ACCOUNTS NEXT DUE 31/12/2003
The plc's accounts for the year ending 31 May 2003 are due to be filed with
Companies House by 31 December 2003.
Before the directors file the accounts they have to sign a statement saying
that QPR Holdings is "a going concern".
In the last set of accounts which were dated 28 March 2003 they qualified
their "going concern" statement by saying that we could only carry on if we
raised more working capital.
"The Directors have reviewed the Group's budget for the current year and
outline projections for the subsequent year including cash flows and forecasts
of headroom available against current borrowing facilities, together with
other likely sources of cash generation. Following this review the Directors
have formed a judgement that, at the time of the approval of the financial
statements, the Group does not have sufficient resources to continue operating
in the foreseeable future without raising additional working capital. For this
reason the Directors are actively seeking to raise further capital to meet the
shortfall. The Directors are confident that the working capital requirement
will be met and therefore consider it appropriate to prepare the financial
statements on a going concern basis."
Seven months on, the only working capital that those "confident" directors
have managed to raise is £200,000 from Rangers fan Bill Power in July 2003.
Nick Blackburn described Power's investment shortly afterwards, in a meeting
with the Loyal Supporters Association, as "dead money".
Read more at
http://www.companieshouse.gov.uk/info/
http://www.qpr-lsa.co.uk/03junejuly.htm