jamesmut2000
Director
would be great if you could scan?
I'll see if my scanners working!! Which bits do you want?
would be great if you could scan?
SUFC was balance sheet insolvent as at 31 July 2009 by the tune of circa £7m.
A business is considered insolvent if it is balance sheet insolvent, and it cannot pay it's bills as they fall due.
I think when they value players it is the players' registration rather than their wages. Remember your employer can't buy or sell you like football clubs do for players.
Yep I do.....I think anywhere he can.....are you still under the opinion he is Whiter than White then?
Let me also make this straight I don't care who run's SUFC as long as we exist but would prefer somebody who is lets say more honest to be at the helm.
I expect I will be the first served with some libel charge.
Correct, you cannot generate a new intangible asset by renewing a contract simply by capitalising future wages, as was suggested by FBM.
Thinking aloud here, but are transfer fees not amortised over the span of their contract?
In that case, extending a contract would have an impact on the accounts wouldn't it?
would be great if you could scan?
No.
It's been a while since I looked into it, but basically you cannot generate "internal goodwill".
Michael Owen being case in hand (this was the case I used when I last had to consider this...). Liverpool clearly had an asset there, but FRS 10 prohibits you from capitalising your own asset as there is no ascertainable market value. Same way as you couldn't just chuck a lump of "goodwill" into a set of accounts without actually purchasing it.
If the player was owned by a third party, and you had to pay a renewal fee, you would be able to capitalise that over the course of the extension.
If it is your own player, the wages are no different from the wages of an employee (say a ticket office member) and shouldn't be capitalised. You would also be over-stating profits by not disclosing the cost of employing that individual
Player Purchases and sales go into the profit and loss account, the player registrations are capitalised and amortised over the length of the contract, when acquired. This is the accounting policy described in the latest SUFC accounts.
PS Agents fees on renewal (external costs) can be capitalised and spread over the period.
Not "Sundry Expenses" - Admin Expenses. And as Firestorm has pointed out ad nauseum, these have stayed pretty much constant since the early '90's - and the Auditor isn't going to have signed them off without knowing what they are, and being satisfied that they are legitimate. Do you honestly think that RM is so dim that if he is ripping off the club, he is going to do it via such an obvious area of the accounts?
There is no evidence to substantiate claims that RM has been taking any money from SUFC to prop up his other businesses, if he wanted money from SUFC surely he would just call in some of the Millions in debts which SUFC owe the parent undertaking, other than a small reduction in the debt to the parent Undertaking, as reported in the last accounts and discussed on that thread there is nothing to indicate that SUFC's indebtedness has reduced.
The "auditor" might not care, seeing as Vantis PLC (HLB Vantis do the audit...) have gone into administration today!
http://www.accountancyage.com/accountancyage/news/2265621/vantis-heading-administration
Player Purchases and sales go into the profit and loss account, the player registrations are capitalised and amortised over the length of the contract, when acquired. This is the accounting policy described in the latest SUFC accounts.
The "auditor" might not care, seeing as Vantis PLC (HLB Vantis do the audit...) have gone into administration today!
http://www.accountingweb.co.uk/anyanswers/oh-irony
http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3545124
http://www.accountancyage.com/accountancyage/news/2265621/vantis-heading-administration
So Grant's 2.5 year extension would have an effect on the capital account, yes? Am I understanding you correctly?
What an abortion.
Surely the ONLY way out for us now is a big money takeover, which with the greatest hope in the World, is never gonna happen.
Basically, we're screwed?