On the plus side... at least the away shirt logo looks nice.