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Post by batchoy on Oct 21, 2014 22:36:44 GMT
I agree with that, though I had the impression that Creditsafe is a paid for service. I pay for my Creditsafe subscription The service I use which is paid for and is ultimately owned by Experian also flagged the late payment and shows the September due date.
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Post by Deleted on Oct 21, 2014 22:51:54 GMT
Thanks for giving us the opportunity to explain. The accounts willl be filed by the end of the month... There were some shareholding changes to update and we have needed to work on some accounting policies for revenue recognition around our software / license sales (which has become a significant part of our revenues). We received contrasting professional advice & needed to agree a policy that complies with accounting standards for this and future years. The accounts for 2014 are stronger and likely to be profitable. With the accounting policies drafted, we plan to file the 2014 accounts by the end of February. Hi Dan Are you planning to move away from direct provision of loans and into pure licensing/developing? There may be a slight conflict of interest between increasing the number of p2p platforms and maximising returns from your own interest payments. Won't you be in effect driving down p2p interest rates? lol sorry that's a half-jokey question for a bit of light relief. I'm glad you're/we're not in hot water and it's hugely amazing and wonderful that you're on third party forums answering questions in the middle of the night! What a Hank Rearden approach, love it! There's a company near me that I think might benefit from connecting with you actually, either as borrowers on REBS or as users of the REBS-TM marketplace model. I'll send a link to the support address in a sec. Glad you're ok and thanks for going the extra kilometre! Greg
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mikes1531
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Post by mikes1531 on Oct 22, 2014 0:24:48 GMT
It is ten at night  : I was very aware of that when I wrote what I did. Perhaps you missed this from earlier in this thread... I emailed the three reresentatives of RebuildingSociety registered on the forum shortly after midnight this morning to their company email addresses, and suggested that one of them might like to make a comment here. It was the fact that the recipients of those emails had all day to reply and hadn't by 10pm that prompted my comment. I'm pleased to see that we've had a response since.
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james
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Post by james on Oct 22, 2014 4:10:56 GMT
Thanks for giving us the opportunity to explain. The accounts willl be filed by the end of the month... There were some shareholding changes to update and we have needed to work on some accounting policies for revenue recognition around our software / license sales (which has become a significant part of our revenues). We received contrasting professional advice & needed to agree a policy that complies with accounting standards for this and future years. The accounts for 2014 are stronger and likely to be profitable. With the accounting policies drafted, we plan to file the 2014 accounts by the end of February. Thanks. Good luck on the revrec issue, that can be a real pain to get right when multi-year licensing is concerned. Lots of potential hassle for getting it wrong so your caution seems most prudent! James
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Post by danraj on Oct 22, 2014 16:06:15 GMT
Thanks for the comments. Here's my first draft of the Chairman's statement...
rebuildingsociety arranged its first loan in January 2013, earning its first revenues from loan arrangements. Growth was slow and steady in throughout the year as the business became proficient in undertaking its operational procedures diligently.
Private lenders began to find and use our services. Joining the NACFB was also a key step towards deal origination.
The p2p finance industry has grown rapidly, new market entrants have often had VC backing to fund marketing activities, which has helped raise overall awareness of the industry.
Throughout 2013, various key appointments have added to the strength of the team.
The successful roadshow event held in November helped to galvanise support, as it combined much of our online marketing efforts with offline traditional marketing which suited our audience.
Organisations started to note our early success and requested to buy a license of the IP asset (the online platform) resulting in two software sales which contributed to our profitability. Preparatory work was undertaken to make the sale of licensed software easy and efficient, this is reflected in the accounts as stock.
The strategic decision to license our IP has served the business well (it will also serve the industry well for much of the built in compliance and process automation). The diversified revenue means that the business is not under pressure to drive loan volume as its only source of revenue.
Since the end of 2013 the business has experienced an increase in its rate of growth. Many of the internal systems used have been improved including our credit risk analysis tool. We have become recognised as a credible platform with a ‘different’ approach to finance, evidence that our customer-centric-culture is felt outside of the organisation.
Taking the decision to apply early for full authorisation with the FCA as a Network Principle has created an extra layer of responsibility and governance that has strengthened the business. This has been recognised by established companies such as ThinCats who now depend on rebuildingsociety.
We anticipate our growth to occur through the collaboration with key strategic partners.
The UK has been recognised as world-leading for its embracing of peer to peer lending, from the public, the government, entrepreneurs and the media. Our technology and fundraising success is an attractive combination of strengths.
The business is looking to win market share and expand internationally in future years and may look to raise capital to do this.
The shareholder value has grown significantly since start-up and the business is well positioned to grow in a resourceful manner.
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Post by elljay on Oct 22, 2014 17:39:13 GMT
Taking the decision to apply early for full authorisation with the FCA as a Network Principle has created an extra layer of responsibility and governance that has strengthened the business. This has been recognised by established companies such as ThinCats who now depend on rebuildingsociety. , please can you expand on the details of how Thincats are dependent on Rebs - is it the software platform? Thanks
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shimself
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Post by shimself on Oct 22, 2014 17:50:21 GMT
Thincats now depend on REBS? Please clarify.
