Click image for facts about false accounting
Interesting Facts
- Company Accountants OPUS say they were not told about the Crown holes, and resigned.
- New accountants decided to not act for the Directors
- The Directors now make up and file the Accounts themselves
- The Directors /Trustees have refused to Audit the Accounts (despite the Articles asking for it)
- New Guarantors have not been told Subsidence is not covered in the Insurance
- Given the new note added from 2020 are the accounts from 2015 to 2020 False ?
- Did buyers rely on these accounts when accepting Guarantees
- What did FieldSeymourParkes know ?
oscm Accounts
crown hole liability ?
Until recently the Trustees / Directors, despite having lost subsidence insurance after the first small hole, and refusing to do surveys advised by experts, did not mention the crown holes in the Company Accounts. i.e. the Trustees thought it was acceptable to not disclose this uninsured risk to Accountants and or prospective guarantors.
- According to information from West Berkshire Council the first small hole cost over £80,000 to repair.
- Field Road, a similar situation, cost over £4.0 million to repair. The Council designated it an Official DISASTER that REQUIRED them to step in. West Berkshire Council, did not do this and refuse to say why.
- The Company records at AGM state that there are not enough funds in the Company to deal with the uninsured risk represented by future crown holes but this is not quantified in the accounts.
- The drains linked to the crown holes, and advised against by Architects, still remain in place.
- Is another collapse likely ? Clive Edmunds seemed to think so and advised a survey. Given this expert view, how should the risk be accounted for ?
2019 Accounts (no crown hole) Final Full Accounts for Members (1)
ARE OSCM ACCOUNTS TRUE ?
NEW WORDING Added to accounts 2020
“In 2014, there were 2 crown holes on neighbouring land. The Directors have consulted with Members at various Annual General Meetings since 2014 who have voted abasing carrying out surveys of the land. No specific reserve is held for any such incident”
Accuracy ?
In 2014 Members agreed to do a survey. So the statement in the Accounts is misleading? OSCM AGM 2014 minutes In 2015 Rupert Kruger states the work was not done because it exceeded an agreed £3000 limit and that a report showed the land to be stable OSCM AGM 2015 minutes.
audit / small company ?
The Directors rely on Part 15 of the Companies Act 2006. Arguably if a liability was added to the Accounts for the crown hole cash would need to be held to cover that. This could be as high as £1million (£40k per house), perhaps this is why the Directors are refusing to do an Audit?
the £3000 + invoice
Mr Kruger has not been able or willing to explain why he told Members that there was an agreed limit of £3000 for doing a survey after the first crown hole and or that said limit was exceeded – it wasn’t – the quote was actually £2550 +VAT. The Trustees were told by experts that the survey needed doing, were told by a Member it would be negligent not to do it, the Members agreed to do it and then the Trustees made up a lame excuse about a non-existent limit. Did Mr Kruger lie ? or mislead Members ?