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Hi, firstly thank you for taking the time to read this post and thanks in advance to anyone who responds. The company I work for has offered myself and 3 other employees to train as directors, to take over on their retirement. The business is a not for profit, limited by guarente company, established approx 20yrs, with grants from the local council and is owned by no one. We have been told we have been offered the posts as we work hard and go the extra mile, work extra hours (for free) etc. The question I have is, the premisies, valued at £350,000 belonged to the company, but the 2 directors (who have worked their way up to their present positions) have told us it has been put into their pension fund, im presuming SIIP. and on our takeover as directors we would then pay rent to the pension fund! We have sought a little advice but have only been told that what they have done is morally wrong but not illegal. Would we be stupid to accept the directors role and all the stress that it entails and are we just being used by them. We have been told the lease is 15 years of which there are 13 left, which corrosponds with the assets, ie the building (£350,000) going out of the accounts according to companies house. I might add the transition period is estimated approx 3-4 years. Of course over time we will be elegible to view the books and meet the accountants but at the moment we feel we could be possibly just being used due to us working harder than some of the staff there. Hope someone can point us in the right direction.
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Re: Help or advice needed re being offered a Directors role.
As you were advised in April By Enquirer and Seduraed you need to take professional advice.
In your first postings you said you would be viewing the books at your next meeting, but now you say"over time " you will view the books.
Be wary. -
Re: Help or advice needed re being offered a Directors role.
You need to get an accountant to look at the books and not the one the company use . there's a bad smell to this .Comment
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Re: Help or advice needed re being offered a Directors role.
That explains the funny smell over Oxfordshire its this Company and its Directors SAY NO.Comment
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Re: Help or advice needed re being offered a Directors role.
'Limited by guarantee' means that someone is personally liable - probably you (and if so, that's your home on the line).Originally posted by demps View Post
Are the grants repayable? If they are, you might find a large hole in the accounts.... with grants from the local council ...
As it is a company, it is owned by someone.... and is owned by no one.
This stinks.We have been told we have been offered the posts as we work hard and go the extra mile, work extra hours (for free) etc.
The company's single greatest asset has been quietly removed by the outgoing directors.The question I have is, the premisies, valued at £350,000 belonged to the company, but the 2 directors (who have worked their way up to their present positions) have told us it has been put into their pension fund, im presuming SIIP. and on our takeover as directors we would then pay rent to the pension fund!
Frankly, yes.Would we be stupid to accept the directors role and all the stress that it entails and are we just being used by them.
So it's a lease - the company doesn't even own the Freehold.We have been told the lease is 15 years of which there are 13 left, which corrosponds with the assets, ie the building (£350,000) going out of the accounts according to companies house. I might add the transition period is estimated approx 3-4 years.
See the books 'over the course of time'? This alone should see you making for the exit.Of course over time we will be elegible to view the books and meet the accountants ...
Yes - they appear to have assumed that enthusiasm equates to gullibility.... but at the moment we feel we could be possibly just being used due to us working harder than some of the staff there.Comment
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