Discussion in 'Narrow Gauge Railways' started by Anthony Coulls, Jun 22, 2014.
In happier times (not my videos):
From the latest facebook photos looks like some progress with work on Sgt Murphy's boiler.
Surely 40 years of work has not been for nothing?
I’m afraid you are talking in riddles? Please elaborate.
More cryptic than riddles. Think back to @Elizabeth Perry's habitual hobby-horse, which it now seems is rather less of an academic obsession than many have suggested. It would appear the cows may be coming home to roost, financial returns wise.
I am pretty certain it is chickens who come home to roost, both literally and metaphorically. Cows just come home, eventually. Usually when they wants milking
I remember as a small child on holiday watching what was then The Cardigan and Tivyside Advertised being printed
To be fair, keeping sets of accounts and meeting the obligations can be a bit overwhelming for those unused to it. For people like Elizabeth and I, who have done it for years, it is simple and we don't always appreciate how confusing it can be for a newbie, especially if they have no background in the basics (and I can hear Elizabeth saying "if only they'd asked me !"). I have no idea whether this is the case here but the Railway has said it can get the returns done in time to avoid closure so I wish them well, and look forward to better news soon.
Local papers have young, not well paid, staff who rely very much on press releases, social media and just plain tip-offs for info and stories. Specialist finance reporters do not exist at this level so this news item will be a result of Information received from a local source who monitors such things.
I wonder who?
In reality, whilst this type of thing shouldn't happen, missing accounts deadlines does happen all the time. This really isn't a major story.
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unrelated but interesting , an acquaintance of mine had a business that ran up debts over a number of years trading . Rather than go through insolvency they stopped filing accounts and the business was eventually struck off . Roll forward to the present and their new business which is well known in the heritage sector has failed to file accounts . I presume they have continued to trade as a sole trader as the one set of accounts that were filed were only shell accounts , the business not having been moved in . twelve months on and Companies house has overdue in red for the next set .
If the business has no debts then insolvency is not needed and you can just apply to the registrar to have it struck off. I have a feeling directors are now personally liable for the fines that accrue but others may be able to confirm this
Langollen plc accounts were up to date - didn't help much did it?
All the non-filing proves is that the accounts haven't been filed. It's not great, but all the accounts do is report on what's there. Presumably Elizabeth will be equally keen to report if/when they do?
My dear chap, if I want to mix my metaphors, I'll jolly well mix my metaphors.
[Image credited pinterest.com, origina source unknown]
But surely, if the company were to be struck off they would have to cease operations, as the railway safety case and any Transport & Works Act Order would be vested in that company?
If the company is struck off and its assets go to the Crown, what might the Crown then do with them?
Her Majesty takes them and puts them in a big shed near Windsor...
The crown tries to get shot of them as fast as possible. In general terms, the first call is the creditors, then the shareholders. The tricky bit is items in an insolvent company with no value (eg land that requires remediation) - if it can't be sold at auction it generally gets remediated and then flogged. I don't think it her majesty's most profitable line of business. (visions of the Queen in a donkey jacket with a roll-up on the go dealing in used tenners with a scrappie)
If it were to get to that stage. I'm with @Bikermike in considering this poor, but not necessarily a sign of impending doom.
Fundamental difference between doing your personal tax return and being responsible for the accounts of a limited Company. If you can't do them then its your duty to find somebody else.
If the Company is struck off then the Light Railway Order ends.
Your consideration is fine providing that the accounts are filed prior to the deadline. Should they not be, and the company is struck off, the existing LRO or TWAO would cease to exist unless a transfer order to another entity was applied for and subsequently approved.
Of course, and the impending deadline is a risk. But there is a difference between risk and certainty.
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