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I wish I’d said credulous
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It was a administration oversight and should show on Company House in a couple of days, according to Radio Humberside
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It was a administration oversight and should show on Company House in a couple of days, according to Radio Humberside
And still they keep rolling off the tongue!
1) The club applied for an extension to the filing deadline.
2) Hilton discussed the accounts and the filing of the same in an interview he did which was released by the club on 02/04/23. Hilton said that the accounts would be filed W/C 03/04/23.
3) At the fans’ forum on 17/05/23, the filing of the accounts was discussed.
4) There have been umpteen discussions on this forum when the accounts were not filed W/C 03/04/23 (as promised) that would act as a reminder to Hilton.
It’s a shame that Radio Humberside didn’t ask Hilton why the accounts for his own business, Maxwell Cohen Ltd are 15 months overdue. Perhaps another administrative oversight, eh!
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When Hilton agreed terms with Peter Swann for Scunthorpe United, it resulted in him becoming the majority shareholder of an existing business. Since incorporation, the business has a filing deadline for it’s annual accounts and annual return which the director(s) at that point are responsible for.
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A company has 9 months after each financial year end to submit audited or examined accounts Cass (if income is above a threshold-can’t remember what it is now). Hilton took over the company before the 9 month period was up, before Swann submitted them (I have to submit them for a company and always leave it till the last minute tbh as it’s quite tedious helping to prep them with the accountant), so the responsibility became his as sole Director at the time. All incorporated companies have to do this by law to ensure they’re operating within the law and not dodgy dealing. This is why people are rightly questioning Mr Hilton / White’s past filing records for past and present businesses. Though, that is not to suggest anything outside of the law has been taking place. I’m just explaining how it works, why, and why people are asking questions.
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Accounts no longer showing overdue on Companies House.
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Debts serviced by further loans. That’s a big concern as it leaves club very precarious. Or should I not be bothered about this? Happy to see sensible replies. Just a point and question. Thanks.
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I’m no businessman but from what Kieran Maguire who’s an expert in football finance we should be extremely concerned.
The accounts show that Swann was pumping in £2 million a year of his own money to keep the club going until he pulled the plug.
Seeing has Hilton obviously doesn’t have access to that amount of his own finance, if he had he wouldn’t be intimating he will finance it through loans surely, or perhaps that’s the way businessman operate now.I only see one outcome, unfortunately it’s the one none of us want.
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Debt at most clubs are managed by loans if was acceptable for St Wharton it should be acceptable to Mr Hilton, as for Swanny he exchanged the 11 million pounds of debt for the ground, at the time I thought that was a fair outcome but in hindsight I would rather the club had the debt instead and had to enter administration when Swanny walked away, im sure we would be in a better position now. Heh oh.
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