BIH Accounts

Thanks to Often Partisan, I’ve just found out that Birmingham International Holdings released their accounts today.  Click here to read the OP article, which has links to the three sets of accounts for periods ending June 2011, December 2011 and June 2012.

A brief look at the accounts is enough to make me worried even though I don’t know enough to know how worried I should be.  All three sets of accounts mention “a material uncertainty which may cast significant doubt on the Group’s ability to continue as a going concern.”  I think this means that the auditors are not sure that the company has enough money to keep going and could go into administration.

The auditors issued a disclaimer of opinion which means they don’t feel they can say whether or not the figures in the report provide an accurate account or not.  This seems to be because of the concern about the ability to continue as a going concern and a lack of information about the sportswear sponsorship deal and payments to directors.

The section on events after the reporting period mentions the sale of two players which was agreed in January 2013 and expected to be completed in August 2013, but doesn’t say who the players are.

I know next to nothing about accounting and don’t know what this means for my club, but my guess is that it’s not good news.