Sheffield Wednesday's accounts for 2018/19

Still have not been filed. Six months after the deadline.

So a club that had 12 points deducted for financial mismanagement then given 6 points back on appeal are still doing whatever they want without repercussions.

 

Surely, it would be the same punishment again (i.e. 12) plus another 6 for doing the same thing again?

 

I thought the deadline had been extended to 12 months now due to CoVid?

 

Account filing was unchanged for my filing date, but allegedly corporation tax could be deferred. Though nobody seems to have told HMRC that if you try negotiating with them!

 

It’s ok. A 12 point deduction in L1 next season will just push them towards L2. What’s not to like?!

 

The fact that the football league didn't have the balls to relegate them last season rather than hit them with a points deduction this which they were allowed to appeal on.

Look at the sanctions smaller clubs in the past have faced for far lesser indiscretions.

Swindon Town
Luton Town
Bury
Chester city

 

It's like Hillsborough, it fkin stinks.

 

I am considering selling my house to myself for a fraction of what it is worth then re-mortgaging for 500% of its current value.

 

But these are the accounts for 2018/19

How does covid affect that financial year?

 

Because a company has 9 months from year end to file accounts. So a mid 2019 year end will need to be filed in early 2020.

 

The July 2019 accounts were due by 31 July 2020, 3 month extension to the normal filing date due to Covid

https://find-and-update.company-information.service.gov.uk/company/02509978

 

What would be the reason they still have not filed their accounts almost 6 months after the(already extended) due date? Wont they show the exact same thing as if they were submitted in a timely manner? Or will they be trying to play around with the figures to make payments look earlier/later than they were originally made/received?

Always wondered this, especially now most money in/out will be paid electronically so there will be an actual trail of when it hit their bank/was paid out(compared to the old days when virtually all transactions would have been cash ones)?

 

I suspect it won't be the case, but the Auditors could refuse to sign them off if they felt they didn't give a true and accurate view.

 

They did not get docked points for failing to submit accounts

 

Fair enough. I thought that was part of the reason.

 

I believe it was because they over spent & breached the financial fair play regulations

 

Once they submit their Financial Statement to Companies House, they will also be available to the EFL. The EFL will use those accounts to determine whether they have broken any rules about financial viability. They will look back over the last 3 years. In their last accounts they included a profit for the sale of the ground to their owner at a figure well in excess of book value. The purpose was to create a huge profit, which they could use to set off against the losses the club had generated in the previous 3 years, and thus avoid the points deduction that would have been the EFL punishment for those losses. What the EFL did not like was that even though the sale had been generated, the amount owed by Chansiri was still on the Balance Sheet as a debtor at the date of the last Financial Statements. That is right, not a penny had been paid.

When the Financial Statements are submitted, the first item on the EFL checklist will be, check to see if the debt for the sale of the ground has been paid. If it has not been paid, then Wednesday are in deep ****. It will mean that they lied once, and that they lied again in order to get their previous punishment reduced.

 

no but the suspicion has to be if there was nothing wrong they would be in

 

There is a small fine (£1,500) by Companies House, but that is not significant as compared to the fine of points by the EFL.

 

Thanks for this, and to @DannyWilsonLovechild for the explanations.

So basically, they are wither putting off the accounts as long as they can to avoid any penalties they know will be coming, or to give them as much time as possible to "find" some money to put in the accounts to allocate against the stadium sale(all allegedly, of course)?

They really are in massive(pun intended!) trouble, aren't they?