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gb007
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Post by gb007 on Oct 22, 2014 18:15:09 GMT
There's a mention on the TC forum that TC have purchased an off-the-shelf system that they will trial in Australia before rolling out on the UK site. Perhaps danraj could clarify in his final version that the reference to TC relates to the software rather than the rebuildingsociety.com site. thincats.com.au just shows a "Coming Soon" screen for now. |
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Post by bracknellboy on Oct 22, 2014 19:18:00 GMT
... But that rather misses the point: that a moderator here posted a claim that three firms* involved in providing company information had provided inaccurate information, presumably without approaching the firms for a comment before making the negative claim about their business. What guidance do the moderators have for us, that it is OK to post negative information about non-P2x firms but not about P2x firms? ... No Mod Hat On: James, frankly I just don't understand where you are coming from on this one. The mrc post to which you are referring said: "Apparent late filing of accounts can have some entirely justifiable explanations. .... Another is that before the deadline an application can be made to Companies House for an extension to the filing date giving the (exceptional) reasons why this is justified.
However if these reasons are not made public, there is nothing for the credit rating agencies to evaluate in the terms of mitigating circumstances and hence a severe chop in the credit rating is the only possible outcome....."This is simply a statement of real world limitations. It is hardly defamatory - esp. in the context of those companies caveats in regard to the information they provide - to saying those platforms are incorrectly and deliberately stating that a companies' director are comitting a criminal offense.
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james
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Post by james on Oct 22, 2014 22:48:43 GMT
That isn't the relevant part of the post. The relevant part is: the free company info sites such as duedil and companycheck are showing the accounts due date as 30th September 2014 and hence as overdue. However Companies House is showing the accounts due date as being 31st October 2014, so not overdue, presumably as a result of an extension having been granted That's a straightforward claim that the free businesses - and two paid for businesses that have also been mentioned - are giving the incorrect information that the accounts are overdue, something that breaches criminal law when it happens. So, do the moderators accept claims that a business is providing inaccurate information? Including when the inaccurate information means that they are asserting that a crime has happened? Only if the business is given a chance too respond about its failure first, as appears to have happened in the case of the P2P firm failing to file by the normal due date? Personally I prefer that the moderators do accept it but that's something for the moderators to decide. |
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gb007
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Post by gb007 on Oct 23, 2014 8:06:06 GMT
It is my experience that Companies House takes at least a few days to publish accounts even if they were filed electronically. Therefore although a company may have met the deadline, the credit reference companies will always be out of date during this time and their own internal processing time.
It is in Creditsafe's terms and conditions that "information contained may be incorrect or out of date. Therefore any use of the Service is at the Customer’s own risk." (Section 6.2).
Suggesting the fact that information may be out of date is just pointing out the normal trading terms of the company.
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bugs4me
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Post by bugs4me on Oct 23, 2014 8:29:56 GMT
I fully appreciate that people are busy from time to time but there is more than one pertinent question that has been posted after the draft report of the chairman which really is not particularly informative - nothing new there then.
Why they haven't been addressed to nip them in the bud leaves more than a little to be desired IMO. Reminds me of another platform that has a forum where the members try and get two and two to make four when the queries could easily be answered by the company itself. That's of course assuming they want to answer them in the first place!!
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pikestaff
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Post by pikestaff on Oct 23, 2014 8:55:41 GMT
Taking the decision to apply early for full authorisation with the FCA as a Network Principle has created an extra layer of responsibility and governance that has strengthened the business. This has been recognised by established companies such as ThinCats who now depend on rebuildingsociety. , please can you expand on the details of how Thincats are dependent on Rebs - is it the software platform? Thanks Has this reference been authorised by TC and is it quite true?! I was surprised to see danraj publish a draft chairman's statement, which is an unwise and rather amateurish thing to do, and even more surprised when I saw this disclosure, which strikes me as sensitive and possibly private information (at least, it was private). It's the kind of thing that could end a relationship before it's really begun.
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Post by danraj on Oct 23, 2014 10:18:32 GMT
Correct, its ThinCats Australia that we have helped to build.
This will be unveiled in the coming weeks, if you have contacts/friends/relatives in AUS we would love to have your support in launch of the new platform.
We have a good relationship with Kevin and Peter and hope to see it develop over many years.
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Vero
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Post by Vero on Oct 23, 2014 13:47:59 GMT
Good luck Dan & TC!
The Australian self invested superannuation market is huge, and both investors and financial industry are more open to innovation than here, so to me it looks like a great opportunity.
The average pensioner/householder/investor will happily install solar panels on their roof to plug into the national grid for income; in comparison P2P/P2B seems simple.
In Edit: I will definitely sign up.
I just signed up.
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