Venkys London Ltd accounts

[lraC]

This should help.

 

https://www.google.co.uk/amp/s/www.lancs.live/sport/football/football-news/blackburn-rovers-transfer-embargo-ramifications-20875173.amp

[Hoochie Bloochie Mama]

Just now, lraC said:

This should help.

 

https://www.google.co.uk/amp/s/www.lancs.live/sport/football/football-news/blackburn-rovers-transfer-embargo-ramifications-20875173.amp

'Unless the embargo is being imposed for anything different than the late filing of accounts, Rovers can still operate in the market. They are not allowed to pay any transfer fees but they can still make free signings and loan signings to make up their squad numbers to 23 'established' players - as long as they can prove the wages they are offering are 'reasonable'.'

 

Rovers currently can't sign anyone according to Sharpe so either that  statement above is incorrect, or Rovers are under an embargo for something other than late filings of account. 

Edited July 4, 2021 by Hoochie Bloochie Mama

[lraC]

Not sure if this helps. It is about Reading, from a while ago & seems to suggest, certain signings, can be https://www.google.co.uk/amp/s/www.getreading.co.uk/sport/football/football-news/what-efl-rules-state-transfer-16498445.amp

Edited July 4, 2021 by lraC

[Hoochie Bloochie Mama]

2 hours ago, lraC said:

Not sure if this helps. It is about Reading, from a while ago & seems to suggest, certain signings, can be https://www.google.co.uk/amp/s/www.getreading.co.uk/sport/football/football-news/what-efl-rules-state-transfer-16498445.amp

Thanks. Puts Crooke's and Sharpe's efforts to explain the embargo in a bad light.

That article seems to confirm what has been construed from earlier reports - namely we're in a 'soft embargo' at present due to late submission of accounts.....but not a full blown one unless we fail FFP/P&S, which is not yet known. 

Edited July 4, 2021 by Hoochie Bloochie Mama

[Crimpshrine]

5 hours ago, Hoochie Bloochie Mama said:

Thanks. Puts Crooke's and Sharpe's efforts to explain the embargo in a bad light.

That article seems to confirm what has been construed from earlier reports - namely we're in a 'soft embargo' at present due to late submission of accounts.....but not a full blown one unless we fail FFP/P&S, which is not yet known. 

Which makes you wonder why they didn't file the accounts as soon as possible to get out of the 'soft embargo' as other clubs did. Maybe they know what's coming after filing them ?

[IrelandsRover]

Not unusual for companies to go to the wire with filing accounts recently with the economic situation changing rapidly and the pandemic

here's a good article https://www.rsmuk.com/ideas-and-insights/why-delay-approval-of-annual-report-and-accounts

 

[Herbie6590]

[Hoochie Bloochie Mama]

2 minutes ago, Herbie6590 said:

Does that mean they were 6 days late?

So middle of July before any movement can be made in the transfer market?

[Herbie6590]

1 hour ago, Hoochie Bloochie Mama said:

Does that mean they were 6 days late?

So middle of July before any movement can be made in the transfer market?

I’d guess the processing delay was at Companies House. I’d also guess that the separate profit & sustainabilty submission to the EFL was submitted at the same time & it is the outcome of that assessment that matters. 

[Hoochie Bloochie Mama]

Just now, Herbie6590 said:

I’d guess the processing delay was at Companies House. I’d also guess that the profit & sustainabilty separate submission to the EFL was submitted at the same time & it is the outcome of that assessment that matters. 

It is indeed. 

[Herbie6590]

Analysis from the guv’nor (not Paul Ince…)
 

https://threadreaderapp.com/thread/1413015645525061636.html

[tomphil]

Wages up £3 million ...... nobody tell me this manager snd his puppet aren't pissing money down the drain.

Tax is the one to watch there, clearing 5 million on Armstrong would sort that.

Edited July 8, 2021 by tomphil

[blondie]

[Mashed Potatoes]

1 hour ago, tomphil said:

Wages up £3 million ...... nobody tell me this manager snd his puppet aren't pissing money down the drain.

Tax is the one to watch there, clearing 5 million on Armstrong would sort that.

What tax gets sorted by the sale of Armstrong ?

[RoverCanada]

I'll maybe make another amateurish run through of the accounts later, but thought it was interesting that at the end of the accounts it is noted that Venky's actually had an insurance policy on business interruptions due to infectious diseases (not yet recognised in these accounts but it isn't expected to pay out more than £1m, but, hey, that paid off nicely, hurray).

So, we can add Venky's probably unleashed Covid-19 on the world to their list of crimes.

Waggott apparently took a 15% pay cut, so I think the fans will now get behind him.

One mystery I think resolved for me (feel free to stop reading now) regarding the VLL accounts is how they appear to treat player registration amortisation vs the BRFC accounts. VLL appears to treat it as an operating expense (hence why I was confused that 'other operating expenses' had gone up so much in those accounts), while BRFC puts it within intangible asset trading (as a football club would do rather than a random holding company!). Hence, while we appear to have received an initial £3.7m or so for Raya + Nuttall (that might include sell-on for Mahoney too), and hence made a £3.1m profit on player sales (not sure about the £600k gap there given Raya + Nuttall should both have had minimal acquisition cost), but our overall 'intangible fixed asset trading' still came to a loss of £1.2m after accounting for our amortisation rising to £4.3m (Brereton + Gallagher + etc)

Edited July 8, 2021 by RoverCanada

[martonrover]

26 minutes ago, RoverCanada said:

Waggott apparently took a 15% pay cut, so I think the fans will now get behind him.

Oh no they won’t.

Still useless on a slightly lower wage.

[superniko]

[toogs]

1 hour ago, Mashed Potatoes said:

What tax gets sorted by the sale of Armstrong ?

What question or point are you really trying to make?

[toogs]

14 minutes ago, superniko said:

Somebody should stick that under Mowbray's nose and ask what comment he has to make in the context of Rovers lamentable showing last season.

Particulary Swansea and Barnsley's figures.

[JC4LAB]

a filing date extension because of covid.was allowed this year for some companies

[Mashed Potatoes]

23 minutes ago, toogs said:

What question or point are you really trying to make?

I would like to know what tax liability will be cleared as a consequence of a receipt on the sale of Armstrong.

[Miller11]

1 hour ago, martonrover said:

Oh no they won’t.

Still useless on a slightly lower wage.

I expect this “wage cut” was due to the fact he was on furlough from the time it was introduced until the season restarted

[arbitro]

19 minutes ago, Miller11 said:

I expect this “wage cut” was due to the fact he was on furlough from the time it was introduced until the season restarted

There was also a wage deferral which the players agreed to towards the back end of last season. Perhaps Waggott did the same.

[rigger]

2 hours ago, RoverCanada said:

 

Waggott apparently took a 15% pay cut, so I think the fans will now get behind him.

 

15% of far too much, is still not enough

[Mercer]

Think one word sums up our operating and financial position:

Fecked!