11025
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Post by 11025 on Aug 26, 2015 19:12:22 GMT
Should we be concerned about the line : "this company is entitled to exemption from audit..."
Seems like a massive turnover to be exempt - hopefully someone with more expertise in the field can advise .
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shimself
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Post by shimself on Aug 26, 2015 22:07:33 GMT
Should we be concerned about the line : "this company is entitled to exemption from audit..."
Seems like a massive turnover to be exempt - hopefully someone with more expertise in the field can advise .
Criteria are an annual turnover of no more than £6.5 million assets worth no more than £3.26 million 50 or fewer employees on average I'm not sure how turnover would be defined. If it's interest on loans say 40M at say 15% they might get close next year.
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paulgul
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Post by paulgul on Aug 27, 2015 7:06:14 GMT
I'm even older (62)!! Chris Snap ! - The only time I feel old is when I look in the mirror and wonder who the old bloke is looking back at me 
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Post by savingstream on Aug 27, 2015 13:03:22 GMT
Hi Everyone.
Just a summary:
2014
Net Profit over £420k
Loans out at end of 2014 - £15m
2015 so far
Loans out £35m
Profit ratios better than last year.
Aiming for £60m end of 2015 and new lending end 2016.
There is over £700k in the provision fund right now plus plenty of working capital in our ops accounts.
We are very happy.
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Liz
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Post by Liz on Aug 27, 2015 13:27:31 GMT
Thanks for that reply Savingstream, it gives me me much more confidence in your platform/business.
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trevor
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Post by trevor on Aug 27, 2015 17:39:07 GMT
Hi Everyone. Just a summary: 2014 Net Profit over £420k Loans out at end of 2014 - £15m 2015 so far Loans out £35m Profit ratios better than last year. Aiming for £60m end of 2015 and new lending end 2016. There is over £700k in the provision fund right now plus plenty of working capital in our ops accounts. We are very happy.
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am
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Post by am on Aug 27, 2015 20:18:07 GMT
For clarity, how is the Provision Fund treated on the balance sheet?
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shimself
Member of DD Central
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Post by shimself on Sept 2, 2015 7:02:30 GMT
Do you think you will have to undergo a formal audit next year as a result of growth?
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Liz
Member of DD Central
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Post by Liz on Jul 29, 2016 18:46:25 GMT
Hi Everyone. Just a summary: 2014 Net Profit over £420k Loans out at end of 2014 - £15m 2015 so far Loans out £35m Profit ratios better than last year. Aiming for £60m end of 2015 and new lending end 2016. There is over £700k in the provision fund right now plus plenty of working capital in our ops accounts. We are very happy. Bump. Maybe of interest: re recent discussions. Edit: savingstream , any more uptodate information?
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Post by savingstream on Jul 29, 2016 19:25:37 GMT
We are having our accounts audited at the moment.
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