Brilliant Alan, but correct if I'm wrong but are they essentially trading insolvently? I know you can carry losses from year to year and then pay tax on a profit year but as they've never made a profit since their inception surely that's illegal. If I'm wrong can you explain why and if I'm correct why are they still a going concern. Love the podcasts mate and God bless you all, keep this content going as I lap this stuff up.
Hi Tommy and thanks. I’m not an accountant but so long as directors are willing to make up operating shortfalls they will be fine as regards solvency. Maybe the crowd can help?
Brilliant. Factual. Unfortunately unreported in SMSM
Brilliant Alan, but correct if I'm wrong but are they essentially trading insolvently? I know you can carry losses from year to year and then pay tax on a profit year but as they've never made a profit since their inception surely that's illegal. If I'm wrong can you explain why and if I'm correct why are they still a going concern. Love the podcasts mate and God bless you all, keep this content going as I lap this stuff up.
Hi Tommy and thanks. I’m not an accountant but so long as directors are willing to make up operating shortfalls they will be fine as regards solvency. Maybe the crowd can help?
Fantastic precis and well worth reissuing every year on the anniversary of their death.
This is the content the Internet was made for. Well said Alan 🏆
Magnificent-chapeau, sir.