ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 15, 2018 22:31:46 GMT
For those interested.
15 Feb 2018
New Annual Accounts Available
For Financial Year Ending: 31 Mar 2017
Purchase a copy of this document for £4.99 + VAT
Company Accounts Last Made Up Date changed:
Was: 30 Jun 2016
Now: 31 Mar 2017
Company Accounts Next Due Date changed:
Was: 16 Feb 2018
Now: 31 Dec 2018
Company Accounts Account Category changed:
Was: TOTAL EXEMPTION SMALL
Now: TOTAL EXEMPTION FULL
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sb
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Post by sb on Feb 16, 2018 8:21:05 GMT
For me it looks like the directors have made around £2.2 mln, paid themselves around £2mln as salaries/pension contributions, the rest was left in the company. The accounts are available for free here |
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aj
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Post by aj on Feb 16, 2018 12:21:37 GMT
I'm unsure as to why 'Deposits from investors' are shown on the accounts? I was under the understanding that these were ringfenced separate from FS finances? I am not an accountant but, the 'Administrative expenses' I believe relates to the costs of running FS. Interesting that while turnover has gone up 80%, costs are 3.5 times higher! Unless the FS team has grown significantly methinks you may be right on a significant increase in executive remuneration!  |
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sb
Posts: 166
Likes: 118
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Post by sb on Feb 16, 2018 13:25:07 GMT
I'm unsure as to why 'Deposits from investors' are shown on the accounts? I was under the understanding that these were ringfenced separate from FS finances? I am not an accountant but, the 'Administrative expenses' I believe relates to the costs of running FS. Interesting that while turnover has gone up 80%, costs are 3.5 times higher! Unless the FS team has grown significantly methinks you may be right on a significant increase in executive remuneration! They have stated on p.9 that they have had 7 employees (including directors) in 2017, one more than in 2016. It is a little worrying that they don't invest in the business but extract as much as they can. In a case of any potential claim (e.g. Wh******) the company won't have much assets.
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aj
Member of DD Central
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Post by aj on Feb 16, 2018 13:43:18 GMT
I'm unsure as to why 'Deposits from investors' are shown on the accounts? I was under the understanding that these were ringfenced separate from FS finances? I am not an accountant but, the 'Administrative expenses' I believe relates to the costs of running FS. Interesting that while turnover has gone up 80%, costs are 3.5 times higher! Unless the FS team has grown significantly methinks you may be right on a significant increase in executive remuneration! They have stated on p.9 that they have had 7 employees (including directors) in 2017, one more than in 2016. It is a little worrying that they don't invest in the business but extract as much as they can. In a case of any potential claim (e.g. Wh******) the company won't have much assets. Would you do any different in their situation?  Perhaps the cost increase is a massive increase in spending on pursuing recoveries?
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mariner
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Post by mariner on Feb 16, 2018 20:53:51 GMT
7 Employees!! & we wonder how so many loans are late, defaulted etc
One would assume 2 x Directors, couple of live enquiry takers, leaves 3 people to look after the new loans, chasing up borrowers etc
Sailing on a course to flounder(along with the the boats & yachts)
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Monetus
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Post by Monetus on Feb 16, 2018 21:14:31 GMT
It does seem like an incredibly low number of employees considering how many loans they are managing, how much capital they look after, and how many defaults they need to chase.
I guess that's why progress is often severely lacking.
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Post by dan1 on Feb 16, 2018 22:33:02 GMT
I'm not surprised there are relatively few employees. FinTech startups have to be lean to compete, a team of 25 employees would no doubt halve returns and you wouldn't look twice for the risk. I know little but I'd expect them to use contractors/freelancers and outsource several of the specialist roles. People can be a companies greatest asset but grow too fast and they can turn into a liability when the economic mood turns.
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7d7
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Post by 7d7 on Feb 17, 2018 10:29:47 GMT
7 Employees!! & we wonder how so many loans are late, defaulted etc One would assume 2 x Directors, couple of live enquiry takers, leaves 3 people to look after the new loans, chasing up borrowers etc Sailing on a course to flounder(along with the the boats & yachts) It does explain the severe lack of loan quality, adequate communication and follow up. All resources are utilised to enhance loan quantity as repeatedly noted in their newsletter. Shouldn't such information be on display on their website? If I knew the company profile in the beginning, I wouldn't be tied in numerous defaulted loans.
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michaelc
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Post by michaelc on Feb 17, 2018 14:25:58 GMT
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rogerthat
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Post by rogerthat on Feb 17, 2018 14:52:31 GMT
Well spotted....however...one presumes they are not ALL employees in the strict sense of the word as some of them are the employers ?...close but no cigar
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michaelc
Member of DD Central
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Post by michaelc on Feb 17, 2018 15:25:09 GMT
I think directors can be employees too (that's how a lot of one man bands operate) but in any case they actually write on that page "FundingSecure is based in Stokenchurch, Buckinghamshire and currently employs a team of 12".
Its a small thing but they shouldn't do it really.
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Post by spareapennyor2 on Feb 17, 2018 15:53:25 GMT
as the accounts are up to 31 march 17
with 7 employees
i would say that means 5 new employees in the last year
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 17, 2018 17:28:05 GMT
as the accounts are up to 31 march 17 with 7 employees i would say that means 5 new employees in the last year Maybe they have recruited to expand their fantastic offerings and clear up the late loans.
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