Some VOC Spares Company Ltd shareholders are wondering why the company's Annual General Meeting was postponed and why the accounts for the financial year ending October 2010 are not yet available. The current Board of Directors comprises Arthur Farrow (Chairman), Ian Savage (Managing Director), Tim Kingham (Company Secretary), Ian Alexander, John Kinley, George Spence and Richard Wheeldon. They might also be wondering about the accounts for the year ending October 2009, which showed a turnover of more than £390,000 against the previous year's turnover of just over £290,000 yet claimed an operating loss of £474.00. Meanwhile, ordinary members of the Vincent HRD Owners Club whose subscriptions have financed the VOC Spares Company since 1975 might ask themselves why trade customers get a 25% discount instead of the same 10% offered to VOC members. They might also ask themselves who makes spares for the company and how much the company's mark-up on the wholesale prices is. And then they might also start asking about the recurring problems with the accounts and the profit and loss figures that do occasionally emerge from the mists...
What about the £14000 odd previous year adjustment in the 2009 accounts? At the agm, this was explained as the correction of various balances brought forward following a change of accountants. Perhaps it was, but in my game that translates as clearing up the mess in the books. Could this be the reason for the delay in this years accounts, that they are still in a mess? What about the Companies Act requirement for the directors to keep proper accounting records?
ReplyDeleteThe spares company works on a profit margin of 100% on the parts it produces.
ReplyDelete??? Thats not what the 2009 accounts show by a long way ?? If that is the case, there seems to be a lot missing in the figures or an awful lot of trade discounts given.
ReplyDeleteAnd I didn't think they actually produced anything, just retailed it.
Or maybe too many people have keys to the stockroom? As usual, the latest accounts remain unavailable but the accounts for 2008/2009 stated a gross turnover of £391,959. The Spares Co had around £18 cash in hand or in the bank. It owed £106,474 to creditors, these being all the firms and individuals from whom the company sources the parts which are then passed on, in some cases, for rather more than a mark-up of 100%. And then we have "debtors", who owed the company £69,533. Who are these "debtors"? I have always had to pay the Spares Co on the nail for anything I have bought (and often had to wait weeks for it too!). These must be the traders who get credit and 25% discounts. Who are these traders? Anyone building and restoring Vins is who. And selling the parts. And how did our Spares Co manage to rack up over 100 grand in debts to "creditors"? None of this seems to add up right. No wonder there's always trouble over the accounts.
ReplyDeleteWhy are members of the voc not getting the 25% discount?? I've always supported the vocsc but I must admit recently that I've had to go and buy direct from the sources since I've been restoring two twins.
ReplyDeleteI would hope that Ian S would keep everything in 'check'.
Quote-"parts it produces". VOCSCo. doesn't produce anything in house. Some of it is turned out by members who get a pittance for it and don't charge full commercial rates.
ReplyDeleteSince I've just bought my first rapide can someone post the privateer's that make items for the trade? This way I can 'cut the middle man' out?
ReplyDeleteVelocette company, bob culver, Peter barker, farge engineering & maughan and sons (precision engineers). All top notch stuff from the makers.
ReplyDelete