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Post by Lendy Support on Nov 30, 2017 10:59:05 GMT
Hi all, as an update, the strike off status has now been removed on the Companies House website. Regards Lendy Support |
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Post by dualinvestor on Nov 30, 2017 11:15:09 GMT
Hi all, as per our previous announcement, Lendy has appointed new auditors and owing to this the accounts filing has been delayed. The directors of Lendy have provided statutory promises to Companies House that the accounts will be filled in due course. There should be no concerns and the striking off status of the company will be removed shortly. Lendy Support The previous auditors resigned on 28 July, are you seriously expecting us to believe that a company as small as Lendy with turnover c.£10million takes four months to have their accounts audited and there is not an underlying problem?
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Post by p2plender on Nov 30, 2017 11:44:21 GMT
The previous auditors resigned on 28 July, are you seriously expecting us to believe that a company as small as Lendy with turnover c.£10million takes four months to have their accounts audited and there is not an underlying problem? Whilst the lights are on, the music's playing, just keep on dancing. 
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gustapher
Member of DD Central
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Post by gustapher on Nov 30, 2017 12:47:15 GMT
There's no pleasing some people.
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Post by MrHappyGoLucky on Dec 4, 2017 11:44:10 GMT
First Gazette notice for compulsory strike-off dated on 05 December 2017. Accounts are overdue with the due date was 30 September 2017.
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Post by dualinvestor on Dec 4, 2017 11:59:42 GMT
First Gazette notice for compulsory strike-off dated on 05 December 2017. Accounts are overdue with the due date was 30 September 2017. Lendy said the procedings have been discontinued so presumably the notice will not appear tomorrow, mind you they also said the accounts would be published in November 
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webwizard
Member of DD Central
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Post by webwizard on Dec 4, 2017 14:19:06 GMT
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Post by skint4achange on Dec 4, 2017 14:47:31 GMT
QUICK!! EVERYBODY SELL EVERYTHING AND HIDE!!!! 
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withnell
Member of DD Central
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Post by withnell on Dec 4, 2017 15:05:28 GMT
From discussing with Companies House this morning about an unrelated matter, they have a 7-10 working day turnaround - so it might just be that the correction has yet to be processed
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Post by Paul64 on Dec 4, 2017 15:34:25 GMT
From discussing with Companies House this morning about an unrelated matter, they have a 7-10 working day turnaround - so it might just be that the correction has yet to be processed Hi withnell, yes that's right. Should be removed by the deadline tomorrow. Lendy Support
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Post by reggie on Dec 5, 2017 12:24:42 GMT
I have been investing with Lendy for over a year now but have rather lost my nerve over these non-filed accounts - trying to get out now. We only really have two ways of getting any external verification that there are appropriate internal controls and safeguards operating - the external audit and an FCA authorisation..........
My question that I need to some help with is on the draft accounts - they show £160m of debtors and similar amount for creditors. This implies that we are actually loaning our funds to Lendy who are then loaning it on externally. This feels like a much bigger risk than I understood I was running where Lendy were acting as our agent (not principal) and we were contracting directly with the borrower. In the event of a Lendy melt down my ultimate claim on the end user would be clear rather than me being as just another creditor of Lendy's. Have I got this wrong?
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Post by dualinvestor on Dec 5, 2017 13:37:16 GMT
I have been investing with Lendy for over a year now but have rather lost my nerve over these non-filed accounts - trying to get out now. We only really have two ways of getting any external verification that there are appropriate internal controls and safeguards operating - the external audit and an FCA authorisation.......... My question that I need to some help with is on the draft accounts - they show £160m of debtors and similar amount for creditors. This implies that we are actually loaning our funds to Lendy who are then loaning it on externally. This feels like a much bigger risk than I understood I was running where Lendy were acting as our agent (not principal) and we were contracting directly with the borrower. In the event of a Lendy melt down my ultimate claim on the end user would be clear rather than me being as just another creditor of Lendy's. Have I got this wrong? The original terms and conditions implied this and up to about PBL60ish (and early DFLs) it was the case, it has not been tested and there are some potential bad debts where it may. The draft accounts have, I assume, been prepared on the "substance over form" principle i.e. what the transaction implies ather than its strict legal form. In law the actual debtors and creditors of Lendy Ltd (the company) are far lower than £160million, probably in low double figures of millions. BTW there is no requirement under the Companies Acts for Lendy Ltd to have an external audit, the FCA may require it for client money but not the underrlying company accounts.
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Post by reggie on Dec 5, 2017 16:01:02 GMT
Thanks - had not thought of the 'substance over form' adjustment - they would have to disclose that - will make interesting reading. Def needs an audit with revenue of £27m and assets of £160m. We wait with bated breath!
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Post by dualinvestor on Dec 5, 2017 16:58:45 GMT
Thanks - had not thought of the 'substance over form' adjustment - they would have to disclose that - will make interesting reading. Def needs an audit with revenue of £27m and assets of £160m. We wait with bated breath! In the full accounts, which I doubt Lendy Ltd will publish, there will be a description of the business and it will become apparent that the debtors and creditors belong to the company, however they are only obliged to file at Companies House an abbreviated Balance Sheet. I would imagine turnover at £27million includes lender interest and their portion paid over to them as an expense, again this is substance over form because of course lthe income is not Lendy's in the first instance and under the Client Money Regulations will not even pass through an account belonging to Lendy just the Client's account which is a trust account. The true turnover i.e. Lendy's fees and interest is more likely to be in the region of £10 million. Of course if the statutory accounts are prepared in the same way as the draft accounts (although there is no obligation to do so) then Lendy would have to publish full accounts and be audited as two of the following three will not be satisfied An annual turnover of no more than £10.2 million assets worth no more than £5.1 million 50 or fewer employees on average However as I said at the start of the post I doubt they will, they haven't in the past.
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ahowlin
Member of DD Central
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Post by ahowlin on Dec 6, 2017 9:45:35 GMT
From discussing with Companies House this morning about an unrelated matter, they have a 7-10 working day turnaround - so it might just be that the correction has yet to be processed Hi withnell , yes that's right. Should be removed by the deadline tomorrow. Lendy Support The strike-off notice has been withdrawn according to Companies house as at 6/12/17, I must admit I was just about to withdraw all uncommitted cash when I did a final check. Lendy has some explaining to do as it does not look good to a Lender it they can't even keep the basic paperwork up-to-date what does this say about the rest of the organisation.
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