Quote: Tony Fax "Well ..... the accounts show net overall liabilities of £130,014, exactly the same as the year before, which is simply represented by creditors of £130,014 (whoever they may be). So the club is technically insolvent. Because the company is insolvent, I would have thought the accounting policies should include an explanation as to why the accounts have been prepared on a going concern basis, but they don't.'"
As at the 30th September 2010, our companys creditors looked like this:
Amounts falling due within one year: £372,433
Amounts falling due after one year: £14,012,516
All confirmed by auditors and we are a "going concern". And no explanation needed ta very much
) creditors who don't want their money (yet!) .... the directors perhaps? But the likes of Bubba would argue it's money we owe for the rent!
